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Monday, September 22, 2008

Punitive

Bush and Paulsen have indicated that they are not interested in a "punitive" bailout.

But there is absolutely no choice about that. A trillion dollars is real money, and shoveling it around involves real pain.

The question is who is punished, not whether somebody is punished.

Will everyday taxpayers who were already screwed by all this reckless misconduct be punished to bailout their abusers, or will the actual culprits be punished?

No doubt the "responsibility-first" "CEOs as risk-taking titans" "ain't no such thing as a free lunch" crowd will agree with the majority of Americans that it is the wrongdoers and not their victims who need to assume responsibility and pay the piper here, right? Right? They need to lose their golden parachutes and accept real regulation and oversight in the aftermath of this colossally failed ideologically-driven experiment in free-market fundamentalism.

These can't be grants we're talking about here, but need to provide actual equity to those of us who are giving up real money to save their sorry asses.

One hopes that a one-year home mortgage amnesty for everyday citizens and a real economic stimulus package subsidizing renewable energy projects and infrastructural repair projects is also part of the program. Paying for it with a special ten-year super tax on millionaires sounds like a fine idea to me, too.

No doubt the bankers and billionaires will declare such talk too punitive, a "deal breaker." But beggars can't be choosers, fellows.

Which is it? Are you begging for a handout as you face the prospect of utter meltdown? Or are you pigs lining up to gorge at the trough one last time before the electorate cuts of the gravy-spigot in November?

If it's the former, then shut up, take your medicine, and look grateful, because it's better than you deserve. If it's the latter, get out your hankies and weep for the good old days because we're all on to you.

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