Take Back America

tvsterling at 21:45 2008-09-26 said:

I think congress is right to balk at giving carte blanche to the greedy

& the foolish who have ruined the country. Consider these modifications

to the bailout. First,do this bailout in stages. An Initial 350 Billion

with a carefully limited option on another 350. Right now the pigs at

the trough are expecting the full 700 as a down payment on another 700.

Second, an absolute upper limit of 25 cents on the dollar for these bad

assets. This will force the banks to do everything they can to avoid

selling (like renegotiating the principal themselves). Third, limit the

funds to mortgage based debt. This is such a no brainer it doesn't even

need to be explained. Fourth, it's OK to take some time on the plan.

The banks will be forced to consider alternatives. Already the major

bankruptcies & mergers seem to have been accomplished. Let the shakeout

run on for another week or so. Fifth, allow the judges to adjust the

mortgages on primary residences; the only interests served by not

allowing it are greedy bankers. Sixth, REALLY reform the financial

sector. REPEAL the new personal bankruptcy laws, they only encourage &

protect greedy credit card companies. Without that protection they will

be forced to regulate themselves. And tight but reasonable controls on

the entire financial sector. These people have proven incapable of

regulating themselves. The Great Depression reforms would make a good

rollback point. The stakes on this are high. If the correction is

prevented from playing out completely it will take 10 years instead of

5 for the country to recover. Last, the country's citizens must be

forced off the credit binge that has ruled for way too many years. This

is as good a time as any to go cold turkey. Hyperinflation is the only

certain effect of the bailout as now proposed. Permalink