The Dodd Plan to avoid Paulson's Tax-grab
Chris Dodd has just published a brilliant plan to counter the republic-threatening Paulson plan. Here is the link; what's inspired is that bad mortgages are destroyed, the poor get new reissued ones predicated on a 15% reduced house price, and the Federal Deposit Insurance Corporation--the nationalised non private guarantor of the banks--gets the income.
The republic is fighting back.
These are tactics from people who seem to sense where we need to go if we can avert disaster in the long term. I thought that Dodd was a senate boob; I was wrong, on this evidence, and very badly so.
We should gradually untie and dissect the banks, the hedge funds, and the vast global malefactors. Then we should tie value, credit and worth to production and land, and prevent the creation of a vast and exploitative planetary aristocracy of wealth. I am coming to the conclusion that such a disinflation is in fact a kind of public moral enterprise, and that it would challenge most of the common sense wisdom of the past century. We need trade unions to coordinate globally, and we need policies that rebalance economies towards people's lives and jobs locally. We need social ownership.
History is a very rough guide; but inflated, worthless money tied to a credit carousel in an ocean of debt is a route to empire, fascism and collapse.
Chris Dodd has just published a brilliant plan to counter the republic-threatening Paulson plan. Here is the link; what's inspired is that bad mortgages are destroyed, the poor get new reissued ones predicated on a 15% reduced house price, and the Federal Deposit Insurance Corporation--the nationalised non private guarantor of the banks--gets the income.
The republic is fighting back.
These are tactics from people who seem to sense where we need to go if we can avert disaster in the long term. I thought that Dodd was a senate boob; I was wrong, on this evidence, and very badly so.
We should gradually untie and dissect the banks, the hedge funds, and the vast global malefactors. Then we should tie value, credit and worth to production and land, and prevent the creation of a vast and exploitative planetary aristocracy of wealth. I am coming to the conclusion that such a disinflation is in fact a kind of public moral enterprise, and that it would challenge most of the common sense wisdom of the past century. We need trade unions to coordinate globally, and we need policies that rebalance economies towards people's lives and jobs locally. We need social ownership.
History is a very rough guide; but inflated, worthless money tied to a credit carousel in an ocean of debt is a route to empire, fascism and collapse.
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