Washblog || The $700,000,000,000 plan IS the Fulcrum of the Failure of Privatisation

The $700,000,000,000 plan IS the Fulcrum of the Failure of Privatisation

By ktkeller
Tue Sep 23, 2008 at 04:59:56 AM PST
Section: Stories In Progress Topic: Economic Justice

It's either the exposure of the Government giveaway of the public interest for the last 30 years or it's the final nail in the coffin of complete corporatism of the USA OR it's a great opportunity to set some things straight.

Neo-Liberaism has FAILED. Will we drive that home? Will we win on this one thing to drive the point home and open up the conversation -- finally -- about what properly belongs to the people?

I sat in on the Backbone conference call Sunday. Please see links in my comment to Chad's post or listen to Democracy Now from Monday for more background.

Here is the short story if you can't stand listening to economics. but I'd suggest that it's pretty easy if you listen to the people's economists http://blog.pdamerica.org/?p=2148

The message that needs to go out to Congress in response to the bailout isn't necessarily just vote no. Nor can you ignore it. Unless you think the whole economy should just go down?

There are a set of demands that Backbone, PDA, Democrats.com, etc., are posting. Yes - and Clinton and McCain have part of it --
keep the main street people protected. Mortgage restructuring. More than that, make those who screwed up and those who raked it in accountable, and bring jobs back to the US.

Obviously, help people renegotiate thier mortgages and provide over sight by the legislative branch over the Treasury department. These are the two main points that any one of any political party that you know need to drill in.

Seriously constrain total compensation of executives of any company that wants to be bailed out. This will reduce the 'expected' compensation of all business leaders.

Fire existing executives from these companies who want bailout and remove their parachute. They do this in Britain.

Special tax,like 10%, on those making 1M as a family or 500K as an individual for a period until this bailout is paid back to the people.

Tax all stock transactions at 2%. This will bring in 100Billion per year, reduce speculation and pay back the government treasury.

If people do not understand that bubble and burst economics, coupled with a government that gives away public trust to their cronies, does not have any clue as to stewardship, and does not understand that the purpose of government is to provide for the public good after this mess then WE are not doing our job to educate.

Obviously I think you should call our Senators and Congresspeople, can someone post a comment with the phone numbers?

Or, here is a petition from Democrats.com
http://www.democrats.com/stop-paulsons-plunder

< State Budget Shortfall Wouldn't Have Happened In A Rossi Administration? | ACTION INFO 1.) Bailout Contacts 2.) Get Out the Vote (including your own) >

Poll

Votes: 3
Results	\|	Other Polls

The $700,000,000,000 plan IS the Fulcrum of the Failure of Privatisation | 2 comments (2 topical)

I have little faith in our lawmakers' ability

to turn this into something positive. But who knows. They've profoundly disappointed us time and again. Maybe they'll do the right thing on this one.

True, some of our Washington delegation have tried on things like FISA and the war. Rep. McDermott made a good statement (Youtube link) -- Paulson's going to be in his position for 4 more months. Then he's going to go out into the private sector and "catch a pass he threw to himself."

One would hope electeds might at least see this as an election opportunity. If there isn't strong action, the predictable Fox News/Republican strategy of ignoring their own culpability and blaming it on Democrats -- already in full swing now -- will "stick" and this catastrophe which should sink the Republicans may instead harm Democrats' chances. That's what you get for being generally well-intentioned but weak and afraid.

Dlaw has a good piece on the Washington impact: Gregoire Must Investigate, Stop Paulson Plan!

by noemie maxwell on Tue Sep 23, 2008 at 08:34:28 AM PST

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by huyoyoya on Sat Jun 04, 2011 at 01:52:31 AM PST

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The $700,000,000,000 plan IS the Fulcrum of the Failure of Privatisation | 2 comments (2 topical)

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