How do we fix this?

Instead of trying to be right, as I am just as wanting to be right as any of you guys, we need to get involved in how to come in with some kind of fix that could change the picture. I don't think the country gets off without some kind of deep recession, but to continue the policy of feeding Wall Street fat pitches so they can bilk America out of its economic base along with the rest of the world isn't going to do anything. The rich need to recapitalize the banks, not the customers who got stuck with the deposits created out of this mess or the guy on the bottom who is beyond even having a dog in this fight. I read something where the top 400 richest people in the US gained $600+ billion in net worth over the past 8 years, just enough to restore this lost capital. You can bet 95% of this increase was traced to banking transactions of some sort. The bailout cements this amount into permanent debt that will burden the country and all that don't hold the debt. We are looking at a swap of treasuries for debt the holders don't even dare mark down to its true value. I would exclude all Wall Street firms including GS, JPM, MS, MER, Citi and others up there from receiving a dime, as they were the group that facilitated the creation of this mess and bankrolled many a hedge fund which leveraged this stuff into trillions for themselves. The entities that need to be restored are those that can show that they were bilked by this group into buying this crap. This doesn't include FNM or FRE, who for all practical purposes, should only be indemnified to the extent that their holdings were encouraged by Congress. If any of these firms do participate, their loans should be limited to 80% of face of what is bought and to what can be determined to be FMV of these products deducted from this amount and the balance loaned to them as preferred stock at rates around the rate charged by Warren Buffett, with a 20% call premium. This way, we don't see wholesale dumping of crap that the holder doesn't need to get off their books merely to restore them to par. I am sure most of us would like the value of our SUV's and pickups restored to pre high gas price times that were in essense created out of this mess as well, but none of us outside of the lenders are going to get a dime.
I heard Mish Shedlock on the Overnight radio show just long enough to hear he had some stuff on his website about this. I think we should take action here and follow his lead in sending crap to Congress. My mother wants me to send an email to McCain to the extent that anything derived out of this mess is used to pay down the debt, not to be put into the general fund to be thrown around as if it was a windfall. That is a good concern to be addressed. My concern is that these are generally companies that in the broadest sense serve and are held by multi-hundred millionaires and up and these guys should bail out their own firms. I would rather the government have to bail out the depositors than to allow these outfits to sit back and wait a few years then fleece the country one more time. They need to pay the fiddler. Also, if short selling can be outlawed, intercompany stock transactions, like buybacks and to some extent sizable bonuses and dividends need to be limited and in the case of stock buybacks, done away with entirely for a period of 5 years. The banks need to lend around their capital, not pay screw the shareholder, smoke up the scene of performance with borrowed funds to buy back stock and pay out valuable capital in the form of dividends. The stock needs to reveal reality and not some wishful thinking of some welfare queen. All these firms are trading well above zero, some having 12 figure cap values, despite the term beaten down being used on CNBC over and over again and most of them need a capital infusion. Now how can an outfit need a capital infusion and be trading at such huge cap values?
Here are the links from Shedlocks website; We should all either back up what we can agree with on this site or offer our own opinions.
http://globaleconomicanalysis.blogspot.com/] Mish Shedlocks home page

http://globaleconomicanalysis.blogspot.com/2008/09/senator-sanders-petition-against.html Representative Sanders petition against Paulson

http://globaleconomicanalysis.blogspot.com/2008/09/fate-may-rest-with-shelby.html
Fate may rest with Shelby
http://globaleconomicanalysis.blogspot.com/2008/09/take-back-america.html Take back America

http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm
Protest letter by economists

http://www.hussmanfunds.com/wmc/wmc080922.htm
John Hussman letter to congress

I think many of us realize that we have reached a point in history where it might better to lose all and go through a depression than to bow one more time to international entities in need of a bailout so they can continue to hold and increase bondage over us. I propose that this is nothing more than a treasury swap, where instead of these guys owing us, we are going to owe them. The FDR gold seizure was a similar transaction where all is now owed back to the Federal reserve and the Federal reserve owes you nothing for your paper except debt that is held against all Americans. I hate to get regional, but this is one more NY swindle of Americans, that has been going on since this Republic was founded. The Texas banks were wiped out in the 1980's along with the S&L's. The shareholders weren't bailed out and the local banks were given to east coast concerns. Except for a few freewheeling S&L guys, none of the employees were enriched in the manner that those working for these NY concerns were. We are now beginning to see that emperor Paulson has no clothes, though he was compensated at Goldman as if he were royalty. His salary is equivalent to paying Mario Mendoza Arod money in baseball (for those that don't know, 200 batting average is kindly referred to as the Mendoza line). There are some things about Paulson and his efforts I appreciate, but this is one more attempt to remove his pals from reality and to attempt to allow the American public to not face what is really going on. We can't afford another bailout of these guys and I don't believe we can afford to see another Fed chairman in the vein of bernanke or Greenspan nor can we afford another Goldman Sachs Secretary of the Treasury in the vein of Paulson or Rubin, who did more his share of veiled Wall Street bailouts.