In the wake of last week's collapse of the American financial markets, the Bush administration yesterday sent its proposal to Congress. In it, the Bush administration asked for - exactly the thing that has screwed up everything in this country - a blank check to spend $700 Billion
with absolutely zero oversight, no protections for struggling homeowners, consumers, labor or the taxpayers. In other words, their proposal is give the Secretary of Treasury $700 Billion to spend as he sees fit, and hope for the best.
You can read the entire 3-page (yes, 3-page) proposal from the administration on CNN.com
. The Bush administration may not understand it, but that's not how things are supposed to work in America. Congress is not an ATM that rings anytime George Bush looks at it. At least, it's not supposed to be. Congressional Democrats want help for everyday Americans and not just Wall Street, a reasonable limit on executive pay packages (that can span $10-100 million a year to run a company into the ditch) for companies that accept this massive taxpayer bailout, consumer protections and help to enable struggling homeowners to stay in their home. Needless to say, the Administration is none too happy about that.
Well, today, the Speaker of the House Nancy Pelosi told the Bushites to stick it. She released a statement
standing by the outlined principles:
Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers' interests. The Administration's $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.
We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.
As we proceed to deal with this crisis, this is clear recognition that the party is over for the Bush Administration's anything goes, failed economic policies that have damaged our economy, undermined the middle class and further pointed out the need for a New Direction.
This is the right move on the part of the Democrats and the Speaker, and she needs to hear from the American people that we stand behind her principles. You can contact the speaker
on her website. Please do so and let her know you will stand behind her as she fights for protections for Main Street and not just Wall Street. Here's the URL to contact Speaker Pelosi:
Here is what I wrote to the Speaker:
Dear Madam Speaker:
I am writing you to applaud your statement today about the Bush administration's $700 billion Wall Street bailout plan. You are absolutely correct that the Administration plan does not include the necessary safeguards to ensure the protection of the American taxpayer. Nor does the proposal include any help for real Americans who are hurting right now on main street. Congress must ensure that proper consumer, labor, homeowner and taxpayer protections are included in a final version of this bill. Additionally, corporations that look to the taxpayer for bailing them out must accept reasonable limits on executive compensation to ensure that we the taxpayers are not subsidizing the indulgences of the Wall Street corporate bosses.
Your statement today gave me hope and please know that this American stands squarely with you on this matter.
And after you have contacted the Speaker, please contact your representative in the House
and your Senators
and let them know you will not tolerate a bill that includes nothing but a blank check for Wall Street.