This is not what America wants!
How to fix the "need" for bailouts...
Analogy: A rich frat boy is given a Porche 911 from his father, but gets drunk, kills 2 people, & wraps it around a tree ⇒ What do we do:
❖ Give him a *NEW* Porche 911 & say ^try harder^?
❖ Give him an even *MORE* expensive sports car?
❖ Give him a Honda Civic and a really stern look
OR
❖ DO WE PUT HIM IN JAIL FOR REALLY BAD JUDGMENT!!
We are talking about the people in charge of really big (multi-Billion-dollar) companies. The were in charge, they made really bad judgments, and I'm sure, some where, someone has die - maybe suicide - maybe couldn't afford the food, medicine, heat, etc. - and maybe even several people have met their maker. So, we should *NOT* be *GIVING* =THEM= more money. Does the government need to provide liquidity to certain large institutions? Perhaps, but if we do, it is because of gross negligence on the part of the senior most management. Therefore, for any company that "needs" a bail-out, we should take the following actions:
❖ The money is a 0% LOAN - *NOT* a GIFT!!
❖ The boards of directors will be immediately released & all outstanding stock options GONE
❖ The board will be replaced with local federal legislators but with ZERO compensation
❖ The top-3 people will be arrested & brought up on "grand-fraud" (like grand-theft) charges
❖ The top-25 best paid people are FIRED & their ^GOLDEN^^PARACHUTES^ are *CUT*
❖ Activate military reserve officers that have the needed business acumen to run these companies
❖ They will serve a 3yr tour, wear their uniforms to work, & make the places "ship-shape"
❖ At the end, they will get to keep 1% of all the Government money they are able to pay back
❖ They will return to civilian status & retain their jobs @ the previous salaries paid
❖ Lastly, hold fresh stockholder elections to find new board of director members
This is a simple plan that will:
a) Maximize "change" in the most poorly run companies
b) Minimize TAXPAYER risk to increased debt
c) Reduce the number of companies desiring a bail-out
d) Put confidence back into these companies that they will be run ethically & with sound judgment
e) Raise the value of the stock markets in general (which is low b/c the same people have been left in place so far to just make the same mistakes again)
f) Provide a precedence for the future that monumentally poor judgment has consequences
Think of this another way: the 9/11 attacks were estimated to cost $105B in "real" value lost and many times that in stock market impacts. The financial meltdown has caused (roughly) the same amount of damage. That makes this crisis actually the WORST case of **DOMESTIC TERRORISM** in the history of America. From that perspective, the top folks that are arrested could, technically, be put into Gitmo, but I'm not actually advocating this. However, every military officer has vowed to protect the constitution (and the people that it represents) "against all enemies, foreign and domestic" so this is clearly a usage that was (roughly) envisioned by our forefathers long ago.
While there may need to be the TEMPORARY transfer of funds from the US Treasury to companies, by following my simple plan, the government should (hopefully) recoup all that monies as well as bring to justice those culprits responsible for this mess!!
OK, so that's my position, what say you??
❖ Give him a *NEW* Porche 911 & say ^try harder^?
❖ Give him an even *MORE* expensive sports car?
❖ Give him a Honda Civic and a really stern look
OR
❖ DO WE PUT HIM IN JAIL FOR REALLY BAD JUDGMENT!!
We are talking about the people in charge of really big (multi-Billion-dollar) companies. The were in charge, they made really bad judgments, and I'm sure, some where, someone has die - maybe suicide - maybe couldn't afford the food, medicine, heat, etc. - and maybe even several people have met their maker. So, we should *NOT* be *GIVING* =THEM= more money. Does the government need to provide liquidity to certain large institutions? Perhaps, but if we do, it is because of gross negligence on the part of the senior most management. Therefore, for any company that "needs" a bail-out, we should take the following actions:
❖ The money is a 0% LOAN - *NOT* a GIFT!!
❖ The boards of directors will be immediately released & all outstanding stock options GONE
❖ The board will be replaced with local federal legislators but with ZERO compensation
❖ The top-3 people will be arrested & brought up on "grand-fraud" (like grand-theft) charges
❖ The top-25 best paid people are FIRED & their ^GOLDEN^^PARACHUTES^ are *CUT*
❖ Activate military reserve officers that have the needed business acumen to run these companies
❖ They will serve a 3yr tour, wear their uniforms to work, & make the places "ship-shape"
❖ At the end, they will get to keep 1% of all the Government money they are able to pay back
❖ They will return to civilian status & retain their jobs @ the previous salaries paid
❖ Lastly, hold fresh stockholder elections to find new board of director members
This is a simple plan that will:
a) Maximize "change" in the most poorly run companies
b) Minimize TAXPAYER risk to increased debt
c) Reduce the number of companies desiring a bail-out
d) Put confidence back into these companies that they will be run ethically & with sound judgment
e) Raise the value of the stock markets in general (which is low b/c the same people have been left in place so far to just make the same mistakes again)
f) Provide a precedence for the future that monumentally poor judgment has consequences
Think of this another way: the 9/11 attacks were estimated to cost $105B in "real" value lost and many times that in stock market impacts. The financial meltdown has caused (roughly) the same amount of damage. That makes this crisis actually the WORST case of **DOMESTIC TERRORISM** in the history of America. From that perspective, the top folks that are arrested could, technically, be put into Gitmo, but I'm not actually advocating this. However, every military officer has vowed to protect the constitution (and the people that it represents) "against all enemies, foreign and domestic" so this is clearly a usage that was (roughly) envisioned by our forefathers long ago.
While there may need to be the TEMPORARY transfer of funds from the US Treasury to companies, by following my simple plan, the government should (hopefully) recoup all that monies as well as bring to justice those culprits responsible for this mess!!
OK, so that's my position, what say you??
Replies to This Discussion
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Permalink Reply by joe-the-terrorist on -
Concerning the idea of bailing out State Governments as well... Why should one, or many, State's taxpayers be punished for the gross incompetence of another like California? They failed miserably to manage their State by wasting insane amounts of money on elaborate social programs like little kids with no concept of what the real world really is. Let them go bankrupt and achieve an actual sense of reality. It will obviously be a new experience for them.
Looking around at all the failure in the US lately, which seems to be a continuous flow, I am wondering if the nation wouldn't be better off and happier if we split up and emulated something a little more like the layout of the different members of the EU rather than grouping failed States and successful States all together under one failed Federal government that is concerned about nothing but it's own preservation.
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A group of citizens who want to tell Congress and the President that we oppose the bailouts and the debt being put on future generations.
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