Sunday, September 21, 2008

Bail Out Wall Street? What's In It For Me?

So George Bush and Hank Paulson's Wall Street bailout plan is going to cost every American household between $2,000 and $5,000. Maybe the apocalypse is upon us and it must be done, but the American people deserve a return on this invesment. Indeed, congress needs to make sure that this is an investment, not a bailout.

The US government should get large equity stakes in all Wall Street firms that come begging for aid. The government should then use its position as a shareholder to pass resolutions that force these banks to act in the interests of the American people. The citizens of the United States, as shareholders, can demand fully green operations, investments in alternative energy and can demand that these banks no longer advise on job destroying mergers and that they refuse to underwrite debt offerings made by America's enemies.

Let's not bail out Wall Street. Let's take it over.

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