Friday, September 26, 2008

Ralph Nader puts forward his 12 point plan

Who Will Show Some Backbone Against the Bailout?

Here is Ralph Nader's take. He would have a good chance, but the Presidential "Debates", once run by the league of women voters was taken in by a quango when, Quigley inspired Clinton was panicked by a 3rd party getting almost 10% of votes. The Debates commission is headed by a Republican and a Democrat, and guess what, they ban 3rd and 4th parties from the debate,. Ralph is important because he can get 10% in some states, so is the main challenge to the two party dictatorship. "Congress needs to show some backbone before the federal government pours more money on the financial bonfire started by the arsonists on Wall Street." Ralph unfortunately appears to think that a bailout is necessary, but he does ask for debate, oversight, tough conditions & understands the threat from derivatives.

Posted by planning4acrash @ 08:57 AM (642 views)
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3 thoughts on “Ralph Nader puts forward his 12 point plan

  • Points 1 & 2 are a recipe for ultimately doing nothing, and in practice would amount to fiddling while Rome burns.

    His call for transparency I totally agree with, the detail of every assistance package should be in the public domain from the outset.

    Taxation of transactions – a stamp duty – has some merit, as an excessive volume of trades (especially positions that are taken and then unwound within hours) are part of the root problem, and a cause of instability.

    I would advocate a system where only a very limited number of approved financial instruments could be traded; limited to those that are demonstrably beneficial to the economy.

    The number of people employed by the investment banking industry seems excessive. A simpler industry, with fewer mouths to feed, would probably be more efficient and less accident prone.

    For the present crisis, the relief needs to be offered quickly and in as simple a manner as possible. Allowing the banks to pawn their CDO’s for perhaps 75% of purchase cost, would be a good start.

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  • There is nothing the US citizens can do; if they take to the streets Marshal Law will be declared and FEMA will lock them up, or worse…

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  • $5k + per citizen to bail out the banks who have persecuted them all their lives. I bet that they won’t take it lying down. Imagine if someone asked you for 3k today to bail out Lloyds? How would we feel? I can see a big mess coming from this

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