I am in favor of a package where bonds are used to buy up 'bad debt' from the banks and mortgage companies who are on the edge of failing. They should be treated the same way that they viewed you and I when we signed our mortgages ... the industry needs to pay taxpayers back ... they should NOT be allowed a free ride. It should be an asset for an asset transaction ... home/business mortgage for treasury bond. As the mortgage is paid off, the money should go back into the tax coffers. Any money that is not recouped from the mortgages, should be billed to the industry ... and ... the companies the debt was bought from, should be responsible the money that was lost.
As far as the golden parachutes, I agree ... CEOs that received these obscenely high bonuses and who's company's are part of the problem facing us, should have to pay back the bonuses and face investigation for wrongdoing.
Bottom line, if we don't bail out Wall Street, then Main Street failure isn't far behind. When Wall Street fails, the money that is available for you and I for a variety of loans ... along with the money that is necessary for the day-to-day operations of many local businesses, will slowly dry up and disappear ... and Main Street will die.