You are hereForums / ADS Forums / Impeachment Discussion / - A Tax Payer Rebellion Launched! - A Tax Payer Rebellion Launched!

Watch the "Thanks Hank!" Video here: or at

The goal of the "Thanks Hank" campaign is to stir a tax-payer revolt through the use of humor. What's most absurd that We the People accept the risks and pay for the losses after the most greedy have collected obscene salaries, profits and windfalls.

This crisis bursts the conventional "bubble" that markets will solve all our problems. For 30 years we fed the palaver that markets are good and government is bad. We are now surrounded by market failures in finance, trade, jobs, health care and climate change. Not one of these problems can be solved without strong public policies to intervene and regulate market outcomes to align with the public interest.

This "Bailout" is Grover Norquist's wet dream to shrink the government's capacity to serve the people "until it is so small that it can be drowned in a bathtub." He and other market fundamentalists perpetrated this myth on the American people, in order to transfer the common wealth to the uncommonly greedy, and now they are going to have to pay us back! We want a 21st Century NEW DEAL.

Our Counter Proposal to Paulson and Congress:

* The people who caused the problem or profited most should pay for it:
1. Highly compensated executives total compensation should be capped or taxed heavily as a condition for being bailed out.
2. Tobin tax on all transactions in Finance, Insurance and Real Estate including currency transactions.
3. Government takes an equity stake, proportionate to the size of the bailout
4. Tax hedge fund managers' income
5. Accountability - fire executives of failed companies as done in the UK, and abrogate their severance packages.
6. Impose a five-year, 10 percent surtax on income over $1 million a year for couples and over $500,000 for single taxpayers.

* Re-regulate to prevent this from happening again
1. Direct the Federal Reserve to intervene to prevent asset bubbles.
2. Extend reserve requirements to new security categories
3. Regulate the packaging of loans so they can be evaluated, rated, and priced rationally.
4. Regulate hedge funds and private equity funds in a way comparable to banks

* Include Main Street in the bailout & Invest in a new productive economy
1. Establish a moratorium on foreclosures, renegotiating mortgages or institute a rent-to-own plan to keep people in homes.
2. Create a major economic recovery package which puts Americans to work at decent wages, in productive jobs that add value to homes and communities.
3. Invest the taxes on speculation, executive compensation, and the surtax on the wealthy in clean energy, infrastructure, education, and health care.

Congress will inevitably whine and pose as if they are fighting - stories of all night meetings for instance - but in the next few days they'll cave. Why? Because they are dependent on campaign contributions from the rich, in bed with Wall Street lobbyists, held by the balls by energy corporations and the military-industrial-complex and have forgotten that they are elected by Main Street not Wall Street.

The only thing that will bring about a different outcome is if We the People rise above the fear mongering, stop all business as usual, and say "Enough is enough!" in the streets and on the overpasses, at congressional offices, and at the headquarters of major corporations that have undermined our republic with undue and disproportionate influence over our elected officials.

Take action at send your unpaid debts to Hank Paulson at the Treasury, deposit slips to Congress, and get this rebellion rolling!

(This effort is a collaboration between the Backbone Campaign,, and videographer James Culbertson.)

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PS Sure beats Project for a New American Century.

The proposals for a 21st Century "New Deal" show great promise, but (y'all knew that was coming, didn't you?) there are a few things which would make this "NEW 'New Deal'" even better ... beginning with a full restoration of the Glass-Steagall Act, which would prohibit banks from branching out into so-called "investment" banking, which is nothing more than "casino"-style gambling on unproductive sectors of the economy. This has been one of the cornerstones of Dennis Kucinich's economic program, and a restoration of this Act is badly needed.

Secondly, restore the Consumer Price Index to the standards it originally had in the 1970's. A restoration of the CPI would raise interest rates on savings accounts and certificates of deposits which would encourage personal savings, not penalize it, and give those on Social Security, SSI, VA benefits and those remaining private pensions real cost-of-living increases which will allow them to live in dignity, instead of the nickel-and-dime COLA's which have caused many recipients to have to choose between paying the rent, feeding themselves and keeping a roof over their heads.

Thirdly, establishment of a two-tier credit system, with low-interest credit directed by the Federal government -- with proper oversight to make sure this credit isn't misused or abused -- into a series of science-driver and infrastructure projects designed to recreate an efficient environment in which our productive base can be rebuilt; this, in turn, will produce productive jobs that pay high wages which will strengthen communities by shoring up diminishing tax bases and restoring vital human services, and strengthening families by putting unemployed people back to work, making them taxpayers once again.

These projects would include various emergency programs to expand our electrical generation capacity using the most modern nuclear reactors, water projects to solve the shortages in western North America and other parts of the country, the upgrading of our transportation system using high-speed mag-lev trains and the development of hydrogen-powered motor vehicles, which would not only clean up our environment, but also create a platform for new technologies which could take us to the farthest edges of the universe, if we so desired it.

Finally, the toughest part of all ... changing our personal economic and financial habits. None of the measures proposed in the "21st Century New Deal" will work effectively unless we, the American people, are ready to give up our addiction to racking up massive levels of debt, and the "casino mentality" of greed which has put us into this situation.

We cannot have a new era of prosperity if we're still engaging in the same bad habits of spending more than we earn, not saving enough to leave a financial legacy to our chhlidren and grandchildren and accumulating a lot of unsecured debt to purchase a lot of things we don't need in order to "keep up with the Joneses". Changing the character of Americans from reckless spenders back into consistant savers and real investors will be a challenge, but it will be necessary for this "NEW 'New Deal'" to be as successful as it could be.

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