(202) 244-3121 // (202) 225-3121

Fuck Grover-Tips... (10.17 / 6)

"I'll hire half the working class to kill off the other half."-- Jay Gould, robber-baron  

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by: konopelli @ Wed Sep 24, 2008 at 10:49:08 AM CDT

I have called (0.00 / 0)

Cantwell and Murray, and raged.  They have people answering their phones AND taking notes.

It is a matter of life and death, see the documentary Food INC and vote no to corporate take over of our food every time you buy groceries  

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by: Kathleen @ Wed Sep 24, 2008 at 11:27:14 AM CDT

[ Parent ]

The Dems have already folded. What we can out of it is in the details. (0.00 / 0)

Talk the details.



Silence is not an option. It merely helps to perpetuate human rights injustices.

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by: shergald @ Wed Sep 24, 2008 at 12:07:29 PM CDT

[ Parent ]

Thanks for this (11.00 / 2)

You obviously are now the Pitchfork Carrier-in-Chief.

The word is NO. Period.

The only solution I see is allowing folks to renegotiate their high-risk debt at more favorable terms.  Conversion of ARMs to fixed-rate 30-year loans at reasonable interest rates.  Limits on credit card interest to prime plus 2%.  A 36-month moratorium on healthcare collection activity, with zero interest for the 36 months.

In other words, deal with the problem bottom-up instead of top-down.  It will probably cost immensely less than $700 billion and conceivably could turn most of those risky asset back into productive ones that would not have to be written off.  Derivatives are essentially hedges against disaster.  Reduce the risk; reduce the hedge fund overhang.  It's that simple.

Like one writer said, it's almost like the business model for these sub-prime loans and derivatives was to stick Uncle Sam with the cleanup and make out like bandits managing the cleanup because "only our firms are expert in this specialty of finance."

Again, the word for Congress is NO! NO! NO!

And for Democrats who are being seduced, point out that this is the third rail of the 2008 election and will fry their asses if they commit taxpayer money to the jokers who created the crisis.  It can wait for six weeks.  Otherwise it is just extortion by Wall Street.

Want a third party -- 50 states, 210 media market, 435 Congressional Districts, 3080 counties, 192,480 precincts -- Go get 'em

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by: TarheelDem @ Wed Sep 24, 2008 at 11:27:42 AM CDT

No one could say it better! (0.00 / 0)

This is what I told my senators....

No No No on the bail out!!!

What about this:

Create a new company owned by the tax payers, with massive over site, give loans to all foreclosures and loans that were predatory.  By helping the home owner will stimulate the economy.

OR give the money to banks that have been responsible and conservative in their lending practices and have them handle these loans sharing the profits. Rewarding good business while letting the bad ones go under.

It is a matter of life and death, see the documentary Food INC and vote no to corporate take over of our food every time you buy groceries  

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by: Kathleen @ Wed Sep 24, 2008 at 12:04:34 PM CDT

[ Parent ]

Repeal Gramm-Leach-Bliley. (11.00 / 1)

Until and unless the practical, if not the nominal, effects of that fiasco are reversed, NOTHING will change in the fundamental institutions which are at the root of these problems...

The barest minimum: Restore Glass-Steagall!

The wall between conventional and 'investment' banking has to be rebuilt.

So does the wall between church and state...

and the wall between the news room and the ad department...

SO much rebuilding to do...

Not holding my breath...cuz, unfortunately, nothing ever 'goes back.' Glass-Steagall--like the First Amendment, and the Fairness Doctrine-- cannot BE 'restored.' Once dead, they cannot be 'reborn.' Something, a passable simulacrum, might appear. But there will be something lacking, something missing. "Zombie" legislation, the living dead...

Metaphors, anyone?


"I'll hire half the working class to kill off the other half."-- Jay Gould, robber-baron  

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by: konopelli @ Wed Sep 24, 2008 at 13:16:29 PM CDT

[ Parent ]

Kono I just recieve 2 emails that are floating on the net (9.00 / 1)

God I love this!!!!!

email 1

The Banks failed.  Why should the taxpayer bail them out?
>
> The Gov't is talking about $700 billion to bail 'save the economy'.
> How about this instead...each US citizen gets $2million!
> Follow me on this one.  The current US population estimate is a little
> less than 306,000,000.  If each person received $2mm (tax free) the
> cost be $612 million.  Before receiving the money any outstanding debt
> would be paid off, including mortgages.  The talk is all about banks
> failing because of bad mortgages...problem solved.  
>
> Next, most people would have a fair amount of money left over to go
> out and buy what they wanted...boosting the US and international
> economy.  In a few years the revenue generated from sales tax would
> cover the cost of the 'hand out'.  Persons under 18 would have the
> money placed into an education or health account in their name so the
> Gov't could not access.  Wall Street would have many new investors
> driving the market to new highs.
>  
> Could this work?  Two rules that would have to be agreed to for this
> to succeed...you can't quit your job for at least one year...if
> everyone quit work we would have no GDP and have an economic meltdown.
> Second...there will be no bankruptcy filings for ten years.  You just
> got $2mm and your debt is paid off...if you run out of money in less
> than ten years go live in a box.
>
> Why should the taxpayer have to finance $7bb to Banks that already
> proved they can't manage their assets?  Let 'We the people' fix the
> problem with OUR money.

Email 2

I'm against the $85,000,000,000 bailout of AIG.

Instead, I'm in favor of giving $85,000,000,000 to America in

a ""We Deserve It Dividend"".

To make the math simple, let's assume there are 200,000,000

bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman

and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billon that equals $425,000.

My plan is to give $425,000 to every person 18+ as a

"We Deserve It Dividend".

Of course, it would NOT be tax free.

So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500 in their pocket.

A husband and wife has $595,000.

What would you do wi th $297,500 to $595,000 in your family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it'll be there

Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs

Invest in the market - capital drives growth

Pay for your parent's medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else

Remember this is for every adult U S Citizen 18+ including the folks

who lost their jobs at Lehman Brothers and every other company

that is cutting back. And of course, for those serving in our Armed
Forces.

If we're going to re-distribute wealth let's really do it...instead of
trickling out a puny $1000.00 ("vote buy") economic incentive that is
being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bai l out every adult
U S Citizen 18+!

As for AIG - liquidate it.

Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and AIG doesn't.

Sure it's a crazy idea that can "never work."

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion

"We Deserve It Dividend" more than I do the geniuses at AIG or in
Washington DC .

And remember, The Family plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.

It is a matter of life and death, see the documentary Food INC and vote no to corporate take over of our food every time you buy groceries  

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by: Kathleen @ Wed Sep 24, 2008 at 14:39:38 PM CDT

You do realize how stupid those emails are, right? (7.00 / 2)

The Gov't is talking about $700 billion to bail 'save the economy'.  How about this instead...each US citizen gets $2million! Follow me on this one. The current US population estimate is a little less than 306,000,000.  If each person received $2mm (tax free) the cost be $612 million.

I don't follow.  The real cost of the bailout is $2,000 per person, not $2 million.  The math here is horrible.  $612,000,000 divided by 306,000,000 is $2 not $2 million.

So divide 200 million adults 18+ into $85 billon that equals $425,000.

No.  $85,000,000,000 divided by 200,000,000 equals $425 not $425,000.

Those emails are embarassingly idiotic.

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by: cityduck @ Wed Sep 24, 2008 at 14:53:40 PM CDT

[ Parent ]

Well you can't blame them for trying........ (0.00 / 0)

 whats a few zeros anyway

It is a matter of life and death, see the documentary Food INC and vote no to corporate take over of our food every time you buy groceries  

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by: Kathleen @ Wed Sep 24, 2008 at 15:25:01 PM CDT

[ Parent ]

What the Financiers are Doing (0.00 / 0)

Bloomberg - Credit Derivatives Market Shrinks for First Time on Tear-Ups tells what the financiers who are holding these "assets" are doing.  Here is a snippet:

Scaling Back

After the March collapse of securities firm Bear Stearns Cos., 17 banks that handle about 90 percent of the trading in credit derivatives agreed to a list of initiatives to curb market risks. That included tearing up trades that offset each other, which cuts down on the day-to-day payments, paperwork and monitoring by bank staffs and reduces the potential for errors. It also may reduce the amount of capital that commercial banks are required to hold against the trades on their books.

The first stage of compression, completed Aug. 27, with the participation of 14 dealers, reduced contracts submitted on North American telecommunications companies by 56 percent, Markit Group Ltd. and Creditex Group Inc., which are processing the tear-ups, said this month. The second stage, completed Sept. 4, with 15 dealers, cut contracts on European telecommunications companies by 53 percent.

Potential Regulation

The industry's initiative to scale down the market also comes as state and federal authorities look to impose regulations on the market for the first time since it was created a decade ago.

U.S. Securities and Exchange Commission Chairman Christopher Cox yesterday told the Senate Banking Committee that Congress should ``immediately'' grant authority to regulate the market amid concern that trading is fueling the financial crisis.

New York Governor David Paterson said in a statement on Sept. 22 that the state will start regulating some of the derivatives by deeming them insurance and requiring sellers to be licensed.

Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should the borrower fail to adhere to its debt agreements.

Want a third party -- 50 states, 210 media market, 435 Congressional Districts, 3080 counties, 192,480 precincts -- Go get 'em

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by: TarheelDem @ Wed Sep 24, 2008 at 18:28:03 PM CDT