« previous | TPM CAFÉ READER POSTS HOME | next »
The new bailout is still a bad deal-- no way, no how, no bailout.
No way, no how, no bailout.
It's a joke. The CNN summary lists 4 major points. Three are total window dressing, and the 4th isn't much better. The original deal was 10x worse, but this is still a bad deal.
1) The money is "phased in."
Only $250 billion initially. ONLY? Are you kidding me? The rest is almost guaranteed to be spent. Total window dressing... congress doesn't want to touch this hot potato again. Cowardly.
2) Executive salaries non-deductible above $500K. Total BS. Most of the excessive salaries are in the form of market-distorting stock grants and options. This will do nothing.
3) Taxpayers can receive equity under certain circumstances.
What a load of crap. We should get $1 of stock for every $1 we pay above market value. The way its structured, taxpayers will probably end up with 1/10 of that.
4) Actual oversight by federal officials.
Better. But what we really need is 100% transparency, in real time, as taxpayers buy this junk. The details of every bond we buy should be made available to the public, for free, via the internet. Anything less is just an attempt to sweep stuff under the carpet.
No way, no how, no bailout.
Call your congressmen and congresswomen. This deal is still crap-- they stuck some lipstick on Paulson's original piggish proposal, but it's still a pig. Kill this deal.





Post a Comment