If I Were Running the Democratic Party, I Would:
No extraordinary grants of power to Treasury Secretaries who might be appointed by the erratic and unqualified John McCain:
- Either:
- (i) do the rescue through the Fed, or
- (ii) follow the Marshall Plan and use an independent agency with its head chosen by the chair of the relevant senate committee, as Paul Hoffman was chosen by Arthur Vandenberg...
- Either:
Proper and appropriate congressional and judicial oversight...
High end pay reform:
- Cancellation of current golden parachutes...
- Look-backs in the future--pay over $1M per year conditioned on the long-term profitability of the enterprise over more than a decade...
Equity stakes for the government:
- Government buys securities at current market... * For every $4 the government pays for debt securities, it pays a fifth dollar for equity warrants...
Make it a round $1 trillion in authority...
A no-filibuster pledge from ten Republican senators with respect to the household mortgage relief bill that will be moving through the congress immediately after the financial rescue/nationalization bill...
If Republicans block whatever bill the Democrats propose this week, Wall Street can stagger on for a month and a half and we will come back into session the day after election day and do what is right then...
