Sell the American dream or 50 acres and a mule for 700 billion dollars today...

[SAMARA]

I am a rational person.
Apples are apples and oranges are oranges.


That was an apple.
If I am not mistaken, Paulson was a member of the Nixon comaderie. Enough said there. Depending on the side of the fence, it could be a good apple or a bad apple.


The oranges are:

1. Mortgage backed securities funded by congress, through the Treasury department generating wealth.

2. 10 billion dollars a month to fund a war, 700 billion is approximately 70 months of war or 5 years, if you are perceptive.

3. CFO/CEO/COO compensation are uncomprehensible when a company files for reorganization, or chapter 11. Otherwise, no money to operate and assets are under the control of a receiver determining the allocation of resources appropriate to maintain the minimum operational requirements until "restructured" and repurchased -

a. When a company closes for restructuring... people lose their jobs.

b. if you are responsible for the loss in a business, you lose your job.

c. you lose your job and lose your business, the market is open to repurchase these mismanaged assets.

d. 700 billion dollars of tax money sustains a large disparity between rich and poor, creating a greater disparity and placing the burden on the poor to redeem the rich.

e. America is for sale and should be purchased by the American people. Ownership should not remain in the possession of the rich who will gain from i.) a resale yesrs ahead at a lower than value price ii. maintain their wealth in worth and passing the financial burden to the people.

Here is the banana - Paulson & Co. should be imprisoned.

Acting with such negligence to not protect the interest of the American people ranging from their homes in ill-faith mortgage securities to loss of pension value and personal savings... This occured on his watch, under his permission. Today he is pushing for an immediate resolution... to cover his behind with a government on the way out.

I suggest do not do it with haste.

1. The people should not sign a blank cheque without terms and conditions that permit the people to safe guard their assets ie. homes,
2. The ownership of the business should be placed to the people in form of government and resold at market value not under the table through handshakes. There should be clear transparency of these operations and public notices of future looking activities ie. sales to private interest groups
3. The industry needs to prevent people in power to write themselves blank cheques by poor financial instruments that are meant to undermine the basic nature of wealth creation.
4. Get wise to the election... or shut up pay the 700 billion and shit yourself in your pants

i. when you cant afford health care

ii. in a chair without a pension, or

iii. on the street corner without a toilet to defecate in on a regular basis.

The Star Fruit

Get your 50 acres and mule.... Every last one of the American people. You are about to pay 700 billion dallars for it... and you have already lost your savings, your jobs, your pensions, your homes... what more must you lose?

Each and every person has more to lose...


The sour grape

Just dont be the dumbest people in the history of America.

The wealthy did not come together a long time ago because of greed and the division that occurred because of ethinicity, gender, and religion - only one reason the people of America are caught in a poor labour agreement again. Almost the same reason people "just cant vote for a black man" or deem/view a female candidate as a gimmick/opportunity.

Know where the boat is going. Not everyone can read a map, but for God's sake... listen to the GPS. You are about to be robbed.

[I-ki]

People are dumb and the sooner you realize that the sooner you will get rich. If you live in poverty, dont have healthcare, lost your home because you couldnt pay for it anymore then you deserve it.

In france, nobody fuks with their healthcare. You wanna know why?. Exactly, you dont want to know. You fukers just want shit laid out for you and if you dont have it you complain then shop at walmart and have more kids.... Thats why repbulicans keeps on shittin' on you cause you stay putting your head under their @sses....

[SAMARA]

Originally Posted by I-ki

People are dumb and the sooner you realize that the sooner you will get rich. If you live in poverty, dont have healthcare, lost your home because you couldnt pay for it anymore then you deserve it.

In france, nobody fuks with their healthcare. You wanna know why?. Exactly, you dont want to know. You fukers just want shit laid out for you and if you dont have it you complain then shop at walmart and have more kids.... Thats why repbulicans keeps on shittin' on you cause you stay putting your head under their @sses....

Why are you going to burden the future generations with 11.3 triillion of debt?
The people fought for physical freedom, then personal freedom, now they have been burdened with the blungeoned mismanaged and self gain of the wealthy whom have fought to maintain a great disparity.

This is a result of history.

I know people who have worked me and underpaid me while collecting huge salaries for handshaking.

This is an expensive relationship the people are going to save and these are friends that we just dont need in our economy anymore.

It is about what we know... we are poor and they are rich. The poor are going to be taxed to save "the land"... and the rich will save their wealth to throw you a bone, and be safe in corporate write offs and perks, and above all else safe in TAX CUTS.

I worked with a man who cheated and stole from investors intelligently. he made 250,000 a year, wrote off his lunch even a bus ticket, including gas for the car. It was an avenue to maintain his lifestyle. Everyone else worked to keep the business going, underpaid and overworked.

These people need to be imprisoned.
For the most part, many should have been imprisoned when the Queen abolished slavery and they refused to free the people in fear of losing their wealth, but instead we fought for Independence. A great idea amidst a terrible intent.

Today the minority has grown to the majority and inherited finally their country at a cost of 11.3 trillion USD. It is unfortunate that the self-made are at risk, if not I would say onwards and upwards and leave these descendents of theives to live humbly among us.

Tell the world, the American people are saving the economy? From what are we saving the economy from? and how did the economy get to be so latent to not react to market factors? Historically, a latent disrespondent economy is a result of....? Someone please help explain what the economy is being saved from?

Its who you know not what you know.

[I-ki]

Yeah yeah yeah. Another excuse. There is an excuse to EVERY thing out there. Dont get me wrong, life is pretty fukin hard for alot of people but alot of the reasons why they are poor is because their mentality is poor. You cant possibly blame rich people for that.

People want blame rich people all the time. But in fact, alot of the reasons why poor people are in the position they are in is because of the choices THEY made. There are of course innocent bystanders but that is all part of the game. Look at the poor people, alot of them are on crack, alot of kids dont have daddy's... you gonna blame rich people for that?. Fuk that "its who you know" shit, that isnt the cause of the problem..... Just look at politics, can you actually believe that people are voting for the character and not the real motives???. But I understand, people like you want to feel like their are not the problem but someone else.

[menaz]

President Carter in 1977 signed the Community Reinvestment Act, which pushed Fannie and Freddie to aggressively lend to minority communities, then Clinton supercharged the process. After entering office in 1993, he extensively rewrote Fannie's and Freddie's rules.

In doing so, he turned the two quasi-private, mortgage-funding firms into a semi-nationalized monopoly that dispensed cash to markets, made loans to large Democratic voting blocs and handed favors, jobs and money to political allies. This potent mix led inevitably to corruption and the Fannie-Freddie collapse. Despite the warnings of trouble at Fannie and Freddie. Then In 1994 Clinton unveiled his National Homeownership Strategy, which broadened the CRA in ways Congress never intended. ie. This whole mess is to blame on government meddling not deregulation. It was Federal Regulation based on Social Engineering beliefs that forced the banks to give loans to people who could not pay them back or face Federal Penalties all derived from DEMOCRATS. They were not bankers, nor did they have a working concept of the financial market, they were a bunch of government bureacrats with “good intentions” looking for votes. Clear and simple. and now the seeds of the poisonous tree they planted has matured, and the people who caused this whold mess in the first place want us to forget that, and take a huge bite.
Fuck that!


There shall be no, FDR New Deal 2. What FDR did was a one-trick pony. He was operating in an environment with vastly more scope for action than the current government has. Since then, the Federal government has hemmed itself in with a combination of laws, regulations, and legal decisions that make federal projects of any scale take decades.
Thus, there shall be no second WPA or TVA.


And Democrats need to stop commiting the broken window fallacy. Stick to what your good at emotionally whining and passing the buck! What we also have here is borrowers making 60 to 25 thousand dollars a year and wall street CEO's both of which are greedy, incompetent, and dishonest. This notion the less well off borrowers aren't to blame is nonsensical. Of course their to blame as well. These doltish borrowers wanted to live out side their means and now I'm suppose to bailout their irresponsibility? What planet are Democrats/paulson living on? Oh That's right, planet emotional drone! And it's also a shame Bush tried appeasing them. Fuck wall street CEO's and these borrowers, I'm not bailing ethier of them out with my tax dollars. However, I'm not a cold hearted prick ethier. So here is what I suggest, There is a way to fix this sticky situation without a soft socialist democrat/Paulson bailout. I think we can fix this situation by utilizing private capital to reverse the bureaucratic socialist meddeling that got us into this pickle in the first place.

Hot Air Blog Archive McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can’t get AIG right Hot Air Blog Archive Whose policies led to the credit crisis?
The democrats either blocked or ignored bush and mccain on this preservable looming credit crisis.

The Corner on National Review Online Sorry but, I'm with newt on this one. Get the Politicians Out of the Economy: Recipe for Sound Economic Growth - Blog
Newt telling it like it is.

[I-ki]

^^^LOL. You cannot be serious.....

Republicans are the most corrupted muthafukaz that ever walked the earth. Jimmy Carter did alot of great things, and so did the other democratic presidents. They failed on alot of stuff due to politics and groups sabotaging their shit.. but I think obama will come through on alot of unfinished business. GTFO here. Obama for president.

[menaz]

LMAO@ what you said about Jimmy carter while trying to pass the axiom buck.

YouTube - Classic Movie Line #4
I love this animal house clip.

Obama is Carter.
American Thinker: The New Jimmy Carter
Contrary to what you believe Carter was utterly dreadful.

[SAMARA]

What is really happening here -

First we have to think about when a speech is delivered who are the audience -
Address at Oglethorpe University, May 22, 1932
President Jacobs, members and friends of Oglethorpe University, and especially you, my fellow members of the Class of 1932

This address was not meant to speak to the diverse population of 2008. In fact, based on age this would reflect 75 years ago, so lets just approx. 60+ years. I say 60+ years cause they were directly affected and their political mentality is shaped through this historical event.

In theis address the following critical points are cited:

1. Four years ago, if you heard and believed the tidings of the time, you could expect to take your place in a society well supplied with material things and could look forward to the not too distant time when you would be living in your own homes, each (if you believed the politicians) with a two-car garage; and, without great effort, would be providing yourselves and your families with all the necessities and amenities of life, and perhaps in addition, assure by your savings their security and your own in the future. Indeed, if you were observant, you would have seen that many of your elders had discovered a still easier road to material success. They had found that once they had accumulated a few dollars they needed only to put them in the proper place and then sit back and read in comfort the hieroglyphics called stock quotations which proclaimed that their wealth was mounting miraculously without any work or effort on their part. Many who were called and who are still pleased to call themselves the leaders of finance celebrated and assured us of an eternal future for this easy-chair mode of living. And to the stimulation of belief in this dazzling chimera were lent not only the voices of some of our public men in high office, but their influence and the material aid of the very instruments of Government which they controlled.

What is this saying? How is it rephrased today?
There began to develop an apparent creation of wealth that was support by men in Government. Today, government is writing a 700 billion dollar bailout for "who you know not what you know" in our economy. What we know is that the people who are financially burdened, as the people during the 1930's are not the wealthy but the poorest of the population.

2. How sadly different is the picture which we see around us today! If only the mirage had vanished, we should not complain, for we should all be better off. But with it have vanished, not only the easy gains of speculation, but much of the savings of thrifty and prudent men and women, put by for their old age and for the education of their children. With these savings has gone, among millions of our fellow citizens, that sense of security to which they have rightly felt they are entitled in a land abundantly endowed with natural resources and with productive facilities to convert them into the necessities of life for all of our population. More calamitous still, there has vanished with the expectation of future security the certainty of today's bread and clothing.

What is this saying? How is it rephrased today?
There was a great loss to these people of opportune wealth. Today, 700 billion dollars is expected to be given to these people of opportune wealth.

3. Some of you--I hope not many--are wondering today how and where you will be able to earn your living a few weeks or a few months hence. Much has been written about the hope of youth. I prefer to emphasize another quality. I hope that you who have spent four years in an institution whose fundamental purpose, I take it, is to train us to pursue truths relentlessly and to look at them courageously, will face the unfortunate state of the world about you with greater clarity of vision than many of your elders.

What is this saying? How is it rephrased today?
The youth of the generation were the answer. Today, the people who were the youth in 1930s are making the decision to spend 700 billion, though first time home owners would not agree that the 700 billion is meant to benefit their need.

4.As you have viewed this world of which you are about to become a more active part, I have no doubt that you have been impressed by its chaos, its lack of plan. Perhaps some of you have used stronger language. And stronger language is justified. Even had you been graduating, instead of matriculating, in these rose-colored days of 1928, you would, I believe, have perceived this condition. For beneath all the happy optimism of those days there existed lack of plan and a great waste.
5. This failure to measure true values and to look ahead extended to almost every industry, every profession, every walk of life. Take, for example, the vocation of higher education itself.
6. If you had been intending to enter the profession of teaching, you would have found that the universities, the colleges, the normal schools of our country were turning out annually far more trained teachers than the schools of the country could possibly use or absorb. You and I know that the number of teachers needed in the Nation is a relatively stable figure, little affected by the depression and capable of fairly accurate estimate in advance with due consideration for our increase in population. And yet, we have continued to add teaching courses, to accept every young man or young woman in those courses without any thought or regard for the law of supply and demand. In the State of New York alone, for example, there are at least seven thousand qualified teachers who are out of work, unable to earn a livelihood in their chosen profession just because nobody had the wit or the forethought to tell them in their younger days that the profession of teaching was gravely oversupplied.
7. Take, again, the profession of the law. Our common sense tells us that we have too many lawyers and that thousands of them, thoroughly trained, are either eking out a bare existence or being compelled to work with their hands, or are turning to some other business in order to keep themselves from becoming objects of charity. The universities, the bar, the courts themselves have done little to bring this situation to the knowledge of young men who are considering entering any one of our multitude of law schools. Here again foresight and planning have been notable for their complete absence.

What is this saying? How is it rephrased today?
As it was in the beginning... there existed lack of plan and a great waste
Where have all the teachers gone? To Wallstreet? Lawyers... Wallstreet Lawyers, or the multiple agencies and commissions filled with politicians overseeing the lack of plan the great waste for the multitude while the few find "their wealth was mounting miraculously without any work or effort on their part"?

[SAMARA]

8.In the same way we cannot review carefully the history of our industrial advance without being struck with its haphazardness, the gigantic waste with which it has been accomplished, the superfluous duplication of productive facilities, the continual scrapping of still useful equipment, the tremendous mortality in industrial and commercial undertakings, the thousands of dead-end trails into which enterprise has been lured, the profligate waste of natural resources. Much of this waste is the inevitable by-product of progress in a society which values individual endeavor and which is susceptible to the changing tastes and customs of the people of which it is composed. But much of it, I believe, could have been prevented by greater foresight and by a larger measure of social planning. Such controlling and directive forces as have been developed in recent years reside to a dangerous degree in groups having special interests in our economic order, interests which do not coincide with the interests of the Nation as a whole. I believe that the recent course of our history has demonstrated that, while we may utilize their expert knowledge of certain problems and the special facilities with which. they are familiar, we cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities--an outlook which deserves the adjectives "selfish" and "opportunist."
9. You have been struck, I know, by the tragic irony of our economic situation today. We have not been brought to our present state by any natural calamity--by drought or floods or earthquakes or by the destruction of our productive machine or our man power. Indeed, we have a superabundance of raw materials, a more than ample supply of equipment for manufacturing these materials into the goods which we need, and transportation and commercial facilities for making them available to all who need them. But raw materials stand unused, factories stand idle, railroad traffic continues to dwindle, merchants sell less and less, while millions of able-bodied men and women, in dire need, are clamoring for the opportunity to work. This is the awful paradox with which we are confronted, a stinging rebuke that challenges our power to operate the economic machine which we have created.

What is this saying? How is it rephrased today?
Waste... recurring theme here. I especially like "we cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities" Taxpayers are loaning 700 billion and earning a 11.3 trillion deficeit - not a gain?. When I bank, I lose on my savings compared to my service charges. What happened here? Economic machine? Not a result of a natural disaster? Great, now the politicans can blame God.

10. We are presented with a multitude of views as to how we may again set into motion that economic machine. Some hold to the theory that the periodic slowing down of our economic machine is one of its inherent peculiarities--a peculiarity which we must grin, if we can, and bear because if we attempt to tamper with it we shall cause even worse ailments. According to this theory, as I see it, if we grin and bear long enough, the economic machine will eventually begin to pick up speed and in the course of an indefinite number of years will again attain that maximum number of revolutions which signifies what we have been wont to miscall prosperity, but which, alas, is but a last ostentatious twirl of the economic machine before it again succumbs to that mysterious impulse to slow down again. This attitude toward our economic machine requires not only greater stoicism, but greater faith in immutable economic law and less faith in the ability of man to control what he has created than I, for one, have. Whatever elements of truth lie in it, it is an invitation to sit back and do nothing; and all of us are suffering today, I believe, because this comfortable theory was too thoroughly implanted in the minds of some of our leaders, both in finance and in public affairs.

What is this saying? How is it rephrased today?
Dont trust Wallstreet and the government that supports its endeavours. Let the economics forces play its hand. He said it clearly 75 years ago, "...faith in immutable economic law and less faith in the ability of man to control what he has created...". A 700 billion cheque should be place in the mainstreet not in the wallstreet. "[W]e cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities"

11. Other students of economics trace our present difficulties to the ravages of the World War and its bequest of unsolved political and ,economic and financial problems. Still others trace our difficulties to defects in the world's monetary systems. Whether it be an original cause, an accentuating cause, or an effect, the drastic change in the value of our monetary unit in terms of the commodities is a problem which we must meet straightforwardly. It is self-evident that we must either restore commodities to a level approximating their dollar value of several years ago or else that we must continue the destructive process of reducing, through defaults or through deliberate writing down, obligations assumed at a higher price level.
12. Possibly because of the urgency and complexity of this phase of our problem some of our economic thinkers have been occupied with it to the exclusion of other phases of as great importance.
13. Of these other phases, that which seems most important to me in the long run is the problem of controlling by adequate planning the creation and distribution of those products which our vast economic machine is capable of yielding. It is true that capital, whether public or private, is needed in the creation of new enterprise and that such capital gives employment.
14. But think carefully of the vast sums of capital or credit which in the past decade have been devoted to unjustified enterprises--to the development of unessentials and to the multiplying of many products far beyond the capacity of the Nation to absorb. It is the same story as the thoughtless turning out of too many school teachers and too many lawyers.

What is this saying? How is it rephrased today?
700 billion continues a destructive process. Simple. Entire excerpt of #14:
"But think carefully of the vast sums of capital or credit which in the past decade have been devoted to unjustified enterprises--to the development of unessentials and to the multiplying of many products far beyond the capacity of the Nation to absorb."

[SAMARA]

15. Here again, in the field of industry and business many of those whose primary solicitude is confined to the welfare of what they call capital have failed to read the lessons of the past few years and have been moved less by calm analysis of the needs of the Nation as a whole than by a blind determination to preserve their own special stakes in the economic order. I do not mean to intimate that we have come to the end of this period of expansion. We shall continue to need capital for the production of newly-invented devices, for the replacement of equipment worn out or rendered obsolete by our technical progress; we need better housing in many of our cities and we still need in many parts of the country more good roads, canals, parks and other improvements.
16. But it seems to me probable that our physical economic plant will not expand in the future at the same rate at which it has expanded in the past. We may build more factories, but the fact remains that we have enough now to supply all of our domestic needs, and more, if they are used. With these factories we can now make more shoes, more textiles, more steel, more radios, more automobiles, more of almost everything than we can use.
17. No, our basic trouble was not an insufficiency of capital. It was an insufficient distribution of buying power coupled with an over-sufficient speculation in production. While wages rose in many of our industries, they did not as a whole rise proportionately to the reward to capital, and at the same time the purchasing power of other great groups of our population was permitted to shrink. We accumulated such a superabundance of capital that our great bankers were vying with each other, some of them employing questionable methods, in their efforts to lend this capital at home and abroad

What is this saying? How is it rephrased today?
"Here again, in the field of industry and business many of those whose primary solicitude is confined to the welfare of what they call capital have failed to read the lessons of the past few years and have been moved less by calm analysis of the needs of the Nation as a whole than by a blind determination to preserve their own special stakes in the economic order"

Management compensation and the rise of the unionized worker is best stated:
"While wages rose in many of our industries, they did not as a whole rise proportionately to the reward to capital, and at the same time the purchasing power of other great groups of our population was permitted to shrink." So many, who just dont qualify for a mortgage and the uncomprehensible CEO/COO/CFo compensations for a failing business. This is an historical exploitation - how the people were exploited twice in history - first the growing wealthy white population; secondly, the growing working diverse population. I say "wealthy" - because of the wealth creation in stock markets without work versus the wealth creation of labouring wihtout stock. What was the value of the 401K today? People have retained their wealth in a limited liability while others lose their wealth in the failing business.

18.I believe that we are at the threshold of a fundamental change in our popular economic thought, that in the future we are going to think less about the producer and more about the consumer. Do what we may have to do to inject life into our ailing economic order, we cannot make it endure for long unless we can bring about a wiser, more equitable distribution of the national income.
19. It is well within the inventive capacity of man, who has built up this great social and economic machine capable of satisfying the wants of all, to insure that all who are willing and able to work receive from it at least the necessities of life. In such a system, the reward for a day's work will have to be greater, on the average, than it has been, and the reward to capital, especially capital which is speculative, will have to be less. But I believe that after the experience of the last three years, the average citizen would rather receive a smaller return upon his savings in return for greater security for the principal, than experience for a moment the thrill or the prospect of being a millionaire only to find the next moment that his fortune, actual or expected, has withered in his hand because the economic machine has again broken down.
20. It is toward that objective that we must move if we are to profit by our recent experiences. Probably few will disagree that the goal is desirable. Yet many, of faint heart, fearful of change, sitting tightly on the roof-tops in the flood, will sternly resist striking out for it, lest they fail to attain it. Even among those who are ready to attempt the journey there will be violent differences of opinion as to how it should be made. So complex, so widely distributed over our whole society are the problems which confront us that men and women of common aim do not agree upon the method of attacking them. Such disagreement leads to doing nothing, to drifting. Agreement may come too late

What is this saying? How is it rephrased today?
Trickle down. Ownership ... or "Producers". While taking 700 billion from the Consumer? What?
Reward for a days work? What?
I am leaning towards, "living humbly among us"?

21. Let us not confuse objectives with methods. Too many so-called leaders of the Nation fail to see the forest because of the trees. Too many of them fail to recognize the vital necessity of planning for definite objectives. True leadership calls for the setting forth of the objectives and the rallying of public opinion in support of these objectives.
22. Do not confuse objectives with methods. When the Nation becomes substantially united in favor of planning the broad objectives of civilization, then true leadership must unite thought behind definite methods.
23. The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another. But above all, try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach.
24. We need enthusiasm, imagination and the ability to face facts, even unpleasant ones, bravely. We need to correct, by drastic means if necessary, the faults in our economic system from which we now suffer. We need the courage of the young. Yours is not the task of making your way in the world, but the task of remaking the world which you will find before you. May every one of us be granted the courage, the faith and the vision to give the best that is in us to that remaking!

What is this saying? How is it rephrased today?
... wait for the bill... and if its taking care of the wallstreet and "friends" of wallstreet... cause you know.... "its not what you know but who you know"

The people of 2008 who pass this bill in disagreement of these excerpts of a former President, will be the stupidest people in American History.

The Depression happened because of economic laws, and people survived. Its the "humbly among us" that is force feeding the fat goose.



Address at Oglethorpe University, May 22, 1932

[SAMARA]

Presidential Statement on N.I.R.A.
June 16, 1933
Publishing Information

The law I have just signed was passed to put people back to work, to let them buy more of the products of farms and factories and start our business at a living rate again. This task is in two stages; first, to get many hundreds of thousands of the unemployed back on the payroll by snowfall and, second, to plan for a better future for the longer pull. While we shall not neglect the second, the first stage is an emergency job. It has the right of way.

The second part of the Act gives employment through a vast program of public works. Our studies show that we should be able to hire many men at once and to step up to about a million new jobs by October 1st and a much greater number later. We must put at the head of our list those works which are fully ready to start now. Our first purpose is to create employment as fast as we can, but we should not pour money into unproved projects.

We have worked out our plans for action. Some of the work will start tomorrow I am making available $400,000,000 for State roads under regulations which I have just signed, and I am told that the States will get this work under way at once. I have also just released over $200,000,000 for the Navy to start building ships under the London Treaty.

In my Inaugural I laid down the simple proposition that nobody is going to starve in this country. It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls: and by living wages I mean more than a bare subsistence level-- I mean the wages of decent living.

Throughout industry, the change from starvation wages and starvation employment to living wages and sustained employment can, in large part, be made by an industrial covenant to which all employers shall subscribe. It is greatly to their interest to do this because decent living, widely spread among our 125,000,000 people, eventually means the opening up to industry of the richest market which the world has known. It is the only way to utilize the so-called excess capacity of our industrial plants. This is the principle that makes this one of the most important laws that ever has come from Congress because, before the passage of this Act, no such industrial covenant was possible.

On this idea, the first part of the Act proposes to our industry a great spontaneous cooperation to put millions of men back in their regular jobs this summer. The idea is simply for employers to hire more men to do the existing work by reducing the work hours of each man's week and at the same time paying a living wage for the shorter week.

No employer and no group of less than all employers in a single trade could do this alone and continue to live in business competition. But if all employers in each trade now band themselves faithfully in these modern guilds--without exception- and agree to act together and at once, none will be hurt and millions of workers, so long deprived of the right to earn their bread in the sweat of their labor, can raise their heads again. The challenge of this law is whether we can sink selfish interest and present a solid front against a common peril.

It is a challenge to industry which has long insisted that, given the right to act in unison. it could do much for the general good which has hitherto been unlawful. From today it has that right.

Many good men voted this new charter with misgivings. I do not share these doubts. I had part in the great cooperation of 1917 and 1918 and it is my faith that we can count on our industry once more to join in our general purpose to lift this new threat and to do it without taking any advantage of the public trust which has this day been reposed without stint in the good faith and high purpose of American business.

[SAMARA]

But industry is challenged in another way. It is not only the slackers within trade groups who may stand in the path of our common purpose. In a sense these groups compete with each other, and no single industry, and no separate cluster of industries, can do this job alone for exactly the same reason that no single employer can do it alone. In other words, we can imagine such a thing as a slacker industry.

This law is also a challenge to labor. Workers, too, are here given a new charter of rights long sought and hitherto denied. But they know that the first move expected by the Nation is a great cooperation of all employers, by one single mass-action, to improve the case of workers on a scale never attempted in any Nation. Industries can do this only if they have the support of the whole public and especially of their own workers. This is not a law to foment discord and it will not be executed as such. This is a time for mutual confidence and help and we can safely rely on the sense of fair play among all Americans to assure every industry which now moves forward promptly in this united drive against depression that its workers will be with it to a man.

It is, further, a challenge to administration. We are relaxing some of the safeguards of the anti-trust laws. The public must be protected against the abuses that led to their enactment, and to this end, we are putting in place of old principles of unchecked competition some new Government controls. They must, above all, be impartial and just. Their purpose is to free business, not to shackle it; and no man who stands on the constructive, forward-looking side of his industry has anything to fear from them. To such men the opportunities for individual initiative will open more amply than ever. Let me make it clear, however, that the anti-trust laws still stand firmly against monopolies that restrain trade and price fixing which allows inordinate profits or unfairly high prices.

If we ask our trade groups to do that which exposes their business, as never before, to undermining by members who are un-willing to do their part, we must guard those who play the game for the general good against those who may seek selfish gains from the unselfishness of others. We must protect them from the racketeers who invade organizations of both employers and workers. We are spending billions of dollars and if that spending is really to serve our ends it must be done quickly. We must see that our haste does not permit favoritism and graft. All this is a heavy load for any Government and one that can be borne only if we have the patience, cooperation, and support of people everywhere.

Finally, this law is a challenge to our whole people. There is no power in America that can force against the public will such action as we require. But there is no group in America that can withstand the force of an aroused public opinion. This great cooperation can succeed only if those who bravely go forward to restore jobs have aggressive public support and those who lag are made to feel the full weight of public disapproval.

As to the machinery, we shall use the practical way of accomplishing what we are setting out to do. When a trade association has a code ready to submit and the association has qualified as truly representative, and after reasonable notice has been issued to all concerned, a public hearing will be held by the Administrator or a deputy. A Labor Advisory Board appointed by the Secretary of Labor will be responsible that every affected labor group, whether organized or unorganized, is fully and adequately represented in an advisory capacity and any interested labor group will be entitled to be heard through representatives of its own choosing. An Industrial Advisory Board appointed by the Secretary of Commerce will be responsible that every affected industrial group is fully and adequately represented in an advisory capacity and any interested industrial group will be entitled to be heard through representatives of its own choosing. A Consumers Advisory Board will be responsible that the interests of the consuming public will be represented and every reasonable opportunity will be given to any group or class who may be affected directly or indirectly to present their views.

At the conclusion of these hearings and after the most careful scrutiny by a competent economic staff the Administrator will present the subject to me for my action under the law.

I am fully aware that wage increases will eventually raise costs, but I ask that managements give first consideration to the improvement of operating figures by greatly increased sales to be expected from the rising purchasing power of the public. That is good economics and good business. The aim of this whole effort is to restore our rich domestic market by raising its vast consuming capacity. If we now inflate prices as fast and as far as we increase wages, the whole project will be set at naught. We cannot hope for the full effect of this plan unless, in these first critical months, and, even at the expense of full initial profits, we defer price increases as long as possible. If we can thus start a strong, sound, upward spiral of business activity, our industries will have little doubt of black-ink operations in the last quarter of this year. The pent-up demand of this people is very great and if we can release it on so broad a front, we need not fear a lagging recovery. There is greater danger of too much feverish speed.

In a few industries, there has been some forward buying at unduly depressed prices in recent weeks Increased costs resulting from this Government-inspired movement may make it very hard for some manufacturers and jobbers to fulfill some of their present contracts without loss. It will be a part of this wide industrial cooperation for those having the benefit of these forward bargains (contracted before the law was passed) to take the initiative in revising them to absorb some share of the increase in their suppliers' costs, thus raised in the public interest. It is only in such a willing and considerate spirit, throughout the whole of industry, that we can hope to succeed.

Under Title I of this Act, I have appointed Hugh Johnson as Administrator and a special Industrial Recovery Board under the Chairmanship of the Secretary of Commerce. This organization is now prepared to receive proposed Codes and to conduct prompt hearings looking toward their submission to me for approval. While acceptable proposals of no trade group will be delayed, it is my hope that the ten major industries which control the bulk of industrial employment can submit their simple basic Codes at once and that the country can look forward to the month of July as the beginning of our great national movement back to work.

During the coming three weeks Title II relating to public works and construction projects will be temporarily conducted by Colonel Donald H. Sawyer as Administrator and a special temporary board consisting of the Secretary of the Interior as Chairman, the Secretary of Commerce, the Secretary of Agriculture, the Secretary of War, the Attorney General, the Secretary of Labor and the Director of the Budget.

[SAMARA]

During the next two weeks the Administrator and this board will make a study of all projects already submitted or to be submitted and, as previously stated, certain allotments under the new law will be made immediately.

Between these twin efforts--public works and industrial reemployment--it is not too much to expect that a great many men and women can be taken from the ranks of the unemployed before winter comes. It is the most important attempt of this kind in history. As in the great crisis of the World War, it puts a whole people to the simple but vital test:-"Must we go on in many groping, disorganized, separate units to defeat or shall we move as one great team to victory?"

The problem is a slacker industry continues to exist with the poor transition of educated immigrants and those who cannot afford continued higher education.

PRESIDENTIAL STATEMENT ON N.I.R.A., 6/16/33

[menaz]

Completed update. How it all went down very informative video:American Thinker Blog: 'Burning Down The House'


Update on bailout deal reached: Hot Air Blog Archive Myth vs Fact on bailout compromise

[SAMARA]

The point of the post and the bailout...

AMERICA IS FOR SALE and the AMERICAN PEOPLE ARE WRITING THE CHEQUE.

if thats what the people agree, the people should be bailed out, especially for their homes at a minimum.