From Talking Points Memo -

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I'll leave to others whom I respect to craft out just what sort of plan is likely to be successful in stabilizing the financial markets and equitable to taxpayers. But any sort of narrow focus on executive compensation strikes me as a load of crap. Yes, they are too high. And yes, I believe they are part of the problem. But I don't think I need to know too much about economics to know that they are not a significant structural problem in what led to this mess. And the dollars in questions are chump change compared to the bill the big investment houses are now pawning off on the American people.

The key components in exchange for the money have to be some sort of equity in the companies being rescued (I'll leave it to the experts to figure out the mechanics -- which I grant is likely a highly complex matter) and structural reforms that create oversight, accountability and transparency to ensure nothing like this happens again.

And in case it isn't obvious, those begging as they cling by their fingertips on the precipice are not in a position to be making any demands or calling any proposals "deal killer."

--Josh Marshall

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Comment

It is a great irony that by the rules of market capitalism, the federal government may rightfully wind up owning controlling interest in private financial companies.

Apparently a natural evolution.

To me, it looks like the public (government) might end up owning lots of other people's (and corporations') unpayable IOUs.

I don't think we can let the financial system collapse, but giving $1 Trillion to the Administration on a "trust me" basis is foolish. We've trusted the Bush administration too often and here we go again???

Before a bailout is agreed to, we should know what the terms of the deal are.

Before turning $1 Trillion over to the Tresury Dept. to use as it sees fit, lets find out what the package is.

Again, isn't the public just being asked to assume $1 Trillion in bad debt with no questions asked?

No. The public isn't being asked.

The public is being told.

Asking the public is just so... Pre 9-11