Monday, September 22, 2008

"We're going to take over these bad loans"

Now if that that isn't a winning campaign slogan, I don't know what is.

"We're going to take over these bad loans," McCain said. "And we're going to have the taxpayer help you out. But when the time comes and the economy recovers, then anything that's gained back is going to go to the taxpayers first.

It'd be great if, as a U.S. Senator, he made sure that was actually written in the legislation. I hear he has until Friday.

Of course there is a way to be confident that taxpayers will get paid back if the government bailout works. Instead of buying toxic debt, buy a stake in the corporations themselves.

[T]he financial system needs more capital. And if the government is going to provide capital to financial firms, it should get what people who provide capital are entitled to — a share in ownership, so that all the gains if the rescue plan works don’t go to the people who made the mess in the first place.

I don't suppose anyone on Capitol Hill reads the New York Times.

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