Have you ever loaned money to a junkie? They never leave you alone after you do until you so no forcefully enough.
And isn't this whole wall Street bailout little more than a gang of strung out junkies begging for money for another orgy of destructive partying?
Junkies need an intervention. So here's an idea: give them money but put as many strings as possible on it. Force them into recovery. Force them to live by decent standards the way the rest of us do.
What if we made three of the conditions of the bailout:
- existing money on hand must not, under any circumstances go to the awarding of bonuses for anyone at a company that accepts bailout money.
(I mean this just makes sense. How can a company that is giving out billions in bonuses to its executives then turn around and ask taxpayers for billions in a bailout? Isn't that a virtual definition of corruption and sleaze? Isn't that kind of mind set what got "us" into this mess. Funny I don't remember enjoying the zillions of dollars in bonuses that bought "MY PART" of this mishegoss. Must be the mad cow.)
- The taxpayers must gain a return on their investment similar to that which would expected by any lender and all monies loaned MUST be paid back in full, with interest.
(Why does our financial sector deserve a GIFT from America? What sane businessman goes around expecting GIFTS from their clients or customers? But suddenly the heart of capitalism in America is a 700 billion dollar GIFT??!!)
- No company that accepts bailout money can give its executives or employees any kind of bonus, stock option or remuneration in excess of salary (except healthcare) that amounts to more than 3% of said salary until every penny of the loan is paid back.
(Isn't the whole point of this bailout that the companies involved are hurting financially? How can a company that is deeply in debt keep handing out bonuses and perks to its executives? Of course they're used to doing it when it's other people's money they're wasting. But shouldn't businesses that are "too big to fail" still be held to the standards of my business and yours here on main street? Don't we have to live within our means? Don't we have to meet our obligations BEFORE we give ourselves a party? I know that Wall Street has always exempted itself from the values of middle America, but frankly, if they want our money, they should have to live by the kind of rules decent people live by.)
Ultimately this entire mess is an intervention for a gang of addicts. They've been unable to manage their addiction to wasting other people's money for decades. It's time we did them a favor and stepped in to force them into managed recovery. And recovery doesn't mean we give them a wad of unregulated cash to do with what they will--they'll just go blow it on junk (bonds) if we do. And they'll be back in six months asking for more.
We have to say enough is enough. If you want our help, you have to manage your lives.