Posts Tagged ‘Congress’
Bailout Topic Of News Talk Online On Paltalk
Today’s edition of News Talk Online on Paltalk focused on two issues; the economic bailout plan and tonight’s vice-presidential debate. Since the precursor discussion of the debate is about to be dated, I’ll concentrate on talking about the bailout.
Here’s my problem with the process, as articulated during the show and not contradicted by any callers.
The House voted the original measure down because of strong constituent opposition. All House members, of course, are standing for re-election this year. It wouldn’t do well to fly in the face of the barrage of phone calls, e-mails and letters in opposition to the plan.
The Senate, of course, has the luxury of staggered and longer terms. So it approved a modification of the plan the in the hopes, from the perspective of proponents, of pressuring the House to now follow suit.
Now, I don’t know how good a plan this is. But I do know one thing. It shouldn’t have included pork barrel spending measures. This is not the time to play that game. The economy is in dire straits and if that money is really needed for a bailout, by God, then every penny of the $700 billion budgeted should go for that. Can anyone on Capitol Hill say Bridge To Nowhere?
Frankly, it’s high time Congress write bills in terms the average American understands. And every portion of those bills, especially those that appropriate funds, should be directed toward the resolutions’ stated purpose.
It’s time to stop pork barrel spending. If Congress doesn’t have the resolve to do this itself, then it should hand it over to the president by giving him a line item veto.
It’s time for our elected officials to start acting responsibly!
Wall Street Not The Only Crisis Spot
Gen. McKiernan
While the nation is concentrated on the proposed bailout of Wall Street its attention is diverted from another crisis that has been brewing for some time. This one, on the battlegrounds of Afghanistan.
There has been a renewed insurgency in Afghanistan. The safe haven the Taliban and al Qaeda has found in northern Pakistan has proven problematic as well.
Many of us feel that the war in Iraq diverted the military’s attention from the real enemy, concentrated in Afghanistan. Now the top U.S. military commander there is, in essence, echoing those concerns.
Gen. David McKiernan is making an urgent public plea for more troops and resources in Afghanistan. His comments came during a briefing with Pentagon reporters.
How sad it is that the top U.S. commander in Afghanistan, responsible for the prosecution of the war against the true terrorists who attacked the United States on September 11, 2001, responsible for the safety and well being of U.S. and, by extension, NATO troops in country, has to resort to a public plea for help.
His commander-in-chief, President Bush, has, obviously, been asleep at the switch here. It’s increasingly clear that Bush has no vision of his own. That there are others in the administration, most likely led by the elusive Vice-President Dick Cheney, who are telling him what to do and what to say.
Apparently, Cheney and his cronies are far more concerned with Iraq than they are with the true battle ground – Afghanistan.
Here We Go Again, Bailout Round 2
It failed in the House, so now, they’re going to try tonight to pass a bailout package in the Senate.
The idea is, if the Senate OKs the revised version of the bill, it will put massive pressure on the House to follow suit.
Polling data indicates the public doesn’t know what Congress should do about the financial crisis gripping the country. Just that something should be done.
There are those who believe that waiting out the storm is the answer. They are like the people who ignore evacuation orders as a hurricane approaches. Despite the prediction of “certain death” some people elected to stay. And some of them survive. So too, many argue, will the economy survive.
Others say the bailout is necessary because it’s not just Wall Street that’s affected. We all are. Businesses, they say, may have to layoff people, or even close shop, if they can’t obtain credit.
The strong public reaction against a bailout of Wall Street caused President Bush to reformat the argument yesterday. Instead of describing it as a rescue of the financial industry, he’s trying to convince the public that it’s a rescue of their jobs, their homes and their communities.
But President Bush is a lame duck. His approval rating is low. His influence on the process is minimal. Despite strong administration arm twisting, the first bill failed, largely because Republicans, members of his own party, voted no.
The big political problem here, as I’ve previously suggested, is that proponents haven’t had the time to sell this package to the American people. And there are significant numbers who are so enraged about the proposal that voting in favor of it isn’t the most politically palatable thing to do.
Not The End Of The Legislative Process
President Bush has just pledged to the American people that the legislative process will continue in an attempt to find a plan to bail out Wall Street that is acceptable to a majority in Congress.
The president’s remarks were directed as much toward Congress as to the rest of the nation. Warning that the result of inaction is that the American people will suffer.
“The reality is that we are in an urgent situation,” he said.
“If our nation continues on this course the economic damage will be painful and lasting.”
Bush seems to be trying to redirect the focus of the bailout from Wall Street to the American people, many of whom feel resentment that the financial industry would be saved from ruin while they are left to struggle.
“We’re facing.” the president said, “a choice between action and the real aspect of economic hardship for many Americans.”
Congress is in recess today for Rosh Hashana. But the president says members of his administration will be working with congressional leaders today in an attempt to get the legislative process back on track tomorrow.
“Congress must act,” he declared.
“The sooner we address the problem the sooner we can get back on the path of growth and job creation.”
It’s clear that if a bailout plan stands any chance of succeeding, Americans must be convinced that it’s really a bill to protect them, not Wall Street fat cats.
No Movement On 9/11 Health Bill
Congress is doing a fine job quickly getting a bill through the process to bailout the ailing financial system in the United States. It’s too bad it can’t put a little bit of that effort toward helping those who were sickened as a result of the 9/11 attacks.
After all, it’s “only” been seven years since the terrorists hit New York, Shanksville and Washington.
Today, four members of Congress from New York, two Republicans and two Democrats, are expressing “regret” that HR 7174, the revised bipartisan 9/11 Health and Compensation Act, will not be able to move to passage in these, the waning days of the current House session.
Democrats Carolyn Maloney and Jerrold Nadler, and Republicans Vito Fossella and Peter King, have issued a joint statement pledging to renew their efforts to get legislation passed during the next session.
The $11 billion bill would assure treatment of firefighters, medics, police officers, construction workers, clean-up crews, residents, people who work near Ground Zero and school children who are now sick as a result of exposure to toxins from the World Trade Center site. Although most live in the New York/New Jersey area, some 10,000 people from all 50 states responded to Ground Zero to assist in the search and rescue, recovery and clean up of the site. Many are sick. Others are concerned they will still fall ill.
In addition, more than 400,000 people are believed to have been exposed to toxins from the World Trade Center site. The Congress members say nearly 16,000 responders and at least 2,700 residents or people working in lower Manhattan are sick and receiving treatment. More than 40,000 responders are currently in medical monitoring; 71,000 more are enrolled in the WTC Health Registry.
The bill would have assured compensation for those who suffered economic losses as a result of their WTC-related illnesses.
Today’s Vote Fraught With Political Danger
Members of Congress are faced with a difficult situation today.
They’ve been told by Pres. Bush and some noted economists that if they don’t vote for the Wall Street bailout plan that was hurriedly put together the past several days there will be panic in the financial world and banks won’t be able to lend money to keep the economy rolling.
Yet there is widespread constituent dissatisfaction over the bailout. Many Americans resent the government spending $700 billion to save the financial institutions that approved and made loans that are now in default. But is doing nothing to help those who took out the loans.
It’s a classic clash of class.
Leaders of both political parties worked out a plan that they insist sets limits. CEOs of troubled financial institutions would see their salaries capped. And there would be strict oversight to ensure that, this time, the money would be well invested.
If the investments fail, the financial institutions would pay the government back through fees or taxes in five years. Of course, presumably, if things continued to sour, they wouldn’t be in a position to pay back the money. On the other hand, if there’s an economic upswing, this could turn out to be a good investment for the government, which could later sell the assets it would be purchasing at a profit.
In the end, what was approved is a compromise. It’s not exactly what the president first proposed. And it didn’t include everything members of each party wanted.
The House is expected to vote on the proposal today. Congress is in recess tomorrow for Rosh Hashana. But the Senate would vote on the measure as early as Wednesday.
The haste in which this process is being conducted, perhaps, under the circumstances, necessary, puts the American people in a position of having to trust a Congress whose approval rating is already low, to do the right thing.
Bailout Plan Reached, Now What?
Congressional leaders announced they had reached a $700 billion Wall Street bailout plan early this morning. But few details were initially released.
There are, however, reportedly, some safeguards to protect the taxpayers. The plan includes the establishment of an insurance program for mortgage-backed securities that was pushed through by House Republicans.
The concern here is that Congress rushed through this plan so quickly that there may be some key deficiencies.
Some financial analysts had insisted that it was necessary to expedite the process and get it done before Monday trading on the Asian markets. They said as the Asian markets lead, Wall Street will follow. A plan in place before trading began, they argued, stabilizes the markets.
Hopefully Congress has righted things enough that the markets will begin rebounding and the backward slide in the economy will cease. And, hopefully, there are guarantees that this financial history won’t repeat itself.
If so, the focus will now likely shift toward the issue of retribution for those to blame. The FBI is investigating. The results of those efforts are at least as equally awaited as was the congressional bailout plan.
Rushing To Fix The Economy
Less than 24 hours after Pres. Bush called for quick congressional action on his economic bailout plan, competing counter proposals were introduced.
Wow, can Congress act quickly when it wants. How our elected representatives can introduce quick solutions to a complex and long-to-mature financial crisis while dragging its feet for years on other issues, like, for example, a revamping of the nation’s health care system defies understanding.
As the government seeks to fix the problem one thing remains consistent. The nation was put in this position by people playing with other people’s money. And the proposed bailouts would be with other people’s money as well … ours.
While everyone agrees the nation is in financial crisis and something needs to be done, everyone should take a deep breath and slow down for a moment.
Let’s give economists opportunity to read, digest and respond to the various proposals. Let’s give the commentators time to explain them to the public. Most importantly, let’s give the public a chance to understand what’s being proposed and to make their feelings known to their representatives.
Economists Oppose Bush Bailout Plan
Last night, Pres. Bush made an impassioned plea in an address to the American people for swift action on his Wall Street bailout plan. Which he says needs, and is getting, bipartisan support.
The president used dire language to underscore the need for quick action. Asserting that the “entire economy is in danger.”
He needs to sell the $700 billion plan to the American people, because so many citizens are phoning and writing their representatives saying they are opposed to it. And many, on both sides of the congressional aisle, are expressing reservations.
A poll suggests that about one-third of Americans support the plan. One-third oppose it. And the final third are confused about it and undecided.
Among those not confused are 166 economists from colleges and universities across the United States who are in the second third, and are staunchly opposed.
They’ve signed a letter addressed to the House and Senate, explaining why it’s not good for the nation.
While they agree with Treasury Secretary Henry Paulson’s assessment that the current financial situation is “difficult” and there is need for “bold action” to ensure that the economy will continue to function, they see three “fatal pitfalls” in his plan.
First, they say in their letter, it is unfair.
“The plan is a subsidy to investors at taxpayers’ expense,” they write. “Investors who took risks to earn profits must also bear the losses.”
