The bail out (rescue plan) and why I hope it fails

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Friday October 03, 2008 · 8:10 AM PDT

2008/10/03 · 08:10

I do not wish the bail out plan to fail becuase I think it is not needed. I wish for it to fail because I do not think it is drafted correctly. Democrats have been forced into concessions that should not have been concessions.

There are two main things I find wrong with the bail out, for that is what it is as it is written right now. It is not a rescue plan, but a bail out, because it bails out ceo's to continue to get outlandish compensations.

Democrats did not stand their grounds on compensation and let it be written as optional for all companies wishing to participate in the plan. If a republican comes out and tlaks about how they are outraged at ceo pay, they should be asked why they did not push for tougher language on compensation but instead pushed for weaker language on ceo pay.

Ceo pay being regulated in the Bail out plan is meant as a punishment for ceo's that allowed for speculation and gambling. It is meant to tell them that they were behaving badly at their job and do not get rewarded for running their companies as if a monkey was running the company. (of couse that might be degrading to monkeys because monkeys would have run the companies better)

The other problem is the insurance. So let me get this straight, republicans want companies to buy insurance on bad loans, in case the loans go bad, so companies can then collect money on the bad loans from the insurance policies. And where does the money come from when companies collect on insurance policies? Not from the payments on those policies but from taxpayers.

So republicans are for giving companies money, but no vested interest for taxpayers in the companies or the loans. If this is how republicans see insurance is suppose to work, then somebody in a hurricane, who has a roof torn off their house, should be able to call up a insurance company and get their house insured and then collect on the hurricane ripping the roof off their house.

Or how about somebody with their house catching on fire taking out an insurance policy and then collecting on their house burning down. Republicans need to called on this "enlightening" proposal and asked who actually thought up this idea?

Other than that, I am fine with the rescue plan, and hope it fails so these provisions can be redone correctly.

This content was created by a Daily Kos Community member.

Make YOUR voice heard!

Comments are closed on this story.