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APRIL 13, 2011 12:55PM

Dear Mr. President: We Need A New Emancipation Proclamation

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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."  
 
No, Mr. President. Now is not the time to concede to the modern day Conservative secessionists, like Ryan and his ilk, who are busy celebrating the 150th anniversary of the beginning of the Civil War. Rather, it’s time to realize that a key to growing the economy and generating the kind of revenue we need is to address the housing and foreclosure crisis. This needs to be done in addition to raising taxes on the wealthy and reigning in Wall St. investment speculation as Old New Lefty wrote about in his insightful article. That means simultaneously reforming FICO credit scoring (Fair Isaac Corporation) and the banking and credit card company practices that have turned tens of millions of Americans into 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
 
(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, 
Conservatives like you, not just in the South, but all over the country, 
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.
 
But, an entrepreneurial non-profit firm called JUST PRICE SOLUTIONS  solves this problem and provides a great alternative to the FICO monopoly. 
 
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.

Mr. President, it's also time to consider how to break up the monopoly of the Credit Card industry and the usurious rates they charge that have made debt slaves of so many of the people and contributed to the crises. It's time these usurers put country first. Their rates need to be fair. If they were, people would be freed from debt slavery and be able to quickly spend money and pump up the economy.

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."

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Comments

Type your comment below:
In a time when words have lost their meaning (see "Paul Ryan wants to create jobs" or dozens of the examples) then upping the metaphor level, as you do here, is a great tactic.

The question I keep asking myself though is---"What's next?" The attack on the vulnerable is so pervasive---that it often slips right by.


We ALL need what you are advocating. And we need it badly.
In a time when words have lost their meaning (see "Paul Ryan wants to create jobs" or dozens of the examples) then upping the metaphor level, as you do here, is a great tactic.

The question I keep asking myself though is---"What's next?" The attack on the vulnerable is so pervasive---that it often slips right by.


We ALL need what you are advocating. And we need it badly.
Where do I sign up for that New Emancipation Proclamation?

I'm sick and tired of pretending anything close to social decency and justice will come from the right wing. They've tippe their hands far too often for me to believe anything they say. We need to break the back of their power and fling them out of power definitively. In a weird way, I'm grateful to Scott Walker for being such a weasel; he's given the unfocused anger on the left a focus and a conduit to becoming an actual political force for change in this nation again. Everyone who believes the poor and middle class deserve a decent standard of living and to catch some breaks and social justice in this nation need to tap into that for a better electoral outcome in 2012 than we had in 2010

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@Toritto: I hear you loud and clear bro. I checked in on your latest post too. Thanks for checking in here. Always great to see your name pop up :)

@chicago: With you all the way. Thanks for the support! Always great to see u.

@shiral: Always great seeing you and really appreciate your great insights.

@shiral:

@shiral