Monday, March 9, 2009

FDIC Takeovers


We need to break up and eliminate financial institutions that are "too big to fail." We need to take them over temporarily, break them up, and then sell off the assets that still have value to other players in the private sector.

No more bailouts. Instead we need what would be de facto bank nationalization. And just as with smaller banks, the heads of these large financial institutions need to be allowed to fail and to go home and announce that they are selling off their personal properties and downsizing their lifestyles. No more golden parachutes on the back of the taxpayers - and what's more, we should be going back in to collect on the bonuses and golden parachutes that have been paid out on the taxpayers' dime since last summer.

Get it done, Prez. The delay is costing us years in the recession trough.