Campaign Updates and Media Headlines 10/1/08
Email This Post
Now THAT’s bipartisanship:
New York Times (click through to see the map and the roll call list)
House members who voted ‘yes’ on bailout received 54 percent more from banks/securities firms. (Think Progress)
According to research produced by MAPLight.org, House members who voted yes on the proposed bailout package received 54 percent more money from banks and securities than members who voted no… Democrats who voted yes received “an average of $212,700 each, about twice as much as those voting No, $107,993.” Republicans who voted yes “received an average of $273,181 each, 50% more than those voting No, $181,688.”
We want a FAIR DEAL, not a Wall St. bailout! (Progressive Democrats of America petition—click through to sign)
For the good of all Americans, Congress must put our shared national economic interest first. A Wall Street bailout is beyond irresponsible, we need a fair deal for Main St. and the middle class. Congress should vote no on the bailout, if the following terms are not met:
• Reform Bankruptcy Laws
• Provide a Stimulus for Main Street -Aid to the Real Economy
• Make Wall Street Speculators Pay for the Bailout -No More Debt
• Shut down the Casino: Rein in the Unregulated Financial Sector
• Provide limits on CEO pay and Prohibitions on Profiteering from the Bailout
Why Paulson and Bernanke are only Partly Correct, and Why Main Street Needs More Direct Help (by Robert Reich)
Here’s Paulson’s and Bernanke’s logic, made explicit at the Senate hearing [Tuesday]: There’s only a certain amount of bad debt on Wall Street’s books, left over from the wild and woolly days of lax mortgage lending. Once removed from the Streets’ books, credit will flow again. And once credit flows again, even Main Street can breath a sigh of relief. P&B failed to mention that bad debts are growing even among people recently considered good credit risks. At end of August, 6.6 percent of mortgages were at least 30 days past due. That’s up from 5.8 percent at end of June. We’re also seeing a growing amount of credit card and auto payments past due. The culprit isn’t just those sub-prime loans. With jobs and wages are dropping across America, many people who had been able to pay their bills no longer can…
Unless Americans on Main Street have more money in their pockets, Wall Street’s bad debts will continue to rise — which means the Bailout of All Bailouts grows even larger, which means taxpayers take on even more risk and cost.
Macro-Man (The red line is wages as a % of GDP. The blue line is corporate profits as a % of GDP)
Click here to see a larger version.
Click here for more political and media news headlines.
Carolyn Kay
MakeThemAccountable.com
