Originally Posted by Phil Hoskins
Quote
And that option will be better than allowing the ship to sink in order to prove a point about the culpability of the crew and ship owners/builders.

Straw man. I don't see anyone here taking that position. Maybe I missed it, but certainly I am not. I am not opposed entirely to the bailout, but without substantial safeguards to the public, severe restrictions on anyone profiting from this except the government itself, and so concrete steps taken to reduce both public and private debt, I think it is not worth a tinker's dam.

Yes, but Phil, this proposal is now going to the congress and it is their responsibility to shape exactly those details in this whole thing.

By the way, I heard an analysis of the AIG bailout... at in truth, it sounds like a good deal for the govenment... it was no give away. The government gets 80% of a very valuable company... and is charging 10% interest on the loan.

Also, just because the govenment "buys" the illiquid assets does not mean that the Government has to pay full face value... unless of course one takes the example of the GOP structured drug plan that prohibited govenment negotriation. It is obviously clear that this benifit offered to the financial industry should come at a price... as would be the case if some private source of finance should offer to rescue them from their distress.

"It's not a lie if you believe it." -- George Costanza
The whole problem with the world is that fools and fanatics are always so certain of themselves. --Bertrand Russel