Tonight, we see if the new plan for the financial industry bailout will pass or not. The bailout has been revised, and yes, there are stipulations that the taxpayer should have gotten since the beginning of this all. There still are some questionable things going on, but I’m sure my curiousities aren’t going to be entertained by the Senate nor the Congress.

So this is what we have in store that will benefit you and I:

• The FDIC will now insure banks for $250,000 instead of $100,000
• There will be more renewable energy tax breaks
• Expiring tax breaks will be brought back
• Instating Alternative Minimum Tax, which helps those from ending up paying the “income tax for the wealthy”

You can find out the specifics here: CNNMoney.com

And it would place curbs on executive pay for companies selling assets or buying insurance from Uncle Sam. One provision: any bonus or incentive paid to a senior executive officer for targets met would have to be repaid if it’s later proven that earnings or profit statements were inaccurate.

But this provision above just boils my blood. Why on earth are we even paying these executive schmucks? They’re the ones who got us into this mess! They have some nerve to be demanding pay of any kind, they should be glad that they’re continuing to sit behind their oak desks in the corner offices! Executives might feel otherwise because they support their own, but everyone I spoke to about this whole ordeal feels the same way. We need new leaders running our banks, not the same clowns who ran the circus for the past 6 and a half years.

This entry was posted on Wednesday, October 1st, 2008 at 11:13 am and is filed under General Real Estate News, Mortgage & Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.