America Robbed Blind

I read an excerpt from an email written by Congressman D-Ohio Dennis Kucinich.

I apologize in advance for misreading a few words and some minor admissions.

TRANSCRIPT:

Protecting the public interest in any economic "bailout"

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, thats 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: a) resignations of management b) givebacks of executive compensation packages c) limitations on executive compensation d) admission by CEO's of what went wrong and how, prior to any government bailout
4. Demands for transparencey a) with respect to analyzing the transactions which took the companies down b) with respect to Treasury's dealings with the companies pre and post-bailout
5. An equity position for the taxpayers a) some form of ownership of assets
6. Some credible formula for evaluating the price of the assets that the government is buying.
7. A sunset clause on the legislation
8. Full public disclosure by members of Congress of assets held, with possible conflicts put in blind trust.
9. A ban on political campaign contributions from officers of corporations receiving bailouts
10. 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.

Category:

News & Politics

Tags:

• bailout
• debt
• credit
• crisis
• banks
• lenders
• kucinich
• dennis
• ponzi
• scheme
• fiasco
• accountability
• stock
• market
• crash
• correction

[FreeAgain2]

That letter is stupid.

ONLY THE TOP 40% of tax payers actually pay taxes. The bottom 60% pay about less then 1% of taxes.

[neotoy]

And 78% of corporations pay no more than the $800 minimum franchise tax. What's your point? Everyone should pay their taxes--all of them. The problem is not with those who pay, but with those who evade. Typically the top 40%.

[Frmarmy1]

@neotoy

It's over 1 year since the one has been in office neo, any change on your opion?

It's no all bush's fault for the problems, yes he had his hand in some of this but not as much as the messiah.

[neotoy]

@Frmarmy1 To paraphrase the Eagles "Things change very slowly, if they ever change at all."

[order9066]

Please google "Great Myths of the Great Depression". The article written by Lawrence W. Reed is enlightening. May I recommend John Flynn's The Roosevelt Myth as well? Nice video.

[neotoy]

I'm looking them over. But TBH the economics is purely semantic to me at this point. The ecosystem is being destroyed by modern industrial ideals. FMC, socialism, even fascism, none of these systems matter any more. The only real money human beings have ever had, our ecological wealth, is going up in flames; and no amount of economic tinkering is going to put out the fire that is currently sweeping the globe.

[petalsthorns]

If the taxpayers are the ones that will be paying for this, why don't the taxpayers get to vote on it - YES OR NO? I vote, NO.

[dabigez357]

quick question..? would the big bankers bail you out if you were in debt 100 times what you earn..? HELL no they could care less about any of us! so fuck them greedy pieces of human garbage! power to the people! no bail out ever!

[MillyVanillification]

A society which looks as credit cards as a new form of savings will end up in debts. No surprise at all. There is no infinite growth in a finite system. It would be better to kick the economists - this deluded, religious community - out of the government and bring in physicists who are able to cope with the real world. That would be a real change.

[HoodwinkedbyanAngel]

Why don’t u just blurt out the truth like I do...stop trying to be Politically Correct...

~!~

THE UNITED STATES MAFIA IS SIMPLY SHOVING ANOTHER TAX UP OUR ASS

~!~

& ALL the S>S> money is going to the FUCKING MEXICANS & their ANCHORE BABBIES& the 44th OUSS STAIN is the devil incarnate hell bent on destroying this ONCE GREAT COUNTRY ...thats right folks...[THE ANIMAL IN THE WHITE HOUSE ] IS ALLOWING AMERICA TO BE RAPED IN OUR COLLECTIVE ASSESS

[ActivistJohn832]

@Vatoaztecas Yeah!

[Vatoaztecas]

@ActivistJohn832 abolish the reserve and bring back the greenback!!

[ActivistJohn832]

How about abolishing the Federal Reserve, then backing our money on gold and/or silver again...

[rashonx]

@Frmarmy1

wow he just had a hand in it huh.wow lol he set the ball rolling that couldnt be stooped now the one lol isnt helping lol, but comeon man lets not kid ourselves here. not one time have you heard it been mentioned anywhere that the bushes have lost 1 cent

[briggs9187]

Im Starting to believe that there is no Goverment, there is only the paper pushers to make money out of of the Tax Payers

[nvf2008]

America is being destroyed slowly... and will fall like Rome