In search of an answer: Why is the Bush/Wall Street bailout so unpopular?
A few hours ago, Countdown to Crawford came across a poll that found that there is something lower than President Bush's approval rating. It is the percentage of Americans who support the $700-billion bailout his administration has proposed to rescue Wall Street and major financial institutions.
We got to wondering why support was so low.
Dana Milbank, writing in this morning's Washington Post, provided what may have been Clue No. 1.
He noted that President Bush, having "finally returned to his compassionate conservative roots," was making a pitch for a needy group: "Those Wall Street CEOs who, for all their hard work, have been unable to lift themselves up by their wingtips."
Milbank continued:
Treasury Secretary Hank Paulson (R-Goldman Sachs) made the rounds of the talk shows on Sunday, pleading for financial executives to be allowed to keep their multimillion-dollar compensation packages even if their companies need to be rescued by the $700 billion federal bailout.
He may know something about that side of the problem.
Paulson's net worth, built up during a career at Goldman Sachs, where he eventually rose to be CEO?
"North of $600 million," Milbank noted.
-- James Gerstenzang
Photo: Joshua Roberts / Bloomberg News
If these companies (and presumably their boards) are quickly signing up on the list to have their companies balied out by the American taxpayer...then I think their salaries and all their stock options should be GIVEN to the fund to help with the bailout. if their stock rises in the future...as a result of OUR bailout, then the US taxpayer will benefit and eventually we might even be repaid.
Why is no-one even talking about the idea that these companies should eventually have to pay this back? Why is the taxpayer going to permanently just eat this mess when we could just as easily stick them with all or even PART of the bill that they could easily absorb in the long term.
Posted by: Michael | September 23, 2008 at 02:18 PM
Keep multimillion dollar compensation packages?!?! The bums that screwed up the economy should be thankful they are not facing life in prison!
Posted by: Morgan | September 23, 2008 at 02:28 PM
Thoughts on the Wall Street situation in the articles:
Wall Street’s special offer – but you must act now!
AmericanChronicle.com
September 23, 2008
http://americanchronicle.com/articles/75216
Let's bail out the greedy, the crooks, the suckers
AmericanChronicle.com
September 22, 2008
http://www.americanchronicle.com/articles/75078
Posted by: Hammo | September 23, 2008 at 03:41 PM
Big corporate greed knows no limits or ethics. Conservatives barred regulations to big corporations for years in the name of free market, with their favorite motto THE MARKET WILL SELF ADJUST or REGULATIONS WILL ONLY HURT THE MARKET. Now that their free market is heading for a free fall from the insatiable greed, they want a socialist solution so they can keep lining their own pockets with tax payers’ money. Neat tricks for stupid people who keep voting for conservatives, thinking we are not being screwed enough and their experience can really SAVE us.
Posted by: Maddi | September 23, 2008 at 04:11 PM
Why don't we give them a choice: Pay back your greed-gotten gains, or else face impeachment.
Posted by: Irv Thomas | September 23, 2008 at 04:50 PM
It's criminal to let them keep the perks. If the jerk wasnt leaving office, we'd impeach him.
Posted by: jim | September 23, 2008 at 04:50 PM
Will they not stop the madness until we are thrust into an irreversible trajectory? Let wall street go down. Americans are a strong people and full of tenacity. Perhaps some "tough" times are just what the doctor ordered and we can get back to being productive and savvy instead of pushing papers in cubicles for the largest pyramid scheme in history. Be proud and let's roll up our sleeves and get to work.
Posted by: midwest | September 23, 2008 at 05:01 PM
http://www.huffingtonpost.com/2008/09/22/dirty-secret-of-the-bailo_n_128294.html
Posted by: nevermind | September 24, 2008 at 12:31 AM
Can someone help me understand. The only thing I've heard Paulslon say about the golden parachutes is that if we took them away from the CEOs then it might risk the CEO's backing away from the bail-out? So, let me get this straight. They're doing us a favor by letting us bail them out? In other words, "don't complain America. You've already paid the price and unless you pay some more, you are really going to pay(in the form of a depression). How long does that kind of S go on until we march with our pitchforks right up to their mansions and take back whats rightfully ours?
Posted by: Peter | September 25, 2008 at 03:19 AM