March 17, 2008

Tax Payer Bailout Equals Ownership

Paul Krugman writes, in an essay entitled The B Word:
Last week, Robert Rubin, the former Treasury secretary, and John Lipsky, a top official at the International Monetary Fund, both suggested that public funds might be needed to rescue the U.S. financial system. Mr. Lipsky insisted that he wasn’t talking about a bailout. But he was.

OK. If we the tax payers have to bail out the financial titans, then we should become part owners. How does that happen? One way is to negotiate a partial nationalization of the corporation. Think of it as future profit sharing. These companies are dead if the tax payer doesn't come to their rescue. We could tax them in the future, but I'd rather have their books open to US government audits, and for we the tax payers to simply get our cut. Period.

I'm tired of watching the US tax payer get shafted in historic crisis after crisis. We're still paying for the 1980s Savings and Loan bail out. It's time to say enough is enough. "The King has now clothes," already. This isn't a free market, it's a free ride, and I'm sick and tired of underwriting the wealthy lifestyle of financial high fliers. Are you?

Lets do something about it. Write your US representatives and senators. We want partial ownership.

1 comment:

libhom said...

The easiest way to manage this would be for the taxpayers to get an amount of stock equal in value to the amount of the bailout.