Sunday, September 28, 2008

This is getting ridiculous

Absolutely ridiculous.

CNN just had breaking news about some key breakthroughs on the bailout...highlights were mostly about executive compensation.

A LOT of anger has been coming out lately about executives getting untold amounts of money. I can't say I blame them: executive compensation is getting wildly out of control, and a lot of it seems based on...nothing at all. They even get massive aid packages when their companies fail and let the CEOs go due to bad results: the so-called "golden parachute" that many worry about.

However...this really is not the time to be addressing those issues. This discussion about the bailout package should largely be focused on the economic ramifications of dishing out $700 billion to the private sector: will the program even work? What happens if it doesn't? How will we finance it? What is being given up to fund it? Who should manage the assets and how should we value them?

Instead of that, we hear loud cries against bailouts, saying let the whole system collapse and force CEOs to live in cardboard boxes forever.

Looks like "proof beyond a reasonable doubt" doesn't apply if you are rich. And rational discussion can't get done if even a spot of cash gets sent to "the rich."

Funny how many people support tax cuts, though...

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