Posted by
Jefferson Lives! on Saturday, September 27, 2008 1:29:46 PM
The following is a proposal whereby the federal government can establish trust with the American taxpayer in rescuing the financial system:
Dear Secretary Paulson,
As you well know, Wall Street has in large part both facilitated and
profited from the current banking crisis. As the Chairman of Goldman Sachs -
the largest firm on Wall Street - you amassed a personal fortune. The
American people will have a much higher degree of confidence in your "bail
out" proposal when you get some "skin in the game". As a sign of
confidence in your plan, the American taxpayers ask you to contribute
$20 million of your own personal money into a side by side fund to the
proposed $700 billion gov't bail out fund. Further, every member of
Congress and every member of the President's cabinet of the existing and
future administration will contribute 10% of their gov't salary to the same
"side by side" fund for every year the bailout fund continues to make
capital outlays. Each contributor will see their capital returned at the
same time and in the same pro-rata amount as that of the American taxpayer.
Should the officials responsible for crafting a solution fail to assume
personal risk in any work out plan, it will be deemed as yet another government
facade by the American people.
It's a question of credibility.