News and Notes Special Edition
Bush's 'Cash for Trash' Plan
Congress will finalize this week the largest government intervention in financial markets since the Great Depression. The Bush Administration is asking for $700 billion to bail out Wall Street by buying up the mountains of bad debt they accumulated during the housing bubble with the collusion of the very people who are now wringing their hands and telling Congress and the American people they need a "clean" bill now. We say, "Not so fast. YOU led us down the garden path. We won't blindly follow now."
The Paulson, Bush, Bernanke plan, if not amended, can only be characterized as: Plenty for Wall Street, Nothing for Main Street!
Outrageously, the Administration proposal includes nothing for struggling homeowners, no protections for taxpayers or sharing of future profits and no regulatory control over the institutions that created the mess. In short, they want to privatize the profits, and socialize the losses! And, what is perhaps the most galling display of greed and corruption, while the Republicans plan to stick each American taxpayer with a $2000 bill, the CEO's who crafted the schemes that led to this disaster get to keep their multi-million dollar salaries.
All ADA members urgently need to contact Congress and demand the following:
- a moratorium on all foreclosure proceedings
- protection for homeowners equivalent to the assistance given the lenders
- a cap on CEO pay and retirement benefits for the institutions taking the bail out
- strict regulation of the commercial and investment banking industry and a public share of their profits
- the breakup of institutions deemed 'too big to fail' who participate in the bail out
Democrats, under the leadership of former ADA President Barney Frank, are beginning to push back, but Congress must hear support from you to get these provisions included. Click here to send your Members of Congress an email or call 202-224-3121 and ask to be connected to your Members' office.
ADA has compiled a list of resources to help you better understand the financial crisis and government bail out.
ADA TV: Watch former ADA President, Barney Frank (D-MA), on CSPAN Video located under Recent Programs on the CSpan website. Click Watch.
Dean Baker, Center for Economic and Policy Research
In These Times
Paul Krugman, NY Times
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