But here it goes: Democrats are right.
<shudder>
Ok, I'm back. Here's WHY they are right:
The Bush administration's proposed $700 billion financial rescue took fuller shape on Monday as Senate Democrats circulated a counter proposal that would require the government to receive an ownership stake in the companies it helps.
The proposal, offered up by Senate Banking Committee Chairman Christopher Dodd, D-Conn., would require companies who sell assets to Uncle Sam to give the government shares in the company, according to a draft obtained by CNN.
The Senate Democrats' proposal would also require the government to come up with "a systematic approach for preventing foreclosures and ensuring long-term, sustainable homeownership through loan modifications and use of the HOPE for Homeowners Program" on the mortgages it buys in the bailout.
Now, this is being proposed by Christopher Dodd, so anything out of this guy's mouth is suspect. However, I do agree that if we taxpayers are footing the bill, we should get a cut of the proceeds. There's nothing wrong with a company asking for help, but any investor, the government included, would ask for something in return.
IF, and this is a big IF, it works, great. I want my taxes lowered accordingly when we cash out. It's not likely to happen of course, but I'm tired of being treated like a damned piggy bank. I want something tangible for my tax dollars, instead of watching it get pissed away with wasteful spending.
Travis
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