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Draft Emergency Action for California

 
Common Sense is King
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06/04/2009 11:26 AM
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Draft Emergency Action for California
The budget crisis in California and most other states plus the bankruptcy and collapse of the US auto industry are signals that the United States and the world are sinking into an economic depression of awesome destructive power. Who should pay for this depression? Clearly the Wall Street, Chicago, and San Francisco bankers and speculators who caused the crisis must pay. There are limitations on what any state can do, but we here in California can and must take a stand for a real economic recovery. We must grab the attention of the corrupt Sacramento and Washington politicians and start to lead this country out of the crisis. We therefore demand:

1.No layoffs of state employees. Restore and maintain vital services at all costs. Maintain the electricity grid, police, fire, highways, public health, education, and restore water deliveries to California farmers. We solemnly remind Governor Schwarzenegger and all state officials that deliberately depriving civilians of food, clothing, shelter, and medical care under whatever pretexts constitutes a high crime against humanity under the Nuremburg precedents of 1945. Austerity measures that lead to needless deaths will be vigorously punished under these precedents.

2. 1% California Tobin Tax on derivatives and speculation. California needs revenue, but the average person is overtaxed already. The biggest untapped income stream in California is financial speculation. Most Californians pay almost 9% in a regressive sales tax, but bankers and hedge fund operators pay nothing, zero, nada, on their massive daily turnover of derivatives, options, futures, stocks, bonds, foreign currency, and other speculative paper. Surely these financial interests should pay their fair share to meet this crisis. We must therefore impose a Tobin tax or Securities Transfer Tax (STT) of one percent (1%) to be paid by the broker on all financial transactions in this jurisdiction. Bankers will howl and threaten to leave the state, but few will cut themselves out of the world's eight largest economy. Another mass of largely untapped wealth is represented by the foundations. A special 10% surtax on the assets and endowment of all foundations in the state should be established for the duration of the crisis.

2. Stop all foreclosures on California primary residences, farms, businesses, transportation, and any other activity providing production or socially necessary services, for five years or for duration of this depression, whichever is longer. If you throw a family on the street, you go to jail. Human survival must take precedence over debt service claims, and only ongoing businesses pay taxes. Repayment obligations can worked out after the depression has been defeated. Special emergency measures are needed to house families which have already fallen victim to foreclosure and who are now at risk in new tent city Hoovervilles across the state.

3. Set a 10% upper limit on California interest rates. To relieve pressure on debt-strapped families, we must revive anti-usury legislation. Before Volcker era at the Federal Reserve, most states maintained an upper limit, generally about 10%, on all interest rates. This 10% limit must now be re-imposed in the context of a tough re-regulation of credit card practices. This will provide a much-needed respite for family budgets, which have too long been looted by predatory credit card and other lenders.

4. Operation Clawback for the TARP. Treasury Secretary Geithner and Federal Reserve boss Bernanke are in the process of transferring an incredible $13 trillion in public funds to zombie banks and bankrupt financial companies as part of a doomed effort to prop up the doomed $1.5 quadrillion derivatives bubble. The California Attorney General must take the lead in mobilizing state governments across the country to demand that the $700 billion bailout (TARP) be declared unconstitutional, clawed back from the derivatives financiers, and used to keep states solvent and maintain vital services. We must especially target the bailout money given to the bankrupt hedge fund AIG and then paid out to foreign bankers involved in AIG derivatives deals, including Société Générale of France and Deutsche Bank of Germany (almost $12 billion each); Barclays of Britain ($8.5 billion); and UBS of Switzerland ($5 billion). These $37 billion would go a long way towards fixing the California budget. Geithner has refused before the House Appropriations Committee to bail out cities and states. But if JP Morgan and Citibank are too big to fail, then California is too. If Geithner does not reverse course, the California congressional delegation must take the lead in impeaching Geithner. In the meantime, the California AG should start seizing the California assets of these foreign derivatives bankers and apply these funds to the state deficit.

5. Force the Federal Reserve to open a special 0% emergency Main Street lending window for productive businesses large and small, including farming, construction, manufacturing, infrastructure, scientific research, and mining, down to the local restaurant, supermarket, repair shop, taxi company, trucking firm, or dry cleaner. So far Bernanke has been offering cheap credit only to banks, hedge funds, insurance companies, credit card companies, and other non-productive interests. It is high time that useful production got access to no-cost federal credit to put people back to work. Such a program can represent the first step towards the necessary nationalization of the Fed. If Bernanke tries to sabotage this measure, he too should be targeted for impeachment.

6. Fight the depression by building an ultra-modern super speed north-south Pacific maglev railway from San Diego to Los Angeles and San Francisco and on towards Portland and Seattle. A coastal maglev line would be a permanent addition to the capital stock of our state, and an enhancement of the productivity of labor. China and Japan are building maglev, but the US has lagged behind, so California must take the lead in a pilot project for modern non-polluting mass transit in this country, getting our people out of the endless traffic jams on the freeway. If the Fed can be forced to issue the necessary loans, use those. If not, issue state bonds that average people can buy with the added perk that they can ride free on the maglev. Multiply the economic development power of the proceeds by setting up a state-owned California Development Bank to outflank the zombie bankers with 1% loans for in-state high-tech productive infrastructure only, starting with the Pacific maglev. Get control of the California auto plants idled by GM, Chrysler, and Ford and reconvert them to build equipment for the maglev line, putting jobless auto workers back to work. Then sell California maglevs worldwide.

7. Bankers and politicians can choose between cooperating with these reasonable measures and a general debt moratorium or payment freeze on all bonded debt of the state. If we have to choose between payments to bondholders and the lives and welfare of California residents, we will not hesitate. After the Jackson-van Buren Panic of 1837, New York, Pennsylvania, Michigan Mississippi, Arkansas, Florida, and Louisiana all defaulted, and they all seem to have survived. California will too. Our wealth is in our world-class trained work force, not our credit rating.

8. General strike based on this program against Schwarzenegger and any other politician proposing layoffs or cuts in vital services. California still has militant unions among teachers, nurses, and other public employees, but if they do not fight now, they risk being crushed in the depression. It is time for the labor movement and its allies to take up this struggle with mass strikes which all persons of good will are called to join. Any politician refusing to fight for these demands, starting with Pelosi, Boxer, and Feinstein, should be ousted.

Webster Tarpley, author of Surviving the Cataclysm, June 3, 2009

Last Edited by Common Sense is King on 06/04/2009 10:08 PM
If you lose your common sense, you are completely lost.
Anonymous Coward
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06/04/2009 11:28 AM
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Re: Draft Emergency Action for California
If you throw a family on the street, you go to jail. Human survival must take precedence over debt service claims, and only ongoing businesses pay taxes.
 Quoting: Common Sense is King

clappa
Common Sense is King  (OP)

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06/04/2009 11:30 AM
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Re: Draft Emergency Action for California
If you throw a family on the street, you go to jail. Human survival must take precedence over debt service claims, and only ongoing businesses pay taxes.

clappa
 Quoting: Anonymous Coward 653234

California doesn´t need any more people on the streets, homeless.
If you lose your common sense, you are completely lost.
Anonymous Coward
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06/04/2009 11:32 AM
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Re: Draft Emergency Action for California
applause2
Anonymous Coward
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06/04/2009 11:33 AM
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Does this have legs?
Anonymous Coward
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06/04/2009 11:35 AM
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bsflag
Common Sense is King  (OP)

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06/04/2009 09:59 PM
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Re: Draft Emergency Action for California
Well, this is a nice way to avoid a carnage.


It depends on you, Americans. I don´t know if you will do something or not.

You can just seat, you know, and let things happen to you.


I say it´s a great draft.
If you lose your common sense, you are completely lost.
Sara-Ka-El

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06/04/2009 09:59 PM
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Does this have legs?
 Quoting: Anonymous Coward 687954

Me wonders yes.
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Common Sense is King  (OP)

User ID: 686914
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06/04/2009 10:09 PM
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Re: Draft Emergency Action for California
Does this have legs?

Me wonders yes.
 Quoting: Sara-Ka-El




I would say it´s viable if people asks until they see it come to fruition.
If you lose your common sense, you are completely lost.
Anonymous Coward
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06/04/2009 10:12 PM
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Re: Draft Emergency Action for California
You forgot "guard the boarder and throw the illegals OUT"
Omega

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06/04/2009 10:21 PM
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Re: Draft Emergency Action for California
The author of the article is not only high on crack, he's a standup comic to boot.

Clearly the Wall Street, Chicago, and San Francisco bankers and speculators who caused the crisis must pay.<<<<<<<<



:Phead:
Handguns are a skill; shotguns an art; rifles a science.
_____________________________________
Democracy is two wolves and a sheep voting on whats for dinner.

Disarmament is the precursor to Genocide.

Better to take action now rather than chances later. Your choice.
Anonymous Coward
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06/04/2009 10:31 PM
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Re: Draft Emergency Action for California
might work , might not. the bleating of the sheep is a comical symphony. patience sheeps only 75 % of you need to die off , so the rest of us can have the american dream.)
Anonymous Coward
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06/04/2009 10:33 PM
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Re: Draft Emergency Action for California
Isaiah 5:8

How horrible it will be for you who acquire house after house and buy field after field until there's nothing left and you have to live by yourself in the land.
Rota

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06/04/2009 10:41 PM
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I disagree OP. Government needs to be cut in half and all wages based on civilian wages. Also do away with all those paid hoildays. Do away wiith those bloated retirements.
anonymous
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06/04/2009 10:44 PM
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Re: Draft Emergency Action for California
The budget crisis in California and most other states plus the bankruptcy and collapse of the US auto industry are signals that the United States and the world are sinking into an economic depression of awesome destructive power. Who should pay for this depression? Clearly the Wall Street, Chicago, and San Francisco bankers and speculators who caused the crisis must pay. There are limitations on what any state can do, but we here in California can and must take a stand for a real economic recovery. We must grab the attention of the corrupt Sacramento and Washington politicians and start to lead this country out of the crisis. We therefore demand:

1.No layoffs of state employees. Restore and maintain vital services at all costs. Maintain the electricity grid, police, fire, highways, public health, education, and restore water deliveries to California farmers. We solemnly remind Governor Schwarzenegger and all state officials that deliberately depriving civilians of food, clothing, shelter, and medical care under whatever pretexts constitutes a high crime against humanity under the Nuremburg precedents of 1945. Austerity measures that lead to needless deaths will be vigorously punished under these precedents.

2. 1% California Tobin Tax on derivatives and speculation. California needs revenue, but the average person is overtaxed already. The biggest untapped income stream in California is financial speculation. Most Californians pay almost 9% in a regressive sales tax, but bankers and hedge fund operators pay nothing, zero, nada, on their massive daily turnover of derivatives, options, futures, stocks, bonds, foreign currency, and other speculative paper. Surely these financial interests should pay their fair share to meet this crisis. We must therefore impose a Tobin tax or Securities Transfer Tax (STT) of one percent (1%) to be paid by the broker on all financial transactions in this jurisdiction. Bankers will howl and threaten to leave the state, but few will cut themselves out of the world's eight largest economy. Another mass of largely untapped wealth is represented by the foundations. A special 10% surtax on the assets and endowment of all foundations in the state should be established for the duration of the crisis.

2. Stop all foreclosures on California primary residences, farms, businesses, transportation, and any other activity providing production or socially necessary services, for five years or for duration of this depression, whichever is longer. If you throw a family on the street, you go to jail. Human survival must take precedence over debt service claims, and only ongoing businesses pay taxes. Repayment obligations can worked out after the depression has been defeated. Special emergency measures are needed to house families which have already fallen victim to foreclosure and who are now at risk in new tent city Hoovervilles across the state.

3. Set a 10% upper limit on California interest rates. To relieve pressure on debt-strapped families, we must revive anti-usury legislation. Before Volcker era at the Federal Reserve, most states maintained an upper limit, generally about 10%, on all interest rates. This 10% limit must now be re-imposed in the context of a tough re-regulation of credit card practices. This will provide a much-needed respite for family budgets, which have too long been looted by predatory credit card and other lenders.

4. Operation Clawback for the TARP. Treasury Secretary Geithner and Federal Reserve boss Bernanke are in the process of transferring an incredible $13 trillion in public funds to zombie banks and bankrupt financial companies as part of a doomed effort to prop up the doomed $1.5 quadrillion derivatives bubble. The California Attorney General must take the lead in mobilizing state governments across the country to demand that the $700 billion bailout (TARP) be declared unconstitutional, clawed back from the derivatives financiers, and used to keep states solvent and maintain vital services. We must especially target the bailout money given to the bankrupt hedge fund AIG and then paid out to foreign bankers involved in AIG derivatives deals, including Société Générale of France and Deutsche Bank of Germany (almost $12 billion each); Barclays of Britain ($8.5 billion); and UBS of Switzerland ($5 billion). These $37 billion would go a long way towards fixing the California budget. Geithner has refused before the House Appropriations Committee to bail out cities and states. But if JP Morgan and Citibank are too big to fail, then California is too. If Geithner does not reverse course, the California congressional delegation must take the lead in impeaching Geithner. In the meantime, the California AG should start seizing the California assets of these foreign derivatives bankers and apply these funds to the state deficit.

5. Force the Federal Reserve to open a special 0% emergency Main Street lending window for productive businesses large and small, including farming, construction, manufacturing, infrastructure, scientific research, and mining, down to the local restaurant, supermarket, repair shop, taxi company, trucking firm, or dry cleaner. So far Bernanke has been offering cheap credit only to banks, hedge funds, insurance companies, credit card companies, and other non-productive interests. It is high time that useful production got access to no-cost federal credit to put people back to work. Such a program can represent the first step towards the necessary nationalization of the Fed. If Bernanke tries to sabotage this measure, he too should be targeted for impeachment.

6. Fight the depression by building an ultra-modern super speed north-south Pacific maglev railway from San Diego to Los Angeles and San Francisco and on towards Portland and Seattle. A coastal maglev line would be a permanent addition to the capital stock of our state, and an enhancement of the productivity of labor. China and Japan are building maglev, but the US has lagged behind, so California must take the lead in a pilot project for modern non-polluting mass transit in this country, getting our people out of the endless traffic jams on the freeway. If the Fed can be forced to issue the necessary loans, use those. If not, issue state bonds that average people can buy with the added perk that they can ride free on the maglev. Multiply the economic development power of the proceeds by setting up a state-owned California Development Bank to outflank the zombie bankers with 1% loans for in-state high-tech productive infrastructure only, starting with the Pacific maglev. Get control of the California auto plants idled by GM, Chrysler, and Ford and reconvert them to build equipment for the maglev line, putting jobless auto workers back to work. Then sell California maglevs worldwide.

7. Bankers and politicians can choose between cooperating with these reasonable measures and a general debt moratorium or payment freeze on all bonded debt of the state. If we have to choose between payments to bondholders and the lives and welfare of California residents, we will not hesitate. After the Jackson-van Buren Panic of 1837, New York, Pennsylvania, Michigan Mississippi, Arkansas, Florida, and Louisiana all defaulted, and they all seem to have survived. California will too. Our wealth is in our world-class trained work force, not our credit rating.

8. General strike based on this program against Schwarzenegger and any other politician proposing layoffs or cuts in vital services. California still has militant unions among teachers, nurses, and other public employees, but if they do not fight now, they risk being crushed in the depression. It is time for the labor movement and its allies to take up this struggle with mass strikes which all persons of good will are called to join. Any politician refusing to fight for these demands, starting with Pelosi, Boxer, and Feinstein, should be ousted.

Webster Tarpley, author of Surviving the Cataclysm, June 3, 2009
 Quoting: Common Sense is King

california must now get in line with the new norm that faces all states and nations.....................high oil and energy was the root cause of global collapse..california has NOT been the 8 th largest econony since the early 1990s .and was sliding backwards even then.california imported mass uneducated people who need social programs for 3 generations to be able to stand on thier own without aid. .... cali must face facts . super expensive social programs will go on for 3 generations even if california closed it borders to mexico tomorrow.. . prices in california are completly unrealistic . And it is now 73 percent Non White . ......that says alot about where Cal is really heading . "permanent downhill slid" would be a good educated guess .
Anonymous Coward
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06/04/2009 10:44 PM
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Re: Draft Emergency Action for California
This is more of the same B.S. that destroyed California in the first place. I guess they are eager to flush it even faster into a hole.

13 cities post unemployment above 15%
9 of the highest are in California. An additional 93 metro areas are at 10% or more.
[link to money.cnn.com]
Anonymous Coward
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06/04/2009 11:22 PM
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Re: Draft Emergency Action for California
This does have legs.

I think it should go a bit further: Any credit card issuing bank that has more than 10% of it's California Card Holders being charged 10% interest on their debt would be subject to a special "gonniff" tax of 30% on their overall California based INCOME - not profit - not net. On their CALIFORNIA CHARGED AND COLLECTED INCOME! That provision will: a.) clamp down on the rates for good. b.) make sure the worst card companies get out of doing business in CA (good riddance!) and/or c.) make certain that 90% of all card companies CA card holders have their interest rates at or below 9% for the duration!

FORECLOSURES: A permanent moratorium on all foreclosures in CA. GREAT. However, A.) the lenders would be REQUIRED to first, lower the interest rate til the mortgage payment monthly debt service, Principal, Interest, Taxes and Insurance required NO MORE than 25% of the debtors gross household income. B.) If lowering the interest rate to zero would not accomplish this, then the lender would have a second option which would be to require the lender to forgive a portion of the debt owed to make sure the payment dropped to and stayed at/below the aforementioned 25% of income for the projected life of the loan, regardless of term. C.) If that did NOT accomplish the desired lowering of payment to 25% or less of the borrowers HOUSEHOLD INCOME, to extend the term of the loan out to forty or even fifty years.

IN future years, borrowers who benefited from this program and who had more than $100k equity in their homes at the time when they eventually sold them would have a duty to contribute TEN PERCENT of their NET EQUITY OVER the FIRST ONE HUNDRED THOUSAND DOLLARS. So if their home was eventually sold for 500k and the owed 200k on it, their gross equity would be $300k.. minus the deduction for the first 100k of exempted equity would leave a gross equity of 200k. Their required contribution to the Save the Homes Fund in California would be $20,000. Handicapped and elderly homeowners would be exempt as would those selling their homes to purchase a retirement residence and planning retirement within 2 years from the date of sale.
Anonymous Coward
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06/04/2009 11:23 PM
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PS: Gonniff is yiddish for THIEF! What a great word and an appropriate name for this particular tax, don't ya think?
Mr. PredictorModerator
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06/04/2009 11:23 PM

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Re: Draft Emergency Action for California
WTF ????

1.No layoffs of state employees. ??????
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