Current measures attempting to stem Wall Street hemorrhaging by the Bush regime act to privatize profits and socialize losses. The failed financial markets and broken government want socialism for the rich and capitalism for the poor as patches and fixes. The entire financial structure has evaporated. Credit between banks and businesses vital to expansion and meeting payroll is frozen and curtailed. Rebuilding along the lines of the past greed-based, unregulated laissez-faire markets is not acceptable. Looking at this barren commerce landscape, opportunities now are beckoning for a environmentally sustainable, regulated, green-collar, solar-thermal, carbon and resource tax-based economy to emerge from the wreckage of failed markets, allowing the individual and relocalized communities to survive and prosper, stepping back from the abyss of today's precipice of complete financial, social and ecological ruin dwarfing the 1930's Great Depression.
To avert ever-escalating climate change-caused arctic glacial melt, desertification, drought, extreme weather and wildfires, rising ocean levels, plant and animal extinction, and human settlement dislocation, a collective effort on the scale of a Green New Deal is required immediately. We cannot expect the same financial and political mechanisms who brought us ecological and financial collapse to weigh in our effort to restore our survivability and sustainability. Consuming the planetary ecological services (as if the human species was entitled to use and lay waste to earth's resources) is directly related to unsustainable, unending accumulation of economic wealth that fuels environmental destruction. Conservation and frugality (making sacrifices and taking care of each other) will help define our transition in weaning ourselves off the oil standard and toward a 100% renewable energy economy to mitigate the effects of climate change.
The Federal Reserve's possible response of printing massive amounts of paper currency to infuse the lending system only leads to a deflated currency and runaway price and interest rate hyper-inflation. Once U.S. wealth is vaporized, civil insurrection, food and energy shortages will be met by martial law.
Nationalizing the Federal Reserve must make constituents beneficiaries not causalities of 'bail-out' plans. Today's unregulated economy based on the oil-standard, debt, interest and inflation is fueling skyrocketing prices which makes higher education, buying a house or a loaf of bread unaffordable by anyone. Deregulated markets have led to worthless paper backing securities falsely claimed to have had value by now failed mortgage lenders and security trades such as Fannie Mae and Freddie Mac, AIG, Lehman Brothers, Bear Stearns (purchased by JP Morgan) all of whom must be held accountable for their full participation in the so-called sub-prime meltdown and provide relief to the millions of homeowners and pensioners unfairly treated by the privatized, unregulated banking industry. Any Congressional economic stimulus bill must be a funded mandate drawing from those responsible for the excesses of unregulated banking and oil concerns and directed toward investments in an economy based on 100% renewable energy source (wind, ocean, tidal, solar, geothermal).