"Ordinary" Americans could do better

The present financial crisis is a case study that lends support to John Maynard Keynes’ idea that a significant portion of capital should be publicly owned and/or directed. Witnessing the daily revelations of corruption, incompetence and irresponsible behavior of those who own and manage capital, it is reasonable to conclude that ordinary citizens would make better decisions. Congress should take Keynes advice and create public capital pools funded by a surtax on the wealthy to make loans to businesses for projects in the green economy sector, affordable housing and transportation. Oversight boards comprised of experts, ordinary citizens, labor unions and industry leaders should plan and direct this activity in an open, transparent, democratic manner inviting public comment and scrutiny. It is foolish to print money and give taxpayer-backed loans to those who caused the crisis and then trust them to make investment decisions for renewing the economy.