Friday, July 29, 2011

GOP Won't Reform Banks or Cut Oil Subsidies

If you watched the documentary Inside Job, the film starts out in Iceland in 2000 when Alcoa was allowed to use its geo-thermal energy to run smelting plants - and when Iceland's three major banks were first privatized and de-regulated, and began borrowing billions of dollars, then using the money for personal use.

It would be a very simple thing to nationalize our own banks. Fire the CEOs of all our major banks (i.e. Goldman Sachs, Wells Fargo, Bank of America, and Citigroup, and including the Federal Reserve, but not including the smaller community banks); and then having the newly appointed CEO tell everybody else, "You now work for the United States government." (Meaning us, the people).

Then all the insurance companies would be put on notice as well. Elizabeth Warren could be the newly appointed head of our banking and financial system (and appoint the new CEOs), and she would forbid any political campaign contributions going from the people's banking system into any of the Republican PAC accounts. Real banking reforms could be put in place, and then the fine print at the bottom and on the back of your bank statements would magically disappear.

The average "Joe on the street" wouldn't even notice any change in his daily life. The currency would remain the same. But the following month he will see a drastic reduction in his credit card and auto loan payments, because his interest rate would have dropped from 15% or 20% to 5% or lower. The interest that the government banks earn would go into the U.S. Treasury to fix infrastructure instead of into the CEO of a bank's personal offshore bank account...instead of filling HIS pockets, the money can go into defense, schools, and other needed government services.

All we need to do is have Obama send in the National Reserve into the elaborate corporate boardrooms of these banks and take the crooked CEOs into custody and secure the premises. The CEOs would then be thoroughly interrogated, and all assets discovered and made transparent to the American people. The stock market might close for a week while the transition was being made, but other than that, life would go on as normal.

Republicans love the banks, but the banks will no longer be able to curry favor from the Republicans with massive bribes to screw the people over. Real reforms could be immediately implemented without the banker's lawyers obstructing Elizabeth Warren's efforts. The banks, henceforth the money supply and the country, will once again belong to the people, and not a small group of billionaires sucking us dry and dictating everything in our daily lives.

And the oil companies (who pay no taxes) could be next, and for the same reasons. Your gasoline would be bought AT COST, not with 50% in profits added to your cost to enrich a handful of greedy oil barrens.

The economy would skyrocket because of cheaper energy and fairer banking laws!*

* And then Mister Meyers woke up from his daily nap and sadly realized that the looting of American would continue for the rest of his life.

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