Now...do you understand that rewarding those who caused this mess with a golden parachute is something the constituency could not tolerate? The public is willing to lose their shirts rather then to reward those who caused this problem. Regulation is definitely needed in a greed driven economy.
And, if we don't get out of this war, it is going to finish the job on the economy and bankrupt the nation.
"Rice said that, as U.S. Senator, he would only support a plan that includes: Meaningful oversight; a Stake for Taxpayers; and Hard Limits on Executive Compensation. Unfortunately, the final version of the bill that was released to the public Sunday does little to limit executive compensation for firms accepting a taxpayer bailout. In fact, the primary effect may be merely to decrease the amount such companies can deduct from their taxes for executive pay from $1 million to $500,000. Furthermore, the bill does nothing to fix the broken system that allowed abusive and reckless loans, an explosion of risky investments and poorly understood financial instruments, and other excesses.
"This bill gives too much away to the people who created these problems without guaranteeing that it won't happen again," Rice said. "Any bill would need to require much tougher consequences for Wall Street in order to earn my support."
Rice believes that if the Bush Administration and Congress are going to ask American taxpayers to foot a $700 billion bill to bail out financial institutions and the privileged few, the least our leaders in Washington can do is ensure executives are not rewarded for their failures.
"Taxpayer dollars should not be used to line the pockets of the corporate executives who helped create these problems," Rice said. "A message must be sent to Wall Street that reckless speculation and greed will no longer be rewarded.
5 comments:
These are indeed scary times and I have no idea where it's all going to wind up. I just want to see Obama in the White House and hope that will be the start of a new day in this country. But I'd be lying if I said I wasn't frightened by all that I see, read, hear about racism that is still so very alive and well.
I'm also glad I managed to get my blog together again after my bout with the hackers. It's nice to have your blog on my home page again.
Thanks, Sylvia. Was the problem with taking off the code that we have to do to post on one another's blog?
I too am anxious to see Obama elected. I only hope we aren't such a racist country that that can't happen.
Ahacker highjacked my email address. I had to change it, lost all the names in my address book and I had to get all set up again before I could start adding blog sites to mine -- it was just a mess. Everyone in my address book received a message supposedly from me, telling everyone I was in Nigeria and needed money to get home! My friends were calling me from all over the country, they thought it was funny because they knew better, but it was a real pain!
I have a hard time figuring out what the truth is in this whole thing. Will our economy really fall apart if this isn't passed? How did they come up with that $700 billion dollar figure anyway? If indeed it is really necesaary, why aren't they taking more time to work out the solution for such a complex problem, a solution that includes safeguards and oversights?
I don't know but I feel the Bush administration is trying to rush us into "their" solution instead of giving the congress, Wall Street, and the economists time to work this thing out. That is what they did after 9/11 and with the Patriot Act and seems to be their mode of operation.
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