Wednesday, March 18, 2009

Financial Bailout Principles (2)

o If it is too big to fail, it is too big: break it up.
o Corollary: No more giant international investment houses.
o Corollary: No more national media conglomerates; the media need to be local and independent.
o Restore the barrier between banking and investment houses.
o Protect the public over failed management: fire the executives and managers who created the mess.
o Get serious about freezing foreclosures
o Eliminate adjustable mortgages completely.
o Restore the laws against usury.
o Stop protecting shareholders in failed financial firms.
o Stop the fear of letting large firms go bankrupt: let the market clean itself up.
o If necessary, let the government be the lender to the people, until the system stabilizes.

We voted for change; we voted for bold; it is time for the President to take charge and show true leadership.