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Date Posted: 16:56:49 09/26/08 Fri
Author: Bobby Harmon
Subject:

A Common Sense Alternative to Bailouts for Wall Street Billionaires

Deal or No Deal...
to a bailout for billionaires?

A Sighting from The Catbird Seat

~ o ~

Should U.S. taxpayers accept a quick, high-risk bailout DEAL where the $700,000,000,000 prize goes to Billionaire Racketeers, or should they say NO DEAL and go for a chance to save their jobs, their homes and their economy?
-------------------

September 24, 2008

A COMMON-SENSE SOLUTION TO THE FINANCIAL CRISIS

Most U.S. citizens are already painfully aware of their own personal economic situations and don�t need me, or anyone else, to explain what the nation�s �economic problems� are, so I�ll get right to a proposed solution:

1. Take the same $700 billion, or whatever figure may be prudent, and set up a BRAND NEW, independent, taxpayer-owned, taxpayer-operated bank. Taxpayers should NOT buy an OLD, TROUBLED �pig-in-a-poke� financial institution for billions of dollars � especially without having an independent audit of what the ASSETS and LIABILITIES of that company are, and without any business plan or any details provided on how the common, tax-payer homeowner is going to benefit from this �bailout�.

2. This NEW taxpayer-owned bank, initially should be chartered for the sole purpose of assuming the troubled home mortgages from ALL financial institutions in the United States. This gives a quick �bailout� to the troubled banks by relieving them of their non-performing home mortgages, and at the same time gives the homeowner a chance to avoid immediate foreclosure and loss of their homes.

3. The EXPENSES of the NEW taxpayer-owned bank will be drastically less than those of the OLD corporate-owned-banks. There will be no multi-million dollar salaries for CEO�s and managers, no golden parachutes to worry about, no millions for attorneys involved in the old bank�s lawsuits, no millions for unpaid fines for criminal activities, no assumption of liability for UNFUNDED or UNDERFUNDED PENSION PLANS, NO SURPRISES when audits of the old company reveal massive fraud and cooked books, no payola and under-the-table payoffs, etc. The NEW taxpayer-funded and taxpayer-owned bank should have excellent credit - unencumbered with the debts and liabilities (both known and unknown) of the current banks. Thus, the NEW bank should have no difficulty in borrowing from the Federal banks at the same or lower rates as the troubled commercial banks.

4. With greatly reduced expenses, current homeowners who are having difficulty with their mortgages should be able to REFINANCE their homes with the NEW taxpayer-owned bank at greatly reduced rates, with lower payments spread out over longer periods of time, etc. Under this plan, the OLD bank benefits by getting the troubled mortgages off their books. The NEW bank benefits by not assuming the huge liabilities the OLD banks have run up over the years as a result of their greed, corruption and mismanagement. The homeowner benefits by avoiding foreclosure and having a new, lower-interest-rate mortgage in a sound financial institution which he or she owns.

5. The creation of a NEW taxpayer-owned, taxpayer-operated bank would be truly...

FAIR - Each individual homeowner-borrower should treated equally which totally avoids the controversy and haggling over which of the OLD banks would get bailed out and which wouldn�t. This plan for a NEW bank would treat all current financial institutions equally - whether or not they are in trouble.

FAST - There would be no need to audit the old financial institutions, no need to wait for FBI to investigate the current wrongdoers in the firms; no need to �work-out� millions of dollars old loans, etc.. Since this NEW bank solution is fair, simpler, and addresses the immediate as well as long-term needs of ALL the citizens in the country (not just the Wall Street millionaires), there should be no partisan bickering over the passage of legislation.

SAFE AND SENSIBLE - Instead of rushing to pour $700,000,000,000 into a deep, dark, unknown cesspool, with no guarantee as to where it will go or if it will solve any problems, using the SAME MONEY for a brand NEW institution owned by taxpayers and operated by taxpayers, and unencumbered by the excesses, corruption and liabilities of the old institution, has multiple benefits for the economy.

MULTIPLE ECONOMIC BENEFITS - This money will be used to construct new, taxpayer-owned banking facilities across the country, quickly creating new business for contractors and hundreds of thousands of new jobs for supporting businesses as well as for those who will be employed in these local banks. As it�s highly doubtful that it would take $700 billion in borrowed money to set up these new banks, savings on interest alone will be in the hundreds of millions. This should free up substantial amounts to channel into funding the financial needs of our schools, our hospitals, medical care for our returning veterans, our roads, our bridges, our parks, our police forces, our homeland security, etc., etc., which, in turn, would go a very long way to restarting and to restoring our nation�s economy.

OWNERSHIP, CONTROL, INTEREST PAYMENTS, TAXES, AND PROFITS REMAIN IN THE UNITED STATES: There is talk of foreign banks - even the government of China - buying up distressed American banks. This proposal for a NEW BANK is a common sense alternative to help curtail the takeover of our financial institutions by foreign interests. Under this plan, we would set up a corporation with one share of stock given (as a tax rebate) to every taxpayer in the United States. In order to avoid stock speculation and the accumulation of this new bank stock by the wealthy few, sale or redemption of this stock would be back to the bank corporation. Every taxpayer then shall own no more than one share of stock, which could be redeemed upon that person�s retirement or death. Mortgages would be limited to the U.S. taxpayer�s primary residence only. This plan is designed to help the ordinary citizen protect the roof over his head - not to bail out the developers, real estate speculators, landlords and banks who made bad business decisions. Under this simple plan, there is NO BLANK CHECK to be given to these questionable organizations, their highly-paid officers and directors, their cronies, their lawyers, their lobbyists, etc. Under this plan for a NEW bank, there would be NO TIME-CONSUMING ARGUMENTS ABOUT MULTI-MILLION DOLLAR SALARIES OR GOLDEN PARACHUTES, WHO GETS FIRED, WHAT DO WE DO ABOUT UNDER-FUNDED PENSION PLANS, WHAT TAX-FREE DIVIDENDS GET PAID, etc. . The corporations continue to control their own affairs, pay their own people, pay their own taxes, etc. for NOW. (Later, in calmer times, Congress really should get involved in passing laws outlawing interlocking directorships, limiting executive payrolls, restoring the Glass-Steagall Act, etc., and establish a strong oversight panel to curb abuses. And, the new administration should appoint a strong, fair Attorney General and make sure the Justice Department performs as required to investigate and prosecute any and all persons in these financial and insurance organizations who engage in fraudulent activity.)

SO WHAT�S YOUR DECISION, CITIZENS?

A BAILOUT FOR BILLIONAIRES DEAL

OR

NO DEAL?

Let your legislator know now!

CONTACT YOUR CONGRESS PERSON

http://www.votenobailout.org/

http://www.nobailout.org/

PLEASE PASS THIS PAGE ON.

~ ~ ~

More reasons why the bailout proposals now being put before Congress won�t work...

1. Lack of factual details and transparency in the current proposals to allow for informed discussions and for the public and lawmakers to make informed decisions. Full AUDITS of these companies in financial crisis should be made by government auditors, and full reports issued and published in the media and on the internet so that there is full transparency and opportunity for ALL CITIZENS to review (not just the billionaire corporate executives behind closed doors) and THEN carefully consider alternative proposals to resolve the crisis. Without full audits U.S. citizens do not know what ASSETS and LIABILITIES they are buying with the $800 billion of their tax dollars. No private firm is going to invest heavily in a company without a trustworthy audit of that organization.

2. Many of these financial firms, and their top officers, being considered for bailouts are currently under investigation by the FBI for fraud, stock manipulation, withholding information from investors, etc., much of which is related to the current mortgage crisis. The FBI cannot give the public and the lawmakers any details regarding who is being investigated or when the investigations will be completed. Congress SHOULD NOT blindly give hundreds of billions of dollars to these businesses UNTIL THESE INVESTIGATIONS ARE COMPLETED, and the criminals prosecuted. Not a single taxpayer dollar should go into the pockets of these racketeers until all prosecutions have been completed.

3. The proposals thus far have not explained what kind of help, if any, the millions of ordinary American homeowners now in default on their loans, and on the brink of losing their homes, are going to benefit from this bailout of billionaires.

The Bush Administration is now pushing to RUSH the bailout through Congress.

Bailout NOW to save the economy and work out the details later, the Administration says. Don�t wait for audits. Don�t wait for investigations. Don�t worry about the taxpayers being twice-fooled and twice-burned by BAILING OUT THE GANGSTERS bailing out the perpetrators of this crisis WITH THEIR OWN TAX MONEY. Our entire financial system is about to go down, dragging down our whole economy, Bush says. If we don�t rush this through, we�re in for a long, deep recession. RUSH! RUSH!

URGENT: A Common-Sense Alternative Proposal to the Bailout for Wallstreet Billionaires

Thursday, September 25, 2008 6:51 PM

From: "Bobby Harmon"

To: "David Farmer" , "Steven Guttman" , "Carol K. Muranaka"

Cc: "Michael Mukasey" , "ACLU Hawaii" , "All Representatives" , "All Senators" , "Andrew Walden" , "Andrew Winer" , "Aon Insurance Managers" , "Arnold T. Phillips" , "Arthur Rath" , "Barry M. Kurren" , "Benjamin Kudo" , "Bradley Tamm" , "Carl Morton" , "Charles Goodwin" , "Charles Hurd" , "Colbert Matsumoto" , "Dane Field" , "Dave Shapiro" , "David A. Ezra" , "Dee Jay Mailer" , "Dorothy Sellers" , "Executive Office for U.S. Trustees" , "Hugh Jones" , "Insurance Division Fraud Branch" , "J C Shannon" , "James B Nicholson" , "James B. Farris" , "James Cribley" , "James Duca" , "James Paul" , "James Wriston" , "Jeffrey Sia" , "Jeffrey Watanabe" , "Jim Dooley" , "Jo Ann Uchida" , "Joe Moore" , "John D. Finnegan" , "John Goemans" , "Judge Lloyd King" , "Judith Neustadter" , "Judson Witham" , "Ken Conklin" , "Kenneth Hipp" , "Kevin S.C. Chang" , "Lawrence Reifurth" , "Linda Lingle" , "Lyn Flanigan Anzai" , "Margery Bronster" , "Marsh Affinity Group" , "Michael N. Tanoue" , "Michelle Tucker" , "Nathan Aipa" , "Office of Inspector General Civil Rights Complaints" , "Office of the U.S. Trustee District of Hawaii" , "Paul Alston" , "Peter Carlisle" , "Randall Roth" , "Rick Daysog" , "Robert Bruce Graham" , "Robert F. Miller" , "Robin Campaniano" , "Roy F. Hughes" , "Samuel P. King" , "Susan Tius" , "V K Durham" , "Valerie U. Katz" , "William K Slate" , "Jim Terrack" , "Don Michak" , "Rocco Sansone" , "Ted Pettit" , "Mark Burch" , "Laura Thielen" , "Michael Moore" , "John D Zalewski" , "Robert M. Kohn" , "Haunani Apoliona" , "Malia Zimmerman" , "CPCU Society Hawaii Chapter" , "Hawaii Independent Insurance Agents Assoc." , "Hawaii Insurance Bureau Inc" , "Hawaii Insurers Council" , "Reporters Committee for Freedom of the Press" , "CND 48 Hours" <48Hours@CBSnews.com>, "American Bar Association" , "Electronic Frontier Foundation" , "First Amendment Center" , "Council for the National Interest Foundation" , "ImpeachBush.org" , "Wayne Madsen" , "Editor New York Times" , "Greg Palast" , "Pension Benefit Guaranty Association" , "Public Citizen" , "Jason Linkins" , "Sam Stein"

Dear Mr. Farmer, Mr. Guttman, Ms. Muranaka & All Concerned:

Due to the discovery of NEW FACTS, I am adding two Exhibits which you will find online at:

http://www.kycbs.net/No-Bailout-for-Billionaires.htm
http://www.votenobailout.org/

Please advise immediately if these new Exhibits contain any "PROTECTED SUBJECT MATTER" which is prohibited by ORDER of Judge David A. Ezra.

As Judge Ezra's Order constitutes a PRIOR RESTRAINT of my freedom of speech, I regret that I must continue to submit each of these new or updated exhibits and witness descriptions for your review and approval.

If you and Judge David Ezra would like to avoid this approval process in the future, then I would again suggest that we, and our respective liability insurance carriers, attempt a good-faith global settlement of this case through confidential negotiation or mediation.

If you and your insurance carriers are not willing to negotiate or mediate a settlement, then I ask that, in light of all the new facts presented in these Exhibits, if you still intend to OBJECT to my filing a Motion to reopen this case.

Your immediate reply is requested.

Very truly yours,

Bobby N. Harmon, CPCU, ARM

Related internet references:
http://www.kycbs.net/KSBE-vs-BNH-Goemans-Free-Speech.pdf
http://www.kycbs.net/CV05-00030-Witness-Rubin-Robert.htm
http://www.kycbs.net/CV05-00030-Witness-Paulson-Henry.htm
http://www.kycbs.net/CV05-00030-Witness-Mukasey-Michael.htm
http://www.kycbs.net/CV05-00030-Witness-Gonzales-Alberto.htm
http://www.kycbs.net/CV05-00030-Witness-Goemans-John.htm
http://www.kycbs.net/CV05-00030-Witness-Hughes-Roy.htm
http://www.kycbs.net/CV05-00030-Witness-Matsumoto-Colbert.htm
http://www.kycbs.net/CV05-00030-Witness-Tanoue-Michael.htm
http://www.kycbs.net/CV05-00030-Witness-Chang-Kevin.htm
http://www.kycbs.net/CV05-00030-Witness-Ezra-David.htm
http://www.kycbs.net/CV05-00030-Witness-Kurren-Barry.htm
http://www.kycbs.net/CV05-00030-Witness-Hifo-Eden.htm
http://www.kycbs.net/CV05-00030-Witness-Fuqua-Judith.htm
http://www.kycbs.net/CV05-00030-Witness-Woo-Mary-Lou.htm
http://www.kycbs.net/CV05-00030-Witness-Ching-Curtis.htm
http://www.kycbs.net/CV05-00030-Witness-Muranaka-Carol.htm
http://www.kycbs.net/CV05-00030-Witness-Nicholson-Jim.htm
http://www.kycbs.net/CV05-00030-Witness-Farmer-David.htm
http://www.kycbs.net/CV05-00030-Witness-Guttman-Steven.htm
http://www.kycbs.net/911-COVERUP.htm
http://www.kycbs.net/911-COVERUP-2.htm
http://www.kycbs.net/911-COVERUP-3.htm
http://www.kycbs.net/AIG.htm
http://www.kycbs.net/AlliedWorldAssurance.htm
http://www.kycbs.net/Bank-of-America.htm
http://www.kycbs.net/Bank-of-Hawaii.htm
http://www.kycbs.net/Bank-of-Honolulu.htm
http://www.kycbs.net/BCCI.htm
http://www.kycbs.net/Bishop.htm
http://www.kycbs.net/BlackstoneGroup.htm
http://www.kycbs.net/CarlyleGroup.htm
http://www.kycbs.net/ChubbGroup.htm
http://www.kycbs.net/Confessions.htm
http://www.kycbs.net/ConnecticutConnection.htm
http://www.kycbs.net/First-Hawaiian-Bank.htm
http://www.kycbs.net/Freedom-To-Sing.htm
http://www.kycbs.net/GoldmanSachs.htm
http://www.kycbs.net/Google-AIG.htm
http://www.kycbs.net/Google-AIG-PI.htm
http://www.kycbs.net/Hawaiian-Electric.htm
http://www.kycbs.net/Henry-Paulson.htm
http://www.kycbs.net/Impeach-Bush.htm
http://www.kycbs.net/IndonesianConnection.htm
http://www.kycbs.net/JUSTICE.htm
http://www.kycbs.net/MarshBirds.htm
http://www.kycbs.net/MaunawiliValley.htm
http://www.kycbs.net/Peregrine-Fund.htm
http://www.kycbs.net/Peregrine-Gallery.htm
http://www.kycbs.net/Pimps.htm
http://www.kycbs.net/PriceWaterhouse.htm
http://www.kycbs.net/PunaConnection.htm
http://www.kycbs.net/RICO-In-Paradise.htm
http://www.kycbs.net/SandwichIsles.htm
http://www.kycbs.net/Summit-Communications.htm
http://www.kycbs.net/TheMeadows.htm
http://www.kycbs.net/TheMercenaries.htm
http://www.kycbs.net/ThinkTanks.htm
http://www.kycbs.net/Thorns.htm
http://www.kycbs.net/Treasury.htm
http://www.kycbs.net/Vampires.htm
http://www.kycbs.net/Whistleblowers.htm
http://www.kycbs.net/Zurich.htm

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