The other night on the Bill Moyers TV program Bill had a guest on by the name of Dr. Robert Johnson. Johnson is the former chief economist for the US Senate banking committee and now he works for some capital fund management company. He seemed pretty clear headed and he had a sober assesment of the financial mess that we're going through with the bank bailouts and he had a damn good idea what to do about them. His idea is this: if a bank wants bailout money then the top brass at that bank must hand in their letters of resignation, the stock of said bank gets devalued until it is worth zero dollars and zero cents, and the FDIC runs the bank until such time as it regains solvency. The genius of his idea is that the bank gets saved and the people who are responsible for it's failure are the ones who take the biggest hit financially and they lose their jobs as well.One would hope the new Secretary of the Treasury was watching the same program I was and that he'll implement Johnson's ideas.
9 comments:
What a concept: having justice and common sense steer government decisions. We can only hope. Sounds like a GREAT plan to me.
mskes sense to me.
It makes so much sense that it's hard to believe it'd be adopted.
These financial twits take care of each other.
So good to hear some reasoning in between the din of "Obama-da-best he-save-America!" and "Obama's-a-devil he'll-kill-America!"
And therefore, I totally agree! Thanks.
Aw - I thought by your title that this was going to be about eating babies
This bastard stole my ideas. It's genius isn't it?
Long live Bill Moyers.
I know it wasn't HIS plan, per se, but I like to mention that I love him every so often.
It is odd, isn't it? Fail with your own money, and you are a loser. Fail with other people's money, lots of it, and you are rewarded.
I gotta ask my dad first. (He's an economist.)
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