One local economist's take on the rescue plan (WSAV / Savannah GA)

[struggle4progress]

By JoAnn Merrigan


Dr. Richard Cebula .... isn't .... convinced that word regarding the calamity that may occur if a bail out isn't passed, is true. "I think we need to let the market work more," he says. "This problem started a long time ago, it has to be disposed of and I think the best way to do it is let the market work more. We're going to have recession either way and may already be in a recession."

Cebula says the key to any package that may pass is protecting consumers in terms of their money and their jobs. "I would have preferred to have a portion of this ($700 billion) simply handed over to the FDIC to allow them to have some more solvency to actually protect deposits," he says. "And then I would have far preferred see the funds put to good use employing Americans doing things for America. That might sound like waving the flag, but I'm really waving a a flag of practicality."

Cebula says repairing America's roads, bridges and sewer systems would provide jobs for workers and help business transports goods. "I would like to see a massive construction of our infra-structure," he says. "These funds could be put aside for that at a responsible level each year."

He says if there is a bail out package that eventually passes, he would like to see one item. " I would also like to see before we bail anyone out an investigation of the CEO of that firm," he says. "I think we should check out to see whether they're going to be subject to civil as well as criminal charges" ...

http://www.wsav.com/midatlantic/sav/news.apx.-content-articles-SAV-2008-09-29-0020.html

[Wetzelbill]

1. I'd like to seize a CEO assets

Not sure how legal or how you could do that.

[Birthmark]

2. I'm thinking RICO might apply.

Sure looks like racketeering to me.

[Wetzelbill]

3. that's something I was thinking

Treat them like you would a drug or mob boss.

[Birthmark]

4. They conspired to commit a fraud

They subsequently perpetrated that fraud and profited from it greatly.

Where's a US Attorney when you need one? Oh, right. Gonzales.