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View Diary: The Left Drops the Ball (244 comments)

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  •  Agreed - not my suggestion + (12+ / 0-)

    But Mike Konczal, for example, has been writing about how to reform financial markets and make things more equal for some time - and the questions I heard them asking Chris Hedges, I think there's room to be useful. NOT take over, be useful and provide expertise they want - just as Nurses are coming in to train medics. I am suggesting assistance, NOT taking over, AT ALL!

    For example, I follow Konczal and I know he has thought a lot about the technicalities of debt forgiveness. He knows the statistics on these things. He knows the federal programs that have been tried and failed. That could be useful information if someone was interested in a Cancel the Debts program. If they're not, cool - but if they are, he can help - A LOT.

    Thousands of years ago the question was asked: 'Am I my brother's keeper?' That question has never yet been answered in a way that is satisfactory to civilized society. ~ Eugene V. Debbs

    by PlutocracyFiles on Sat Oct 01, 2011 at 11:23:06 AM PDT

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    •  I agree. Intellectual contributions (6+ / 0-)

      are important, and Konczal sure isn't trying to take over but rather to make his own contribution to the hive mind.

      We're loooong overdue for a Jubilee (doing it every could generations is the only way debt-based currency remains viable) and it's something that's gotta be organized.

      Hedges I'd prefer to remain silent on.

      President Perry announced that noted terror promoter Noam Chomsky, whose works are believed by the Administration to have inspired terror around the globe, was killed in a drone strike as he ventured out of his Icelandic bunker.

      by JesseCW on Sat Oct 01, 2011 at 11:27:09 AM PDT

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    •  Rule Of Law first (9+ / 0-)

      I would want to see the rule of law enforced first before we look at reforms. Essentially we have a bunch of Class A felons running the money of the country. Discussing reforms without the necessary cleansing process of jailing the felons is way way premature. There are many laws on the books right now to deal with what they have done that have been completely ignored such as securities fraud, mortgage fraud  and more importantly the RICO act when we have cultures in the TBTF that rewards criminal behavior.

      We need to clean the banks out and see what we have left which means FASB has to put back the rule of Mark to Market. The banks have to come up with 10 Years worth of insurance payments to the FDIC that they bribed congress to suspend from 1996-2006, regardless of what is does the capital of the bank. Then once we see where we are we let the numbers dictate the actions.

       If the ratios are below minimums the banks must be taken into receivership. All the TBTFs are insolvent once mark-to-market or even non-performing loans are pulled from assets. Note: If someone stops making payments on their credit cards , banks add the penalties and charges to their income statement for 6 months before taking a charge off. The way that banks are leveraged up now, a 10% write down of their assets will result in wiping out the equity.

      The average write down of banks taken over by the FDIC was 30%.

      If we take in the largest and sell the assets for 10 cents on the dollar to the other 8000 banks out there with the idea that they will markdown the loan 75%, we strengthen and decentralize the banks. Then put an upper limit on leverage and assets that would be an immediate call to break the bank up. The TBTF banks have over 70% of the consumer debt in the country.

      Citibank : 2 Trillion
      JP Morgan: 1.7Trillion
      B of A: 2.2 Trillion
      Wells Fargo 1.2 Trillion

      Just these 4 Banks have 65% of the consumer debt in America. One way of stimulating the economy constantly is to mark the debt down by half or 3/4s which immediately frees up disposable income. The way we are doing it now, throwing unlimited amounts of money at the banks the plug the leaks ,millions of them, isn't working.

      Businesses need customers to hire , take out loans, pay taxes. The problem clearly started with the banks and will only end if the banks are prosecuted. Rule of Law first then everything else will follow. Without it, the Nation will most certainly implode.

      •  Banking dummy here. But as you can explain so (2+ / 0-)
        Recommended by:
        Black Max, blueoasis

        clearly that even I understand enough to be able to research your information, then, as PlutocracyFiles says:

        That could be useful information if someone was interested in a Cancel the Debts program. If they're not, cool - but if they are, he can help - A LOT.

        This is the kind of information that should be available.

        We´re going to have a rough time anyhow this century, but we could face it with confidence and trust in each other, if only we could get over our fears of each other.---marsanges

        by DawnN on Sat Oct 01, 2011 at 04:28:25 PM PDT

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