This is a financial transaction.
We have money. The banks need time.
We give them time by buying assets at a price and then re-selling them to the market once we know their real value.
We should be able to make money on this.
- We put a trader in charge of the money. Someone with experience making serious money. Congress picks him (or her).
- We don’t pay 100 cents on the dollar for junk. We pay what we think the junk is worth. Take it or leave it.
- If we wind up losing money on a deal, even after a reasonable time has passed, the difference becomes a charge against earnings of the seller, not the government.
Follow these principles and we can do business. Ignore them and we’re just throwing money at the same creeps who got us into this mess.
Forget about turning this into a Christmas tree for anyone. Stick to cases. Make sure the treasury is protected, and we can do a deal. If the executive branch refuses to give these guarantees, walk away.
No bailout. A profit for the people.
That should be Congress’ price.