Written by Dr. M Tryone Cushman , on 10-09-2008 00:00
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The following is a letter from Dr. M. Tyrone Cushman to Joe Hopkins, President of West Coast Black Publishers Association
With uncharacteristic non-partisan resolve, we can solve this problem.
Here's the deal--First, steps must be taken to eliminate the causes for the mess. Fraud must be prosecuted, CEO's must be fired without compensation and early warning watchdog regulations must be put in place to prevent reoccurrence.
Second, the government (the taxpayers) can decide to step in and stop any further collapse of select strategic financial markets and the chain reaction of business failures and unemployment that will surely follow by lending or investing in the banks or financial institutions on Wall Street enough money to stay in business whether $700 billion or 2 trillion--it is an investment of THE PEOPLE, not merely the government.
Third, as security or collateral, the people (the government) will demand shares of stock in every bank or financial institution to whom money is loaned with the condition it be paid back with interest in 10 years--boom--win/win. Main Street now owns a "mutual fund" that consists of stock from every bailed-out, born-again, borrowing and lending institution on Wall Street.
Would the "free-market" extremists rather see the system collapse than see the public, the poor and the middleclass, own a piece of what they, the rich, have had exclusively since the middle-ages? Is it that these extreme conservatives don't want the system saved by the people who will suffer the most if it fails? Are they again attempting to dumb-down the public with fearful terms like "socialism," exaggerated prophecies of impending doom and explanations wrapped in false patriotism? Do they feign to help the poor and middleclass by shutting them out of the real agenda--the accumulative wealth of their own sweat equity?
For the poor and middleclass to "invest" in the economy by "buying low and selling high," is the essence of "free market capitalism." The profits will help pay for health care for every American; college education for every American and become the down payment on the promise of "life, love, and the pursuit of happiness" for every American not just a lucky 2 percent.
It is now clear to me. I want in. I say to the U. S. Congress--Do the deal...now!
