As was to be expected (as he is on every issue) Dennis Kucinich was out in front on the bailout; calling these toxic debts what they are a “$513 trillion Ponzi scheme of derivatives.” And also calling the bailout scheme what it is, “The double standard is stunning: their profits are their profits, but their losses are our losses.” Kucinich also suggested a ten point remedy that included equity for Americans in any taxpayer investment plan for a Wall Street bailout. Kucinich’s plan called for the creation of an entity called the United States Mutual Trust Fund that would take control of the 700 billion dollar assets, and distribute $2,300 worth of shares to new individual savings accounts in the name of every American.

He also called for reinstatement of the Glass-Steagall Act (which was ended under Bill Clinton), re-regulation of the finance, insurance, and real estate industries, full public disclosure by members of Congress of assets held (with possible conflicts put in blind trust), accountability on the part of those who took the companies down, and a ban on political campaign contributions from officers of corporations receiving government aid.

And, most importantly, some means for direct assistance to homeowners contesting with unreasonable or unmanageable mortgages, as well as protection for renters who have followed their obligations but fallen victim to financial tragedy when the property that they reside in undergoes foreclosure. As usual Kucinich had a proposal that made a lot of sense for the middle class, and the Democratic Party leadership had a plan that made a lot of sense for Wall Street. I’d like to say, we haven’t heard this story before, but that’s not the truth, so that really wouldn’t be the right thing to say.

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