We need some strings attached

This morning I called my elected representatives about the proposed $700 billion plan to deal with the Big Mess on Wall Street.

I think the plan ought to include help for ordinary homeowners. But because I live in the conservative state of Oklahoma, what I focused on was the lack of oversight in the Bush/Paulson plan. (Conservatives are all about being responsible and cautious, right?) My talking points were:

1) We need to have some serious oversight and the possibility of administrative and court review.

2) We need to follow the law on public contracts.

3) The public should get an equity stake in companies whose debt is being bought.

4) We need to re-regulate the financial services industry.

5) There needs to be a limit on executive compensation for any companies that are receiving government aid.

By the way, the best analysis I've seen of the government bailout plan is here.