They Broke It, We Buy It?
This week, Congress is on the brink of passing bailout legislation that would grant the very people that got us into this mess a blank check to get us out.
No deal. No blank check.
Any bailout legislation passed by Congress and signed into law by the President should include some very basic principles:
1.) Let homeowners save their homes with court-supervised mortgage restructuring.
2.) Meaningful, independent oversight. We've learned what happens in Iraq when we give this President a blank check.
3.) Cut golden parachutes of CEOs. Taxpayers cannot be forced to foot the bill for poor decisions and unnecessary risks.
4.) An influential stake for taxpayers. A portion of any profits made by bailed-out banks should go back to the American people.