Time to Try Trickle Up?
| Action We Can Take WRITE YOUR Natioinal REPRESENTATIVES AND SENATORS (Link to Representatives Contact Information) :
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Our Economy
Two National Initiatives: Stimulus and Financial
STIMULUS Package: The idea behind the stimulus package is to keep Americans working. Up to 3.5 million jobs are predicted. Additionally, the bill invests in areas which will
ensure growth in the future, i.e. computerizing medical records, tax breaks for renewable energy investments, up-fitting school science labs as well as school buildings (think
Corridor of Shame).
Will this be enough? I doubt if anyone knows. What we do know is that people will be working and able to feed their families, educate their children, stay in their homes and
that is enough for me.
Is their pork in the stimulus package? Yes, because Congress (Democrats and Republicans alike) doesn't yet take the American people seriously when it comes to ending
corruption in Washington.
What we also know is that trickle down economics only worked for the wealthy, and not for long.
It's possible that the conservative pundits are correct and the stimulus package will delay economic recovery by 10 years. If we do NOTHING, as they want, letting the chips fall
where they may, this recession might end in a shorter time; but, there will be millions of Americans homeless, hungry and freezing to death over that recovery period.
I vote with a longer recession where people survive, work and re-build America - outside and in.
Finally, if there are new ideas that would lead to other than a Darwinian extinction of hard working Americans who didn't cause these problems - speak now or get on board.
instruments (Paulson was head of Goldman Sachs' before becoming U.S. Treasury Secretary). It was then sold to a people and Congress that didn't understand it (the people
had a reason, the Congress did not) as something that must happen immediately or the sky would indeed fall.
Because there was no regulatory oversight written into that bail out, money was spent on acquisitions and was hoarded rather than loaned.
Now, Americans out of work look at the tax dollars being spent on bonuses, acquisitions, etc. - see no relief in loosening credit ... and are rightfully furious, rightfully suspect
about yet another bailout.
Whose fault is it?
Number 1: Congress. They put no rules and regulations on the first bail out money. Paulson's "trust me" didn't work out. Congress also passed the bills which removed the
protections instituted by Franklin Roosevelt during the first Great Depression.
Number 2: Us. We re-elected 89% of that very same Congress in 2008 and sent them back to mess up some more.
Number 3: Financial Institutions ... but they come in third. They did what they do. You don't blame a guard dog if it bites. Treasury Secretary Geithner's second plan is
seemingly as vague as the first and gives too much power to the financial institutions which took our money and abused it the first time. At this writing they haven't fixed the
structural holes in the regulations that led us to this disastrous state: namely the bipartisan repeal of the Glass Stegall Act which had protected us from the inevitable since the
Great Depression (see excellent article sent in by reader below).
STIMULUS Package: The idea behind the stimulus package is to keep Americans working. Up to 3.5 million jobs are predicted. Additionally, the bill invests in areas which will
ensure growth in the future, i.e. computerizing medical records, tax breaks for renewable energy investments, up-fitting school science labs as well as school buildings (think
Corridor of Shame).
Will this be enough? I doubt if anyone knows. What we do know is that people will be working and able to feed their families, educate their children, stay in their homes and
that is enough for me.
Is their pork in the stimulus package? Yes, because Congress (Democrats and Republicans alike) doesn't yet take the American people seriously when it comes to ending
corruption in Washington.
What we also know is that trickle down economics only worked for the wealthy, and not for long.
It's possible that the conservative pundits are correct and the stimulus package will delay economic recovery by 10 years. If we do NOTHING, as they want, letting the chips fall
where they may, this recession might end in a shorter time; but, there will be millions of Americans homeless, hungry and freezing to death over that recovery period.
I vote with a longer recession where people survive, work and re-build America - outside and in.
Finally, if there are new ideas that would lead to other than a Darwinian extinction of hard working Americans who didn't cause these problems - speak now or get on board.
instruments (Paulson was head of Goldman Sachs' before becoming U.S. Treasury Secretary). It was then sold to a people and Congress that didn't understand it (the people
had a reason, the Congress did not) as something that must happen immediately or the sky would indeed fall.
Because there was no regulatory oversight written into that bail out, money was spent on acquisitions and was hoarded rather than loaned.
Now, Americans out of work look at the tax dollars being spent on bonuses, acquisitions, etc. - see no relief in loosening credit ... and are rightfully furious, rightfully suspect
about yet another bailout.
Whose fault is it?
Number 1: Congress. They put no rules and regulations on the first bail out money. Paulson's "trust me" didn't work out. Congress also passed the bills which removed the
protections instituted by Franklin Roosevelt during the first Great Depression.
Number 2: Us. We re-elected 89% of that very same Congress in 2008 and sent them back to mess up some more.
Number 3: Financial Institutions ... but they come in third. They did what they do. You don't blame a guard dog if it bites. Treasury Secretary Geithner's second plan is
seemingly as vague as the first and gives too much power to the financial institutions which took our money and abused it the first time. At this writing they haven't fixed the
structural holes in the regulations that led us to this disastrous state: namely the bipartisan repeal of the Glass Stegall Act which had protected us from the inevitable since the
Great Depression (see excellent article sent in by reader below).
Comments From Readers (send to yoursiteSC@comcast.net)
March 23, 2009
Treasury Plan for Toxic Assets . CLICK HERE.
Tamatha, Awendaw
Check here for your predicted foreclosures: Foreclosure Predictions In Your District
Buck From Myrtle Beach
Why isn't the media covering this? Why isn't the government talking about it? Here's a good article on it excerpted from William Kaufman.
The Bi-Partisan Origins of the Financial Crisis Shattering the Glass-Steagall Act
If you're looking for a major cause of the current banking meltdown, you need seek no farther than the 1999 repeal of the Glass-Steagall Act. The Glass-Steagall Act, passed in
1933, mandated the separation of commercial and investment banking in order to protect depositors from the hazards of risky investment and speculation. It worked fine for fifty
years until the banking industry began lobbying for its repeal during the 1980s.
The main cheerleader for the repeal was Phil Gramm, McCain's chief economic advisor. But wait -- fully 38 of 45 Senate Democrats voted for the repeal (which passed 90-8).
This disgraceful bow to the banking industry, signed into law by Bill Clinton in 1999, bears a major share of responsibility for the current banking crisis.
The 'finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999].
They laid out more than $200 million for lobbying in 1998, ' according to the Center for Responsive Politics. ' These industries succeeded in their two decades long effort to
repeal the act. ' "
William Kaufman can be reached at kman484@earthlink.net
Dana Beach, Executive Director of the South Carolina Coastal Conservation League
Editorial in the Post and Courier: Build New Economy Not Resurrect Old
March 23, 2009
Treasury Plan for Toxic Assets . CLICK HERE.
Tamatha, Awendaw
Check here for your predicted foreclosures: Foreclosure Predictions In Your District
Buck From Myrtle Beach
Why isn't the media covering this? Why isn't the government talking about it? Here's a good article on it excerpted from William Kaufman.
The Bi-Partisan Origins of the Financial Crisis Shattering the Glass-Steagall Act
If you're looking for a major cause of the current banking meltdown, you need seek no farther than the 1999 repeal of the Glass-Steagall Act. The Glass-Steagall Act, passed in
1933, mandated the separation of commercial and investment banking in order to protect depositors from the hazards of risky investment and speculation. It worked fine for fifty
years until the banking industry began lobbying for its repeal during the 1980s.
The main cheerleader for the repeal was Phil Gramm, McCain's chief economic advisor. But wait -- fully 38 of 45 Senate Democrats voted for the repeal (which passed 90-8).
This disgraceful bow to the banking industry, signed into law by Bill Clinton in 1999, bears a major share of responsibility for the current banking crisis.
The 'finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999].
They laid out more than $200 million for lobbying in 1998, ' according to the Center for Responsive Politics. ' These industries succeeded in their two decades long effort to
repeal the act. ' "
William Kaufman can be reached at kman484@earthlink.net
Dana Beach, Executive Director of the South Carolina Coastal Conservation League
Editorial in the Post and Courier: Build New Economy Not Resurrect Old
| View An Explanation of this Deep Recession and Who Is Responsible http://www.youtube.com/watch?v=NPLR8oKUMAA And 10 Deregulatory Steps To Meltdown |
The New Budget
March 1, 2009
As described below, I'm in favor of the Stimulus Package; but, highly suspect of the 2nd bank bailout. Now comes the new budget information.
I'm deeply worried about the new budget proposed by President Obama. It's too much money. It's too much debt. It's too dependent on China buying even more of our debt
and I don't trust China as our loan officer. It also, in my opinion, has too much optimism built into it's GDP projections. Particularly when we just got the devastating news that
the latest GDP is -6.2%.
All of which is NOT to say that I think the Republicans are helping. They are not. They need to stop saying "no" and come up with alternatives. And, both parties need to
understand that Americans are fed up with pork barrel spending.
What I had hoped would happen in the Administration's budget plan is that we would first focus on "bringing up" the renewable energy technology and economy. If we focused
on making that happen quickly and efficiently, that new economy would pay for steps forward in health care and education.
I absolutely agree with President Obama's three priorities (energy, health care and education), I'm just not certain that we can afford to bring them online simultaneously without
severe consequences to present and future generations (political - i.e. China owning our debt; and economic - 2/3 of future budgets may be interest on our spending).
Moderation in terms of spending seems to be something neither the Bush administration, nor the Obama administration, favors.
I hope I'm wrong.
Several more things bother me about the new budget. First, wealthy people making over $250,000 will have charitable deductions cut by 11.6% - from $396 on a $1,000 gift to
a nonprofit to $280. The administration says it won't matter; people will give anyway. It might not matter much, but I predict it will matter some. Very few cash strapped
non-profits are prepared to take even a 10% reduction in what they now receive. Non-profits should be actively contacting Congress and the President to eliminate this
exclusion. (Link to Representatives Contact Information)
Second, the cap-and-trade on emissions will be passed on to us from utility companies hooked on coal plants (like South Carolina). The money will be used to finance
renewable energy initiatives and defray the increase in utility bills. It should cause us to become more energy efficient and energy conscious in our homes: and to take action
about things like the proposed Santee Coal Plant! Cap-and-trade may also not reduce overall carbon emissions as much as we want (Energy). If we buy carbon credits from
say Vietnam, who wouldn't have been producing carbon anyway, we don't have a net reduction on the planet.
Third, capital gains taxes will increase 5%, and for those making $250,000 or more, income tax will go up 4.6%. That is fine. But those families making more than $250,000
will additionally pay more payroll tax, less deduction on their home mortgage, less deduction on state from federal taxes and less on charitable deductions. The effective
increase in all of these additional taxes is too much. Trickle down doesn't work - at least as it has been implemented it hasn't worked; but, some trickle is necessary.
Fourth, the 5% increase in capital gains should have excluded renewable energy technologies of less than 3 carbons. In fact, the capital gains on those technologies should
have been zero. Renewable energy technology has the potential to move us out of these economic hard times and provide jobs. We should do everything possible to offer
incentives to accelerate its coming into being.
Things I like about the budget: no more subsidy for corporate mega-farming and no more high bank subsidies for student loans. Hedge fund managers being subject to
income tax. Reporting real cost of wars. No more shielding profits by American corporations doing business overseas (however we should also close all corporate loopholes
and reduce corporate taxes to 28%). A seven million dollar exclusion for estate taxes (rate should be 33% though). Repeal of oil and gas tax deductions and subsidies.
Adjustment of the Alternative Minimum Tax. Small businesses being allowed to get refunds from previous years when they were profitable for current losses. Elimination of
capital gains taxes on small businesses.
March 1, 2009
As described below, I'm in favor of the Stimulus Package; but, highly suspect of the 2nd bank bailout. Now comes the new budget information.
I'm deeply worried about the new budget proposed by President Obama. It's too much money. It's too much debt. It's too dependent on China buying even more of our debt
and I don't trust China as our loan officer. It also, in my opinion, has too much optimism built into it's GDP projections. Particularly when we just got the devastating news that
the latest GDP is -6.2%.
All of which is NOT to say that I think the Republicans are helping. They are not. They need to stop saying "no" and come up with alternatives. And, both parties need to
understand that Americans are fed up with pork barrel spending.
What I had hoped would happen in the Administration's budget plan is that we would first focus on "bringing up" the renewable energy technology and economy. If we focused
on making that happen quickly and efficiently, that new economy would pay for steps forward in health care and education.
I absolutely agree with President Obama's three priorities (energy, health care and education), I'm just not certain that we can afford to bring them online simultaneously without
severe consequences to present and future generations (political - i.e. China owning our debt; and economic - 2/3 of future budgets may be interest on our spending).
Moderation in terms of spending seems to be something neither the Bush administration, nor the Obama administration, favors.
I hope I'm wrong.
Several more things bother me about the new budget. First, wealthy people making over $250,000 will have charitable deductions cut by 11.6% - from $396 on a $1,000 gift to
a nonprofit to $280. The administration says it won't matter; people will give anyway. It might not matter much, but I predict it will matter some. Very few cash strapped
non-profits are prepared to take even a 10% reduction in what they now receive. Non-profits should be actively contacting Congress and the President to eliminate this
exclusion. (Link to Representatives Contact Information)
Second, the cap-and-trade on emissions will be passed on to us from utility companies hooked on coal plants (like South Carolina). The money will be used to finance
renewable energy initiatives and defray the increase in utility bills. It should cause us to become more energy efficient and energy conscious in our homes: and to take action
about things like the proposed Santee Coal Plant! Cap-and-trade may also not reduce overall carbon emissions as much as we want (Energy). If we buy carbon credits from
say Vietnam, who wouldn't have been producing carbon anyway, we don't have a net reduction on the planet.
Third, capital gains taxes will increase 5%, and for those making $250,000 or more, income tax will go up 4.6%. That is fine. But those families making more than $250,000
will additionally pay more payroll tax, less deduction on their home mortgage, less deduction on state from federal taxes and less on charitable deductions. The effective
increase in all of these additional taxes is too much. Trickle down doesn't work - at least as it has been implemented it hasn't worked; but, some trickle is necessary.
Fourth, the 5% increase in capital gains should have excluded renewable energy technologies of less than 3 carbons. In fact, the capital gains on those technologies should
have been zero. Renewable energy technology has the potential to move us out of these economic hard times and provide jobs. We should do everything possible to offer
incentives to accelerate its coming into being.
Things I like about the budget: no more subsidy for corporate mega-farming and no more high bank subsidies for student loans. Hedge fund managers being subject to
income tax. Reporting real cost of wars. No more shielding profits by American corporations doing business overseas (however we should also close all corporate loopholes
and reduce corporate taxes to 28%). A seven million dollar exclusion for estate taxes (rate should be 33% though). Repeal of oil and gas tax deductions and subsidies.
Adjustment of the Alternative Minimum Tax. Small businesses being allowed to get refunds from previous years when they were profitable for current losses. Elimination of
capital gains taxes on small businesses.
From LK: "I told you so comes to mind."
March 7, 2009 - Wall Street Journal
Is it time for U.S. to consider going back to the future and bringing back some Great Depression-era regulation to help fix the current economic mess?
As Floyd Norris points out, Thursday’s slide in the Dow Jones Industrial Average and Standard & Poor’s 500 stock index means today’s markets have fallen as far as in the first
few years of the Great Depression. And the job losses “from this recession are now worse than in 1981-1982, which is generally considered to have been the most severe
economic downturn in the U.S. since the Great Depression,” writes Justin Fox.
So is it time for the government to consider bringing back Glass-Steagall? That piece of Great Depression regulation separated commercial banks from investment banks.
Congress repealed it in 1999 so Citicorp and Travelers could get together.
Paul Volcker, who heads President Barack Obama’s Economic Recovery Advisory Board, thinks instituting something similar to the separations created under Glass-Steagall
might not be such a bad idea, Bloomberg reports. Volcker wants to create a two-tiered banking system. On one tier would be commercial banks, which provide customers with
depository services and access to credit and would be highly regulated. On the other would be securities firms, which would have the freedom to take on more risk and practice
trading, “relatively free of regulation.” There is at least one difference, in Volcker’s plan commercial banks would be able do stock-and-bond underwriting and provide merger
advice.
March 7, 2009 - Wall Street Journal
Is it time for U.S. to consider going back to the future and bringing back some Great Depression-era regulation to help fix the current economic mess?
As Floyd Norris points out, Thursday’s slide in the Dow Jones Industrial Average and Standard & Poor’s 500 stock index means today’s markets have fallen as far as in the first
few years of the Great Depression. And the job losses “from this recession are now worse than in 1981-1982, which is generally considered to have been the most severe
economic downturn in the U.S. since the Great Depression,” writes Justin Fox.
So is it time for the government to consider bringing back Glass-Steagall? That piece of Great Depression regulation separated commercial banks from investment banks.
Congress repealed it in 1999 so Citicorp and Travelers could get together.
Paul Volcker, who heads President Barack Obama’s Economic Recovery Advisory Board, thinks instituting something similar to the separations created under Glass-Steagall
might not be such a bad idea, Bloomberg reports. Volcker wants to create a two-tiered banking system. On one tier would be commercial banks, which provide customers with
depository services and access to credit and would be highly regulated. On the other would be securities firms, which would have the freedom to take on more risk and practice
trading, “relatively free of regulation.” There is at least one difference, in Volcker’s plan commercial banks would be able do stock-and-bond underwriting and provide merger
advice.
Bill Moyers and William Black, PBS
Exposing the Corruption and Fraud of the Deep Recession (aka in SC as Depression)
Our financial system became a Ponzi scheme that makes Madoff look like a piker. For more click
Moyer on Banks and Bailouts
Exposing the Corruption and Fraud of the Deep Recession (aka in SC as Depression)
Our financial system became a Ponzi scheme that makes Madoff look like a piker. For more click
Moyer on Banks and Bailouts
THREE LETTERS TO SEND To Your CONGRESSIONAL REPRESENTATIVES -
To Slow Our Progress On the Road to Perdition
Link to Congressional Representatives Contact Information
1. First Letter:
Dear Senators DeMint, Graham and Representative Brown (or your Congressman),
I ask that you immediately begin work to re-institute the protections of the Glass Stegall Act; protections which were removed in December of 1999.
As I hope that you know, those protections were put in place by the Roosevelt Administration to make sure that a Great Depression never happened again. The Act put walls
between commercial banking, investment banking and the insurance industry because - does this sound familiar? - immediately prior to the Great Depression, banks had
been using and losing depositors' money in risky investments.
The walls protecting us - those separating banks, securities and insurance companies - came down in 1999 with overwhelming support from Congress on both sides of the
aisle. The repeal of that Act has lead directly to commercial and investment bank and insurance mergers; and, once again, depositors' money has been risked and lost in
highly questionable new vehicles such as credit swaps and derivatives.
NOT re-instituting Glass Stegall is akin to fixing up New Orleans without repairing the levees. There is an ultimate inevitability that the disaster will reoccur and destroy again.
I'd like to see each of you take a leadership role in this area so that we can recover from this economic quagmire.
Best regards,
___________
2. Second Letter:
Dear Gentlemen,
I implore you - stop it! Stop shoveling trillions of dollars into a financial industry which destroyed our economy!
ONE example, sirs - one with which I hope that you are familiar. It's the deal Treasury and the Federal Reserve made with Citigroup. A deal where $301 Billion TAXPAYER
dollars bought 90% of Citigroup's LOSSES. And when Citigroup is profitable again? Well THEY get 100% of the profits. Heads they win, tails we lose!
Good lord men! How could you let this happen?
Our pensions and 401Ks are decimated, our children's debt gargantuan, and you give the people responsible for the disaster deals like that?! How could this possibly make
sense to any of you?
Please, do your job and stop this nonsense.
Best regards,
_________
3. Third Letter:
Gentlemen,
Me again. "Eureka I've found it!" 'Found the source of the problems from my previous letters and am dashing off a letter to you immediately. I'm sure that you'll want to act right
away to correct this situation.
Long story short, I found a website which lists your donations from lobbyist and special interest groups (opensecrets.org). There I saw millions of dollars in PAC donations to
each of you from three controversial groups.
From financial institutions there were donations from Wells Fargo, the Mortgage Bankers Association, Bancorp, Capital One, HSBC International Bank, CME Futures and Options
Exchange Group, Financial Services Round Table, J.P. Morgan, Securities Industry and Financial Markets, Managed Funds Association and many, MANY more! I even found
out that the financial industry contributed over $472 million to Congress in this election cycle alone!
From Energy there was money from Chevron, Exxon, National Fuel Gas Assctn., Edison Electric, Propane Gas Assctn., Nuclear Fuel Services, Energy Future Holdings
Corporation and many, MANY more!
And from health care? Lots of companies, lots of donations ... but, I think you get the picture. I know that I sure did!
I used to think that incumbents had a 95-98% re-election rate because they had name recognition; or, had done an extraordinary job. But now I know. 'Know that incumbents
enter into an election with a war chest 4 to 8 times larger than challengers - and that their war chests are made up primarily of PAC and special interest monies.
NOW I know why credit card interest rates aren't going down at all, despite the fanfare that Congress was going to save us from loan sharking in the credit card industry!! And
now it makes sense why only 33 members of the Senate voted to cap the interest rate at 15%.
Now I know why bailouts and bonuses keep going on with next to no ROI for the taxpayer, no accountability or reporting!
Now I know why Glass Stegall hasn't been reinstated and why the financial industry continues to be largely self regulating.
Now I know why big financial institutions are gobbling up small ones and are "too big to fail."
I even figured out why we print money as if it won't cause hyperinflation, and sell our debt and children's future to the Chinese.
I can only conclude that America's government is for sale. We let the foxes in the henhouse because the foxes fund the re-elections of way too many of our Senators and
Representatives. Government has become systemically corrupt.
Gentlemen, I ask you to lead. Lead the move to eliminate PACs. As I see it, the dependence of many in Congress on PAC political donations is the source of our economic
meltdown, war profiteering, lack of renewable energy solutions ... and only the good Lord and Congress knows what else.
Eliminate PACs so that we can once again trust Congress to put the American people first.
Lead gentlemen. We're watching. We're hoping.
Best regards,
________
To Slow Our Progress On the Road to Perdition
Link to Congressional Representatives Contact Information
1. First Letter:
Dear Senators DeMint, Graham and Representative Brown (or your Congressman),
I ask that you immediately begin work to re-institute the protections of the Glass Stegall Act; protections which were removed in December of 1999.
As I hope that you know, those protections were put in place by the Roosevelt Administration to make sure that a Great Depression never happened again. The Act put walls
between commercial banking, investment banking and the insurance industry because - does this sound familiar? - immediately prior to the Great Depression, banks had
been using and losing depositors' money in risky investments.
The walls protecting us - those separating banks, securities and insurance companies - came down in 1999 with overwhelming support from Congress on both sides of the
aisle. The repeal of that Act has lead directly to commercial and investment bank and insurance mergers; and, once again, depositors' money has been risked and lost in
highly questionable new vehicles such as credit swaps and derivatives.
NOT re-instituting Glass Stegall is akin to fixing up New Orleans without repairing the levees. There is an ultimate inevitability that the disaster will reoccur and destroy again.
I'd like to see each of you take a leadership role in this area so that we can recover from this economic quagmire.
Best regards,
___________
2. Second Letter:
Dear Gentlemen,
I implore you - stop it! Stop shoveling trillions of dollars into a financial industry which destroyed our economy!
ONE example, sirs - one with which I hope that you are familiar. It's the deal Treasury and the Federal Reserve made with Citigroup. A deal where $301 Billion TAXPAYER
dollars bought 90% of Citigroup's LOSSES. And when Citigroup is profitable again? Well THEY get 100% of the profits. Heads they win, tails we lose!
Good lord men! How could you let this happen?
Our pensions and 401Ks are decimated, our children's debt gargantuan, and you give the people responsible for the disaster deals like that?! How could this possibly make
sense to any of you?
Please, do your job and stop this nonsense.
Best regards,
_________
3. Third Letter:
Gentlemen,
Me again. "Eureka I've found it!" 'Found the source of the problems from my previous letters and am dashing off a letter to you immediately. I'm sure that you'll want to act right
away to correct this situation.
Long story short, I found a website which lists your donations from lobbyist and special interest groups (opensecrets.org). There I saw millions of dollars in PAC donations to
each of you from three controversial groups.
From financial institutions there were donations from Wells Fargo, the Mortgage Bankers Association, Bancorp, Capital One, HSBC International Bank, CME Futures and Options
Exchange Group, Financial Services Round Table, J.P. Morgan, Securities Industry and Financial Markets, Managed Funds Association and many, MANY more! I even found
out that the financial industry contributed over $472 million to Congress in this election cycle alone!
From Energy there was money from Chevron, Exxon, National Fuel Gas Assctn., Edison Electric, Propane Gas Assctn., Nuclear Fuel Services, Energy Future Holdings
Corporation and many, MANY more!
And from health care? Lots of companies, lots of donations ... but, I think you get the picture. I know that I sure did!
I used to think that incumbents had a 95-98% re-election rate because they had name recognition; or, had done an extraordinary job. But now I know. 'Know that incumbents
enter into an election with a war chest 4 to 8 times larger than challengers - and that their war chests are made up primarily of PAC and special interest monies.
NOW I know why credit card interest rates aren't going down at all, despite the fanfare that Congress was going to save us from loan sharking in the credit card industry!! And
now it makes sense why only 33 members of the Senate voted to cap the interest rate at 15%.
Now I know why bailouts and bonuses keep going on with next to no ROI for the taxpayer, no accountability or reporting!
Now I know why Glass Stegall hasn't been reinstated and why the financial industry continues to be largely self regulating.
Now I know why big financial institutions are gobbling up small ones and are "too big to fail."
I even figured out why we print money as if it won't cause hyperinflation, and sell our debt and children's future to the Chinese.
I can only conclude that America's government is for sale. We let the foxes in the henhouse because the foxes fund the re-elections of way too many of our Senators and
Representatives. Government has become systemically corrupt.
Gentlemen, I ask you to lead. Lead the move to eliminate PACs. As I see it, the dependence of many in Congress on PAC political donations is the source of our economic
meltdown, war profiteering, lack of renewable energy solutions ... and only the good Lord and Congress knows what else.
Eliminate PACs so that we can once again trust Congress to put the American people first.
Lead gentlemen. We're watching. We're hoping.
Best regards,
________
UPDATES
- Click for Lobbyists Unlimited
in Honoring Lawmakers.
USA Today. June 8, 2009
JOANNA for President!
Reader Joanna H. from Myrtle Beach has the solution:
comment = You can call it the Patriotic Retirement Plan:
There are about 40 million people over 50 in the work force. Pay them $1 million apiece severance for early retirement with the following stipulations:
1) They MUST retire. Forty million job openings - Unemployment fixed.
2) They MUST buy a new American CAR. Forty million cars ordered - Auto Industry fixed.
3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed.
Reader Joanna H. from Myrtle Beach has the solution:
comment = You can call it the Patriotic Retirement Plan:
There are about 40 million people over 50 in the work force. Pay them $1 million apiece severance for early retirement with the following stipulations:
1) They MUST retire. Forty million job openings - Unemployment fixed.
2) They MUST buy a new American CAR. Forty million cars ordered - Auto Industry fixed.
3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed.
As of October 19, 2009, not one piece of legislation to protect the American public from
the abuses which produced the Recession has been passed. Not one.
The only logical explanation for this egregious irresponsibility has to be that our system
has become so corrupt that lobbyists "own" both parties and the American people are
left with few-to-no champions.
the abuses which produced the Recession has been passed. Not one.
The only logical explanation for this egregious irresponsibility has to be that our system
has become so corrupt that lobbyists "own" both parties and the American people are
left with few-to-no champions.