Let me be clear:
Listening to all the experts and economists -- who are a dime a dozen -- I've come back to the TRUE experts, THE PEOPLE, who, according to CNN*, can't even get into their Congresspeople. There is an Internet "busy signal" due to millions of Citizenry, trying to contact Congress about this blasted bailout --
THE PEOPLE ARE SCREAMING TO BE HEARD, AND THEY CANNOT EVEN GET THROUGH TO THEIR CONGRESSPERSON!
That being said, CNN's own poll shows the majority still don't want this bailout, second highest don't understand it, lowest percentage want the thing approved.
Listening to Harry Reid, Bill Clinton, John McCain, and even my own candidate, I'm not hearing what I want to hear; they all want something passed. Congresswoman Barbara Lee gets it, though.
My feelings, simply put --
United States Government, if you want to stick us with a trillion dollars, make it a "co-operative" , go ahead, BUY the assets, make it part of the GOVERNMENT, so that it REALLY belongs officially to US, (We the People), KICK out ALL the CEOs and their Corporate heads, IMMEDIATELY, NO Golden Parachutes.
Furthermore, all these previous corporate heads must be audited by the IRS, and those records must be made available to the new owners of the companies, (We the People). This means their audit results/records should be available for public scrutiny.
Establish a MORATORIUM on foreclosures throughout this entire Country, until people are able to get back on their feet. Translated? Until this economy has improved, SUBSTANTIALLY! It's our money. It's OUR MONEY!
Period. The End.
Oh, I almost forgot: did you hear? Since this thing, this crisis has started the value of the America dollar has INcreased, but the euro, and the foreign markets are hurting. How ironic is that?
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*Again, CNN beats out the rest, according to August 2008 Pew report. CNN most reliable news source, 60 minutes was second. Fox was 9th (the last) -- hey, that's not my fault, below MSNBC, ABC, local news, CBS; NPR was 4th.
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Comments: 43
THAT is a great idea!!!!
I hate to sound coldblooded, but how can we help the rest of the world, and leave our own hurting? NO!!!
Once our own have been sufficiently satisfied, then we are better able to help others.
I absolutely agree with you, Nee ~~ your points are very close to what Bill Clinton has suggested. The first item of business in our new $700 billion WE THE PEOPLE CORPORATION should be review and revise the ridiculous pay and pensions for CEO's, especially when salaries, fringes and pensions are not relative to a company's performance and not even close to those in the "real world."
I do agree: the Congresspeople -- most, or maybe ALL -- only care about themselves. However, we have a carrot to wave in front of the donkey: WE are THEIR BOSSES.
It isn't just at election time that we have the POWER to take them out. What do you think "special elections" and petitions to remove from office are for?
We've the power to REMOVE/FIRE THEM any ole time, and it's about high time they realized that we are AWARE that WE have this power, lest they stop listening to us AGAIN!
We've also got to do something about small businesses, and those who are losing their jobs and homes.
STOP WORRYING ABOUT A FEW GREEDY FAT CATS, and PAY ATTENTION TO THE AVERAGE "JOES". Do we really need more homeless, because of more foreclosed homes, and more unemployment?
I agree. This latest version looks out for those who want to DRILL DRILL now (just heard McConnell plug that) and calls for cutting "use programs" which to him means social programs but we're supposed to be happy that it'll guarantee $250,000 instead of $100,000 in our bank account? WHO does this look out for?
(California's Senators) votes. IF they vote for this thing, they shall NOT get my vote in November. Think I'm kidding? Watch me. I'll make a copy of my ballot.
I ain't voting for them if they do this.
Again, the wealthy. I know that I do not have $250 to casually drop into an account.
In fact, when we were being advised, the telco brought in financial experts to help us to decide what to do. They told us to FORGET 401k's, money markets, IRAs, stocks and place our money in homes -- a better value than 401k's and the rest.
Mind you, the telco was meeting our 401k investment with 67% donation on the dollar, which was just excellent. Still, the experts were saying, home equity was even better.
At the time, though, equity is homes was skyrocketing.
Even so, that sneaky little FDIC guarantee is for the rich.
Also, has the ban on drilling lapsed? There has NO MENTION of that lately, and I know it is very near the date to lapse.
We're being lied to, but this time, the PEOPLE are not hearing it. Bush may only cry, "WOLF!" only so many times, and have you noticed that these "economists" are split?
Some say,
"The bailout is no good."
Others say,
"The bailout is necessary."
Are you getting the feeling that this is another "Politics as usual" situation?
or
"You scratch my back, and I'll scratch yours."?
Friends,
The richest 400 Americans -- that's right, just four hundred people -- own MORE than the bottom 150 million Americans combined. 400 rich Americans have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion. During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion -- the same amount that they are now demanding we give to them for the "bailout." Why don't they just spend the money they made under Bush to bail themselves out? They'd still have nearly a trillion dollars left over to spread amongst themselves!
Of course, they are not going to do that -- at least not voluntarily. George W. Bush was handed a $127 billion surplus when Bill Clinton left office. Because that money was OUR money and not his, he did what the rich prefer to do -- spend it and never look back. Now we have a $9.5 trillion debt. Why on earth would we even think of giving these robber barons any more of our money?
I would like to propose my own bailout plan. My suggestions, listed below, are predicated on the singular and simple belief that the rich must pull themselves up by their own platinum bootstraps. Sorry, fellows, but you drilled it into our heads one too many times: There... is... no... free... lunch. And thank you for encouraging us to hate people on welfare! So, there will be no handouts from us to you. The Senate, tonight, is going to try to rush their version of a "bailout" bill to a vote. They must be stopped. We did it on Monday with the House, and we can do it again today with the Senate.
It is clear, though, that we cannot simply keep protesting without proposing exactly what it is we think Congress should do. So, after consulting with a number of people smarter than Phil Gramm, here is my proposal, now known as "Mike's Rescue Plan." It has 10 simple, straightforward points. They are:
1. APPOINT A SPECIAL PROSECUTOR TO CRIMINALLY INDICT ANYONE ON WALL STREET WHO KNOWINGLY CONTRIBUTED TO THIS COLLAPSE. Before any new money is expended, Congress must commit, by resolution, to criminally prosecute anyone who had anything to do with the attempted sacking of our economy. This means that anyone who committed insider trading, securities fraud or any action that helped bring about this collapse must go to jail. This Congress must call for a Special Prosecutor who will vigorously go after everyone who created the mess, and anyone else who attempts to scam the public in the future.
2. THE RICH MUST PAY FOR THEIR OWN BAILOUT. They may have to live in 5 houses instead of 7. They may have to drive 9 cars instead of 13. The chef for their mini-terriers may have to be reassigned. But there is no way in hell, after forcing family incomes to go down more than $2,000 dollars during the Bush years, that working people and the middle class are going to fork over one dime to underwrite the next yacht purchase.
If they truly need the $700 billion they say they need, well, here is an easy way they can raise it:
a) Every couple who makes over a million dollars a year and every single taxpayer who makes over $500,000 a year will pay a 10% surcharge tax for five years. (It's the Senator Sanders plan. He's like Colonel Sanders, only he's out to fry the right chickens.) That means the rich will still be paying less income tax than when Carter was president. This will raise a total of $300 billion.
b) Like nearly every other democracy, charge a 0.25% tax on every stock transaction. This will raise more than $200 billion in a year.
c) Because every stockholder is a patriotic American, stockholders will forgo receiving a dividend check for one quarter and instead this money will go the treasury to help pay for the bailout.
d) 25% of major U.S. corporations currently pay NO federal income tax. Federal corporate tax revenues currently amount to 1.7% of the GDP compared to 5% in the 1950s. If we raise the corporate income tax back to the level of the 1950s, that gives us an extra $500 billion.
All of this combined should be enough to end the calamity. The rich will get to keep their mansions and their servants, and our United States government ("COUNTRY FIRST!") will have a little leftover to repair some roads, bridges and schools.
3. BAIL OUT THE PEOPLE LOSING THEIR HOMES, NOT THE PEOPLE WHO WILL BUILD AN EIGHTH HOME. There are 1.3 million homes in foreclosure right now. That is what is at the heart of this problem. So instead of giving the money to the banks as a gift, pay down each of these mortgages by $100,000. Force the banks to renegotiate the mortgage so the homeowner can pay on its current value. To insure that this help does no go to speculators and those who have tried to make money by flipping houses, this bailout is only for people's primary residence. And in return for the $100K paydown on the existing mortgage, the government gets to share in the holding of the mortgage so that it can get some of its money back. Thus, the total initial cost of fixing the mortgage crisis at its roots (instead of with the greedy lenders) is $150 billion, not $700 billion.
And let's set the record straight. People who have defaulted on their mortgages are not "bad risks." They are our fellow Americans, and all they wanted was what we all want and most of us still get: a home to call their own. But during the Bush years, millions of them lost the decent paying jobs they had. Six million fell into poverty. Seven million lost their health insurance. And every one of them saw their real wages go down by $2,000. Those who dare to look down on these Americans who got hit with one bad break after another should be ashamed. We are a better, stronger, safer and happier society when all of our citizens can afford to live in a home that they own.
4. IF YOUR BANK OR COMPANY GETS ANY OF OUR MONEY IN A "BAILOUT," THEN WE OWN YOU. Sorry, that's how it's done. If the bank gives me money so I can buy a house, the bank "owns" that house until I pay it all back -- with interest. Same deal for Wall Street. Whatever money you need to stay afloat, if our government considers you a safe risk -- and necessary for the good of the country -- then you can get a loan, but we will own you. If you default, we will sell you. This is how the Swedish government did it and it worked.
5. ALL REGULATIONS MUST BE RESTORED. THE REAGAN REVOLUTION IS DEAD. This catastrophe happened because we let the fox have the keys to the henhouse. In 1999, Phil Gramm authored a bill to remove all the regulations that governed Wall Street and our banking system. The bill passed and Clinton signed it. Here's what Sen. Phil Gramm, McCain's chief economic advisor, said at the bill signing:
"In the 1930s ... it was believed that government was the answer. It was believed that stability and growth came from government overriding the functioning of free markets.
"We are here today to repeal [that] because we have learned that government is not the answer. We have learned that freedom and competition are the answers. We have learned that we promote economic growth and we promote stability by having competition and freedom.
"I am proud to be here because this is an important bill; it is a deregulatory bill. I believe that that is the wave of the future, and I am awfully proud to have been a part of making it a reality."
This bill must be repealed. Bill Clinton can help by leading the effort for the repeal of the Gramm bill and the reinstating of even tougher regulations regarding our financial institutions. And when they're done with that, they can restore the regulations for the airlines, the inspection of our food, the oil industry, OSHA, and every other entity that affects our daily lives. All oversight provisions for any "bailout" must have enforcement monies attached to them and criminal penalties for all offenders.
6. IF IT'S TOO BIG TO FAIL, THEN THAT MEANS IT'S TOO BIG TO EXIST. Allowing the creation of these mega-mergers and not enforcing the monopoly and anti-trust laws has allowed a number of financial institutions and corporations to become so large, the very thought of their collapse means an even bigger collapse across the entire economy. No one or two companies should have this kind of power. The so-called "economic Pearl Harbor" can't happen when you have hundreds -- thousands -- of institutions where people have their money. When you have a dozen auto companies, if one goes belly-up, we don't face a national disaster. If you have three separately-owned daily newspapers in your town, then one media company can't call all the shots (I know... What am I thinking?! Who reads a paper anymore? Sure glad all those mergers and buyouts left us with a strong and free press!). Laws must be enacted to prevent companies from being so large and dominant that with one slingshot to the eye, the giant falls and dies. And no institution should be allowed to set up money schemes that no one can understand. If you can't explain it in two sentences, you shouldn't be taking anyone's money.
7. NO EXECUTIVE SHOULD BE PAID MORE THAN 40 TIMES THEIR AVERAGE EMPLOYEE, AND NO EXECUTIVE SHOULD RECEIVE ANY KIND OF "PARACHUTE" OTHER THAN THE VERY GENEROUS SALARY HE OR SHE MADE WHILE WORKING FOR THE COMPANY. In 1980, the average American CEO made 45 times what their employees made. By 2003, they were making 254 times what their workers made. After 8 years of Bush, they now make over 400 times what their average employee makes. How this can happen at publicly held companies is beyond reason. In Britain, the average CEO makes 28 times what their average employee makes. In Japan, it's only 17 times! The last I heard, the CEO of Toyota was living the high life in Tokyo. How does he do it on so little money? Seriously, this is an outrage. We have created the mess we're in by letting the people at the top become bloated beyond belief with millions of dollars. This has to stop. Not only should no executive who receives help out of this mess profit from it, but any executive who was in charge of running his company into the ground should be fired before the company receives any help.
8. STRENGTHEN THE FDIC AND MAKE IT A MODEL FOR PROTECTING NOT ONLY PEOPLE'S SAVINGS, BUT ALSO THEIR PENSIONS AND THEIR HOMES. Obama was correct yesterday to propose expanding FDIC protection of people's savings in their banks to $250,000. But this same sort of government insurance must be given to our nation's pension funds. People should never have to worry about whether or not the money they've put away for their old age will be there. This will mean strict government oversight of companies who manage their employees' funds -- or perhaps it means that the companies will have to turn over those funds and their management to the government. People's private retirement funds must also be protected, but perhaps it's time to consider not having one's retirement invested in the casino known as the stock market. Our government should have a solemn duty to guarantee that no one who grows old in this country has to worry about ending up destitute.
9. EVERYBODY NEEDS TO TAKE A DEEP BREATH, CALM DOWN, AND NOT LET FEAR RULE THE DAY. Turn off the TV! We are not in the Second Great Depression. The sky is not falling. Pundits and politicians are lying to us so fast and furious it's hard not to be affected by all the fear mongering. Even I, yesterday, wrote to you and repeated what I heard on the news, that the Dow had the biggest one day drop in its history. Well, that's true in terms of points, but its 7% drop came nowhere close to Black Monday in 1987 when the stock market in one day lost 23% of its value. In the '80s, 3,000 banks closed, but America didn't go out of business. These institutions have always had their ups and downs and eventually it works out. It has to, because the rich do not like their wealth being disrupted! They have a vested interest in calming things down and getting back into the Jacuzzi.
As crazy as things are right now, tens of thousands of people got a car loan this week. Thousands went to the bank and got a mortgage to buy a home. Students just back to college found banks more than happy to put them into hock for the next 15 years with a student loan. Life has gone on. Not a single person has lost any of their money if it's in a bank or a treasury note or a CD. And the most amazing thing is that the American public hasn't bought the scare campaign. The citizens didn't blink, and instead told Congress to take that bailout and shove it. THAT was impressive. Why didn't the population succumb to the fright-filled warnings from their president and his cronies? Well, you can only say 'Saddam has da bomb' so many times before the people realize you're a lying sack of shite. After eight long years, the nation is worn out and simply can't take it any longer.
10. CREATE A NATIONAL BANK, A "PEOPLE'S BANK." If we really are itching to print up a trillion dollars, instead of giving it to a few rich people, why don't we give it to ourselves? Now that we own Freddie and Fannie, why not set up a people's bank? One that can provide low-interest loans for all sorts of people who want to own a home, start a small business, go to school, come up with the cure for cancer or create the next great invention. And now that we own AIG, the country's largest insurance company, let's take the next step and provide health insurance for everyone. Medicare for all. It will save us so much money in the long run. And we won't be 12th on the life expectancy list. We'll be able to have a longer life, enjoying our government-protected pension, and living to see the day when the corporate criminals who caused so much misery are let out of prison so that we can help reacclimate them to civilian life -- a life with one nice home and a gas-free car that was invented with help from the People's Bank.
Yours,
Michael Moore
MMFlint@aol.com
MichaelMoore.com
NOT!!!
Sandy, that needs to go in an article. I hope you do one on THAT. It speaks volumes, and I cannot argue against ONE SINGLE THING in it.
It is POWERFUL and COMPELLING, and it SHOULD (key word being "should") cause people to think!
The richest 400 Americans Talk about ELITISM (that is 2.5 times larger than my senior high school graduating class, or put another way, half the size of the entire school.)
-- that's right, just four hundred people -- own MORE than the bottom 150 million Americans combined. Translated 400 people, half the size of a high school prep school owns more that HALF the entire population of the United States! Hmmm.
or look at it this way:
400 OVER 150, 000, 000 . Who rules whom?????????
400 rich Americans have got more stashed away than half the entire country!
Their combined net worth is $1.6 trillion.
This should really begin to make you upset . . .
During the eight years of the Bush Administration,
their wealth has increased by nearly $700 billion
-- the same amount that they are now demanding we give to them for the
"bailout."
Any of y'all of the bottom 150,000,000 feeling generous to the 400?
Why don't they just spend the money they made under Bush to bail themselves out?
Why should they? Bush, and Congress is about to make YOU do it, AGAIN!
They'd still have nearly a trillion dollars left over to spread amongst themselves!
And the beat goes on, meaning
You ain't got no money
You ain't got no health care, or not enough, or inadequate
You ain't got no job, or your job is threatened
You ain't got no house, or home
You footing the bills for them
Your children are dying in a far off land, while they kicking back in their HOMESSSS
Your children are in need
Your children aren't getting the adequate eduation
You and your children are beset with crime, pollution, and other problems
In fact,
YOUR CHILDREN shall be footing the bills for them, for generations TO COME,
and I'm sure you're able to add to this list of woes: social security, for one.
but it's okay;
and the beat goes on . . .and on . . .and on . . .and on . . .
I can do it, although I think it would be better were you to do it.
___________________________________________________
Stephannie
Something good has already happened here: by the actions of millions of Americans, millions of other Americans might be seeing that they DO indeed have POWER, and that they are -- in fact -- THE government, a government
by,
for, and
of
THE PEOPLE. We really are the POWER, the Framers knew this, and I am suspicious of anyone who tries to tell me otherwise.
__________________________________
Jim,
You just voiced, what is still showing as, the voices of the MAJORITY of the American PEOPLE. In this Country, the majority of the PEOPLE RULES!!! I do so agree, Jim!
I share your sentiments are our Congressional leaders, Jim.
_____________________________________________________
Hear, hear, Ron. Were it my choice, I would say that we strip them clean, so that they didn't have a red cent. Michael Moore wants to leave them with several homes; I say leave them HOMELESS, just as they have left so many Americans. Let them now reap what they have sown.
____________________________________
Bob,
Here is the thing: Lobbyists get ONE vote. Corporations do NOT, REPEAT, do NOT VOTE at all. Do the math: 0 votes by Corporations vs. MILLIONS of Americans voting
Hmmmm.
__________________________
Exposing the corruption of the ELITE is the first step in putting this Country on the correct footing, Lionel. A "bailout" goes against what most Americans desire, so you are in the minority there. I didn't know that you were for WELFARE, Lionel. I didn't know the 400 ELITE were for WELFARE. Ooops, I forgot: they ARE for WELFARE, when they are receiving it.
Furthermore, this statement:
"Companies that gave credit for homes to those who couldn't pay are at blame. Those who knowingly borrowed the money knowing full well they couldn't pay are also at blame. Plenty of blame to go around." is unworthy of you.
In an economy where people lose jobs, does not mean they cannot pay for their homes; it means their circumstances have changed.
Let's see -- another circumstance: get's injured ON SAID JOB, and no longer receives the same pay, doesn't mean they couldn't afford the home.
Um, another circumstance: a spouse dies, so the income changes -- doesn't mean they couldn't afford the home
LOOK! YOU are being far TOO judgmental, and until you've been in these people's shoes, YOU do NOT know why they lost their homes!!!
that Dianne Feinstein's office has received 92,000 phone calls about the "bailout".
Of those calls, 85.000 are AGAINST the bailout.
NOW!
I do believe that has expressed to HER how California feels.
Let us just seeeeeee how SHE votes.
I SHALL be watching her.
Just because SHE is not up for election in November, she should NOT think that we shall forget, if she chooses to IGNORE us.
After all, we did get a Democratic California replaced the Democrats with a Republican Schwarzenegger!
The banking business is not the govrnment's business. Actually the real answer is to ge rid of the Fed. and go back to the gold standard right now. They causes the mess let them take the hit.
foreclosures,
job losses,
and EVERY SINGLE related problem from this point on, so that when re-election time approaches, we shall REMIND THEM, of their vote today. But again, I speak prematurely, for I don't yet know how they voted. The only person who did not vote today in the Senate was Ted Kennedy, and he had a very good reason.
~~House Representative Steven Latourette, Republican, from Ohio on the House Floor, after the House vote, no doubt in response for a job well done, don't you think?
GatherFest