Uncle Sucker

A bail out package of $700 Billion will cost the average American family over $10,000.

Is this fair? Consider the pay package of the new Washington Mutual CEO, who has been on the job for 3 weeks.

“NEW YORK (CNNMoney.com) -- Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.”

Wow, the stock is worthless. WAMU is bankrupt and stockholders all got burned. An $18 million dollar payday for 3 weeks on the job? Is it any wonder that polls overwhelmingly show the average taxpayer does not support the current wall street bailout package? Washington's bailout plan is apparently in trouble. With lawmakers saying their e-mails and phone calls from constituents back home are running as much as 100 to 1 against the bailout, it may be difficult for them to vote for it and then go home to run for re-election. But something has to be done before they break for the election recess this weekend.

One interesting note on the economy is new home prices plunged 11.8%, not in a year, but from July's level. That is going to lead to more defaults and foreclosures, which were already soaring.

The only question is which banks will be going out next? Wachovia is the next big bank rumored to be teetering on the edge.