This may sound like a crazy idea but I have a proposal for the use of some of the funds that would otherwise be directed to banks and credit card companies. It seems that a lot of the people who have been losing their corporate jobs previously worked in banks, brokerage houses and administrative jobs in large corporations. Perhaps a new compliance branch of the government could be set up, then hire these individuals and train them to be compliance auditors and then send them to Wall Street and into all of the banks that received TARP funds. The purpose would be to find out just exactly what is going on in the market. What is motivating trading trends? Can we ferret out those people who are in Hedge funds that are using the stock exchange as Las Vegas? Can we figure out how the bankers who took TARP funds actually spent them? Can we figure out what is driving the corporations to do mass layoffs, thus creating a deeper recession by the moment?
This action would put a lot of middle class people back to work. Benefits would be restored. Mortgages and credit cards could be paid, thus eliminating bad loans and thereby eleminating the need to have taxpayers fund the finance industry. I personally would prefer to put money in the hands of employees rather than the hands of bankers looking for more cash to grow their banks.
As for the remaining bad loans that never should have been given, let the banks deal with the consequences of their predatory lending games.
We are all asking for transparency and accountability. The only way to achieve that is to have the adequate number of people working who can audit. We cannot go to war with Wall Street with guns and weapons of violence but we can go to war with pencil pushers descending on all of the businesses that have laid off vast numbers of employees and let them know that the party is over and greed is no longer an acceptable business plan.
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