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www.NationalView.org's Note From a Madman
A Special Friday Night Pre-Debate Madman
September 25, 2008
Why?
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.
-Noah Greenberg
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-Noah Greenberg