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Bernie’s Petition |

Being from Vermont it seems that Bernie Sanders is the butt of many jokes, especially in his home state. However, I think many people would agree with the petition he is heading up to put limits on the $700 billion bailout.

Any plan to clean up the mess on Wall Street must:

  1. Ensure that middle income and working families are not the ones who are paying for this bailout by
    • Imposing a five-year, 10 percent surtax on income over $1 million a year for couples and over $500,000 for single taxpayers. That would raise more than $300 billion in revenue over five years;
    • Ensuring that assets purchased from banks are realistically discounted so companies are not rewarded for their risky behavior and taxpayers can recover the amount they paid for them; and
    • Requiring that taxpayers receive equity stakes in the bailed-out companies so that the taxpayers’ assumption of risk is rewarded when companies’ stock goes up.

    Taken together these three provisions will substantially reduce the likelihood that this bailout will end up on the backs of average American taxpayers.

  2. Include a major economic recovery package which puts Americans to work at decent wages. Among many other areas, we can create millions of jobs rebuilding our crumbling infrastructure and moving our country from fossil fuels to energy efficiency and sustainable energy. Further, we must protect our must vulnerable families from the very difficult times they are experiencing.
  3. Repeal the disastrous de-regulatory legislation that facilitated this crisis.
  4. End the danger posed by companies that are “too big to fail,” that is, companies whose failure would cause systemic harm to the U.S. economy. If a company is too big to fail, it is too big to exist. We need to determine which companies fall in this category and then break them up.

If you agree with this you can sign his petition online (even if you’re not a Vermonter) at:
http://sanders.senate.gov/petitions/?petition=Financial_Crisis_1

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