Dear Mr. President,
We need a New Emancipation Proclamation to free us from debt slavery and the sociopathy of the "Right!"
Rather, they continue to push their
“final solution” to the country’s "debt crisis" claiming it will grow the economy. Not only is this a lie, but their “plan” places the burden on the backs of the poor and most vulnerable. Their sociopathic solution is Paul Ryan’s fake “Path to Prosperity,”
which cynically piggybacks off the so-called “Prosperity Gospel” preached in "Christian Conservative" money-changing Mega-churches.
But we're not fooled. Ryan's right-wing plan is the modern day version of "40 acres and a mule." In other words, it's every bit the false promise that dashed the hopes of ex-slaves after the Civil War. Conservatives didn't come through then and they won't come through now for tens of millions of us modern day "debt slaves."
This will allow more qualified people to get low interest, fixed-rate mortgages, and free them from the debt slavery that is bringing down the country as sure as Jefferson Davis did 150 years ago
Conservatives like you, not just in the South, but all over the country,
(Study your history Mitch McConnell. You and your conservative Congressional colleagues never renounced Jefferson Davis. Rather, you, Eric Kantor, Michelle Bachmann et al are too busy blaming minorities for the housing crisis. In fact,
as Rachel Maddow has shown,
are pursuing many of the same strategies, like "nullification," engaged by Confederates in their secessionist zealotry. For them, as for their forebears, it’s still more about treason than reason).
But unlike the Republicans’ secessionistic plans, reforming FICO will stimulate the economy, job growth, and create more personal wealth for many more Americans than ever before.
Most people don't realize that FICO neglects crucial income information and bill paying history that could greatly increase people's scores if included.
Also, FICO penalizes people who don't use credit cards much and/or have few loans in their history. The growing use of high interest credit cards
helped produce the "debt slavery" that has created a cycle of economic collapse for so many Americans. Many are now unemployed and can't pay their bills or they pay them late. This destroys their FICO credit scores and prevents them from getting low interest, fixed rate mortgage loans and low credit card rates in the future, thus undermining other reforms being discussed in Congress and by your Administration to stimulate the economy.
But FICO is tightened its grips and monopoly on credit scoring
at the worst possible time. And the legislation supposedly reforming some of the most egregious credit card company practices (commenced in July 2009) only makes it more difficult for people to get low interest credit cards and help stimulate the economy. In other words, only people with the highest scores will get the best terms and credit limits. This is based on the tired old "trickle-down" theory of economic stimulus
that has done nothing but transfer more and more wealth to fewer and fewer people. Most economists have cited this as not only a threat to the capitalist system but to democracy itself.
Mr. President, you could give JUST PRICE SOLUTIONS
the kind of profile it deserves. And just as Republicans want to give a payroll tax holiday to employers, a one time holiday could be given to people who recently lost their homes in foreclosure (or lost their jobs
) so that they can restore their credit and get a home loan that they can actually afford this time, rather than the subprime garbage
offered in previously Red-lined communities by predators who played by the rules Republicans and conservatives helped create in the past.
That too would expand the market and stimulate demand, construction, and job creation, allowing more people to build wealth and participate in the American dream.
That's a win-win for all of us.
The banks and and credit card companies have taken hundreds of billions of our tax dollars and given billions in bonuses to the people who brought us the crisis. And now they're the ones with the highest FICO scores who can get the best loans for themselves while the rest of us are lectured to by Republicans to "play by the rules" even as they try and block rules that would limit these bogus bonuses.
It's time to hold them accountable! “We the people” are also “we the government” and deserve not only credit at reasonable rates and terms, but as taxpaying shareholders in these "Bailout Banks," we should share the profits, not just their socialized losses
Mr. President, like Lincoln, you could issue a New Emancipation Proclamation and free tens of millions from debt slavery
to the banks, credit card agencies, and FICO. You could free up the tremendous "bottom-up" stimulus potential of the people.
You could direct the Comptroller of the Currency of the Department of Treasury and the Federal Reserve Board to make sure the true strength of borrowers is considered in ways that still protect lenders. Free us from the FICO monopoly and insure that Fannie Mae and Freddie Mac become part of a realistic and prudent solution.
Mr. President, please help us create "a more just and perfect Union" from the "bottom-up." You can be the Lincoln of our times and free us from the greed and "top-down" bondage that has brought us to the Event Horizon we now face.
We stand ready to respond to your "call to arms."