The Bush administration's proposal to buy, with taxpayers' money, 0 billion of toxic liabilities from the corporate financial titans of Wall Street is a fraud. We should not be stampeded into the greatest corporate theft of public assets in the nation's history.
The distressed assets-that is, the losses-can and should be absorbed by the executives, directors and stockholders of the corporate banks and other institutions that propagated the financial firestorm. They can and should, as the dictates of the free market insist, stand accountable for their actions and accept bankruptcy. It is not the responsibility of the American taxpayers to shield them.
The welfare of the Wall Street financiers should not be the focus of public policy.
to read Richard W. Behan's article published in: Alternet.org Sept 22, 2008, click on
http://www.alternet.org/story/99707/
Original: The $700 Billion Bailout is a Fraud