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A Special Friday Night Pre-Debate Madman
September 25, 2008
The only reason to put any money into the market is to save jobs. I don't want to see a quarter of a million American workers out on the streets.
Perhaps I should have said I don't want to see another quarter of a million jobs lost added onto the three-quarters of a million jobs lost already this year alone.
The only real reason NOT to put this cash in is to save those at the very top. Let's face it, crap rolls downhill and when the money goes, without oversight or conditions or unchecked, to these financial giants who've just about ruined our nation through its financial system, the only ones who will be hurt are the workers.
The dead weight lives at the top, make no mistake about it. But the jobs which will be lost if these financial whiz kids mistakes aren't corrected by the US middle class - a.k.a. us - are those belonging to us and those like us.
I actually heard that some of the House Republicans were saying that if we help save the banks we will be using our own retirement accounts to finance it. It isn't true. When the workers at these financial institutions lose their jobs, as is the case when those due to retire today and in the near future actually come to that point, they will be taking money from these retirement accounts to live on. Those accounts are worth, in many cases, half of what they were worth just a few short months ago and those people simply don't have enough to live their rest of their lives with.
That's who we're attempting to save here, not the CEOs'.
When a handful of House Republicans, led by Minority leader John Boehner with the prodding of John McCain, hold up the bailout which their own President, other leaders of their party and just about every economist in the nation agree that is necessary because, as they say, "Main Street shouldn't have to pay for it," they fail to realize that we are already paying for it. There is one reason and one reason alone to hold off this bill: So they can stand up and say on election day that they didn't spend your money. Forget the fact that government spending increased while they had control of Congress; forget the fact that our economy's collapse happened under their leadership and their stewardship and with their votes; they need something to say on November 4.
And, by the way, isn't it funny how these same House Republicans revived the old, tired idea of eliminating Capital Gains Taxes as a part of their plan to fix the financial industry's problems?
There are real answers and solutions to fix Wall Street and those who are serious are a part of the conversation, not attempting to sabotage it.
And that's exactly what these House Republicans, led by Boehner and McCain are doing. It's appears that McCain was for the bailout before he was against it.
I wonder where he is now?
Here's the way it could work:
All CEO's, board members and key decision-makers are to hand in their resignations if they want their troubled financial giants to take [art in this middle-class financed bailout.
No golden parachutes (unless, of course, they're volunteering to actually jump out of planes with them); no multi-million dollar Carly Fiorina-type bonuses to take with them into their next venture which, under the right circumstances, could cost the US middle-class taxpayer even more money; just a box full of personal effects and - hey - leave the stapler!
Like the banking industry, we must provide federal regulators to run these corporations which have been run into the ground. Someone has to look after the store.
Judges should have the ability to refinance mortgages to lenders in need of a hand. It's better for everyone if these homes aren't left vacant due to foreclosure. Extending thirty year loans to forty years; or fifteen year loans to thirty years; and converting variable-rate balloon-payment, interest-only mortgages to traditional term loans are just some of the ways we can keep Americans in their homes.
Anyone who took out a loan they couldn't afford in the past five years gets the boot if they still can't meet the requirements set by these loan judges. Somewhere out there some young couple just starting out needs a good home for a bargain-basement price. why shouldn't they get it?
No one loses their home due to health care! Period!
Put the Big "R" (Regulation) back into the lending industry. By mow they should have convinced everyone, even the most loyal Libertarian. that they no longer can be trusted to police themselves.
Change the stupid laws written by the likes of Phil Gramm - the man who would be Treasury Secretary - to reflect what ought to be rather than what he would like it to be.
Greed run-amok must be put in check and of the lending community wants our help, they have to play by our rules.
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