The more I think about the $700 million ballout proposed by the Bush adminisration, the more I believe that it needs some major changes to be remotely acceptable.
First of all, under no circumstances should there be no oversight of this bailout program. Meeting with Congress twice a year is not acceptable.
Second, there should be major catches to qualify for this program. For example if a company feels it needs to participate, then the CEO certainly shouldn’t be paid a huge salary for the honor of getting a government bailout. The companies should submit to strict regulations on how they use the bailout money to rebuild their companies.
Third, I think that any company that agrees to the bailout should be required to give a significant portion of future profits for the next 15 years to a special fund that can only be used to first payoff the bailout program and then once that is done, put towards the U.S government debt.
Basically I want to make this bailout program capable of paying for itself in a short period of time, the U.S Governent debt paid down a little bit, and most importantly make it hard for companies to apply for this bailout. If you make it hard to apply for, only those companies who really need the bailout will get it. Then they will be forced to repay taxpayers for their sheer idiocy.