Tuesday, September 23, 2008

THE GREEN VIEW ON THE CRISIS

The Green Party's take on the financial crash includes:

Pay for the massive transfer of wealth without placing the greater burden on working people and the poor. Those who made huge profits from the financial policies that led to the meltdown should be expected to pay for the major portion of the bailout, through the closing of tax loopholes and repeal of Bush tax cuts for top income earners, caps on CEO salaries and bonuses and on the corporate tax deductability of excessive CEO salaries and bonuses, and recovery of exorbitant payouts that financial industry executives have given themselves in recent decades, as well as a windfall proft tax on oil companies.

In bailing out financial institutions and absorbing their debt, assert the US government's assumption of equity/ownership over them in exchange (as was done with AIG), and replace the secret negotiations and backroom deals that pervaded the industry with transparency and democratic control.

Stop appointing Treasury Secretaries, Federal Reserve board members, and other top financial policy-makers whose chief loyalties are to the major financial corporations from which they're recruited. Restructure semi-private and private institutions like the Federal Reserve, Fannie Mae, and Freddie Mac to be owned, run, and staffed strictly for the public interest.

Impose a moratorium on foreclosures now before increases in the adjustable rate mortgage interest increases take effect; eliminate all adjustable rate mortgages; renegotiate the latter as 30- or 40-year loans; establish new mortgage lending practices to end predatory and discriminatory practices.

Promote an economy that's based on sustainability rather than on lending and borrowing beyond one's means. Raising the debt ceiling will lead to greater potential liability and further economic meltdown.

Establish criteria and construction goals for affordable housing; massively increase funding for housing programs that assist tenants (e.g., Section 8, public housing) that have been slashed repeatedly since the Reagan Administration. Recognize shelter as a right according to the UN Declaration of Human Rights, to which the US is a signatory.

Redefine credit and regulate the credit industry so that discriminatory practices are eliminated. Fully fund initiatives to eliminate racial and ethnic disparities in home ownership.

Establish a fund to cushion job loss and provide for retraining of those at the bottom of the income scale as the economy transitions.

Increase taxes on corporations so that they pay their fair share and deny federal subsidies to those who relocate jobs overseas. Repeal NAFTA and renegotiate trade agreements so that national and local economies, jobs, human rights, and the environment are protected.

End military-industrial complex handouts. Major cuts in military contracts -- especially if combined with a quick withdrawal of US troops and military contractors from Iraq and Afghanistan -- will provide a huge windfall.

Downsize the insurance industry. Corporate health insurance is not an essential service and can be replaced with a single-payer national health care program that would drastically cut health care costs, since the profit-taking insurance and HMO middle-men would be eliminated.

Introduce creative ideas to democratize the financial industry, with alternative models such as public banks and insurance firms, consumer/worker ownership of such companies, and restructuring that would use the financial industry to promote conservation projects, transition to non-fossil-fuel energy and ecologically sound infrastructure, and creation of millions of jobs related to these efforts.

2 Comments:

At September 23, 2008 10:44 PM, Anonymous wellbasically said...

Same bullshit -- use the crisis to grab for power. Dominate the dominators, it's the same game!

 
At September 25, 2008 9:05 PM, Anonymous Anonymous said...

Essentially, the Republicans and their Wall Street cronies have betrayed those of us who work hard and are honest about it, do everything the right way. What the Greens are proposing will happen naturally, due to an incredible tide of resentment that is sure to follow in the wake of a crash being placed on the backs of hard working Americans.

 

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