Interview with Daniel Imperato Part two – Offers 10-point Peoples Program in Lieu of the Proposed Wall St. Bailout
Long before our elected officials in congress and the administration even recognized the problems, Imperato was offering solutions for Iraq, the Palestinian/Israeli conflict, Yemen, relations with China, South America and, of special concern this week, the derivatives market.
Imperato called himself the People’s President 2008, and developed a website using that name. Now he offers a solution to the proposed bailout with specific long-term goals for correcting the economic woes in the global financial sector. Because in his words, “what ails America will eventually effect the rest of the global markets.”
His ten point program for the bailout package begins with an absolute reduction in salary for executives running the operation that receives benefits from the government. Imperato offers his own services to help the country and the government to administer the program at a reasonable rate of compensation. And he challenges other qualified businessmen to do the same. “Let’s put the country first and get out of this fiasco for a fraction of what our elected officials are proposing. We should only earn conservative salaries and bonuses based on success or failure.”
The complete 10-point plan listed below also includes a provision to truly putting the “people of the United States first. In it he calls for buying American, bringing back jobs that were shipped overseas and taxing foreign visitors to raise nearly $3 billion.
Here is the plan:
1. Reduce salary for executives running any operation receiving benefits from the government.
2. Audit foreign banks that participate in purchasing/refinancing or distributing mortgage-backed securities and/or derivatives to ensure they are in compliance with US regulations before one penny is allocated to them.
3. Any foreign bank that breaches US security law, hyper-inflates their balance sheets, or used mortgage-backed securities/derivatives to further enhance their balance sheets then sell off at a discount to create cash-flow should not be entitled to any US taxpayer funds for this bailout.
4. Banks and financial institutions must immediately recognize old usury laws and stop gouging the American people’s pocketbooks with exorbitant interest rates and fees on credit cards.
5. Allow American families to buy distressed real estate and homes directly from the banks with the federal government using these proposed set aside funds to provide a fixed mortgage rate of 3% per year. Also allow current mortgage holders to refinance to obtain the 3% rate and extend the mortgage term to 50 years. These provisions will reduce monthly payments and directly help families struggling to meet housing payments as the cost of living increases for food and fuel.
6. Banks participating in the US program will immediately stop ATM charges, overdraft charges and bad check fees that are related to banks holding people’s money and not making it available from an institution floating the funds for additional interest.
7. The banks should also eliminate charges for minimum balance requirements and charges related to the number of checks written per month.
8. America needs to start buying American again. 3% fixed rate for all US made automobiles. That’s those made by the big three Chrysler, GM and Ford.
9. Implement a taxing mechanism that would tax US corporations for each and every job they ship overseas. Corporations would have the opportunity to recover taxes paid once jobs are brought back to our soil. Examples of specific job categories include credit card processing, call centers and airline reservation systems.
10. Charge $25 for each foreign traveler arriving and departing US. Estimated revenue from the approximately 57 million international visitors traveling to the US in 2007 would reach nearly $3 Billion.
Following up on his proposed Imperato offered these words, “Foreign banks need to get in line, not receive any funds to save their failing organizations until US based corporate interests are secure and satisfied with bailout package. Even the amount proposed is not big enough to accommodate foreign interests when it is really designed to protect the people of the United States.
“Since it is supposed to be a republic of the people, then we need a bottom up approach. We start right in consumers’ wallets and give them immediate breaks on the outrageous credit card rates so they can afford the monthly payments and food on their table.
“This package should really be a refund and loan program for home buyers. Having already lost value and most facing rising interest rates, the fixed rate of three percent keep troubled families in their homes and allows more Americans to buy distressed real estate and homes. The people should be buying these homes, not the federal government. Longer mortgage terms also reduce monthly payments and directly helps families handle their basic housing needs while juggling the cost of living increases for food and fuel.
“The 50-year low interest loans have been proven successful by the Japanese where their real estate market is based on a 99-year lease because of the shortage of real estate in the major cities.
“I release this today just as the two major party candidates are preparing to debate. Listen closely to what they offer because neither will suggest points as practical as those I have presented. Exactly why America should have the right to allow major-minor party candidates in the debate. I have independent candidates for both congress and president endorsing my plan. Now if we can just get Administration and federal government advisors to listen, it will be an enormous benefit to the people of the United States.
“Before you bail out the top with blank checks you need to insure the bottom – representing the people – that once we implement these points the people will really and truly put money in their pockets. Financially healthy homeowners protect the economy with cash-flow and maintain the strength of the USA for the people regardless of governments influence.”
Imperato admitted to being guilty when it comes to buying American. “Instead of bailing out the auto industry, they need to work closely with unions and find ways to offer American made cars as inexpensive as possible. The 3% fixed rate for all US made automobiles will put more American made cars on the road and help turnaround the economy in especially hard-hit areas like Michigan.”
Of course in the first debate between the big two party nominees, neither gentleman mentioned any of the points that Mr. Imperato has outlined. The question then remains, why shouldn’t those who succeeded in earning ballot positions on enough state ballots to mathematically earn a winning number of Electoral College votes should be permitted to present their ideas to the American voters over the public airwaves?
Joseph Oddo is a freelance writer and director of Independent America.org advocating for a National Election Reform Platform. E-mail him at email@example.com.
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