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  • Antique Mommy’s Bail Out Plan

    October 1, 2008

    Step One: Seize all the assets of the CEO’s, CFO’s and anyone else involved in the failed institutions with a $15 million golden parachute (or any parachute with the word million), including homes, foreign assets, art, cars, furniture and clothes that are not from Target or Wal-Mart — including the college fund for their kids. Sorry – the whole sins of the father thing. And also because thanks to their irresponsible and unethical actions, a lot of middle class kid’s college funds are gone, so it seems fair to me. Finally, they should be banned from working in the financial industry for all eternity.

    In exchange for jail time, they should be given a minimum wage job so that they too could have the joy of earning a living and not be a further drain on American resouces.

    That’s it. The rest of my plan needs work.

    Edited to add: I just thought of step two. I’ll post it tomorrow.

    73 Comments »

    1. bonniebeth says:

      I’m on board with you so far.

      October 1st, 2008 at 9:14 am

    2. rrmama says:

      I completely agree with you!

      October 1st, 2008 at 9:20 am

    3. Vintage Mommy says:

      I’m quite sure they’d find a minimum wage job at least as unpleasant as jail time – excellent idea!

      October 1st, 2008 at 9:25 am

    4. Renee says:

      You’re so much nicer than I would be, AM.

      Thankfully, we realized (with the help of Dave Ramsey) that debt is well, dumb and are not dependent on the finance industry in that aspect. That’s not to say we have no debt (OH I WISH!), but we have not financed or credited in about 2 years and are working to pay off prior mistakes!

      Now as far as investments and savings goes, that’s an entirely different story. These guys need to be hung from the ceiling by their toenails or something…

      October 1st, 2008 at 9:30 am

    5. MJ says:

      Thumbs up for this approach so far!

      October 1st, 2008 at 9:32 am

    6. Iota says:

      It’s odd, isn’t it, that if you or I did a job spectacularly badly, we’d be sacked. If you or I started a business that went under, we’d be bankrupt. But these people get huge amounts of money.

      Capitalism at its finest.

      October 1st, 2008 at 9:34 am

    7. Jeana says:

      Brilliant! I see an Antique Party on the ballot come November…

      October 1st, 2008 at 9:40 am

    8. Linda says:

      You are just brilliant! I love it!

      October 1st, 2008 at 9:43 am

    9. Kim says:

      I posted Dave Ramsey’s solution on my blog – he needs to include your points!

      And the bill being reintroduced today includes mandatory mental coverage on health insurance. That’s surely on my list of financial crisis.

      These guys are clueless about our country’s needs.

      October 1st, 2008 at 9:43 am

    10. Bethany says:

      Amen and amen.

      October 1st, 2008 at 9:44 am

    11. Heather says:

      Great plan! I’m looking forward to step two. It’s too bad that many of our financial institutions find their CEOs by using the Peter Principle.

      October 1st, 2008 at 9:47 am

    12. Linds says:

      Perfect so far – just add in the government officers who visited all the banks 10 years ago and threatened them with fiscal penalties if they DID NOT OPEN UP THEIR MORTGAGES TO MORE SECTORS OF SOCIETY too. That would be the ones who couldn’t afford them. And hey, AM I would vote for you and I live in the UK, for heaven’s sake.

      October 1st, 2008 at 9:52 am

    13. Andi says:

      Dude, that’s insanely brilliant and completely reasonable and logical.

      I think you send these ideas to your/our senator and representative.

      Keep up the good work!

      October 1st, 2008 at 9:52 am

    14. MarathonMom says:

      Just 15M? You are leaving out a lot of the offenders that way. Better bump it to 50M at least.

      October 1st, 2008 at 9:54 am

    15. Diamond says:

      Yes A.M.- This is the conversation we had in our home last night minus Target and Wal-mart it would be exactly the same conversation.

      October 1st, 2008 at 9:54 am

    16. canadacole says:

      This Canadian girl is not only on board but ready to promote your plan here. They can start by handing back the multi-million dollar bonuses they awarded themselves just this spring.

      October 1st, 2008 at 9:56 am

    17. Beverlydru says:

      You are right on. I have a suggestion for another phase – the health care plan. Provide each American with a jump rope with required usage of at least 3 times per week. : ) Penalty for non-compliance would be the only thing you can drive is a Mr. MaGoo car.

      October 1st, 2008 at 10:01 am

    18. Jessica says:

      AMEN!

      October 1st, 2008 at 10:25 am

    19. Veronica MItchell says:

      How about a tattoo on the face that says, “I stole your money”?

      October 1st, 2008 at 10:27 am

    20. Patti says:

      Excellent idea – I bet if we combined all of the golden parachute monies and all of these people’s other assets, we’d get pretty close to $700 billion, right? Problem solved!

      October 1st, 2008 at 10:28 am

    21. The Small Scribbler says:

      You are right. Some heads need to roll over this one. “Jail! Jail!” my husband cries. But you are right. Jail’s too good for these cretins. Sit around, do nothing, collect their three square meals a day. (Oh wait, that’s what they are doing now except the three square meals are of colossal proportions.) Where’s the worry in that. Let them really sweat and try to stretch a thousand dollar pay check to cover six or seven hundred dollars worth of groceries and some rent and electricity besides. They’ll see the error of their ways.

      Maybe after this post you’ll be elected financial grand poohbah.

      Kate

      October 1st, 2008 at 10:41 am

    22. sprittibee says:

      I stumbled. I’m with you, baby.

      Not only that, but they must all drive cars that break down – and loose their insurance while their wives are pregnant – and have a relative move in with them that needs supporting. And every two weeks before they get paid, they must be at least 60$ negative in their account so that they pay their bank about 120$ in overdraft charges.

      For eternity. Or until they have a heart attack from eating fast food because that’s all they can afford.

      October 1st, 2008 at 10:54 am

    23. Sarah at themommylogues says:

      Antique Mommy for president!!

      October 1st, 2008 at 11:22 am

    24. Kim (aka Doodles) says:

      you need to include the REAL criminals – the politicians!

      October 1st, 2008 at 11:26 am

    25. Susan J. says:

      I’ll vote for that!

      October 1st, 2008 at 11:28 am

    26. Lucy says:

      There just aren’t enough words in the dictionary for me to write on just how much I agree with that. So tired of all of this …. and those getting away with all they do.

      October 1st, 2008 at 11:31 am

    27. Jeanne A says:

      Couldn’t agree more.

      October 1st, 2008 at 11:45 am

    28. Wanda says:

      DANG!!!!

      That’s brilliant, girl!

      I’m in agreement witchu!

      Remember, God is on His thrown…..and nothing gets past him. These folks have gotten there treasure here!

      I pray for our country!!! God help us all!

      October 1st, 2008 at 11:48 am

    29. Theresa says:

      Amen to that Sister! My cousin earns those figures in the financial industry. He even gets a 12 million dollar Christmas bonus each year.

      I’d love to your proposal go into effect.

      October 1st, 2008 at 11:54 am

    30. Antique Mommy says:

      You know if there is enough profit in an industry for one single person to get $15 million dollars – there’s just too much profit. That oughta be the first clue that something isn’t right.

      October 1st, 2008 at 11:57 am

    31. jean says:

      I really like the idea of them working at a minimum wage job. It actually made me smile and considering the seriousness of this mess, that was a good thing.

      October 1st, 2008 at 11:59 am

    32. Jenn @ Casa de Castro says:

      and all God’s people said…

      AMEN!!

      October 1st, 2008 at 12:01 pm

    33. PJNeal says:

      How about getting rid of the Congressmen and Senators
      who decided that people really DON’T have to qualify
      for their loans? The CEO’s are an easy target (I do
      agree with you, A.M.), but what about Barney Frank who pressured Fannie Mae and Freddie Mac to make those bad loans and then was rewarded by them with big campaign contributions??? Or how about the guy who ran those
      failed companies, Franklin Raines, who is now Obama’s
      financial consultant??? (BTW, he got $90 some million
      over 3 years as they went under!)

      October 1st, 2008 at 12:10 pm

    34. zoom says:

      Preach it sister.

      October 1st, 2008 at 12:11 pm

    35. Grace says:

      You’re idea is so LOGICAL I can’t figure out why they’re not doing it in Washington. No, wait, I guess that would be because it IS logical. Sigh.

      October 1st, 2008 at 12:19 pm

    36. Theresa says:

      Wow! A common sense approach! Of course, unfortunately, you won’t be heard in Congress or the Senate BECAUSE THEY DON’T UNDERSTAND COMMON SENSE!!! (Besides, they have all been financed by the guys that head the financial businesses.)

      October 1st, 2008 at 12:25 pm

    37. Robinznest says:

      Finally – the voice of reason and common sense. And how fitting that it came from a mom! You rock AM!!!

      October 1st, 2008 at 12:57 pm

    38. Cara says:

      Amen Sister!

      How about someone in Washington D.C. using some COMMON SENSE!! Now, that would be a CHANGE!!!

      October 1st, 2008 at 12:59 pm

    39. Jendi says:

      Oh, I so agree!
      When you start running for office let me know. πŸ™‚

      October 1st, 2008 at 1:32 pm

    40. K @ Raise Them Up says:

      All I can add is, may God be gracious to us as a country in spite of so much corruption and moral bankruptcy. There WILL be accountability, either down here, and/or Up There. But I’m hoping, with you, that leaders make it happen here, first. Your plan would probably be very effective!

      October 1st, 2008 at 1:33 pm

    41. Susan says:

      Antique Mommy for President!

      October 1st, 2008 at 1:53 pm

    42. Suzanne says:

      Quote: Sarah at themommylogues says:

      “Antique Mommy for president!”

      You can count on my vote!

      October 1st, 2008 at 1:54 pm

    43. Marmee says:

      Can I ad that the minimum wage job for these “fat cats” should be ANY fast food joint: McDonalds, Taco Bell, etc. And then let the kids who work these jobs,whose future they have messed up, spend a day with their credit card numbers ONLINE and spend to their hearts desire!!!! Turn the tables, I say!!!

      October 1st, 2008 at 2:03 pm

    44. Angie says:

      I’m with you on this!

      October 1st, 2008 at 2:06 pm

    45. tom says:

      I notice you didn’t include flogging as part of your plan. Can we toss in some flogging? I think they need to be flogged a little.

      October 1st, 2008 at 2:10 pm

    46. Marian says:

      Have you sent this link to your Senator, Representative and the President yet?

      October 1st, 2008 at 2:10 pm

    47. Common Mom says:

      Amen!

      October 1st, 2008 at 2:39 pm

    48. Antique Mommy says:

      I think the government has every right to seize the assets of the decision makers at the center of this crisis more so than they have the right of imminent domain to seize the property of some little old farmer whose property stands in the way of a retail development. It’s for the betterment of the people.

      Sure the paltry $X Millions of dollars they might collect would be just drop in a bucket of $700 Billion but it makes a point, a point that needs to be made. Tax payers need to send a strong message to corporations and their golden parachuted CEOs and the Enrons of the world that we will not put up with this.

      October 1st, 2008 at 2:43 pm

    49. Robbin says:

      Amen. And Hallelujah.

      October 1st, 2008 at 2:54 pm

    50. T with Honey says:

      Hmmm… I think it may be better to leave the college funds in place because once their parents’ assets are seized those kids will qualify for financial aid, reducing the funds available for everyone else.

      And making them work minimum wage jobs sounds like a good idea but if you think customer service is bad now just wait.

      Otherwise, I love your plan! Can’t wait to see Step 2.

      October 1st, 2008 at 2:55 pm

    51. Sarah says:

      I agree 100%.

      It just doesn’t seem fair!

      October 1st, 2008 at 3:01 pm

    52. Amber (BGH) says:

      Sounds good to me! Especially the ‘make them get a minimum wage job’ part as a consequence. πŸ™‚

      October 1st, 2008 at 3:02 pm

    53. Antique Mommy says:

      T with Honey, Their kids can work their way through college just like the rest of us middle class schmucks. Working your way through college is not a bad thing. If we see that Sean hasn’t developed the proper attitude towards money, he will enjoy the privilege of working his way through school.

      October 1st, 2008 at 3:03 pm

    54. Minnesotamom says:

      As long as the “anyone else” punished includes a lot of government officials, I’m on board. I’m definitely not in favor of “target the rich to benefit the poor,” because a lot of rich people earned their fortunes fair and square, but I am in favor of punishing those who have EXPLOITED the poor for their own gain. Shameful…

      October 1st, 2008 at 3:12 pm

    55. Antique Mommy says:

      Minnesota Mom, I couldn’t agree more – I am not for wealth re-distribution in any way shape or form. These golden parachuted CEOs did not earn their wealth, they stole it. They are criminals.

      October 1st, 2008 at 3:15 pm

    56. Tracy says:

      Amen.

      when I think how we scrape and work hard to stay in budget, keep out of debt, and live within our means, and they get bonuses for losing other people’s money? sigh.

      October 1st, 2008 at 3:28 pm

    57. Pat says:

      Your plan would have saved a lot of paper, ink, hair-pulling and blaming “somebody else.”

      October 1st, 2008 at 3:48 pm

    58. Judy says:

      Sounds fair to me!!

      October 1st, 2008 at 4:14 pm

    59. Kim (aka Doodles) says:

      Taxpayers need to send a strong message to Washington! Voters need to vote OUT the criminal politicans!

      October 1st, 2008 at 4:32 pm

    60. Linda says:

      I’m with you so far. Keep it comin’

      October 1st, 2008 at 4:41 pm

    61. Magi says:

      I have one alternative. If they don’t want to take a minimum wage job, have them go to work as a paraprofessional at an inner-city public school. That MIGHT open their eyes a little.

      October 1st, 2008 at 5:31 pm

    62. Anna says:

      I don’t believe just one party (ie financial institutions) is responsible for the financial mess these days; and I don’t beleive there should be punishments for the rich simply because they’re rich. If we do then there’s no incentive for anyone else to better themselves.

      All that said, I’m one of those middle class Americans working really hard and not ending up with much to show when all is said and done. It’s frustrating with all the bills (including hospital bills lately) to see how little is left over, and that we still can’t afford a house. (We decided not to go the creativce financing direction, because we felt it was too risky, and we were right).

      However, if I were every to make it into the big time and, gasp, make millions, I surely wouldn’t want to be labeled a crook, and have people think that what I have should be taken from me simply because I’m wealthy.

      October 1st, 2008 at 5:51 pm

    63. Mycrazylife says:

      Oh yeah! This is the best idea I’ve heard yet. Although I agree with Tom; a little flogging would make me personally feel a whole lot better.

      October 1st, 2008 at 6:23 pm

    64. Antique Mommy says:

      Anna, No one here is suggesting there should be punishment for the rich just because they are rich. No one is saying that people who are rich are automatically crooks and should have what they have earned taken from them. To be clear, I certainly am not saying that. I AM saying that the CEOs and CFOs and others who are complicit in this financial debacle and who are going to walk away from this mess with millions in their pockets should have their wealth confiscated, because as it stands now my wealth and yours will be confiscated by the US government in the form of taxes to pay for this mess.

      October 1st, 2008 at 6:43 pm

    65. Danell says:

      I think I love you, AM.

      October 1st, 2008 at 7:00 pm

    66. Joanna says:

      I read AM and I approve of her message. Can’t wait to read step two.

      October 1st, 2008 at 7:26 pm

    67. Cindy says:

      I am putting your name on the ballad come November.
      Thinking we need someone like you in Washington. πŸ™‚

      October 1st, 2008 at 8:34 pm

    68. Shalee says:

      You have much more common sense than most of those people in Washington. (Mr. Right gave this post a resounding, “Hear, hear!” You have earned the stamp of approval.)

      October 1st, 2008 at 10:17 pm

    69. Amy Bayliss says:

      I think there minimum wage job should be as cooks and line servers to maximum security prisons. That should teach them something.

      I would so vote for you.

      October 2nd, 2008 at 12:55 am

    70. Trixie says:

      Wonderful! I love it. There’s a reason you don’t work in politics or on Wall Street: you just have to darn much common sense.

      Take Care,

      Trixie

      October 2nd, 2008 at 7:33 am

    71. Everyday Mommy says:

      Ahem…lets place the blame squarely on the shoulders of those who authored this mess, shall we? ‘Tis not the CEO’s and CFO’s of the mortgage companies. ‘Tis the congress, my dear. Specifically the Democrats in congress lead by their erstwhile champion, Bill Clinton.

      How can we forget Bill Clinton, and his plan the β€œNational Homeownership Strategy: Partners in the American Dream.” This financial scheme promoted insanely low down payments and coerced lenders into giving mortgage loans to first-time buyers with unstable financing and incomes. Enter Barney Frank and Chris Dodd…ahem…who carried the torch for Clinton after he left office, forcing Fannie Mae & Freddie Mac to continue making bad lons. Next, the Democrats opposed a plan by President Bush and Congressional Republicans for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis!

      Most nauseating of all are Barney Frank and the Democrats who are now acting as though they’re super heroes, swooping in to rescue our economy when they paved the way for this crisis. Create the problem then take credit for “fixing” it. Right.

      This is what happens when the government intervenes in the private sector. This is why universal health-care will be disastrous. Everything the government touches gets screwed up.

      October 2nd, 2008 at 11:24 am

    72. Janna says:

      Ditto and AMEN!!!!

      October 2nd, 2008 at 11:38 am

    73. Dianne says:

      Oh when will the powers that be start getting their advice from brilliant bloggers (like you and Lorraine)? Come on, folks, when a person can sum up the answer in a single blog post, that bears some attention! πŸ˜€

      October 3rd, 2008 at 9:54 am

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