Tuesday, September 23, 2008

You F-ed Up, No Problem!

The Wall St. bailout plan really sickens me. Let me run a little scenario by you. Lets say you take out a loan to start a new business and that business unfortunately goes in the tank. You knew the risks going into it, so the financial ruin that came with it shouldn't have been a surprise to you. Unless you are a big Wall St. firm, then it's OK! Apparently what is good for the goose isn't good for the gander.

A bailout plan proposed by the president would attempt to keep companies solvent, but take responsibility for their mistake and place it on the taxpayers. Adding to the dilemma is the plea from the administration and economic leaders that without this plan, the American economy is dead in the water. The absolute last thing I want is seeing my tax dollars and the tax dollars of my fellow citizens going to bailout somebody who made a dumb decision and then turn around and not make that person pay for it.

If I was in charge for a day (and a long day that would be), I would press criminal charges against the CEO's of all those major companies in exchange for "bailing out" their companies. In addition, the U.S. government should get stock in all of the companies being bailed out, they would have limited CEO compensation privileges and would be subject to frequent auditing.

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