Wednesday, November 12, 2008

No More Bailouts Until . . .

Now everyone wants a generous bailout. Companies are being chartered as banks. When will it end.

Before anymore government money is handed out, establish a clear and transparent process -- call it preemptive reorganization. And make it tough to discourage future thoughts of government bailouts.

Any company that wants a government bailout should be forced to reorganize like a company in bankruptcy and all executives and directors should be fired.

There should be no auto industry bailout until Congress reads this article, The New York Times, How to Fix a Flat. And if the U.S. auto industry wants a bailout, the Michigan governor and congressional delegation should also be forced to resign.

Any other ideas?

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