Thoughts on the Bailout

Senator Chuck Schumer (D-NY) had an interesting counterproposal to make to Treasury Secretary Henry Paulson yesterday: Why give out a check for $700 Billion Dollars? Wouldn't $150B do for a start, in three installments?

This makes sense for a number of reasons.

First, it cuts down the pain inflicted on me and the other taxpayers in the country if the plan doesn't work, and

Second, it can be paid out in neat packets of $50 Billion each, followed by a waiting period to see the effects and modify as needed; and finally

Third, Henry Paulson isn't going to be Treasury Secretary past January 20, 2009.

That last one bears some repetition. For good or ill, Democrat or Republican, we will have another Secretary of the Treasury in Washington DC after Inauguration Day. It might be a good idea to see where we stand then before taking any further steps.

The number of things wrong with the three-page Paulson Plan quite frankly piss me off. No oversight? Rubbish; with that amount of money and power (because money confers power) you need some sort of check on a person's actions.

Rewarding CEOs?

Not just No, but Fuck, No!

The only reward I can think of for the authors and leading lights of this mess is a hempen caudle.