As the Senate stands poised to vote on the bail-out bill, I thought of a short list of additions to the House version of the bill that would make it slightly more palatable to me.....
1-tax cuts for businesses to help make them more liquid and less needy of credit. This would relieve some pressure on the credit market.
2-a permanent suspension of the mark-to-market accounting policy of the Sorbanes-Oxley Act
3-a transparent, detailed, and immediate public accounting of where every single dollar of bail-out money goes. Who gets it and what precisely do they do with it?
4-an iron-clad method for returning this money to the taxpayers. And not in the form of government spending on earmarks and pet projects. To every taxpayer, a check should be scratched
5-severe limitations on CEO compensation in current and future companies who participate in any rescue at taxpayer expense
6-Justice Department investigations and prosecutions of CEO's who recklessly ran their companies into the ground and walked away with millions. Likewise, investigations into politicians who, in outrageous conflicts-of-interest, took money from failed companies they're supposed to regulate and then used their political positions to protect them, ie. Barney Frank, Christopher Dodd, Barack Obama
If the Senate bill include most or all of these provisions, I might get behind it, but I won't hold my breath.