Talkingpointsmemo put together the video below to show how John McCain talks out of both sides of his mouth on the economic crisis--and sometimes gets called on it. However, the clip also shows McCain putting forth a good idea: That firms bailed out by the government should not be able to pay top executives more than the highest-paid government employee. (If that were seriously proposed, you'd be able to hear the howls all the way from Wall Street to Hollywood and Vine.)
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Paul Krugman has a useful piece on this topic today in the NYT.
The idea of having equity in the firms whose debt is being bought makes sense. Apparently that was a part of the S&L bailout. It's the essence of capitalism, deciding upon risk based on projected reward. It's revealing that it's the failed capitalists who now object to that basic principle.
As Bill Kristol wrote today, "What are cherished principles for but to be violated in an emergency?".
What would Kristol know about principles?
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