Supported by Council for a Livable World
The Council for a Livable World, founded in 1962 by long-time socialist activist and alleged Soviet agent, Leo Szilard, is a non-profit advocacy organization that seeks to "reduce the danger of nuclear weapons and increase national security", primarily through supporting progressive, congressional candidates who support their policies. The Council supported Lloyd Doggett in his successful House of Representatives run as candidate for Texas.
The Populist Caucus was founded on February 11, 2009 in the United States House of Representatives by Democrat Bruce Braley of Iowa. The caucus originally included 26 other Democrats in the House, including Lloyd Doggett.
Socialist financial plan
Sept. 30, the day after the original bailout compromise went down in flames. The progressive Democrats placed a new plan—the “No BAILOUTS Act” (Bringing Accountability, Increased Liquidity, Oversight, and Upholding Taxpayer Security)—on the table that John Nichols of The Nation says “would impose a securities tax equivalent to one quarter of one percent of profits and empower the Federal Deposit Insurance Corporation to deal more effectively with bank failures.”
The bill—sponsored by US Reps. Peter DeFazio(D-Ore.), Marcy Kaptur (D-Ohio), Robert Scott (D-Va.), Elijah Cummings and Donna Edwards (both D-Md.), Lloyd Doggett (D-Texas), Mazie Hirono (D-Hawaii) and Rush Holt, Jr.,(D NJ) —would change the way securities are valued, applying “an economic value standard to measure the capital of financial institutions,” as opposed to a market standard, an increase in the federal deposit insurance maximum and other accounting measures designed to create breathing room. It also would require the Federal Deposit Insurance Corporation to purchase certificates that would be repaid.
“What I’m proposing is to use both market discipline and regulatory functions at virtually no cost to taxpayers to unclog the arteries of commerce so banks can begin lending again,’’ DeFazio said, according to The Oregonian.
In a letter introducing the plan, he said that Congress needed to “take swift, uncomplicated steps to ensure the financial markets return to working order. After that, we can work to resolve the housing crisis and pass effective job stimulus.”
Andy Stern, president of the Service Employees International Union, said the plan would “restore confidence in the financial markets without writing a blank check to the same Wall Street banks and CEOs who got us into this mess.”
“This is an important, short-term solution that protects taxpayers and their savings accounts,” he added. “To revive the economy over the long-term, we must address rising unemployment, stagnant wages, the healthcare crisis, and a tax system that is tilted in favor of the wealthy.”
DeFazio and the SEIU acknowledge that this is just the first step toward fixing the economy. Once a progressive rescue plan is in place, the Democrats create a rescue plan for homeowners facing foreclosure, enact a public works and green energy stimulus to get people working, fix the nation’s infrastructure and refocus the nation’s economy on sustainable principles.