Monday, September 22, 2008

Compare Obama's Generalities with Nader's Specifics...

Mary Scott, at MLW, kindly provided the text of Obama's boilerplate. You'll have noticed the Jamocha Hope's (typically) seriously long on rhetoric, short on specifics....

Now, Nader (the "un-serious one"):

1. No bailouts without conditions and reciprocity in the form of stock warrants.

2. No more lobbying for any company that is bailed out.

3. No golden parachutes and get out of jail free cards for guilty executives.

4. No bailouts without public hearings.

5. Reduce the moral hazard in U.S. mortgage markets by introducing covered bonds for the majority of mortgage products as they do in Western Europe. That gives institutions that finance mortgages an incentive to be prudent, because they cannot just unload them and wipe their hands clean of the liability, but are instead on the hook if the homeowner defaults.

6. Maintain neighborhood stability and housing security by passing a law with a sunset clause allowing below median-value homeowners facing foreclosure the right to rent-to-own their homes at fair market value rates.

7. Avoid future housing bubbles by removing implicit government guarantees for new mortgages that exceed thresholds of greater than 15-20 times the annual fair market rent value of the home.

8. Make the Federal Reserve a Cabinet Position, so it is accountable to Congress, as well as making sure all Federal Reserve Bank presidents are appointed by the President and answerable to congress.

9. Reduce conflicts of interest by taking away power for auditor and rating agency selection from companies and placing it in the hands of the SEC to be administered on random assignment.

10. Implement a securities speculation tax, starting with derivatives to deter casino-style capitalism.

nagahapun, you say? Prob'ly.

Now ask yourself why NOT, and why Obama isn't more specific.

I won't try to affect your thinking,except to mention that Obama's adviser in all this is (GOP stalwart) Robert Rubin who, if he didn't collaborate with Gramm, Leach and Blilely, was at least compliant and cooperative...


Anonymous said...

Nader can't win it because he doesn't have the fanatical backing, but those are things that make a lot of sense. Obama should bring in Nader or at least take notes.

Anonymous said...

S'truth, but the Dems HAVE to win. We can't have McCain take over from Bush. He's an idiot. or rather has gone idiot.

Buck Thrust said...

vote nader! he's fuckin older than mccain even!