Sunday, September 21, 2008

DEMOCRATS PLEDGE QUICK ACTION

Boomberg - U.S. Democratic lawmakers said they would act quickly on a $700 billion rescue plan for financial companies, while demanding that the legislation limit compensation for executives of companies that will benefit. . .

"I know of nobody who is arguing over the amount of money or even about that the secretary ought to have the authority to purchase these toxic instruments, these bad debts,'' said Senator Christopher Dodd, the Democratic chairman of the Banking Committee.

Still, Democrats said they would seek changes, including limiting executive compensation and offering new help to homeowners struggling to avoid foreclosure. Representative Barney Frank, the chairman of House Financial Services Committee, wants the U.S. Comptroller General to be able to audit the Treasury's program. Lawmakers and Paulson both signaled a willingness to compromise. . .

Democrats said today that they understand Paulson's demand for passage of a bill that is not weighed down with a myriad of proposals. "We will not Christmas-tree this bill,'' Senator Charles Schumer, a New York Democrat, said on "Fox News Sunday'' television program. "The times are too urgent.''

House Speaker Nancy Pelosi said . . . that the administration's $700 billion proposal "does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation. We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome.

Frank said it would be a "grave mistake'' not to include a executive pay provision, while Paulson called such a measure "punitive.''

On new aid for homeowners, Paulson signaled a willingness to compromise. The Treasury secretary said that while the bill could include "mortgage relief components,'' the administration's plan already addresses the issue.

Paulson also said that "the vast majority of foreclosures in this country -- as regrettable as they are and as painful as they are -- are coming from people who either don't want to stay in their home and live up to their obligations or those that never had the financial capability to stay in their home.''

THE PROGRESSIVE REVIEW'S SHARED EQUITY PROPOSAL

1 Comments:

At September 22, 2008 12:48 AM, Anonymous Mother of God said...

You humans haven't really yet realized that there is overpay (taking out more than you put in, pay for no work, pay injustice, theft). Individual contribution to the social pool of wealth is limited, not unlimited. So there is a line somewhere, which, when crossed, moves into overpay.

You haven't yet realised that overpay is overpower (tyranny), even though money is obviously power, even though the founding fathers of America knew it, and took steps (prohibiting entail and primogeniture, fixing clergy salaries, warning against corporations) to try to prevent wealth concentration, in order to establish democracy and freedom permanently. They must have had a feeling that the steps they took to establish democracy and freedom permanently were inadequate, because they talked of having a revolution every 20 years in order to prevent wealth concentration (overpay-underpay, the rich getting richer and the poor getting poorer perpetually).

You haven't yet realised that overpay implies underpay (work for no pay). Individual contribution to the social pool of wealth is limited, so the social pool of wealth (the sum of the individual contributions) is finite. (People who think that the social pool of wealth is infinite are confusing potential and actual. The social pool of wealth may be able to grow forever, and, if so, it is therefore true that the social pool of wealth is potentially infinite, but it is, at every stage of its rapid or slow growth, finite.) Since the pool is finite, overpay necessarily implies underpay. The poor get poorer (less per unit of work) because the rich get richer (more per unit of work).

You haven't yet realised that, as well as the successful illegal thefts, there are legal thefts - many legal thefts - wide open legal thefts (pay for no work by the person) - which cause the endlessly escalating overpayunderpay. Money at 10% multiplies by 1000 every 72 years. Zero rakes nothing. (Half the people in the first world have negative net wealth.) $1000 rakes $999,000. $1,000,000 rakes $999,000,000. It is a giant sucking machine. 1% are getting 98%, $290 trillion a year.

You haven't yet realised that overpayunderpay (which is overpower-underpower) causes the violence (war and crime). A person with a billion can hire a million soldiers for 1000 days at $1 a day, a person with a billion can hire 100,000 soldiers for 1000 days at $10 a day, and they are doing so. The super-overpaid warmonger and cannon-fodder at will, far above the law. Both overpay and underpay are stimuli to violence.

You haven't yet realised that overpay is necessarily miserable. With everyone believing that limitless overpay is good, with everyone wanting overpay, the overpaid are under attack from everyone. Plundering is just the beginning of troubles - for example, the costs to whites in South Africa to keep the repression going.

You haven't yet realised that violence is egalitarian, that violence gets to everyone from richest to poorest and centimates the happiness of everyone. Violence pollution kills millions times more people than other pollutions.

You humans have even lost touch with the ardent, intense, shameless pursuit of your own happiness. You can read the previous paragraph without noticing that it suggests something which should be very exciting to you, namely that pay justice, reversal of wealth concentration, will multiply the happiness (social order, peace, trust, quietness, safety, stability, sustainability, pleasure, enjoyment, freedom, democracy, education, health, progress, kindness, friendliness) of everyone, from richest to poorest, 100-fold.

You have extreme pay injustice, and justice causes happiness, so you - from richest to poorest - can be extremely happier. You have the greatest opportunity for increase of happiness in the history of the world because you have the greatest pay injustice (injury, theft) in the history of the world, therefore the greatest violence in the history of the world, therefore the greatest misery in the history of the world, therefore the greatest happiness increase potential.

Obviously a community in which everyone works and produces plenty (you do) can be made mad and miserable just by extreme distribution - by, for example, one getting everything, or by 1% getting 98% as in communism, or by 1% getting 98% as in present unlimited-fortunes capitalism. The inequality factor (ratio of highest to lowest pay per hour) was one million in America in the 1880s. Today, globally, it is one billion.

Money is the joker good, good for almost all things, and good for essential things, so theft of money (underpay) is the joker injury. Each and every injury causes an endless, escalating, vendetta back-and-forth of injury. Violence causes misery. Violence gets to everyone, from richest to poorest. While violence is concentrated in spots at any one time, it is global in its freedom to turn up anywhere any time. You have pay per year's work from $10 to $10 billion, so every person, from richest to poorest, can be far happier.

Winning the game of life means maximizing your good, your happiness, and minimizing troubles. The purpose of life is to be happy. How big a part of the smile on your own face is seeing smiles on the faces surrounding you?

Overpay is necessarily very insecure, as history unanimously shows, because every underpay and all the other overpays are after it. The rich rob the poor and the poor rob each other. And the poor rob the rich (every plutocracy and empire has fallen) and the rich rob the rich ('kings' against 'kings'). For every up there is a down. Time spent at the top is necessarily brief, dangerous and arduous. If one person has the property of 1000, he has merely 1000 more pots than he can cook in, and he has 1000 enemies instead of 1000 friends. A very negative benefit. And history unanimously confirms this logically necessary conclusion. (History doesn't record the falls with the same vigour it records the rises, so humans never learn the lesson of history. You don't have glossy magazines devoted to the fallers.)

Both overpaid and underpaid win from pay justice. This is very hard for you humans to realize.

People don't want the super-overpaid to be brought down to pay justice because they still want the freedom to be wealthy. And they don't want the super-underpaid to be brought up to pay justice because their gaze is tight on the illusion of happy wealth.

People all know that money (self-earned money, fair pay, taking out as much as you put in, non-theft) is good, so they, understandably but myopically, believe that more money (other-earned money, overpay, taking out more than you put in, pay without work, theft, injury, violence, which is ever-escalating) is also good. So everyone is climbing - and with a fraction few at the top it means that almost everyone is falling.

It is not love of money that is the root of all evils; it is love of overpay that is the 'root of all evils'. You keep pursuing money, and you keep getting violence misery escalation, and a billion offshoot problems. Not just war and crime, but corporate infighting, hostile takeovers, backstabbing, putdowns, etc. Affluenza. Extreme insecurity. Extreme unhappiness.

You have come to think of the virtues - and the greatest of these is pay justice - as sacrifice. They are not. They are happiness, practicality, rationality, realism, maturity, clear-seeing, self-interest.

90% of brains belong to humans too poor (getting less than 100th of world-average pay) to become educated, and 90% of the educated brains are tied up in the effects of the super-extreme pay injustice. You would, with pay justice, have technological progress at 100 times the present rate.

Under the skirts of pay justice is a golden age, and she is perfectly happy for you to take it.

You have climbed the ladder of the bitch goddess 'success', and found all evils. You can lay the ladder flat (twice as much pay for twice as much work, half as much for half as much work), make a table, and feast. Forever. Happiness is horizontal, not vertical. Happiness has many addresses, but they are all on moderation street.

The weakness of unlimited-fortunes capitalism has always been the concentration of wealth, the strangling of consumers-producers. When the legs and arms don't get blood, the head falls too. You can leave all the elements of capitalism, for their benefits, like the 'invisible hand', competition and ambition, and just introduce a counter to the endless concentration of wealth by making everyone in the world equal heirs of large deceased estates, and by giving everyone equal shares of a 1%-a-month increase in the money supply. The private heir has done nothing to earn that money and everyone has done everything to earn that money. That method requires only settling up the estate, and electronic distribution. The inflation effect of the second method lowers over-fortunes, and the equal share lifts under-fortunes. These methods require only small bureaucracy, which means high productivity. The cost to poor countries of giving everyone bank accounts is covered by the inflow of money, and by the reduced costs of violence.

When the wind piles the sand against the sea-wall, you spread it over the beach again. None enjoy unless all enjoy. You have had none-enjoy for so very long. You deserve a break. If you think the change is too much work, compare it with the much greater work of not changing. And the work of change is divided among 3 billion adults. And the change is just the administration of two new laws.

To be rich is not glorious. To aim for unlimited fortunes out of limited work is shameful, ridiculous, wicked, foolish, self-harming.

Justice is glorious.

 

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