Becky & Iowa Dems SHAME on YOU! Gave Bush & Wall Street a blank check!

I am so rip-you know what mad at our party today.  We caved!  We caved — and we were bought off on some flood provisions that should have been passed already.  The worst part is that our delegation (and Becky Greenwald with her statement supporting Goerge Bush's plan!!!!!!!!) caved and gave George W. Bush a BLANK CHECK for $700 Billion of OUR money to give to his greedy buddies on Wall Street.  Where is the anger?!?!?!

Read the bill yourself — and here is one respected member's take on this:

Congressman Dennis Kucinich (D-OH) issued the following statement after voting against the Wall Street bail out plan, H.R. 1424, the Emergency Economic Stabilization Act of 2008:

 “The public is being led to believe that Congress has reconsidered its position because we have before us a better bill than we had a few days ago.  It is the same bill plus hundreds of new pages for hundreds of millions of tax breaks.  What does this have to do with the troubles of Wall Street?

 “Driven by fear we are moving quickly to pass a bill, which may produce a temporary uptick for the market, but nothing for millions of homeowners whose misfortunes are at the center of our economic woes. People do not have money to pay their mortgages.  After this passes, they will still not have money to pay their mortgages.  People will still lose their homes while Wall Street is bailed out.

 “The central flaw of this bill is that there are NO stronger protections for homeowners and NO changes in the language to ensure that the secretary has the authority to compel mortgage servicers to modify the terms of mortgages. And there are NO stronger regulatory changes to fix the circumstances that allowed this to happen.

 “We should have created a mechanism for our government to take a controlling interest in mortgage-backed securities and use our power to work out a new deal for the homeowners.  We could have done this.  We should have done this.  But we didn't.

 “Now millions of Americans will face the threat of foreclosure without any help.  And the numbers will soon rise for a number of reasons.  Not only because of the Alt-A, jumbo mortgages which will soon be reset at higher interest rates, but because the London Interbank Offered Rate (LIBOR) is pushing up rates on adjustable mortgages and more than half of the US adjustable mortgage rates are tied to LIBOR.  Homeowner defaults will grow in significant numbers.  Let’s see if Congress will be as quick to help homeowners on Main Street as they were to help speculators on Wall Street.

 “Now the government will have to borrow $700 billion from banks, with interest, to give banks a $700 billion bailout, and in return the taxpayers get $700 billion in toxic debt.  The Senate “improved” the bailout by giving tax breaks to people in foreclosure.  People in foreclosure need help paying their mortgage, they do not seek tax breaks.

 “Across our Nation, foreclosures continue to devastate our communities, people are losing their jobs, and the prices of necessities are skyrocketing. This legislation, just like the one we defeated last week, will do nothing to solve the problems plaguing American families or help them to get out from underneath the oppressive debt they have been forced to take on.

 “Unfortunately, there has been no discussion of the underlying debt-based economy and the role of our monetary system in facilitating the redistribution of wealth upwards.

 “It is not as though we had no choice but to pass the bill before us. We could have done this differently. We could have demanded language in the legislation that would have empowered the Treasury to compel mortgage servicers to rework the terms of mortgage loans so homeowners could avoid foreclosure. We could have put regulatory structures in place to protect investors.  We could have stopped the speculators.

 “This bill represents an utter failure of the Democratic process.  It represents the triumph of special interest over the triumph of the public interest.  It represents the inability of government to defend the public interest in the face of great pressure from financial interests.  We could have recognized the power of government to prime the pump of the economy to get money flowing through out society by creating jobs, health care, and major investments in green energy.  What a lost opportunity!  What a moment of transition away from democracy and towards domination of America by global economic interests.

 “Years ago, in a Cleveland neighborhood, I saw a hand-scrawled sign above a cash register in a delicatessen.  The sign said:  “In God We Trust, All Others Pay Cash.”  The sign above the Speaker's rostrum reads “In God We Trust,” but we are paying the cash to Wall Street.

 “It is not as if we had no other choice but to pass this bill.”

  • although I also opposed the bailout

    you are wrong to say that Becky Greenwald supported giving George Bush a blank check. She opposed Henry Paulson’s bailout plan and released a statement saying she would have voted against it.

    She said she would have voted for the Senate version of the bailout (the same one Tom Harkin voted for because of the many changes from the House version–Harkin opposed the initial Bush plan as well).

    I don’t know all the details about  the differences between the bailout bills. Probably I would have opposed both versions. But you are incorrect to imply that Greenwald was for the Bush proposal.

    • No DesMoinesDem YOU are wrong - educate yourself before scolding me

      This was the SAME bill.  Read it — educate yourself and then tell me how the SAME $700 Billion blank check for the Bush Admin is not in both versions.

      Again – from the man who stood up for us – Dennis Kucinich:

      “The public is being led to believe that Congress has reconsidered its position because we have before us a better bill than we had a few days ago.  It is the same bill plus hundreds of new pages for hundreds of millions of tax breaks.”

      This was not a smart move on anyone’s part to support the first or second bill.  In fact — it opens Becky and Braley up to flip flopper status — but this time bowing to that ass Bush.

      I know you work for her or something — but be realistic on what support of this bill means.  (And least I mention that Lathum voted no — bet it was for the wrong reasons — but his vote didnt open up a checkbook for George W. for his pals on Wall Street.)

      • I don't work for any candidate

        I volunteer for several candidates, but I receive no payment for any political volunteering or any writing that I do about American politics.

        As I’ve written, I opposed the bailout and I don’t expect it to solve the problems in the banking sector.

      • Its William!

        William is back! Good to see you buddy!

        How is the write in campaign going?

        • Nope - not me.

          I am not the failed candidate — but if that helps you forget what our party allowed this week then the following photo should bring you back to reality – sponsored by our weak Washington leadership – co-sponsored by our own delegation and all funded with our back pockets:

          http://d.yimg.com/us.yimg.com/…

          Look — I am mad — I am surprised that you are not too – this was a horrible vote for what I believe in – and I think as time goes on and those who are willing to read up on it themsleves will share in my anger and frustration.

          • Anyone can look at your previous comments and judge for themselves

            I AM completely and 100% against this bill. It provides a golden parachute and a get out of jail free card for all these CEO’s and they will once again push it to the very limit and America will once again suffer.

            Becky Greenwald is the last person in the world that has anything to do with this, not only is she not a politician, she never has been. Second of all, her opponent is against this, why would she come out in support for her opponent?

            And why in the whole wide world would you come out in full force against Ms. Greenwald and DM dem of all people?

            Their are things we can do to fight this without taking it out on people who have absolutely nothing to do with it, because they are the closest in proximity when you are in a rage.

        • I don't think it is Meyers

          but if memory serves, Thinking Iraq was always a Meyers supporter.

          I do agree with Kucinich on this issue, but I don’t see this as something that will swing a lot of votes away from Becky either.

  • Democrats

    If you live in Iowa, every single Democrat you will or will not be voting for this year voted in favor of the final bill. That includes Barack Obama and Joe Biden. It hardly seems fair to single Becky out. If I were a representative, I believe I would have voted for both bills. I am very glad that I am not a representative.

    I do not believe that any Democrat voted for this bill because they wanted to “give Wall Street a blank check.” Democrats do not win elections by giving money to rich people. Our representatives voted for this very unpopular bill despite it being an election year because they believed it was the right thing to do. We may never know if they are correct or not. If we avoid a depression, then critics of the bill will say we weren’t going to have one anyway. If we do end up in one, then they will say it was because the bill either caused it wasn’t comprehensive enough…depending on the political leaning of the critic.

    My personal belief is that this bill sucks. It has way too much junk added in. It doesn’t do enough to help people stay in their houses. But if this was the only bill that they could craft fast enough to get it through the house, then I would prefer that my representative would vote to attempt to avoid a depression rather than to do nothing as Tom Latham did.

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