Has my government - en masse - gone nuts? Or is it me...?
I spent the day mostly in bed with a migraine, but climbed out to look at provisions of this bailout. I'm so completely unthrilled, the mind boggles:
"EXECUTIVE PAY. Restrictions would be imposed on the compensation received by executives whose companies sell some of their bad assets through the government's purchase program. There would be tax restrictions on executive pay over $500,000 and limits on so-called "golden parachutes" for executives who leave the companies getting government bailouts."
I am not moved to tears. "Over $500,000"? Tax restrictions? But Santa Clause, howsabout maybe full investigations into some of these people and their lending practices? Or is that too much like impeachment?
"OVERSIGHT. The Treasury will be required to provide details of its purchases of bad assets within two days of the transaction. Oversight boards would be created including one with members selected by Democratic and Republican leaders in the House and Senate and one that will include top government officials."
Great. My mind is completely at ease about this whole thing now. Because congress has proven itself so willing to tell the Shrubwit and his accolytes "no, you can't", insert sarcasm here.
"TAXPAYER PROTECTION. Taxpayers would be given ownership stakes in companies whose bad assets are purchased and after five years if the government is facing a loss in the program then the president will be required to submit a plan on how to recoup a portion of the losses from the companies that participated in the program."
Oh, well, thanks for clearing that up. Nice to know there's a legislative oversight that gives me a stake in - wait, what? In companies facing a loss, that you took my money to use as bail? And one that will take a minimum of five years to even look hard at? Wow, I feel soooooo "protected". Sort of like a financial condom with thousands of tiny little holes poked in it.
But this is the one that really makes me wonder what the two candidates and the damned congress are patting themselves on the back over. Hell, this is the one that makes me wonder what planet these candidates are living on:
"A proposal floated that did not make the final version of the bill:
• HELP FOR TROUBLED HOMEOWNERS. They failed in an effort to give judges the power to modify mortgage terms for people who have filed for bankruptcy and Democrats were unable to get approval for part of any profits the government might receive to go to help people facing mortgage defaults."
Yay bailout. Yay candidates. Yay congress. All quail and quake before the almighty Bush and the not-so-almighty dollar. Swell.
A question: If you're going to grab $2,000-plus from every woman, man and child in this country to buy those mortgages, why not take the money you just lifted from taxpayers, pay off those mortgages, and hand the paid mortgages to the homeowners that got screwed? That way you ease the actual crisis for the people your wealthy buddies fucked over, and the banks still get their dough. Or is that too socialistical and communinisticated for these people? No, we'd rather dump the nation's cred as a democracy, for the people etc., along with the credit.
Back to bed. Not sure why waking up is worth it these days. This country has apparently lost whatever remained of its ethics and its tiny little mind, along with its standing in the world community and the value of the dollar.
"EXECUTIVE PAY. Restrictions would be imposed on the compensation received by executives whose companies sell some of their bad assets through the government's purchase program. There would be tax restrictions on executive pay over $500,000 and limits on so-called "golden parachutes" for executives who leave the companies getting government bailouts."
I am not moved to tears. "Over $500,000"? Tax restrictions? But Santa Clause, howsabout maybe full investigations into some of these people and their lending practices? Or is that too much like impeachment?
"OVERSIGHT. The Treasury will be required to provide details of its purchases of bad assets within two days of the transaction. Oversight boards would be created including one with members selected by Democratic and Republican leaders in the House and Senate and one that will include top government officials."
Great. My mind is completely at ease about this whole thing now. Because congress has proven itself so willing to tell the Shrubwit and his accolytes "no, you can't", insert sarcasm here.
"TAXPAYER PROTECTION. Taxpayers would be given ownership stakes in companies whose bad assets are purchased and after five years if the government is facing a loss in the program then the president will be required to submit a plan on how to recoup a portion of the losses from the companies that participated in the program."
Oh, well, thanks for clearing that up. Nice to know there's a legislative oversight that gives me a stake in - wait, what? In companies facing a loss, that you took my money to use as bail? And one that will take a minimum of five years to even look hard at? Wow, I feel soooooo "protected". Sort of like a financial condom with thousands of tiny little holes poked in it.
But this is the one that really makes me wonder what the two candidates and the damned congress are patting themselves on the back over. Hell, this is the one that makes me wonder what planet these candidates are living on:
"A proposal floated that did not make the final version of the bill:
• HELP FOR TROUBLED HOMEOWNERS. They failed in an effort to give judges the power to modify mortgage terms for people who have filed for bankruptcy and Democrats were unable to get approval for part of any profits the government might receive to go to help people facing mortgage defaults."
Yay bailout. Yay candidates. Yay congress. All quail and quake before the almighty Bush and the not-so-almighty dollar. Swell.
A question: If you're going to grab $2,000-plus from every woman, man and child in this country to buy those mortgages, why not take the money you just lifted from taxpayers, pay off those mortgages, and hand the paid mortgages to the homeowners that got screwed? That way you ease the actual crisis for the people your wealthy buddies fucked over, and the banks still get their dough. Or is that too socialistical and communinisticated for these people? No, we'd rather dump the nation's cred as a democracy, for the people etc., along with the credit.
Back to bed. Not sure why waking up is worth it these days. This country has apparently lost whatever remained of its ethics and its tiny little mind, along with its standing in the world community and the value of the dollar.
posted by DebGrabien at
7:44 PM
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