Monday, September 29, 2008

Wall Street Bail out plan

The boss is busy. He usually posts things that help the gentle reader stay informed on matters of political interest that impact the ol' lunch box. In his stead I offer this.

Today the AFL-CIO president, John Sweeney came out with a statement regarding this weekends summit and resulting plan.

September 29, 2008
The bailout bill that emerged from congressional
negotiations over the weekend gives too little relief to homeowners and too much power to an administration that has demonstrated neither competence nor foresight.

If passed, it will require vigilant monitoring. And without a robust economic recovery package and concrete help for homeowners, the bailout will not work. It will not address the real underlying weaknesses in the U.S. economy, and it will not earn the confidence of working men and women. It should not be enacted unless Congress moves forward with a meaningful
economic stimulus package now.

Last week congressional Democrats laid out a plan that would have gone further toward addressing the most serious concerns that we have raised during this crisis, including effective protections for taxpayers and homeowners.

Congressional Republicans and President Bush blocked the
economic stimulus bill in the Senate and they spent the weekend watering down the bailout bill that is now before Congress -- weakening the independent oversight as
well as the limits on executive compensation and eliminating bankruptcy relief for homeowners. We understand the very serious risks to working families of a financial collapse, and we appreciate the need for comprehensive action on the
part of our government. But we have serious doubts about the precise plan being proposed.

Given this uncertainty, and the magnitude of the powers and expenditures being requested by the Administration, we call on Congress to pass an economic stimulus package this week for Main Street, together with bankruptcy reform to help homeowners.

Without a stimulus and bankruptcy reform, the bailout
looks like what it is - - help for Wall Street - - when what America needs is help for Main Street.

Lets make sure they keep it real for the working family.


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