Recoup–Build in the mechanisms whereby taxpayers are made whole. Sen. Reed’s proposal to buy equity as well as junk is the simplest way to do this but other means to this end are possible.
While we’re at it, restore Clinton-era tax rates to those making more than a quarter million a year to offset the huge deficits entailed in the rescue and in the whole drunken binge of the last 8 years of Republican spending.
Stimulate–Cut taxes–with lower marginal rates and targeted credits–for those making less than a quarter million a year. The targeted credits can be for improvements that strengthen the economy by making it energy efficient.
Further stimulate by spending on infrastructure improvements–everything from mass transit to insulating homes–employing millions of Americans.
A plan lacking these elements should be unacceptable (and is unlikely to work). The debate should be about how, not whether to include these features.
What have I left out?