Cynthia McKInney on the Bailout

Points for Congressional action immediately in the wake of the financial crisis now gripping our country:

1. Enactment of a foreclosure moratorium now before the next phase of ARM interest rate increases take effect;
2. Elimination of all ARM mortgages and their renegotiation into 30- or 40-year loans;
3. Establishment of new mortgage lending practices to end predatory and discriminatory practices;
4. Establishment of criteria and construction goals for affordable housing;
5. Redefinition of credit and regulation of the credit industry so that discriminatory practices are completely eliminated;
6. Full funding for initiatives that eliminate racial and ethnic disparities in home ownership;
7. Recognition of shelter as a right according to the United Nations Declaration of Human Rights to which the U.S. is a signatory so that no one sleeps on U.S. streets;
8. Full funding of a fund designed to cushion the job loss and provide for retraining of those at the bottom of the income scale as the economy transitions;
9. Close all tax loopholes and repeal of the Bush tax cuts for the top 1% of income earners; and
10. Fairly tax corporations, denying federal subsidies to those who relocate jobs overseas repeal NAFTA.
11. Appointment of former Comptroller General David Walker to fully audit all recipients of taxpayer cash infusions, including JP Morgan, Bear Stearns, Fannie Mae, Freddie Mac, and AIG, and to monitor their trading activities into the future;
12. Elimination of all derivatives trading;
13. Nationalization of the Federal Reserve and the establishment of a federally-owned, public banking system that makes credit available for small businesses, homeowners, manufacturing operations, renewable energy and infrastructure investments; and
14. Criminal prosecution of any activities that violated the law, including conflicts of interest that led to the current crisis.