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Ralph Nader: Congress "Sugarcoating" Bush Administration's Bailout Plan
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by Rhonda J Mangus | September 30, 2008 at 08:37 pm
810 views | 46 Recommendations | 24 comments
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Independent candidate for President of the United States, Ralph Nader, predicted the Wall Street financial crisis 8 years ago. Earlier this month, Nader released a 10-point Plan to Recover from the Financial Crisis and, yesterday, holding a news conference outside the Federal Reserve Bank of San Francisco, Nader indicated that "The financial-markets bail-out bill that the House rejected on Monday should be "scrapped forever" and replaced with mortgage aid for struggling homeowners and prosecution of Wall Street robber barons,...".
Nader began a daylong Bay Area blitz with a news conference outside the Federal Reserve Bank of San Francisco with running mate and former San Francisco Supervisor Matt Gonzalez as well as "peace mom" activist Cindy Sheehan, an independent congressional candidate challenging House Speaker Nancy Pelosi.
The Federal Reserve is "a secret government within a government, it is out of control, it is not accountable to Congress and never has been," Nader said, demanding such accountability as well as annual audits. Without such control and transparency, he said, the Federal Reserve will continue to do banks' bidding, leading to a devalued dollar, higher interest rates and a declining quality of life for most Americans.
Meanwhile, he said, Congress should hold public hearings on this financial-markets meltdown's causes and potential cures, rather than rush to judgment on a bailout plan advanced by "the most criminally recidivist administration in this country's history."
Congress' adaptation of the Bush administration's plan amounted to nothing more than "sugarcoating," Nader said: Its promises of taxpayer equity, transparency, oversight and accountability are "full of holes."
He wants stock warrants so taxpayers can make some money back if these businesses flourish again; no lobbying rights for bailed-out companies; no golden parachutes or get-out-of-jail-free cards for guilty executives; public hearings on everything; letting below-median-value homeowners facing foreclosure rent-to-own their homes at fair market prices; making the Federal Reserve into a Cabinet position accountable to Congress; and a securities speculation tax to relieve tax pressure on the working middle class while discouraging excessive speculation.
Congress will act in the public interest "only when they fear the people more than the corporations," Nader said, claiming that "without the rising tide of support for third-party and independent candidates in this country, this margin of defeat for the bailout bill in the House would not have occurred."
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Rhonda J Mangus
North Tonawanda, New York, United States
Most RecentMost Recommended Comments (24)
at 20:55 on September 30th, 2008
Rhonda J Mangus, interesting to hear the independent perspective here - we've heard so much from the Democrats and Republicans on this. Check out Politisite's piece on Ralph Nader from three months ago.
at 21:11 on September 30th, 2008
Rachel, thank you for reading, commenting, and the Flag. Thank you for providing the link to Politisite's piece as well; it is an excellent article. We certainly have heard a lot from the Democrats and Republicans on this matter and, I agree, it is interesting to hear the independent perspective. Thanks again!
at 22:48 on September 30th, 2008
Rhonda J Mangus, I like this story. It's good stuff.
at 22:59 on September 30th, 2008
Rhonda J Mangus, I like this story. It's good stuff.
at 23:33 on September 30th, 2008
Amitjha, thank you for reading and for the Flag.
at 23:34 on September 30th, 2008
Barry, thank you for reading and for the Flag.
at 00:42 on October 1st, 2008
Source: my.nowpublic.com
We should all ask ourselves why we all know this will never happen !
Good Post !!
at 01:34 on October 1st, 2008
Rhonda J Mangus, I like this story. It's good stuff.
Interesting quote about Congress only acting in the public interest when it fears the people. The news in the UK is very much playing that angle - that it's citizens contacting their representatives that has led to the bill being voted down.
at 01:56 on October 1st, 2008
The spin in the media is that markets reacted positively to the bailout is just the opposite. Markets are reacting positively because the bail-out plan was dumped.
http://my.nowpublic.com/world/700-billion-bank-bailout-passage-wont-work
Rev.
at 02:40 on October 1st, 2008
Rhonda J Mangus, I like this story. It's good stuff.
Nader is correct!
Did we think this expansion could continue forever without consequence? Evidently we did not consider where we would end up. And now, at last, the U.S. Government believes it can fill the hunger for credit through a coordinated push – the last gasp of our insatiable credit addicts, so President Bush offers a plan. Behind closed doors he reportedly said, “This sucker could go down.” Once again, the president’s grammar is in error. The sucker in question will go down! Every dollar poured into the proposed rescue operation will be lost. Buying toxic debt is not a solution. The proposed mechanism for rescuing the economy represents a new falsification of values – and a new twisting of the market. The dollar cannot possibly survive this new initiative. A $700 billion bailout is only the beginning! It is merely a taste of what is to come. What we see in Washington is an exercise in self-deception. It is the self deception of a country that does not see danger, of a country that ignores the wisdom of it's ancestors and Economics 101. -END-at 02:47 on October 1st, 2008
I agree with you on this Bally....
at 02:50 on October 1st, 2008
Rhonda J Mangus, I like this story. It's good stuff.
at 03:04 on October 1st, 2008
I like him, he should be President! Thank you for the Post.
at 11:09 on October 1st, 2008
Rhonda J Mangus, I like this story. It's good stuff.
Now they say one must rescue the system, thats correct. But the same people had no ear for the people when they where loosing there houses. The capital markets are one of the backbones of our society and one must stabilize them, but the same time the system has to be cleaned up for the future. As we do learn out of our history, a system must never be more important than the people.
I ask myself: If one buys a cup of coffee in the United States, there will be a warning on the cup that the content might be hot, but seemingly nobody has to warn the people when they buy houses that they never can afford. Who would call this legal?
at 06:44 on October 1st, 2008
The Wall Street Bailout Bill:
Bush McCain Obama et al.
The Realignment of American Politics:
Anderson Baldwin Carter Choate Clemente Gonzalez Gravel Kaptur Kucinich McKinney Nader Paul Perot Sheehan Ventura
at 07:46 on October 1st, 2008
One of them. There would be a lot of independent opinions, and independent of each other too. Political theory isn't working real well since the players refuse to say where they are coming from besides freedom and democracy, which they all claim.
at 07:49 on October 1st, 2008
Rhonda J Mangus, I like this story. It's good stuff. Another great article by my friend on the left. Good job.
at 09:46 on October 1st, 2008
Not 'Sugar-Coating', 'arsenic-coating'.
at 23:52 on October 1st, 2008
Rhonda J Mangus, I like this story. It's good stuff.
at 02:46 on October 2nd, 2008
Rhonda J Mangus, I like this story. It's good stuff.
woops I forgot to give you a flag hee.
at 05:08 on October 2nd, 2008
Thanks to all for reading this story, commenting, and the Flags.
at 08:23 on October 4th, 2008
zichi, thanks so much for the photo and additional information.
at 09:22 on October 4th, 2008
Thank you Luiz, for reading and for the Flag.
at 12:32 on October 15th, 2008
Lets do it... and also place a tax on stock tranactions. Why hasn't MSM talked about this?
Why hasn't the dems and republicans likewise talk about this?
answer: not in their interest to help the taxpayer.