I thought it would be interesting to compile a set of ideas, which could be implemented as a set of laws (the simpler the better), which would have a positive impact on the future of our country and the future of our local circumstances.

First, I read today that the largest bank of Iceland has now been taken over by the Icelandic government and that their government will fully back all Icelandic deposits without limit. They would not extend this insurance to foreign banking customers and now the UK is considering suing Iceland over this issue and is freezing Iceland assets within Briton under usage of their anti-terrorism laws.

From this and other bank crisis and failures in Europe, itís clear that itís not just us that have the toxic credit problem. Although on NPR this morning I heard a radical comment from the EU that said that America is no longer a primary trading partner since all they get from us is "bad cars, funny money, toxic credit, crappy software and 'Frankenstein' foodĒ Clearly we have a lot to repair if this is perception or reality.

Here are some rules to consider...
1. When an entity grants a mortgage then that entity MUST hold that mortgage in their personal portfolio for a period of time no less than 5 years.

-- My thinking is that this would fix the bad loan situation since loan flipping would be eliminated, reasonable down payments would be required and liar's loans would no longer be tolerated. This would cause the loan industry to self-police itself.

2. Credit card companies would be prohibited from automatically increasing lines of credit without customer's asking first.

3. Tort reform. All medical expenses of an accident or suit would be paid for and pain and suffering would be limited to $250K unless criminal charges were proved. Lawsuits against third parties (that is innocent participants) would only be allowed if a panel of arbitrating judges would agree.

4. In any lawsuit, the loser pays all fees and expenses. This would cut out frivolous and SLAPP type suits.

-- This would cut the number of law suits in half on the first day.

5. Government single payer health insurance. See the movie by Michael Moore called Sicko and see what I'm talking about. A patientís bill of rights needs to be passed which guarantees converge, privacy and non-exclusion based on pre-existing conditions. The measure of the greatness of a society is gauged by how it takes care of its least capable.

6. Incentives for real Marriage. Both straight and gay... no difference. Tax breaks for real marriages and bigger breaks for longer-term marriages. This will help the moral fabric of our society.

7. A sliding non linear scale for taxation where the wealthier pays proportionally more and the poorer pay proportionally less.

Well, this is quite a bit to chew on.
So have at it. Lets solve world hunger right here. What do you think.
Its debate time !

Alan