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New Yorkers Protest the US0 BILLION (US TRILLION) Wall Street BAILOUT: Wall Street, NYC – September 25, 2008
VOTE YOUR CONSCIENCE on 04 NOVEMBER 2008!
Photographer: a. golden, eyewash design and style – c. 2008.
The richest 400 Americans — that’s proper, just four-hundred folks — personal Far more than the bottom 150 million Americans COMBINED! 400 of the wealthiest Americans have got a lot more stashed away than half the whole country! Their combined net worth is .six trillion. For the duration of the eight years of the Bush Administration, their wealth has improved by practically billion — the exact same amount that they have been demanding We give to them for the "bailout." Why never they just devote the funds they created under Bush to bail themselves out? They’d nonetheless have almost 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 7 billion surplus when Bill Clinton left office. Due to the fact that funds was OUR money and not HIS, he did what the wealthy prefer to do — invest it and by no means appear back. Now we have a .5 trillion debt that will take seven generations from which to recover. Why — on –earth – did — our — "representatives" — give — these — robber — barons — $US850 BILLION — of – OUR — funds?
Last week, proposed my own bailout program. My recommendations, listed under, have been predicated on the singular and easy belief that the rich need to pull themselves up by their own platinum bootstraps. Sorry, fellows, but you drilled it into our heads one as well a lot of occasions: THERE…IS…NO…FREE… LUNCH ~ PERIOD! And thank you for encouraging us to hate men and women on welfare! So, there need to have been NO HANDOUTS FROM US TO YOU! Final Friday, soon after voting AGAINST this BAILOUT, in an unprecedented turn of events, the House FLIP-FLOPPED their "No" Vote & said "Yes", in a rush version of a "bailout" bill vote. IN SPITE OF THE PEOPLE’S OVERWHELMING DISAPPROVAL OF THIS BAILOUT BILL… IN SPITE OF MILLIONS OF CALLS FROM THE People CRASHING WASHINGTON "representatives’" Phone LINES…IN SPITE OF CRASHING OUR POLITICIAN’S Websites…IN SPITE OF HUNDREDS OF THOUSANDS OF Individuals PROTESTING Around THE Nation… THEY VOTED FOR THIS BAILOUT! The Folks very first succeeded on Monday with the Home, but failed do it with the Senate and then THE Home TURNED ON US Also!
It is clear, even though, we can not basically continue protesting with no proposing specifically what it is we think THESE IDIOTS ought to/’ve do/one. So, soon after consulting with a number of folks smarter than Phil Gramm, here’s the proposal, now recognized as "Mike’s Rescue Strategy." (From Michael Moore’s Bailout Plan) It has ten easy, simple points. They are that you Did not, BUT SHOULD’VE:
1. APPOINTED A Unique PROSECUTOR TO CRIMINALLY INDICT Any individual ON WALL STREET WHO KNOWINGLY CONTRIBUTED TO THIS COLLAPSE. Prior to any new income was expended, Congress ought to have committed, by resolution, to CRIMINALLY PROSECUTE Anyone who had Anything to do with the attempted SACKING OF OUR ECONOMY. This implies that anyone who committed insider trading, securities fraud or any action that helped bring about this collapse need to have and Have to GO TO JAIL! This Congress Ought to HAVE referred to as for a Special Prosecutor who would vigorously go right after everybody who designed the mess, and anyone else who attempts to scam the public in future. (I like Elliot Spitzer ~ so, he played a tiny hanky-panky…Wall Street hates him & this is a Excellent issue.)
2. THE Wealthy Need to HAVE PAID FOR THEIR Personal BAILOUT! They could have to reside in five houses alternatively of 7. They may have to drive 9 cars alternatively of 13. The chef for their mini-terriers may possibly have to be reassigned. But there is no way in hell, right after forcing family incomes to go down a lot more than ,000 dollars in the course of the Bush years, that operating people and the middle class ought to have to fork more than a single dime to underwrite the subsequent yacht purchase.
If they really required the billion they say they needed, properly, here is an straightforward way they could have raised it:
a) Every couple makeing more than a million dollars a year and every single taxpayer who tends to make more than ,000 a year need to pay a 10% surcharge tax for five years. (It’s the Senator Sanders strategy. He’s like Colonel Sanders, only he’s out to fry the correct chickens.) That signifies the rich would have nevertheless been paying less income tax than when Carter was president. That would have raise a total of billion.
b) Like practically each other democracy, they must have charged a .25% tax on each stock transaction. This would have raised a lot more than billion in a year.
c) Due to the fact each stockholder is a patriotic American, stockholders need to have forgone receiving a dividend verify for A single quarter and instead this money would have gone the treasury to help spend for the bullsh*t bailout.
d) 25% of main U.S. corporations presently pay NO federal earnings tax. Federal corporate tax revenues presently amount to 1.7% of the GDP compared to 5% in the 1950s. If we raised the corporate earnings tax BACK to the levels of the 1950s, this would give us an further billion.
All of this combined ought to have been sufficient to finish the calamity. The rich would have gotten to preserve their mansions and their servants and our United States government ("COUNTRY 1st!") would’ve have a little leftover to repair some roads, bridges and schools…
three. YOU Need to HAVE BAIL OUT THE Folks LOSING THEIR Homes, NOT THE Individuals WHO WILL Build AN EIGHTH House! There are 1.three million homes in foreclosure correct now. That is what is at the heart of this problem. So, alternatively of giving the cash to the banks as a gift, they need to have paid down every single of these mortgages by ,000. They ought to have forced the banks to renegotiate the mortgage so the homeowner could pay on its existing value. To insure that this assist wouldn’t go to speculators and these who tried to creating income by flipping houses, the bailout should have only been for people’s main residences. And, in return for the 0K spend-down on the existing mortgage, the government would have gotten to share in the holding of the mortgage so it could get some of its funds back. Therefore, the total initial cost of fixing the mortgage crisis at its roots (instead of with the greedy lenders) is billion, not BILLION.
And let’s set the record straight. Individuals who have defaulted on their mortgages are not "bad risks." They are our fellow Americans, and all they wanted was what we all want: a residence to contact their own. But, in the course of the Bush years, millions of the Folks lost the decent paying jobs they had. SIX MILLION fell into poverty! SEVEN MILLION lost their well being insurance! And, each 1 of them saw their actual wages go DOWN by ,000! These who DARE look down on these Americans who got hit with one particular poor break following one more must be ASHAMED.! We are a better, stronger, safer and happier society when all of our citizens can afford to live in a property they own.
four. THERE Must HAVE BEEN A STIPULATION THAT IF YOUR BANK OR Firm GOT ANY OF OUR Money IN A "BAILOUT," THEN WE Personal YOU. Sorry, that is how it’s completed. If the bank offers me income so I can acquire a home, the bank "owns" that home till I spend it all back — with interest. Exact same deal for Wall Street. Whatever money you need to have to remain afloat, if our government considers you a secure danger — and required for the great of the nation — then you can get a loan, but WE Should Own YOU. If you default, we will sell you. This is how the Swedish government did it and it worked.
5. ALL REGULATIONS Must HAVE BEEN BE RESTORED. THE REAGAN REVOLUTION IS DEAD! This catastrophe occurred due to the fact we let the fox have the keys to the hen-home. In 1999, Phil Gramm authored a bill to get rid of 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 financial advisor, said at the bill signing:
"In the 1930s … it was believed that government was the answer. It was believed that stability and development came from government overriding the functioning of cost-free markets.
"We are right here right now to repeal [that] since we have learned that government is not the answer. We have discovered that freedom and competitors are the answers. We have learned that we promote financial growth and we promote stability by obtaining competitors and freedom.
"I am proud to be here since this is an essential 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 element of producing it a reality."
FOR THIS NOT TO REOCCUR, This BILL Should HAVE BEEN REPEALED! Bill Clinton could have helped by major the effort for the repeal of the Gramm bill and the reinstating of even tougher regulations regarding our financial institutions. And when they had been carried out with that, they ought to have restored the regulations for the airlines, the inspection of our meals, the oil market, OSHA, and each other entity that affects our day-to-day lives. All oversight provisions for any "bailout" should have had enforcement monies attached to them and criminal penalties for all offenders.
six. IF It’s As well Huge TO FAIL, THEN THAT Signifies It’s As well Huge 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 grow to be so big, the quite believed of their collapse implies an even bigger collapse across the whole economy. No One or TWO firms ought to EVER have this sort of energy! The so-known as "economic Pearl Harbor" can’t happen when you have hundreds — thousands — of institutions where men and women have their income. When we have a dozen auto firms, if one goes belly-up, we Do not FACE A NATIONAL DISASTER! If we have three separately-owned every day newspapers in your town, then 1 media organization can not contact all the shots (I know… What am I considering?! Who reads a paper any longer? Positive glad all those mergers and buyouts left us with a Powerful and "FREE" press!). Laws Ought to have been enacted to avert firms from becoming so massive and dominant that with 1 slingshot to the eye, the GIANT FALLS and DIES. And no institution ought to be allowed to set up money schemes that NO 1 understands. If you cannot clarify it in two sentences, you should not be taking anyone’s money!
7. NO EXECUTIVE Must EVER BE PAID Far more THAN 40 Times THEIR Typical EMPLOYEE, AND NO EXECUTIVE Need to Acquire ANY Type OF "PARACHUTE" OTHER THAN THE Really GENEROUS SALARY HE OR SHE Created While Functioning FOR THE Business. In 1980, the typical American CEO created 45 times what their workers produced. By 2003, they were creating 254 times what their workers made. Soon after eight years of Bush, they now make more than 400 times what their average employee tends to make. How We have permitted this to happen at publicly held companies is beyond explanation. In Britain, the average CEO makes 28 occasions what their average employee makes. In Japan, it is only 17 instances! The final I heard, the CEO of Toyota was living the high life in Tokyo. How does he do it on so tiny money? Seriously, this is an OUTRAGE! We have produced the mess we’re in by letting the men and women at the prime become bloated beyond belief with millions of dollars. THIS HAS TO Cease! Not only should no executive who receives support out of this mess profit from it, but any executive who was in charge of running his company into the ground must be FIRED ahead of the organization receives ANY support.
eight. CONGRESS Must HAVE STRENGTHENED THE FDIC AND Made IT A MODEL FOR Safeguarding NOT ONLY PEOPLE’S SAVINGS, BUT ALSO THEIR PENSIONS AND THEIR Homes. Obama was right to propose expanding FDIC protection of people’s savings in their banks to ,000. But, this same sort of government insurance should be offered to our Never have to be concerned about no matter whether or not the money they’ve place away for their old age will be there. This need to have meant strict government oversight of firms who manage their employees’ funds — or maybe it indicates the organizations ought to have been forced to turn over those funds and their management to the government? People’s private retirement funds have to also be protected, but perhaps it’s time to take into account not obtaining one’s retirement invested in the casino known as the stock industry??? Our government ought to have a solemn duty to guarantee that no 1 who grows old in this nation has to worry about becoming destitute.
9. Everyone Needs TO TAKE A DEEP BREATH, CALM DOWN, AND NOT LET Worry RULE THE DAY. Turn off your TVs! We are NOT in the Second Fantastic Depression. The sky is NOT falling, Chicken Tiny! Pundits and politicians have lied to us so Quickly and FURIOUS it really is tough not to be impacted by all the worry mongering. Even I wrote to and repeated what I heard on the news last week, that the Dow had the largest 1 day drop in its history. Nicely, that was correct in terms of points, but its 7% drop came nowhere close to Black Monday in 1987 when the stock marketplace in 1 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 operates out. It has to, since the wealthy do not like their wealth getting disrupted! They have a vested interest in calming things down and getting back into their Jacuzzis just before they slip into their million thread-count sheets to drift off to a peaceful, Vodka tonic and Ambien-induced slumber.
As crazy as things are right now, tens of thousands of people got a car loan final week. Thousands went to the bank and got a mortgage to acquire a property. Students just back to college located banks far more than content to put them into hock for the next 15 years with a student loan. I was even pre-authorized for a USK individual loan. Yes, life has gone on with tiny-or-no-modify (other than the whopping six.1% umeployment price, but that happened last month). Not a single individual lost any of his/her monies in bank, or a treasury note, or in a CD. And, the maybe the most amazing thing is that the American public Ultimately did not buy the scare campaign. The citizens did not blink, rather telling 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? Nicely, you can only say ‘Saddam has the bomb’ so numerous occasions just before the people understand you happen to be a lying sack of shit. Right after eight lengthy years, the nation is worn out and merely can’t take it any longer. The World is fed up & I do not blame them.
10. THEY Need to HAVE Developed A NATIONAL BANK, A "PEOPLE’S BANK." Since they’re truly itching to print up a trillion dollars, instead of providing it to a few rich individuals, why don’t We give it to ourselves? Now that We own Freddie and Fannie, why not set up a People’s bank? A single that can provide low-interest loans for all sorts of men and women who want to own a residence, commence a modest organization, go to school, come up with the cure for cancer or develop the subsequent great invention. And, now that we own AIG – the country’s biggest insurance organization – let’s take the next step and Offer Health Insurance coverage FOR Everyone. MEDICARE FOR ALL! It will SAVE us SO Significantly Cash in the Extended RUN (not to mention bring peace of mind to all). And, America will not be 12th on the life expectancy list! We’ll be in a position to have a longer lifespan, enjoying our government-protected pension and will reside to see the day when the corporate criminals who brought on this considerably misery are let out of prison so that We can support re-acclimate them to plain old ordinary, civilian life — a life with 1 nice house and A single gas-free of charge automobile invented with support from the People’s Bank.
P.S. Contact your Senators NOW !!! —> www.visi.com/juan/congress/
Since they voted against passing the extension of unemployment benefits and skipped out to "campaign" to us to be re-elected…get in touch with them and inform them you will vote for the other "guy" if they don’t get their act collectively!
The Bailout Is A Really Evil Disaster And Enabler Pelosi Have to Go
We are hearing a lot more and more reports of how badly the ill-advised banker’s bailout is becoming handled, multi-million dollar bonuses for Paulson’s old cronies at Goldman Sachs, billions going to finance the takeover of rival banks, generating the "too large to fail" even larger, and the taxpayer acquiring an otherwise rotten deal for their investment. We even heard a Republic senator asking how rapidly they could blow the funds.
NONE of this could have happened without the fawning complicity of Nancy Pelosi, who infamously mentioned it was Bush’s proposal, Instead of coming forward with a robust alternative program. Just like Bush, she believes she is immune, she believes she is unaccountable, and shame on us if we never do almost everything we can to defeat her this Tuesday, and replace her with Cindy Sheehan.
Right here is Cindy’s final Television spot. Please make what ever donation you can to put this ad on the air in these vital final days.
Final Cindy Television Spot Action Page:
There is nevertheless time for you to make a real difference. We thank all of our participants who have currently donated so generously to make this campaign what it is. For these who can’t make a contribution, please consider helping with the phone banking, and there is a link for that also on the page above.
The one thing we know is that we have to continue to speak out. We have to continue to challenge. Surrendering is what our existing so-called representatives in Congress are so prone to, NOT what we do. Ultimate victory is not only attainable, it is assured if we perform as tough as we can for real adjust, not just the rebranding of the exact same old boys’
And we guarantee you, immediately after the election we will go proper back to operate on pure issue advocacy complete time, to continue to construct the base of action for the future.
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If you purchased house but have not deposited TDS, you may possibly get a tax notice
It could be your PPF contribution, tuition fee paid for youngsters's education, premia towards insurance coverage policies, property loan tax-breaks, ELSS SIPs, and so forth that will continue in this monetary year as well. All these investments would be portion of your declaration …
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