[xoxoxoBruce]

From Big Shot Bob

The following items must be included in any bailout bill:

NO BLANK CHECKS for the banking industry.

PROTECT THE TAXPAYERS. Taxpayers should get ownership in a company equal to any amount paid in excess of the value of the bad debt. This will prevent profitable firms from using this bailout to get rid of their bad debt. It will insure that if the bailout works and the firms become profitable again, taxpayers - not simply bankers - benefit from the upside.

HOLD CEOs ACCOUNTABLE. Any firm that wants a bailout must agree to hold CEO's and Boards of Directors accountable - by firing them. Those held accountable should NEVER be given millions of dollars for overseeing failure.

PUBLIC OVERSIGHT. An independent watchdog should oversee the public ownership of failing companies to ensure taxpayers recoup their investment. Members of this independent oversight entity should include workers and consumers and be approved by Congressional vote.

ENACT REGULATIONS TO PREVENT THIS FROM HAPPENING AGAIN. Any bailout must contain stronger regulation to end the "casino culture" of Wall Street. Financial products based on speculation with no collateral of tangible assets should be prohibited.

AID THE VICTIMS, NOT JUST THE PREDATORS. Since everyone is better off when working families avoid foreclosure, bankruptcy judges should be able to adjust the terms of the mortgages for families facing foreclosure so as many people as possible can stay in their homes.

INVEST IN THE REAL ECONOMY. Any bill to bailout the big corporations should include major public investment in development of new sources of energy and energy conservation, rebuilding schools and infrastructure, extending unemployment and food stamps, and helping states avoid crippling cuts in police and health services.

PROTECT CONSUMERS. Commercial banks that accept taxpayers' money should be compelled to accept tough new restrictions on credit card and banking fees, credit card interest rates and predatory credit practices.

Makes sense to me.