I am writing to express my complete opposition to Treasury Secretary Henry Paulson’s plan and clone proposals to resolve the current crisis in the banking industry. I urge you to support alternative solutions which include the guidelines of transparency and oversight outlined below. It is time to rely on the advice of economists, not financiers.
The Paulson plan represents the most corrupt cronyist policies; the current leadership stimulates fear and has no credibility. The Bush Administration, knowing the inevitability of this liquidity failure for at least the past two years:
refuses to regulate or insist upon transaction transparency
uses the liquidity crisis for political purposes
demonstrates desperation and failure through a Treasury power grab resulting in “economic martial law.”
Solutions must include Congressional intervention:
calming markets, including temporary closing
insisting upon US government controlling interest in the investment market
complete ledger transparency
oversight regulation: separate commercial and investment banking functions, “main street vs. wall street”
most importantly, consultation and guidance of Keynesian economists.
We learn from history; so Congress must develop
support for basic social infrastructure:
financing the resolution of this crisis through flat income tax above $500 K/annum.
Shame is not part of my emotional glossary, but I am grateful my late mother, an accountant, is not alive to endure another economic meltdown due to the same power scheme mentality.