Dennis explains it to me like I'm a 2-year old

[Mira]

FROM MY E_MAIL INBOX

Dear Friend,

The U.S. government has been turned into an engine that accelerates the wealth upwards into the hands of a few. The Wall Street bailout, the Iraq War, military spending, tax cuts to the rich, and a for-profit health care system are all about the acceleration of wealth upwards. And now, the American people are about to pay the price of the collapse of the $513 trillion Ponzi scheme of derivatives. Yes, that’s half a quadrillion dollars. Our first trillion dollar compression bandage will hardly stem the hemorrhaging of an unsustainable Ponzi scheme built on debt "de-leverages."

Does anyone seriously think that our public and private debts of some $45 trillion will be paid? That the administration's growth of the federal debt from $5.6 trillion to $9.8 trillion while borrowing another trillion dollars from Social Security has nothing to do with this? Does anyone not see that when we spend nearly $16,000 for every family of four in our society for the military each year that we are heading over the cliff?

This is a debt crisis, not a credit crisis. Just as FDR had to save capitalism after Wall Street excesses, we have to re-invigorate our economy with real - not imaginary - growth. It does not address the never-ending war on the middle class.

The same corporate interests that profited from the closing of U.S. factories, the movement of millions of jobs out of America, the off-shoring of profits, the out-sourcing of workers, the crushing of pension funds, the knocking down of wages, the cancellation of health care benefits, the sub-prime lending are now rushing to Washington to get money to protect themselves.

The double standard is stunning: their profits are their profits, but their losses are our losses.

This bailout will not bring real jobs back to America. It will not bring back jobs that make things. It does not rebuild our schools, streets, neighborhoods, parks or bridges. The major product of this financial economy is now debt. Industrial capitalism has been destroyed.
In the next few days I will push for a plan that includes equity for every American in any taxpayer investment in this so-called bail-out plan. Since the bailout will cost each and every American about $2,300, I have proposed the creation of a United States Mutual Trust Fund, which will take control of $700 billion in stock assets, convert those assets to shares, and distribute $2,300 worth of shares to new individual savings accounts in the name of each and every American.
I will also insist that all of the following issues be considered in whatever Congress passes:

Reinstatement of the provisions of Glass-Steagall, which forbade speculation
Re-regulation of the finance, insurance, and real estate industries
Accountability on the part of those who took the companies down:
a) resignations of management
b) givebacks of executive compensation packages
c) limitations on executive compensation
d) admission by CEO's of what went wrong and how, prior to any government bailout

Demands for transparencey
a) with respect to analyzing the transactions which took the companies down
b) with respect to Treasury's dealings with the companies pre and post-bailout
An equity position for the taxpayers
a) some form of ownership of assets
Some credible formula for evaluating the price of the assets that the government is buying.
A sunset clause on the legislation
Full public disclosure by members of Congress of assets held, with possible conflicts put in blind trust.
A ban on political campaign contributions from officers of corporations receiving bailouts
A requirement that 2008 cycle candidates return political contributions to officers and representatives of corporations receiving bailouts
And, most importantly, some mechanism for direct assistance to homeowners saddled with unreasonable or unmanageable mortgages, as well as protection for renters who have lived up to their obligation but fall victim to financial tragedy when the property they live in undergoes foreclosure.

These are just some thoughts on the run. You will hear more from me tomorrow.


Dennis J Kucinich
www.Kucinich.us
216-252-9000 877-933-6647


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[dana_b]

1. just called his office to thank him for putting us first.

Even if his plans won't happen, he always tried and puts the people first.

[GeorgeGist]

2. Dear Dennis,

The engine of capitalism drives wealth upwards; whether government adds accelerant or not.
Come back when you have a plan to replace capitalism with an engine that doesn't pollute society and runs on sustainable fuel.

Thanks for thinking of us,

Everybody

[Cronus Protagonist]

4. self delete

self delete

[Alpharetta]

9. Read closer what he said

He wants to SAVE capitalism from the crooks, not REPLACE it.

[nichomachus]

3. Obviously too loony to be president

:sarcasm:

[annabanana]

5. His list of demands has become MY list of demands...

We can't let Wall Street off the hook this time. They should feel some pain.

[dchill]

6. "...their profits are their profits,

but their losses are our losses." And they don't see why anyone would have a problem with that.

[flamingdem]

7. k n r

[TahitiNut]

8. Leave it to Dennis ... the ONLY sane and responsible proposal yet!

In addition, something MUST be done to very stringently regulate derivatives and the derivative markets. This is where the economy is getting hosed BIG TIME by speculators and leverage artists.

[GinaMaria]

10. this is perfect

please continue to write and call your reps in DC. I am sending mine Dennis' message above. We have to insist that Ds and Rs put the brakes on, stop, assess and think before signing off on a 'plan' or bailout. We've had bailouts before. Has anyone here benefited from those previous bailouts?

[L0oniX]

11. I'd pick Kucinich over Obama and every one else any day.

[sellitman]

12. As usual Dennis is THE voice of reason

Someday we might even deserve to have someone like him for President.

[crickets]

13. Dear Dennis,

I love you.

Sincerely,
Me