The situation:
We are talking 700,000,000,000.ºº Dollars, and a population of 300,000,000. Now:
700000000000/300000000 = 2333.333333333334
With the bailout, each man, woman, child must give $2333.³³ to rich bankers who made bad deals.
I live in a community of 30,000; a very small city.
2333.333333333334×30000 = 70000000.000000015
Instead of giving this money to the rich bankers who made the bad deals, we could give $70,000,000.ºº to my small city. If it costs $10,000,000.ºº to build one industrial enterprise, my city could build 70 industrial enterprises.
Why do we need to relieve rich bankers who made very bad deals? What are we nuts? Why keep listening to the bone-tossing economics mumbo-jumbo artists? Once we give the money to the bankers, they will move to Switzerland or England or Israel or Australia and take it all with them. We will never get it back!
Why give all our money to these con artists? Why not give it to our own communities, so they can use it to build sustainable enterprises, like wind farms? The economists have had their chance to play with our fortunes. We better stop listening to them right now, and begin moving to save our sorry selves!
Ralph Nader:
http://tinyurl.com/4b6e24
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3. Sunlight is a good disinfectant. The bailout that is ultimately approved must provide for full and timely disclosure of all bailout details. This will discourage conflicts of interest and limit the potential of sweetheart deals.
4. Firms that accept government bailout monies must agree to disclose their transactions and be more honest in their accounting. They should agree to end off-the-books accounting maneuvers, for example.
5. Taxpayers must be protected by having a stake in any recovery. The bailout plan should provide opportunities for taxpayers to recoup funds that are made available to problem financial institutions or to benefit from the financial institutions’ rising stock price and increased profitability after being bailed out.
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Cynthia McKinney:
http://votetruth08.com/
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13. nationalization of the Federal Reserve and the establishment of a federally-owned, public banking system that makes credit available for small businesses, homeowners, manufacturing operations, renewable energy and infrastructure investments;
[....]
Too many times politicians have told us to support the “free market.” The unfolding news informs us in a most costly manner that free markets don’t work. This is a financial system of their making. It’s now past time for the people to have an economic system of their own. A reading of the full text on the Congressional “Agreement on Principles” for the proposed $700 billion bailout reveals the sham that this so-called agreement truly is. Today our country faces an economic 9/11. The problem that is unfolding is truly systemic and no stop-gap measures that maintain the current bankrupt structure will be sufficient to resolve this crisis of the U.S. economic engine.
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McKinney seems to think the government should control the financial stuff. But Nader actually supports the panhandling! Okay, now my support can no longer go to Nader. McKinney’s the only game left in town.
By the way, here’s my own take on what should be done:
If these banks are really bankrupt, they are effectively worth nothing. So the banks themselves should be seized under the eminent domain Takings Clause of the Fifth Amendment. Since they are actually bankrupt, they should cost the taxpayer $1.00 per bank. That’s a lot less than $700,000,000,000.ºº, I should think, and at least the public would own them.
You can e-mail me at:
‘ blues ‘,
rkj a+ inbox do+ com
Other online resources, not all of which are quite up to speed, are:
Online Bailout Outrage Jumps to Streets, and Into Lawmakers’ Inboxes
Create/Find an Anti-Bailout Event
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