1. We have to make a move
2. The salaries of those who will manage the new Resolution Trust Corp (or whatever it ends up being called) are completely irrelevant. Arguing about caps on those salaries just means we'lll get less adept people to deal with this and waste more time which makes the situation more precarious
3. The Wall Street executives who are 'guilty' of getting us into this mess are only part of the problem -- and have lost more proportionately than the rest of us will in higher taxes the next decade. It's popular to deride them as evil fat cats -- the reality is their reputations and wealth have been crushed. Move on.
4. Plenty of blame to go around -- culture of excess but mostly that capital flows during the last twenty years have completely outpaced the regulatory system that exists -- in the context of right-wing vehement anti-regulation.
5. Finance is at heart a confidence game. It's much more important to restore confidence now so we can continue to play the game than to assign blame.
6. Barney Frank has a smart insight -- well-managed, the assets taken up by the new RTC over time may well be worth much more than their purchase price. Net cost to taxpayer in that event? Less than zero.
7. Put Bloomberg in charge of the new RTC -- he gets it, is independent, doesn't need the money, cares about New York...
Everyone needs to take a step back and a deep breath, get this done this week with reasonable oversight and controls, and get back to business.
Oh, and throw out the idiotic GOP which is more responsible, over 25 years of ignorance and malfeasance, for creating the mess than any other entity... and do NOT let John McCain, Mr. Economic Igorance at An Advanced Age, or Ms. Sarah Palin, Ms ... ???? ... anywhere close to the joint...
2. The salaries of those who will manage the new Resolution Trust Corp (or whatever it ends up being called) are completely irrelevant. Arguing about caps on those salaries just means we'lll get less adept people to deal with this and waste more time which makes the situation more precarious
3. The Wall Street executives who are 'guilty' of getting us into this mess are only part of the problem -- and have lost more proportionately than the rest of us will in higher taxes the next decade. It's popular to deride them as evil fat cats -- the reality is their reputations and wealth have been crushed. Move on.
4. Plenty of blame to go around -- culture of excess but mostly that capital flows during the last twenty years have completely outpaced the regulatory system that exists -- in the context of right-wing vehement anti-regulation.
5. Finance is at heart a confidence game. It's much more important to restore confidence now so we can continue to play the game than to assign blame.
6. Barney Frank has a smart insight -- well-managed, the assets taken up by the new RTC over time may well be worth much more than their purchase price. Net cost to taxpayer in that event? Less than zero.
7. Put Bloomberg in charge of the new RTC -- he gets it, is independent, doesn't need the money, cares about New York...
Everyone needs to take a step back and a deep breath, get this done this week with reasonable oversight and controls, and get back to business.
Oh, and throw out the idiotic GOP which is more responsible, over 25 years of ignorance and malfeasance, for creating the mess than any other entity... and do NOT let John McCain, Mr. Economic Igorance at An Advanced Age, or Ms. Sarah Palin, Ms ... ???? ... anywhere close to the joint...
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