In the meantime, we must act quickly. We must reject the Paulson/Bush Wall Street bailout and force our politicians to enact an economic reconstruction plan instead. Aspects of this plan should include…
2. Ownership stock for any funds provided to these companies.
3. Relief for homeowners facing foreclosure including renegotiated mortgages and the ability to stay in their homes either as an owner or renter.
4. Full re-nationalization of Fannie Mae & Freddie Mac and nationalization of other credit institutions.
5. Increased regulation and government oversight of the financial services industry.
6. Caps on CEO salaries.
7. Reform of bankruptcy laws in favor of working people rather than corporations.
8. Repeal of the Bush tax cuts, and tax increases on corporations and the wealthiest Americans – the working class should not pay the costs of this bailout.
9. Tax cuts for working class Americans and a new economic stimulus package aimed at working class families.
10. Massive investment in the creation of new affordable housing.
11. Promotion of more democratic and sustainable banking institutions like credit unions, publicly-owned banks and community development banks.
12. Massive investment in the nation’s infrastructure – including new public works programs.
13. Strengthening and extending provisions of the Community Reinvestment Act (CRA).
14. Passage of the Employee Free Choice Act (EFCA).
15. Pension law reform and strengthening of the Pension Benefit Guarantee Corporation.
16. A universal, single payer, non-profit national health care program.
17. Raise the minimum wage to a living wage.
Of course, I am no economist. Hell, I barely understand this finance mumbo-jumbo. So for more insightful analysis than I can provide, I offer the links below. AND I ALSO ENCOURAGE YOUR COMMENTS AND FEEDBACK!
BUT MOST OFF ALL – WE NEED TO ACT NOW!!! Please see my previous blog post with the call from Jobs with Justice.
Economic Policy Institute (EPI) position statement on the bailout plan…
Center for Economic and Policy Research (CEPR) position statement on the bailout…
Dean Baker of CEPR talks about how a bad bailout is worse than no bailout…
Jonathan Tasini continues to provide excellent, almost daily coverage of the bailout shenanigans…
The AFL-CIO on the bailout…
Change to Win on the bailout…
Green Party’s position statement on the financial crisis…
Both Democrats and Republican’s to blame for banking de-regulation…
** The Gramm-Leach-Bliley Act of 1999 is one of the most important banking de-regulation bills past by congress, and is directly behind the current crisis. For more check out the following Wikipedia article…
Another example of the de-regulation of the financial services industry that lead to the current crisis is the Commodity Futures Modernization Act of 2000…
DO YOU KNOW OTHER EXAMPLES? – PLEASE LET ME KNOW