Tuesday, September 23, 2008

Fwd: Protecting the public interest in any economic "bailout"

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From: Rozanne Gates <rozannegates@optonline.net>
Date: Tue, Sep 23, 2008 at 8:04 PM
Subject: Protecting the public interest in any economic "bailout"
To: Rozanne Gates <rozannegates@optonline.net>

This is sheer brilliance on the part of Dennis Kucinich.  
    Protecting the public interest in any economic "bailout"   Dear Friend, The  U.S. government has been turned into an engine that accelerates the wealth  upwards into the hands of a few. The Wall Street bailout, the Iraq War,  military spending, tax cuts to the rich, and a for-profit health care system  are all about the acceleration of wealth upwards. And now, the American people  are about to pay the price of the collapse of the $513 trillion Ponzi scheme of  derivatives. Yes, that's half a quadrillion dollars. Our first trillion dollar compression  bandage will hardly stem the hemorrhaging of an unsustainable Ponzi scheme built  on debt "de-leverages." Does  anyone seriously think that our public and private debts of some $45 trillion  will be paid? That the administration's growth of the federal debt from $5.6  trillion to $9.8 trillion while borrowing another trillion dollars from Social  Security has nothing to do with this? Does anyone not see that when we spend  nearly $16,000 for every family of four in our society for the military each  year that we are heading over the cliff? This  is a debt crisis, not a credit crisis. Just as FDR had to save capitalism after  Wall Street excesses, we have to re-invigorate our economy with real - not  imaginary - growth. It does not address the never-ending war on the middle  class.  The  same corporate interests that profited from the closing of U.S. factories, the  movement of millions of jobs out of America, the off-shoring of profits, the  out-sourcing of workers, the crushing of pension funds, the knocking down of  wages, the cancellation of health care benefits, the sub-prime lending are now  rushing to Washington to get money to protect themselves.  The  double standard is stunning: their profits are their profits, but their losses  are our losses.  This  bailout will not bring real jobs back to America. It will not bring back  jobs that make things. It does not rebuild our schools, streets, neighborhoods,  parks or bridges. The major product of this financial economy is now debt.  Industrial capitalism has been destroyed.
 In  the next few days I will push for a plan that includes equity for every  American in any taxpayer investment in this so-called bail-out plan. Since the  bailout will cost each and every American about $2,300, I have proposed the  creation of a United States Mutual Trust Fund, which will take control of $700  billion in stock assets, convert those assets to shares, and distribute $2,300  worth of shares to new individual savings accounts in the name of each and  every American.
 I  will also insist that all of the following issues be considered in whatever Congress  passes:
  1.  Reinstatement of the provisions of Glass-Steagall, which forbade speculation
  2.  Re-regulation of the finance, insurance, and real estate industries
  3.  Accountability on the part of those who took the companies down:
  4.             a)  resignations of management
  5.  b)  givebacks of executive compensation packages
  6.  c)  limitations on executive compensation
  7.  d)  admission by CEO's of what went wrong and how, prior to any government  bailout
  8.  Demands for transparencey
  9.             a)  with respect to analyzing the transactions which took the companies down
  10.  b)  with respect to Treasury's dealings with the companies pre and post-bailout
  11. An equity position for the taxpayers
  12.              a)  some form of ownership of assets
  13. Some credible formula for evaluating the  price of the assets that the government is buying.
  14. A sunset clause on the legislation
  15. Full public disclosure by members of  Congress of assets held, with possible conflicts put in blind trust.
  16. A ban on political campaign  contributions from officers of corporations receiving bailouts
  17.  A requirement that 2008 cycle candidates return political contributions to officers  and representatives of corporations receiving bailouts
And,  most importantly, some mechanism for direct assistance to homeowners saddled  with unreasonable or unmanageable mortgages, as well as protection for renters  who have lived up to their obligation but fall victim to financial tragedy when  the property they live in undergoes foreclosure. These  are just some thoughts on the run. You will hear more from me tomorrow.
 Dennis J Kucinich
  www.Kucinich.us <http://www.Kucinich.us>
 216-252-9000   877-933-6647




PO Box 110475 | Cleveland | OH | 44111 | 216-252-9000

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