John McCain Came to Town and…
the wheels of progress ground to a halt. But, once again, John McCain doesn't seem to get it. He has just announced that he will attend tonight's debate. We guess that means he thinks the problem is solved.
Help ADA Keep Up the Pressure
Well, we don't and neither do the Republicans he came to Washington to persuade. Early yesterday afternoon, amid great fanfare, senior Republicans and Democrats alike were announcing that a deal had been reached. Then, Mr. McCain went to his White House photo-op and all bets were off. Great leadership, Mr. McCain!
In the meantime, yet another bank has failed and has been bought up by J. P. Morgan Chase. As a result of the past week's turmoil, we now have three entities - Morgan, Citibank and Bank of America -- holding junk and too big to fail. Sound familiar?
Former ADA president, House Financial Services Committee chair, Barney Frank has said, "At this point, we have absolutely no participation or cooperation from House Republicans." Worse, some have come back with a counter proposal that calls for Wall Street to fund the bailout by putting more private capital into the financial markets. They would encourage this by easing tax laws to encourage investors to put in their own dollars.
Huh? They are seriously proposing giving the wealthiest Americans another tax break at this time of crisis and, then, relying on their good will to do something? That may be enough for them but it shouldn't and cannot be good enough for ordinary working Americans.
As we write this, negotiations continue. A stimulus package is progressing through both the House and Senate as a separate provision. Enormous progress has been made but, as we said earlier this week, the devil is in the details. Many of the principles we set forth seem to be being met but we have seen no numbers. We would ask, for example:
- What do you mean by a cap on executive compensation? For us, $20,000,000 wouldn't pass the sniff test.
- The same holds true for the equity provision. We need to see the numbers. What stake will taxpayers get?
And, we would further ask that Members of Congress revisit the idea of rewriting the bankruptcy provisions to allow home owners facing foreclosure to stay in their homes. To us, that seems to be an essential component of any bailout.
Keep up the pressure on your Senators and Representative. Take the time to thank those who have been operating in good faith and roundly condemn those who continue to put the welfare of the wealthiest ahead of those of struggling, hard-working Americans. Click here to send your message. And, forward this email widely.
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