Wednesday, September 24, 2008

Getting the pigs to the trough

I've been a little reluctant to say much about the bailout issue, because there's almost no part of it that can be discussed without going into great length or detail, and I haven't had the time.

But I do have time to point out one certainty that should be glaringly obvious to anyone with a shred of common sense, and that is to say to Paulson, and say to the banks, "Here's our offer, on our terms. Take it or leave it."

Paulson claims that we can't "disincentive CEOs" by refusing them massive golden parachutes as part of the bailout. I say, "Fuck you, Paulson." If the CEOs don't want to accept our terms, they don't have to play. They can stay right where they are holding forth with their mountain of trash.

Bush and his cronies are crying wolf about the imminenet collapse of the economy with this deal. The truth is, no deal will stop the inevitable, if we are to assume that the 800 pound gorilla hiding in the bushes is actually a $45 trillion dollar monster, which by many accounts it is. $700 billion won't have much of an effect at reducing the $45 trillion dollar debt load of default credit swaps. That's like trying to empty a swimming pool with one dixie cup.

The bottom line of my position is that we should let some of these financial institutions completely collapse, and focus on saving a few of them, and do it on the terms that benefit the country, and not the banks or their shareholders. I'm talking about equity. Either we get it, or there's no deal. See how long it will take for the fat pigs to belly up to the trough. The fight over scraps would be the stuff of legend.

Read this.

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