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The bailout is the worst proposal by Bush since he disbanded the Iraqi army
Seriously. It's a disaster. His plan doesn't need to be restructured or expanded or shrunken or altered. It needs to be killed.
If these guys need money, tell them to sell it to the highest bidder. For every dollar of junk they sell, they government will make a a dollar structured investment in the company.
The government never needs to hold the debt. We just facilitate its transfer from those unwilling to hold to those who are willing. Then, if Goldman Sachs or Morgan Stanley or even UBS sell $10 billion of junk, we'll invest $10 billion, buying new stock from each company at the current market rates.
There it is. We just cut the size of the federal expenditure in half, and we know own something tangible in return. The banks get the badly needed infusion of capital, and the taxpayers don't get reamed. But remember,
No way, no how, no bailout.
Comments (12)
This proposal is worse than what Bush did in Iraq. This moron, this monkey of a man has nearly undone is 8 years what it took 232 years to build.
What's more, this didn't begin under Bush. The roots of the destruction of the American way of life are traceable back to Reagan, if not Nixon. In the end, it isn't even Bush's fault. It's the fault of every Reagan loving regular American who voted to re-elect Bush in 2004, and are now ready to cast their vote for McCain/Palin.
Darwin is just waiting for us. Natural selection will surely eradicate a governed population as stupid as ours from existence.
September 22, 2008 12:01 AM | Reply | Permalink
new10: I always appreciate your comments!
Rant and Rave we must - till sanity is restored!
September 22, 2008 10:14 AM | Reply | Permalink
Thanks, for the appreciation, TheraP.
September 22, 2008 10:30 AM | Reply | Permalink
Thanks for your short, pithy post here. And the short pithy solutions you propose in your link.
September 22, 2008 10:15 AM | Reply | Permalink
Ooh, my first recommended list. I'm TPM-famous!
September 22, 2008 11:53 AM | Reply | Permalink
When they show those pictures of a few men on an off-shore oil rig, why don’t they ever show huge crews in a photovoltaic plant and wind mill industry?
Obama’s vision is to simulate our economy with groundbreaking infrastructure of enormous production of an alternative energy industry built on the backs of American innovation and big oil subsidies
"You can't teach and old dog new tricks"- but you sure can teach a puppy plenty
This man Obama may not have the so called experience in war as McCain has but experience is not always better. It is wisdom that is needed, knowledge without wisdom is futile. So far what I hear and see when Obama speaks is coherent and makes sense. He has vision and is sensitive on the most important issues. He will not concede to sycophancy projects that have shallow patches in order popularize with the uniformed mainstream. Everything he says agrees with the scientific and intellectual community.
No one gets to become a celebrity because they do nothing Obama has charisma, intellect and a coherent foresight.
September 22, 2008 3:09 PM | Reply | Permalink
You really have no clue. There is no market for sub prime backed CDO's. If the banks could sell them they would, and they wouldn't need the gov't to 'facilitate' it. And what is the buying stock nonsense? Your plan makes no sense at all.
September 22, 2008 4:20 PM | Reply | Permalink
Hey bulldog,
You're more than welcome to make your own $10,000 donation to Wall St., I have no problem with that. But considering that the current Dodd proposal is a lot closer to my suggestion than the President's original brain-dead idea, I think it's safe to say I'm on the right track.
CleverBulldog... that's kinda funny, in a Healthy Skies kind of way.
*chortles*
September 22, 2008 4:33 PM | Reply | Permalink
Under both Paulson and Dodd's plan, the government would buy the crap nobody wants and hopefully, if/when conditions improve, sell it off later.
Under Dodd's proposal, however, the government would also get some kind of stock warrants as protection against further losses (i.e., if the government ends up selling the crap at a loss). See here
I don't know what happens to the warrants if the government later sells the assets at a profit (or if not all of the warrants need to be exercised to cover any losses form those sales).
September 22, 2008 5:05 PM | Reply | Permalink
Bulldog: Spare us the laughs of having a leading voice of the Bush04 dead ender troupe making calls on 'who has a clue'!
September 22, 2008 10:51 PM | Reply | Permalink
How about if we let Wall Street deal with itself and we spend a trillion dollars, or whatever lesser amount we need, on rebuilding infrastructure and creating green energy jobs. That way, we get some jobs for the people and if we had that much money to spend, we'd get the country of oil and onto sun and wind in record time. Right now we're paying $700 billion a year to the middle east for their oil. And the price goes up all the time. Every year we take off of the time it takes to move from oil dependency to green energy independence saves us a minimum of $700 billion. The markets would be a mess for a while, but the people would be back at work. Just a thought.
September 22, 2008 5:57 PM | Reply | Permalink
Please send your views to the house and senate banking committee as well as the media. There is a very brief window to be heard on this as they are moving so quickly. I am writing as fast as I can. I will move to the phone tomorrow morning.
September 22, 2008 9:14 PM | Reply | Permalink
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