A Sensible Plan for Recovery

"A Sensible Plan for Recovery" from the Institute for Policy Studies (IPS) (also viewable at ThanksHank.org) Program Summary: Provide Stimulus for Main Street - Aid to the Real Economy Make Wall Street Speculators Pay for the Bailout - No More Debt Shut down the Casino: Reign in the Unregulated Financial Sector Limit CEO pay and Prohibit Profiteering from the Bailout The grassroots blowback against the Bush Administration's proposed Wall Street bailout is rooted in deep distrust. The following is a simple program that should be incorporated into the current bailout proposal to address the root causes of our problem and restore trust and confidence in our economic system. 1. A Stimulus For Main Street A $200 billion Main Street Stimulus Package could bolster the real economy and those left vulnerable by the sub-prime mortgage meltdown. This package should include investment in renewable energy infrastructure, help to distressed homeowners, and federal aid to the States. See the terms of the $56.2 billion proposed Economic Recovery Package proposed by Senators Reid and Byrd. 2. Make Wall Street Speculators Pay for the Bailout Congress must make the speculators pay for the mess they created. Progressive policy experts have crafted a plan for $900 billion in revenue. Read the Plan here: http://www.ips- dc.org/articles/740. This includes a Securities Transaction Tax ($100 Billion); a Corporate Minimum Income Tax ($60 Billion); a 'Disgorgement' recovery from profligate CEOs ($40 Billion). 3. Shut Down the Casino: Assert oversight of Financial Markets Shutting down the casino would include re-regulation of the financial sector with new oversight authority and would extend oversight to hedge funds and other unregulated financial instruments. 4. Limits on Excessive CEO Pay and Prohibitions on Profiteering from Bailout Limits on CEO pay removes one of the incentives that drove the short-term casino mentality in corporate America. Private firms involved in the bailout should be subject to strict controls and conflict-of-interest oversight to prevent profiteering at taxpayer's expense. Download full proposal here. TAKE ACTION 1. Educate Congress: Immediately contact your member of the House of Representatives. Whether they voted for or against the bailout, urge them to embrace this program. Call Senators to alert them to this proposal and your demands, as the next action in Congress will likely be in the Senate. Reach Congress at 202-224-3121. Addresses and FAX numbers at VoteSmart.org. Fun Thank-N-Spank tools here for office visits and FAXing. 2. Organize or attend an action on Wednesday, Oct. 1 in your area using this easy organizing tool. 3. Engage the Media & Influence the Conversation: Write letters to the editor, call in to talk radio programs, send op-eds, and letters to the editor, add comments and links to blogs, online articles, and youtube videos. For a laugh & to access this information online you can also visit ThanksHank.org 954-394-4980