Letters and Politics, for October 31, 2011 - 10:00am
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Some Demands for OWS:
First, we can't let Wall Street off the hook. They have to pay for the economic mess that they created.
“Promote the general welfare” as our Constitution states. And here are some concrete demands to achieve this high goal.
1. 1-2% Wall Street Sales Tax on all transactions
2. Student Loan amnesty paid for by the wall street sales tax -
3. Primary residence and Family Farm Home foreclosure moratorium for the duration of this depression or 5 years whichever is less. After the moratorium ends the loans are adjusted to the true market value at fixed 30 yr
4. Nationalize the Federal Reserve Bank – put it under the United States Treasury Department. We want this credit creation power for the American People to whom it rightfully belongs.
5. Job creation - Demand an FDR approach with 1 trillion dollars of 0% credit from the Federal Reserve Bank off budget with 50-100 year maturity. This money goes only for infrastructure building and social services at the state level in the United States. We can buy state bonds with this Federal Reserve credit. The various states will carry out the rebuilding and fully fund social services. This should be done for 5-7 years and we'll have a booming recovery!
We'll need to use some percentage of the money for job training/re-training in our cities and towns for our youth or any resident. This will prepare them to fill the jobs that will be created rebuilding our infrastructure and providing social services. This type of funding was effectively last used in the 1960s-'70s via the “Comprehensive Employment Training Act” Program or CETA and run through our Community Colleges.
6. Reduce the Medicare eligibility age to 0. Make everyone's income subject to a Medicare Tax at 0.5% with no income ceiling.
7. Reduce the Social Security Retirement age to 60 and remove the contibution cap – no income ceiling. We should be able to increase the benefit to $4,000 per month or more.
8. Unlimited Unemployment Insurance Benefits – no 99 week limit.
9. Fully fund a NASA manned space program to Mars and other planets. Get money for this from the Wall Street Sales Tax and from Defense spending cuts by stopping 2-3 of the destructive wars we're engaged in.
10. No cuts to social safety net programs like WIC, Food Stamps, etc
You have the world's attention, so please stay focused and not let yourselves get discredited and/or distracted by getting into tit4tat battles with petty bureaucrats. We are reminded by the great Fredrick Douglas that “Power concedes nothing without a demand”!
We can all now clearly see how fragile civilization is as a result of Wall Street crashing the world economy.
It really is NOT true that putting the mega banks through bankruptcy would have been worse. Bankruptcy is/was the answer. That's what it's for. It would've gotten rid of the toxic derivative debt and by now we would be having a real recovery. The mega banks -aka- Wall Street are still trying to sneak these toxic assets onto the balance sheets of governments around the world, including ours. That's what just happened with Bank of American last week. BofA just transferred an unknown amount of their $68 Trillion of derivative debt that was on the balance sheet of it's Merrill Lynch subsidiary onto the books of BofA. This puts the US Tax payer on the hook, because BofA is FDIC insured. It's similar to what's happening to poor Greece. This is the game that's being played. The normal procedure for BofA to make this transfer is to formally file an application requesting permission from the FDIC. BofA was told not to file a request for FDIC permission and to just do the transfer by the Federal Reserve Bank. One more reason that the Federal Reserve Bank needs to be nationalized!
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