22 September, 2008

Want to Attach Strings to that $700 Billion? Sign Here

Credo Action has put together a good petition in an attempt to head off this madness at the pass:

We strongly urge you not to issue a blank check to the Wall Street giants who have steered our country into financial dire straits. We must address this crisis quickly and prudently. Do not give these companies a dime of taxpayer money unless they agree to the following conditions:

  1. If the taxpayers are shouldering the risk, the taxpayers should reap any eventual benefits. We accomplish this by giving the government an equity stake in every company we bail out proportionate to the amount we give them.
  2. If we're paying (more than) our fair share, the CEOs and executives should have to, too. All of the fat cats who got us into this mess should relinquish their stock options and salaries until they start showing us, their investors, that they can once again be profitable. Future salaries should be linked to profitability.
  3. No more campaign contributions from Wall Street executives and PACs. Taxpayer dollars should be used to get our nation out of a crisis. They cannot be used to fund giant, powerful lobby operations that will be used to strong arm Congress into making bad policy.
  4. Better regulations start right now. Wall Street can't expect to take thousands of dollars out of your paycheck without agreeing to increased transparency and more stringent oversight - the kind that might have helped avoid this mess to begin with.
  5. Bankruptcy judges get broader leeway to help homeowners. Why should we lose our homes so the CEOs can keep theirs?

A blank check without these conditions would be nothing more than a reward for bad business practices. If the bailout does not include these conditions, you must oppose it.

Sound good? Does to me, too. You can sign here.

You can add your own comments to this petition. Here's mine:

Don't let Bush's obscenely poor leadership stampede us into another terrible decision. There is absolutely no reason why this administration should be handed unlimited money and power to clean up a mess they made. This is like giving a burgler the money to replace the items he stole without ensuring he will make the victim whole.

Stop. Think. Protect the American people.

2 comments:

Hank said...

Yes!! Slash those rich fuckers paychecks!! After all, one can hardly ask their peers for help bailing them out while still making more money than those same peers! It's absolutely obscene!

But then again, I'm talking about individuals without any ehics whatsover!! Has anyone actually taken into consideration how much $700 billion is?? If you or I made a financial mess of things, we wouldn't get bailed out! We'd have collection agents hounding us and our credit would be ruined. We would lose our homes, automobiles, and pretty much anything of value we had. Just how much are these CEOs giving up to save their precious hides?? Has anyone asked that question??

Cujo359 said...

A lot of us have, Hank, but not on any TV program or MSM outlet you're likely to encounter.