Sunday, September 28, 2008
Provision That I'd Put In The Bailout Bill
My friend Will has an idea for a provision in the bailout bill that's not just window-dressing, and that would really protect the taxpayer. Congress should add a provision that if any company is bailed out by this bill, their limited liability protections are suspended until the entire loan is paid off. If this plan were really absolutely necessary for the economy to survive, let the big bank owners put their own neck on the line. I doubt that it would happen. I'm guessing that if it got personal, the doomsayers would get a little less bearish.