Tim Geithner's getting ready to shovel more taxpayer money down the rat hole, this time to GMAC.

GMAC, in case you're in understandable denial, has been bailed out twice already.

And now Tim Geithner wants to shovel another $2.8 billion in.

What is the US taxpayer getting in exchange for all these GMAC bailouts?

Preferred stock.

Why are we getting preferred stock, which is neither a claim on the future upside of the company's equity, nor a senior debt security that will be completely repaid in the event that taxpayers finally get mad as hell and won't take it anymore?

Because Tim Geithner is worried that if he makes the folks who voluntarily lent money to GMAC -- the bondholders -- lose so much as a cent, the entire US economy will collapse.

If Tim Geithner feels it is absolutely critical that he shovel more taxpayer money into this paper-shredder or else even fewer people will buy "the new GM"'s cars, or if Tim Geithner concludes that now that he has already put so much taxpayer money on the line that he has to keep shoveling good money after bad to postpone the inevitable until after he has taken his job at Goldman Sachs, then there is presumably nothing that anyone will be able to do to stop him. Tim Geithner developed his bail-out-everyone strategy two years ago, before he even took over Treasury, and he'll presumably be damned if he's going to modify that strategy now.

But if we raise enough of a fuss, maybe we can force Tim to reconsider the terms so we don't get completely screwed again.

Instead of a preferred security, which is subordinate to all GMAC debt, we want a SENIOR BOND. A bond that will be paid off FIRST in the event that Tim finally gets the boot and GMAC collapses.

We also want a big helping of WARRANTS to compensate us for the risk we're taking. In addition to interest, we deserve upside--the same upside that any private-market savior would demand.

How about it, Tim?

Please?