Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
2 comments

OpEdNews Op Eds

Pragmatism and Commonsense: Serving the National Interest

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; ; ; ; ; ; ; ; ; ; ; ; ; ; , Add Tags  (less...) Add to My Group(s)

View Ratings | Rate It

opednews.com

Stock markets slid yesterday and into Tuesday as the US Congress adjusted to the new realities of the global economy in the Age of Information, Knowledge, and Technology.

Wall Street reacted badly on Monday losing -372.75 points in anticipation of the United States government rescuing them from their own greed, corporate malfeasance, lack of transparency, and financial criminality.

Apparently, Wall Street was surprised to learn how the federal government that they have spent so much money over the past few decades trying to buy off works. An uncomfortable and expensive lesson no doubt.

As the US Congress moves forward with careful deliberation and due judgement, acting on behalf of the American people and in the public interest, there are some pragmatic, commonsense principles which are reasonable to include in any legislation:

1. all entities having access to any US funds must declare their assets, debits, and net worth in a complete and thorough accounting statement;

2. all assets forfeited are the property of the people of the United States of America;

3. clear and direct conflict of interest rules must be established for the handling, review, and distribution of assets;

4. appropriate checks-and-blances must be included in any legislation prior to passage that clearly spells out what entities or institutions maintain responsibility for oversight, scope of authority, and powers with respect to the disposition of assets;

5. bankruptcy courts must be given authority and flexibility to renegotiate the terms of any mortgages and any other credit contracts in order to assist consumers who are unable to pay under current terms and changed financial and/or economic conditions;

6. payouts of Chief Executive Officers of any failed institution or business ought to be limited to $250,000 plus ordinary benefits;

7. an independent tribunal with prosecutorial powers to investigate, charge, and try financial executives, corporate officers, and corporate employees for abuse, criminality, and/or fraud leading to the current crisis must be created in order to restore public confidence by reassuring that consequences attend actions;

8. an appropriate mechanism for independent judicial review and appeal must be established to ensure due process and equal protection of the laws of the United States with respect to any parties and actions subject to authority granted under the legislation.

These eight practical, commonsense provisions ought to be included in any legislation.

Particularly important is suggestion #5, the power of bankruptcy judges to renegotiate all credit and mortgage contracts.

Because it is at the heart of the current crisis, failure to ammend the authority of the bankruptcy courts only exacerbates the long-term problem which is both moral and economic.

The unquenchable thirst of greedy profiteers to squeeze the very last dime out of ordinary, hardworking Americans is an abuse that ought to be punishable, discouraged, and corrected.

 

http://www.blogger.com/profile/4236373

Constance Lavender is an HIV-Positive pseudonymous freelance e-journalist from a little isle off the coast of Jersey; New Jersey, that is...

In the Best spirit of Silence Dogood and Benj. Franklin, Ms. Lavender believes that a free (more...)
 
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Heterosexism and the African American Community

Stay Tuned...NJ Corruption Probe Extended To Other States

Deviating from the Norm: A Deviant Analysis of Kate Chopin's The Awakening as Coming Out Story

The Hero Myth in Maya Art & Culture

The Hero Cycle in Maya Myth & Culture

Now that Wall Street has been bailed out, where are the rest of US going?

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
2 people are discussing this page, with 2 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

You do good work.Unfortunately, we are looking to ... by Jack Harrington on Tuesday, Sep 23, 2008 at 1:32:01 PM
...for your comment.... by Constance Lavender on Tuesday, Sep 23, 2008 at 6:26:23 PM