Tomorrow We Dance To Freedom






Banks, Puny U.S. Fiscal Stimulus, and G20 Protests

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Are you convinced that our governments are promoting the interests of ordinary global citizens? Where's the massive fiscal stimulus amounting to approximately 10% of GDP infused into the U.S., European, and other G-20 (China is taking positive steps) economies?

Has the stimulus released thus far by the U.S. government targeted job creating transformative industrial generation to replace a 20th Century manufacturing base with an entirely new green industry foundation that could fuel future capital creation? Are there any logjams in getting the puny U.S. fiscal stimulus funds out in a massive flood of money to those who need the assistance immediately?

Why was 1/3 of the U.S. fiscal stimulus in the form of ineffectual tax breaks instead of a significant portion being devoted to job creating green industry: wind, solar, and thermal farms out west; green manufacturing centers across the Midwest, South, and West; and a central smart grid core located in someplace like Pueblo, Colorado.

Also, is there any reason why construction of a fast train (300 mph or more) network running down the medians of our existing superhighways with depot stations at select exits hasn't already started? Isn't it imperative that we replace our fossil fuel 20th Century transportation system with a 21st Century fast train network overlaid on our now antiquated and dilapidated highway infrastructure? A speedy, efficient, and convenient transportation network providing service to all American citizens at subsidized rates that would draw its power from a green energy grid; isn't this type of bold investment in the future of our country worth the savings accrued in time, money, and the quality of life enhancements that would be enjoyed by every citizen for many years to come?

Another area only receiving minimal funds to make a few tweaks here or there to glean savings that will in all likelihood never reach healthcare consumers is the placement of all healthcare related information in an electronic form. What we really need is not just this inconsequential minor reduction in operating expenses passed on to national hospital corporations but real substantive paradigm shifts in our entire dysfunctional healthcare profit oriented industry. With the rest of the developed countries already providing nationalized universal healthcare for their citizens at a fraction of the cost of our insurance company based for profit funds draining abomination why haven't we already laid the groundwork for a U.S. version of universal healthcare for all our citizens? How can we morally continue to allow scarce money to be siphoned off in the form of insurance company profits that enrich wealthy investors and executives? Every single dollar spent on healthcare should be directly traceable to some tangible investment in equipment or service that will improve the health of the citizens who depend upon the healthcare system for their well-being. It is reprehensible that healthcare dollars in the form of insurance company profits pad the wallets of executives, investors, and other business elites.

On the educational front far too much attention has been given to K - 12 than what a student with a High School degree will aspire to if financially blocked from attaining a college education in a world that demands nothing less. Within the U.S. a university education (B.S. or B.A. 4 - year degree) has become a luxury available to only the wealthiest of our citizens. In the rest of the industrialized world a college education at a minimum consisting of completion of a 4 - year degree program is paid for in full by the government, excluding minimal fees or other subsidiary charges. There is absolutely no valid reason to limit the potential of even one of our citizens given the importance that a well balance education plays in maintaining democracy (right now a plutocracy - oh well this will change over time) in a nation-state that depends upon a well-informed actively involved electorate.

So where has all the money gone that might have funded these crucial initiatives? Armored cars filled with taxpayer money have flooded AIG, and other financial institutions to the tune of trillions of dollars. This wasteful spending would have been better directed at establishing a firm societal foundation for the United States.

Citizens who have been losing their jobs, homes, cars, health insurance, and ability to feed and clothe their families don't give a damn whether some large financial institution pays bonuses to already overpaid executives. They surely don't care whether those same executives continue to enjoy the unsupportable lifestyles that were made possible by those of us in the lower reaches of the income pyramid through smaller and smaller paychecks. Therefore to suggest that these paragons of waste, greed, inefficiency, and incompetence deserve even a smidgen of taxpayer cash is absurd. The FDIC should have taken over these insolvent government bailout sinkholes a long time ago and transferred the tangible real assets to well capitalized regional banks.

What should we do with all the toxic waste on the balance sheets of these zombie banks? For just a moment we must recognize the reality that these asset pools will not provide any recognizable value in the form of positive investment returns to those who will hold them for anything but the long term consisting of many years. Therefore, any mortgage-backed assets held by these worthless banks will continue to depreciate with no end in sight. With this in mind it is imperative that an army of investment bankers and lawyers who created these toxic derivative pieces of crap in the first place isolate the real tangible property backed mortgages. Once the viable derivative asset components are isolated they should be repackaged in such a way that all relevant information pertaining to the underlying mortgage market valued assets should be included in a document not 400 plus pages (sometimes with no real information) but no more than 20 legible non-legalese pages long. These repackaged derivative securities should then be marketed to investors through a Geithner type toxic asset 'cleansing' system but without the government providing up to 50% of the money to buy these still depreciating highly risky investments. Surely, the taxpayer doesn't also have to shoulder the loss on these volatile assets (Geithners current program) that will be continually affected by the global depression. A depression that will not abate until the 95% of average global citizens start receiving income in the form of fiscally generated stimulus and wages that start to reflect all the worker productivity increases devoured over the past 33 years in the form of income derived profits by the business elite. Basically, a fair days pay for a fair days work, not 300% times the average wage of an employee going to executives simply because they belong to an exclusive well-heeled fraternity of capitalist zealots.

Finally, we must address the root cause of this income crisis that has devolved into a full blown economic depression. Workers must be given the right to negotiate with business representatives on a wide range of transnational issues that include wages, wage floors across professions, trade agreements that include worker protections, and any number of issues that eliminate (in the future) the likelihood of creating the cheap labor global economic conditions that fuel this degenerate Ultra Capitalist economy. In the U.S. we can only hope to be integrated into the now emerging transnational labor umbrella network if and only if the Employee Free Choice Act is passed in its current form. If the U.S. is never allowed to have a mature unionized workforce all bets are off for solving this global depression by addressing its root cause instead of alleviating the symptoms.

Workers and other activists for a better world society based upon fairness, equality, stability, and sustainability who've chosen to devote yourself to our movement for a global community based not on corporations but upon human beings - we thank you. Already our fellow activists and laborers who've been involved in the G20 protests have deterred (at least for now) our government leaders from a diehard stance of further enriching the financial institutions with our hard earned tax money. We must continue to put pressure on our government representatives so that they remember where their power ultimately originates. No longer will we accept edicts from government representatives that originate in the backrooms of business lobbyists. Every single action taken by our governments will be analyzed and parsed in order to determine if it benefits citizens or simply grants more favors to those few business elites that are now losing their grip over our governments. We will accept nothing but complete victory in the form of governments that adhere to the wishes of the people.