Skip to main content

View Diary: William K. Black to FDIC/Obama: Stop the Friggin Fraud (178 comments)

Comment Preferences

  •  You asking Obama to stop the fraud (8+ / 0-)

    and thus bring finance to its knees where it belongs is rather like Obama asking Republican senators for their vote. Not likely to occur.

    The frog jumped/ into the old pond/ plop! (Basho)

    by Wolf10 on Fri Oct 22, 2010 at 02:55:54 PM PDT

    •  So when does the madness stop Wolf? that is (9+ / 0-)

      the real question, isn't it?

      Is there one decent leader left in our nation...I mean besides William K. Black?

      This is indeed madness, no matter who the hell is in the White House.

      Thanks.

      Ms. B.

      •  Yes, it is madness. (5+ / 0-)

        Is there one decent leader left in our nation

        Somewhere there is.  I really believe that.  

        The only thing that will save the sorry asses of the Democrats is the Republicans.

        by ThAnswr on Fri Oct 22, 2010 at 03:03:49 PM PDT

        [ Parent ]

      •  Check this out: (10+ / 0-)

        This is a quote from Robert Reich's (another good guy, methinks) Aftershock about a possible future development:

        The platform of the Independence Party, as well as its message, is clear and uncompromising: zero tolerance of illegal immigrants; a freeze on legal immigration from Latin America, Africa and Asia; increased tariffs on all imports; a ban on American companies moving their operations to another country or outsourcing abroad; a prohibition on "sovereign wealth funds" investing in the United States. America will withdraw from the United Nations, the World Trade Organization, the World Bank, and the International Monetary Fund; end all "involvements" in foreign countries; refuse to pay any more interest on our debt to China, essentially defaulting on it; and stop trading with China until China freely floats its currency.

           Profitable companies will be prohibited from laying off workers and cutting payrolls. The federal budget must always be balanced. The Federal Reserve will be abolished.

           Banks will be allowed only to take deposits and make loans. Investment banking will be prohibited. Anyone found to have engaged in insider trading, stock manipulation, or securities fraud will face imprisonment for no less than ten years.

        As an alternative to this Reich proposes some things I don't think Obama and the New Democrats are up to:

        * A reverse income tax: money added to middle-class paychecks by the government.

           * Higher marginal tax rates on the wealthy, with capital gains income treated no differently than wage income.

           * A re-employment system rather than an unemployment system: wage insurance ("Any job loser who takes a new job that pays less than his or her former job would be eligible for 90 percent of the difference, for up to two years."), income support of 90 percent through job training period, severance tax on profitable corporations that lay off workers.

           * School vouchers based on family income. "Spending on public schools should be replaced by vouchers in amounts inversely related to family income that families can cash in at any school meeting certain minimum standards. For example, the $8,000 now spent per child in a particular state would be turned into $14,000 education vouchers for each school-age child in a poor family, and $2,000 vouchers for each child in a very wealthy family." (Under this system, he foresees wealthy districts competing to get the students from lower and middle-income families because of the value of their vouchers.)

           * College loans linked to subsequent earnings. Free tuition at public universities. Federal loans for private colleges. "Graduates of public colleges and universities, and borrowers of federal loans, should be required to pay a fixed percentage—say, 10 percent—of their taxable earnings for their first ten years of full-time work into a fund that finances public colleges and universities and provides loans to students attending private colleges and universities."

           * Medicare for all.

           * Sizable increase and investment in public goods such as public transportation, parks, museums and libraries.

           * Get money out of politics. Strong campaign finance laws, "generous" public finance matching and an insistence that "all political contributions go through 'blind trusts' so that no candidate can ever know who contributed what."

        It could and probably will get worse before it gets better. Cheers

        The frog jumped/ into the old pond/ plop! (Basho)

        by Wolf10 on Fri Oct 22, 2010 at 03:10:57 PM PDT

        [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site