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ACTION PAGE:
Why Is Congress Even Listening To Those Who Caused The Wreck On How To Fix It?
The Paulson plan to plunder the public treasury is a non-starter.

Before Congress does anything else they must take the time to hear from some real experts, like Nobel Prize winner in economics, Joseph E. Stiglitz, who offers real wisdom in this article from the Nation. Here are some excerpts:

"With lack of oversight and transparency the cause of the current problem, how could they make a proposal so short in both? If a quick consensus is required, why not include provisions to stop the source of bleeding, to aid the millions of Americans that are losing their homes? Why not spend as much on them as on Wall Street? Do they still believe in trickle-down economics, when for the past eight years money has been trickling up to the wizards of Wall Street? Why not enact bankruptcy reform, to help Americans write down the value of the mortgage on their overvalued home? No one benefits from these costly foreclosures.

The Scandinavian countries showed the way, almost two decades ago. By issuing preferred shares with warrants (options), one reduces the public's downside risk and insures that they participate in some of the upside potential. This approach is not only proven, it provides both incentives and wherewithal to resume lending. It furthermore avoids the hopeless task of trying to value millions of complex mortgages and even more complex products in which they are embedded, and it deals with the "lemons" problem - the government getting stuck with the worst or most overpriced assets.

Finally, we need to impose a special financial sector tax to pay for the bailouts conducted so far. We also need to create a reserve fund so that poor taxpayers won't have to be called upon again to finance Wall Street's foolishness.We need open, public and transparent hearings so the American public can hear proposals from REAL experts like Nobel Prize winner Joseph E. Stiglitz, and decide in the clear light of day what is to done with OUR economic destiny, and not in secret back rooms like it's been done so far where they confiscate all the Blackberrys to keep us all in the dark..

And THEN they write the legislation. And they don't leave town until they do it, because we're not going to reelect them anyway unless they do.

The one click form below will send your personal message to all your government representatives selected below, with the subject "No More Bailout Votes Until Congress Hears From Some REAL Economists." At the same time you can send your personal comments only as a letter to the editor of your nearest local daily newspaper if you like.

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