A modest proposal for ending socialized capitalism
Bob Morris @ Jul 16th 2008 03:32 - Category: Unfiled
From Robert Reich
Socialized capitalism of the sort the Fed and the Treasury are now practicing, consisting of private gains and public losses, is untenable. On the other hand, it’s also true that giant Wall Street investments banks as well as Fannie Mae and Freddie Mac are too big to fail. How to reconcile these conflicting principles?
His plan: During a gigantic bailout, the top management of the company can not be paid more than the President of the US. Plus, the government gets 5% of current valuation as stock, and thus taxpayers are compensated for the risk taken.
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