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Saving capitalism from the capitalists

Secretary Paulson's bailout plan is apparently to throw $700 billion at failing banks, at above market prices, without government compensation (like equity, say), and without any Congressional oversight of his decisions. Private profit, socialized losses, and amazing executive control of the economy. Senator Dodd's plan involves getting equity, and limited compensation for the executives who made the mess.

I've e-mailed my Senators before on various issues -- Lugar's office has been nice about sending snail mail replies that indicate someone read my message and crafted a personalized reply -- but given the urgency -- Paulson and Bernanke are going "empower him now! or else!" this after denying there was a problem for months -- I for the first time called the offices of my Rep and both Senators. "Oppose Paulson, support Dodd" basically.

http://www.usa.gov/Contact/Elected.shtml

I'm reminded that McCain was part of the Keating Five, the legislative team that brought us the last banking crisis (Savings and Loan meltdown.) Is he qualified to be President now?

ETA: Paulson's Nigerian spam to America.

Sweden's experience with a similar banking crisis.

Bush bill of rights for credit card customers.

Off topic: Limbaugh's lies about Obama. "He's not African-American, he's Arab."

Now that Republican are "Red", perhaps it's time to recycle "better dead than Red". Though they'd say we will be dead if we don't go Red. Dead of boxcutters and shoebombs, I suppose.

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( 2 comments — Leave a comment )
pompe
Sep. 23rd, 2008 08:17 pm (UTC)
One would think the US could find some sort of alternate solutions to the current crisis than just giving the corps money. Nationalize!
mindstalk
Sep. 23rd, 2008 08:33 pm (UTC)
Well, I think Dodd's plan would be like the Swedish solution, of partial 'nationalization' in proportio to the aid received Debt for equity and all. Hell, I think it's what we did in the S&L crisis.
( 2 comments — Leave a comment )

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Damien Sullivan
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