22 September 2008

Time to just say no (or when $700,000,000 just isn't enough)!

The ink isn't even dry on US Treasury Secretary Henry Paulson's income redistribution plan for the rich and already the greedy fuckers are begging for more.

This deal cannot be allowed to go through as is. The have to been a number of quid pro quo including:
  • serious new regulation of the banking and investment industries, especially derivatives and short selling;
  • limits on executive salaries and bonuses, including the cancellation of bonuses and golden parachutes for any and all executives and board members of firms who receive these taxpayer subsidies for, say, the next five years;
  • and a means for the return of some portion of the taxpayer investment from future profits;
  • additional protections from foreclosure for primary residences of middle class, working class and poor households.
If this goes through as is it will be amongst the greatest transfer of wealth from the middle class, working class and the poor to the extremely wealthy in history.

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