TCA (my initials)

September 24, 2008

Al Franken’s bailout plan

Filed under: politics — TCA @ 6:54 pm

Posted to his website yesterday.

1. No blank check. “Not one dime should go to this bailout without independent oversight, real accountability, and complete transparency.”

2. Taxpayers get a stake. “If we’re footing the bill for keeping these companies afloat, taxpayers should get an equity stake so that we can share in the benefits when and if they get back on their feet.”

3. No golden parachutes. “In the public sector, there’s no such thing as a golden parachute. And if we’re going to sacrifice $2,000 for every […] taxpayer to bail out these companies, these executives are going to learn about sacrifice, too. So, all excessive compensation, bonuses, and severance agreements are hereby cancelled.”

4. Bring back oversight. “We need to restore the regulatory framework dismantled with George W. Bush in the White House […] so that this doesn’t happen again.”

5. Help homeowners. “The foreclosure crisis caused this problem, and we still haven’t taken the steps I’ve been proposing for months to address it. We have to freeze foreclosures and allow bankruptcy judges to re-set mortgages on primary residences.”

6. Protect consumers. “I’m calling for a new Financial Products Safety Commission with similar duties and powers to the Consumer Product Safety Commission.”

The former Saturday Night Live gagwriter and funnyman is the Democratic Party’s candidate for U.S. Senate in Minnesota. Former pro wrestler Jesse Ventura was governor there not too long ago. Unconventional candidates are possibly mass self-medication of Minnesotans for SAD, winter depression caused by sunlight deprivation. Just a theory of mine.

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