Feeds:
Posts
Comments

Posts Tagged ‘Wall Street’

WASHINGTON, D.C.—New Jersey congressmen split 7-6 in voting against the $700 billion Wall Street bail out plan proposed by the Bush administration in the wake of a nationwide mortgage crisis, which triggered bank failures and a diminutive stock market crash Monday.

Democrats Donald Payne, Steve Rothman and Bill Pascrell voted against the $700 billion proposal along with Republicans Rodney Frelinghuysen, Scott Garrett, Frank LoBiondo and Chris Smith.

Republicans Mike Ferguson and James Saxton joined Democrats Rush Holt, Albio Sires, Frank Pallone and Rob Andrews in voting for the financial bailout package that had been negotiated by the White House and a bipartisan group of elected and appointed officials.

(more…)

Advertisements

Read Full Post »

Bob Barr

Bob Barr

By Bob Barr

The leaders of both the Republican and Democratic Parties are rushing ahead with their $700 billion bill. 

Without a single hearing and without considering other solutions, Congress is preparing to put the typical American family on the hook for more than $8,000.  Legislators in both parties need to stand up for the American people and say no.

If bailouts are the answer, why hasn’t the $300 billion housing bailout worked?  What of the $100 or more billion bailout of Freddie Mac and Fannie Mae? This bailout package doesn’t resolve the underlying problems.  It merely transfers the liabilities to the taxpayers.  Instead, we need to make Wall Street take the hit for its irresponsible investment decisions.

(more…)

Read Full Post »

By Jeff M. Wilson

Treasury Secretary Hank Paulson along with Federal Reserve Board Chariman Ben Bernanke offered to solve all of the current Wall Street credit problems. Their solution, Congress remits to them a blank check payable for $700 Billion. That’s slightly less than $2,300 from every man, woman and child in the United States. To paraphrase a member of Congress, “it’s like a paying an arsonist to put out the fire.”

Maybe it’s time we fire the arsonists.

Secretary Paulson, a Phi Beta Kappa graduate of Dartmouth with a Harvard M.B.A., is brilliant. Having started at Goldman Sachs in 1974, he rose through the ranks to become Chairman and Chief Executive Officer of Goldman Sachs from the firm’s initial public offering in 1999 until his swearing in as Treasury Secretary in July 2006. It is more than ironic that he has amassed much of his personal of fortune of $500 million by creating and selling the very “toxic waste” investments that he is proposing that we, the U.S. taxpayers buy.

(more…)

Read Full Post »

A new ad from the Obama campaign raises the specter of Wall Street-style deregulation of the health insurance industry under a McCain presidency.

(more…)

Read Full Post »