There are three unconscionable parts of this federal bailout plan.
1. It now includes not just US banks, but nearly all of the major international banks. Why should the United States taxpayer single-handedly pay off all of these bad loans? If these foreign banks want our help, they should ask their governments to chip in. No deal until they do.
2. The lobbyists have already gotten their claws into this and the bill has been expanded from bad mortgage assets to all of their bad loans. That's insane. Wall Street is about to dump every bad mistake they have made in our lap and run for the hills. I guarantee you all of these companies, and the executives running them, will be back to making a tremendous amount of money very shortly. But we'll be stuck with their "toxic assets." This should be our response to this proposal -- Hell no!
3. The executives of these failed companies still want to make millions of dollars upon their exits from the companies they sunk. They're threatening not to play ball if they don't get to keep their millions. Great, go away. Deal with your own mess in your own way then.
They are in no position to threaten us. They're the ones coming for the bailout. If the Republicans want to make a stand on this issue, be our guest. Make our day. Please argue that these failed CEOs should get tens of millions of dollars as we spend $700 billion in taxpayer money to bailout their companies. Please make that case to the American people and see how that works out for you.
In the video below, I explain why we should say "No Deal" to these bankers, even if the Democratic proposals are completely adopted:
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