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Treasury Secretary Henry Paulson has put together a plan that is actively under debate and allows the Treasury to invest in assets that are crushing bank balance sheets. We view this plan as being an important step in allowing the global financial system to recapitalize itself. We agree with financial intellectual titans Warren Buffett and Bill Gross, as well as both presidential candidates, that the Paulson Plan needs to be passed and will benefit Main Street.
We believe that if the Paulson Plan is done correctly, American taxpayers will profit not only from the return of lending capacity to our banks, but also from these troubled investments. However, the plan should embrace the tenets of free-market capitalism. The government should demand equity stakes in the banks.
We think taxpayers deserve to benefit from a deal soundly rooted in free-market principles. We, the undersigned, encourage you to call the people who represent you in the House and Senate and demand that the approved deal include provisions for equity ownership. Go to www.house.gov and www.senate.gov to find the phone numbers for your elected representatives.
Finally, even though these are extraordinary times, we stand by our belief that the best way to build long-term wealth is through equity ownership. Just look at who is doing a lot of the buying of late -- Warren Buffett.
We encourage you to take a few minutes -- now! -- to call your elected officials and let them know that there needs to be an equity component for taxpayers.
Tom Gardner, CEO and Co-Founder, The Motley Fool
Scott Schedler, President, The Motley Fool
Bill Mann, Senior Advisor, Motley Fool Hidden Gems, Pay Dirt, and Global Gains