Community | September 25, 2008 | 38 comments

Kucinich wants to give you shares in Wall Street

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Mulcahey
Rep. Dennis Kucinich (D-OH) outlined a proposal he said would create "a genuine ownership society," by giving taxpayers a stake in the companies the government will be saving with its proposed $700 billion package.

“Simply purchasing bad debt, 'cash for trash' and not receiving anything of value or giving $700 billion and not having a commensurate equity interest in Wall Street firms is unacceptable," Kucinich said in a news release Monday. "No 'cash for trash.'"

The former Democratic presidential candidate said he would be introducing a bill this week to create a "United States Mutual Trust Fund" to convert assets purchased by the governemnt into shares that would be distributed to every man, woman and child in the country. Every American would receive about $2,300 worth of shares because that is the cost of the bailout package to each individual, Kucinich said.
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38 comments // Kucinich wants to give you shares in Wall Street

  • Bovey
  • Ragan
    • 0
      Ragan  
    • Why would Americans elect Dennis wwhen we have an abundance of idiots, incompetants and juist plain seelf serving lazy jackasses. The American people do not elect they entertain. The few wealthy do the electing.

    • 3 years ago
  • retired_Navy
    • retired_Navy  
    • This comment was removed as a violation of community guidelines.
  • stopnoise
    • 0
      stopnoise  
    • retired_Navy:

      Why do you think education is something compared to a welfare? Education and health care It is an investment to this country. The most valuable asset this Country has it is its people.

    • 3 years ago
  • PatrioticAstronaut
  • SushiBandit
  • PressCore
    • 0
      PressCore  
    • NO CASH FOR TRASH!!! And especialy no cash for the trash known as George Bush Jr. Yeah Bush this means you. You've found a way to capitalize on every misfortune you've either created or permitted to the detriment of every member of America's middle class. Since your father & RAY-GUN were the original Saboteurs that put this Country on the road to Hell 28 years ago and have had a virtual stranglehold on the fortunes of its people ever since because you parasites are the reps of Big Oil's World Monopoly, you bet this means you! NO-TING for you New Depression era soup nazi. You have committed many High Crimes(Felonies) & Misdemeanors during
      the past 8 years of your Tyrany against the highest Law of OUR Land. And your criminaly psycotic profile
      of delusions of grandeur,pathological lying,and evil
      obsession won't allow you any insanity defense plea.
      You & Cheny have a ton of innocent blood on your hands War Criminals. The USA is one Country you 2
      won't get away with making War on either Piracy R US.

    • 3 years ago
  • rebot
  • karnathis
  • Mulcahey
  • Wesnology61
  • stopnoise
    • 0
      stopnoise  
    • Americans should grow up from their lack of political sciences education. Humans have invented 3 majors social and economical systems. Actually it is 4 but I'll live the last one for your own imagination, creativity and sense of discovery to find out. Without prejudice and discrimination these systems should be used where they work best for stabilization and progress of human development. Contrary of what some people think, many need to get to the conclusion that its is not everything that can be transformed in a product model and be explored for pure profit. Think small, think median and think big Yo!

    • 3 years ago
  • drewsuf721
    • 0
      drewsuf721  
    • Sounds like financial socialism. Mix that with the last 7 years of nationalism and we got ourselves something horrendous. National-Sozialismus.

      How do they still call themselves Republicans?

    • 3 years ago
  • k8_hj
  • Eat_Disco
    • 0
      Eat_Disco  
    • Although this is a briliant plan, at this point in time, even if this proposition was to gain momentum, it is far to late to make this radical of a change to the $700 billion bailout. Also it is doubtfull that we will even see a fraction of the expected return. The coumpanies reciving the bailout cash may still go under in which case the government would still seiz their assets, but it would not fully re-emburse the tax-payer money.

    • 3 years ago
  • tokomoe
  • SeaJade
    • 0
      SeaJade  
    • Part two: Dennis Kucinich statement on youtube channel: www.youtube.com/user/Kucinich2008

      "1. Reinstatement of the provisions of Glass-Steagall, which forbade speculation
      2. Re-regulation of the finance, insurance, and real estate industries
      3. Accountability on the part of those who took the companies down: a) resignations of management b) givebacks of executive compensation packages c) limitations on executive compensation d) admission by CEO's of what went wrong and how, prior to any government bailout
      4. Demands for transparencey a) with respect to analyzing the transactions which took the companies down b) with respect to Treasury's dealings with the companies pre and post-bailout
      5. An equity position for the taxpayers a) some form of ownership of assets
      6. Some credible formula for evaluating the price of the assets that the government is buying.
      7. A sunset clause on the legislation
      8. Full public disclosure by members of Congress of assets held, with possible conflicts put in blind trust.
      9. A ban on political campaign contributions from officers of corporations receiving bailouts
      10. A requirement that 2008 cycle candidates return political contributions to officers and representatives of corporations receiving bailouts

      And, most importantly, some mechanism for direct assistance to homeowners saddled with unreasonable or unmanageable mortgages, as well as protection for renters who have lived up to their obligation but fall victim to financial tragedy when the property they live in undergoes foreclosure.

      These are just some thoughts on the run. You will hear more from me tomorrow."

    • 3 years ago
  • SeaJade
    • 0
      SeaJade  
    • This is Dennis Kucinich' statement on his youtube channel: http://www.youtube.com/user/Kucinich2008

      "The U.S. government has been turned into an engine that accelerates the wealth upwards into the hands of a few. The Wall Street bailout, the Iraq War, military spending, tax cuts to the rich, and a for-profit health care system are all about the acceleration of wealth upwards. And now, the American people are about to pay the price of the collapse of the $513 trillion Ponzi scheme of derivatives. Yes, thats half a quadrillion dollars. Our first trillion dollar compression bandage will hardly stem the hemorrhaging of an unsustainable Ponzi scheme built on debt "de-leverages."

      Does anyone seriously think that our public and private debts of some $45 trillion will be paid? That the administration's growth of the federal debt from $5.6 trillion to $9.8 trillion while borrowing another trillion dollars from Social Security has nothing to do with this? Does anyone not see that when we spend nearly $16,000 for every family of four in our society for the military each year that we are heading over the cliff?

      This is a debt crisis, not a credit crisis. Just as FDR had to save capitalism after Wall Street excesses, we have to re-invigorate our economy with real - not imaginary - growth. It does not address the never-ending war on the middle class.

      The same corporate interests that profited from the closing of U.S. factories, the movement of millions of jobs out of America, the off-shoring of profits, the out-sourcing of workers, the crushing of pension funds, the knocking down of wages, the cancellation of health care benefits, the sub-prime lending are now rushing to Washington to get money to protect themselves.

      The double standard is stunning: their profits are their profits, but their losses are our losses.

      This bailout will not bring real jobs back to America. It will not bring back jobs that make things. It does not rebuild our schools, streets, neighborhoods, parks or bridges. The major product of this financial economy is now debt. Industrial capitalism has been destroyed.
      In the next few days I will push for a plan that includes equity for every American in any taxpayer investment in this so-called bail-out plan. Since the bailout will cost each and every American about $2,300, I have proposed the creation of a United States Mutual Trust Fund, which will take control of $700 billion in stock assets, convert those assets to shares, and distribute $2,300 worth of shares to new individual savings accounts in the name of each and every American.
      I will also insist that all of the following issues be considered in whatever Congress passes:"

      Part two next:

    • 3 years ago
  • poosta7
  • GlaringTruth
  • Eat_Disco
  • Justanks
  • bryneyancey
  • SeaJade
  • MeganMcKenzie
  • J_Jammer
  • third_eye_view
  • J_Jammer
    • 0
      J_Jammer [removed]  
    • Image
    • And I just think that since there are so many interesting photos of other people that those who like this man need to have variety and less the same.

      Broaden your horizons.

    • 3 years ago
  • kivol
    • 0
      kivol  
    • J_Jammer:

      character assassination? what are you driving to prove?

      are you trying to provoke a knee jerk reaction? why not listen to what his word and watch what his action are??

    • 2 years ago
  • J_Jammer
    • 0
      J_Jammer [removed]  
    • Image
    • I think that he's smart to have a different perspective. They need a whole bunch of ideas to decide which is better or to take a little from each to make one hybrid idea that's good.

      They just don't need to rush things.

    • 3 years ago
  • ii386
    • 0
      ii386  
    • Wonderful idea, and nice slogan. I'm going to pass that along now. Instead we're getting mutual trust funds of trash!

    • 3 years ago
  • pressrecord
  • omordn
  • simplecj
    • 0
      simplecj  
    • This is the best idea I've heard yet! When the economy turns back around, the people will profit!!! What a good idea! Public revenue generated on a massive scale, money diverted to us instead of the fat cats.... I LOVE IT!

    • 3 years ago
  • Justanks
  • MeganMcKenzie
  • 96thdayofrage
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