I've posted this on my other blogs.
Yes, I'm angry about this 'bailout'!
Welcome to the roller -coaster ride of Wall St. No suicides, homicides or bailouts allowed. Please keep your hands and feet inside the car, sticking your neck out is optional. Just as long as it’s not mine.
Remember, that it’s all about your perception of ‘credit‘. None of the ‘money’ on Wall Street is real, it’s all paper tiger trash. All tangible assets will still be there tomorrow. Your house and city won’t disappear overnight.
This ‘financial meltdown’ is being done to keep you from real issues; lost jobs, wage, health care, and pension erosion, immigration and the wars on drugs and terror. All of which have contributed to this credit, mortgage and bank dilemma.
The root causes of this crisis is deregulation by the government.
There is a simple solution to this problem. It’s listed below and will pay for itself.
1) Immediate levy of an 80% tax on all incomes over 10 million per year.
Tax rate to adjust down to 30% per $100,000. These rates to be in effect for the next four years. If you made big bucks, you should pay big bucks, no exceptions.
EXAMPLE: Rush Limbaugh will have to ‘get by’ on about $27 million from the $105 million that he’s paid. Either amount is ‘lottery’ money to the average American.
Big actors will ‘take home’ 4 million out of their usual 20 million movie salary. Tough, but they’ll survive. Sell a yacht or an extra house. Taxes were higher than this in the 1950’s for millionaires.
2) Immediate 10% reduction on all government contracts. No exceptions. ‘No-bid’ contracts to be reviewed for revision and imposition of limitations.
3) Immediate 10% reduction on all elected officials salaries in the government (Executive, House of Representatives and the Senate) Since they can’t do their jobs, they deserve a pay cut.
They’re lucky we can’t fire them outright.
4) Immediate yearly bonus cap for ALL employees, agents, managers or officers of companies, not to exceed 10% of annual salary. No adjustments or exclusions. This to include shares of stock or any other investment instrument.
5) Price gouging fine of 25%, minimum, on all excess profits from market manipulation for any ‘vital necessity’; such as: energy (oil, gas, propane, coal, electricity, etc.), food, health care and products, and clothing. A temporary price cap to be put into place as penalty for a 3-6 month period.
6) 90 Day moratorium on mortgage rates, to be extended as needed, on a monthly basis. This will allow the market to stabilize over the winter, which is a slow time for sales.
7) Minimum 50% equity share in every business that requests assistance from the government. Government to be first to recover investment when asset is liquidated or there is a return on profits.
8) Immediate freeze on stock market. Declare a ‘stock market holiday’ until 6 October for legislation to be enacted, based on proposed actions listed above.
IF no action is taken on a fair and comprehensive restructuring of the financial system, then:
ALL AMERICANS SHOULD STAY HOME ON 7 OCTOBER 2008 TO REMIND THE COMPANIES AND THE GOVERNMENT WHO REALLY RUNS THIS COUNTRY!
IT’S ‘WE THE PEOPLE’!
October 7, 2008, is the 243rd anniversary of the Stamp Act Congress. One of the first attempts to insure the rights of citizens of America. Look it up, read about it, learn our history.
TAKE ACTION TODAY; CALL, EMAIL OR WRITE CONGRESS!
We trust in our government to manage our money and provide for our security. When they don’t, we the people must assert our rights to demand proper service.
The proposal above is not perfect, nor complete. It’s an outline of what needs to be done, without putting the entire burden on the average American.
NO BAILOUT for UPPER CLASS SWINDLERS!
Please forward this email to all your friends!
30 September 2008 Thomas L. Segerson