Dear Senator Dodd,
I am so glad to see that you are trying to put some limits on this free ride for the Investment Banks and Brokers who invested and pushed securities based on sub-prime loans that lead to this debacle.
As you have indicated, stripping executive's of their bonus packages definitely needs to be a part of any bail-out in order to reflect the Losses they have caused their companies and the taxpayer.
I am very suprised that the FED and the TREASURY has come up with ONLY ONE IDEA to offer congress on what to do when they should be responsible for offering more than one possible solution especially when rewarding Investment banks and brokerage firms and their heads for making self-serving decisions will flag individuals with upsidedown mortgages to walk away from their mortgages so they TOO can get a free ride. Which is why I Strongly share your concern that "There is no alternative idea out there with resources available if this does not work."
I am very suprised that the FED and the TREASURY has come up with ONLY ONE IDEA to offer congress on what to do when they should be responsible for offering more than one possible solution especially when rewarding Investment banks and brokerage firms and their heads for making self-serving decisions will flag individuals with upsidedown mortgages to walk away from their mortgages so they TOO can get a free ride. Which is why I Strongly share your concern that "There is no alternative idea out there with resources available if this does not work."
Will we have the resources to Cover the FDIC insured deposits and programs to stimulate growth? Look at what happened with the last blank check and sweeping new powers we gave the Bush Administration. Also, it seems to me that the market is no longer AS out of control as it was and smaller surer steps would be more reasonable. I think the FED and TREASURY should be requiered to provide those alternative ideas.
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