$700,000,000,000
divided by:
301,139,947 (July 2007 US population estimate)
Equals:
$2324.50 Each. Minimum under this plan. For every man, woman, child, infant, baby, retired person, nursing home resident, inmate and citizen of this fine country.
FOR WHAT?
I don't know about everyone else reading this, but I'm solidly middle class. And when I spend money, I think about it. I ask questions like:
-Is this expense necessary? Do I have a choice?
-Do I need this or want this?
-Is this a good value? Is this the best time to buy?
-Is this something that I can expect a reasonable return on my investment?
-Will it put me at risk in any of my other financial obligations?
Pretty basic, common sense stuff right? So lets ask ourselves a very simple question: If you give Henry Paulson a personal check for around $2500, a lot of money to most of us, how many of you expect to EVER see any of that money back? I for one, would NEVER expect to see a penny, in fact I expect to be asked for more.
The reality is that the people who have led us to the edge of the cliff on Wall Street, K Street and Capitol Hill will not suffer. $2500 to them is called A BUSINESS LUNCH (tax deductible of course). To most of us $2500 is something different: its called a Retirement Account. Savings. A childs college savings. Wiped out in an instant. By Wall Street ignorance. All as a result of hubris, arrogance and flat out ignorance. Now, the rest of us (or anyone who has a retirement account, stocks, money market account or mutual fund) will all suffer. Where does the buck stop? FOLLOW THE MONEY.
Most Americans lose either way. Our choices are grim. We pay them their 700 Billion now in an attempt to "save" Wall Street now, or we watch what savings we do have in the market vaporize without the rescue plan. Yes, people that is the gun we have to our head. And I don't like either option. If I have to spend $2500, I want to know that those responsible on Wall Street will suffer consequences for their actions. They screwed up big time, patting each other on the back the whole time while taking huge salaries, bonuses and stock options. It's deeply offensive to me to see millionaires (or BILLIONaires) begging for handouts....from me. While asking for TAX CUTS!!!! Until I see assurance in a bailout bill how MY MONEY (yes, MY money) is going to be used in the following ways, I refuse to support it or any Federal or State lawmaker that does:
- none of my money pays a penny to any CEO, CFO, etc..... of any of the "rescued" companies. With what they have made over the last 8 year financial orgy, I think they can afford to work pro-bono for a few years. If they aren't willing, they get no money. They receive no salary until the entire amount that they "borrowed" is paid back in full to the rescue fund. They agree to stay on board for the entire term of the rescue package. 3-5 years. If they leave for reasons other than dire health, they go to jail.
- None of my money is spent on Lobbyists.
- They need to make return payments to the taxpayers immediately. When we all borrow from the banks for homes and cars, the banks rightly expect us to make payments toward that debt monthly in good faith. They expect us to manage our money. Before we are given the money, we are JUDGED on our ability to pay it back. Well, the banks should now live by their own principles. We are now the bank. I want to see them making MONTHLY or at least quarterly payments towards their debt. Anyone who falls behind or defaults loses the entire business to The American Taxpayer. The Treasury can then foreclose and sell of it's assets so we can get at least something for our money, even if its pennies on the dollar. Its the principle. It's time for them to live by the same standards that they expect us to live up to. The American Taxpayer is now "on title" until we get our loan repaid. They need to understand what its like to be on the opposite side of FORECLOSURE.
- Solid assurances that none of my money is spent in support of foreign owned banks or brokerages. I dont care if they own "American Debt". I didn't tell them to buy it. Tell them to look to their "home" country for help. If the United States wasnt good enough for them to incorporate in and pay tax here, then they are not entitled to one penny of relief. For the "Freedom Fries" Republican Party to be in favor of this is the ULTIMATE hypocrisy.
- OVERSIGHT. There needs to be multiple agency oversight on capitol hill. ALL hearings must be public.
- MORE OVERSIGHT. Require independent oversight of this fund. Include former lawmakers and financial leaders such as Bill Gates, Bob Rubin, Warren Buffet, et al. Similar to the 9-11 commission. Changes that they suggest MUST be considered by congress and implemented by Treasury. They oversee each companies financial reports and issue a quarterly "grade" (A-B-C-D-F) thats easy for the American Taxpayer to understand for each "rescued" company. If we are putting up our money, I want to see who's doing well. Think of paying for your kids college. You want to see the report cards, right?
- Assurances that all financial records of the fund are published on-line and searchable in a Google style easy to use format for CITIZEN OVERSIGHT.
- Require that all hearings and meetings of the fund (whatever name it chooses) are public on a c-span style tv channel and also viewable on the web in real time, transcripts and video downloads available immediately.
- Require that an independent prosecutor is in place immediately to oversee all transactions. Prosecutor has power to criminally charge anyone involved in wrongdoing in the private sector or the government sector in all matters related to this bailout. Criminal penalties put in place for anyone in government or business who violates the terms of the law. Jail is required. No parole. Prosecutor issues quarterly reports to congress and the American People directly detailing any wrong doing.
- The CEO's of all "rescued" companies personally apologize for their ignorance to the American Taxpayer and do weekend worker duty in orange vests, picking up trash on the side of the freeway. If we pay for their junk investments, they can pick up our garbage. They do it every weekend till the debt is repaid.
- Lose their ability to lobby on capitol hill until the entire amount of their debt is repaid.
Maybe I'm a dreamer. But let's hope my 2500 bucks ends up actually making a difference in this country by changing the principles of how business is done. By making these arrogant jackasses on Wall Street feel what financial consequences feel like. It's time for them to feel what its like to REALLY NEED THE MONEY. To have the ability to have that money COMPLETELY IN THE HANDS OF SOMEONE ELSE. What its like to be JUDGED IF THEY ARE WORTY OF A LOAN. We all can dream they learn their lesson.
And the band plays on..........................