Majority Leader Steny Hoyer: Economic Rescue Package is Focused on Main Street (Category: Economy)
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October 3, 2008 |
10:36 AM
On Monday, despite the support of 60% of Democrats, the House of Representatives voted down a rescue package to save our country from an economic emergency. By the end of the day, $1.2 trillion of invested wealth had been wiped out.
It's easy to think of Wall Street as almost another country, far removed from our daily lives. But think of how much of that $1.2 trillion was in pension funds, retirement accounts, or 401(k)s. What happens on Wall Street affects all of us. Bill Novelli, the head of AARP, wrote that he's found 10 ways in which a financial crisis could harm families and retirees, from higher credit card interest rates, to more home foreclosures, to layoffs, to devastated pension funds. In fact, the value of equity investments held by pensions has declined 23% over the past year--that means that nearly $600 billion in retirement savings had evaporated. This morning brought the news that the economy lost 159,000 jobs last month, and more than three-quarters of a million jobs this year.
Worse could be on the way without strong action from Congress. Fortunately, we're bringing a new version of the rescue plan to the floor of the House today. The Senate passed that version on Wednesday, and we hope to do the same.
Both Democrats and Republicans have significantly improved the President's plan. We fought to ensure that taxpayers will be the first to profit if and when those assets rise again in value.
We restricted executive compensation, because CEOs whose recklessness helped bring on this crisis do not deserve taxpayer-subsidized golden parachutes.
Finally, we will help homeowners renegotiate their mortgages, to prevent a further flood of 2 million projected foreclosures that would devastate our communities.
On Wednesday, the Senate raised federal insurance of bank accounts from, $100,000 to $250,000, and also chose to add several tax cuts.
I disagree with those tax provisions, because they will be financed irresponsibly, by borrowing more money on top of our huge national debt.
But an emergency like this is the time to compromise. For the sake of families struggling to keep their homes, workers afraid of pink slips they did nothing to earn, and millions of seniors who deserve to keep the money they saved all their lives--the House must act today.
Comments
Gary Merkel says:
Honorable Hoyer, Please answer the following quesitons:
1. Why are Barney Frank, Chris Dodd, and Barak Obama not under indictment for their roll and association in this mess?
2. Why are you all NOT naming names and making "heads roll"? Are you just guarding each others' backsides?
3. WHY is there PORK in this bailout bill?
4. "Americans will share in the profit ----IF ----" Why should we, who have worked our rears off bail out cheats, thieves, crooks, and stupid people who were loaned money for houses they COULDN'T afford? NO ONE helped us in 1960 when we lost everything we had in hurricane Donna.
5. Why should we believe one single thing you politicians say? You tell half truths, which are actually lies. You put in pork in EVERY bill and try to cover it up, then say, "so an so voted against this bill." WHY? Because it had so much PORK. Oh, but you don't tell that story.
6. I lost half my retirement under Clinton's dot com financial mess. Who bailed me out? NO ONE. My retirement account is now back to where it was in 1992, 16 years later.
7. Maybe we need a depression to wake us up to the criminals we have in Washington who are getting RICH at our expense. When's the last time YOU took a pay cut as a politician? When's the last time your retirement went in the toilet? And how much do you now have in your bank account NOW, compared to when you started office? Case closed.
8. We, the American people, believe every one of you is a crook. You are all thieves and you are NOT representing us. Please SHOW us WHY we should be live you.
9. The initial bailout bill stunk. Oh, it was improved. Oh, it was improved again. WHY wasn't it a good bill int he first place? I can tell you why: You are a bunch of liars and thieves who cannot find it in yourselves to tell the truth.
10. If we, the regular folks of American, did what you're doing, we would all be fired from our jobs, but you not only KEEP you job, you get the best health care, the best pay, the best benefits, etc. - ALL at our expense, while you put the screws to us, your constituents.
This is the tip of the iceberg. I represent millions of Americans who are simply sick of the corruption. And if you think this letter is a bit hostile? You have NO idea of how angry most Americans are.
And what did I hear about Barney Frank's lover? Getting millions from this scandal, and then opening up a shop before being named? And you think we're just going to let all this slide and go along with a bailout plan our great grandchildren will only begin to pay for?
11. Who among you is going to give REAL answers? HONEST ANSWERS? Oh, that's right, you're in it together. You've compromised your principles to the point you have to cover each others' rears.
I dare you to read this to the average citizen and see if they don't agree. They probably won't be as nice.
Disrepectfully submited, (You have to EARN respect and I don't know of a politician who is earning it at the moment.)
Gary Merkel
Rogersville, MO
10/03/08 12:21 PM
Frank Bonner says:
Mr. Merkel,
I do believe the politicians and others knew this was coming, long ago. And after the bailout, several years down the road, it'll happen again! Why? GREED. More are being born today to take up for the older ones when they retire! I've got something they don't - I'm not affraid to die. I'm only 63, but I've been through a lot in my life, and worked till I was 62, which ammounts to 45 years of work! I started at age 12 having a paper route. Most people think us baby-boomers had it easy back then. It's not true!
The company I worked for for 18 years had a joint-venture in 1995! My department ( No Choice ), had to go over to the new company that was being built on top of the hill. It was going under and fixing to close, but TPG picked up the bill. A few years later all Pensions was frozen. No more Pensions, unless you were 50 years old - Or had at least 25 years of service in. This was over 5 years ago.
And in the meeting, can you believe the Plant Manager stated: "I missed it by 1 month-like he was going to cry" ( He didn't have the 25 years in, and was one month from being 50 ). I nearly shit in my pants from laughing so much, he thought I was crazy! What in the hell does a Plant Manager care about that crap? He gets a package of plenty of money if he's fired or quicks.
Another think Mr. Merkel, I know the RICH! But would you explain to me the difference between "Middle Class" and "Poor"? Even with my wife working, together we never cleared over 70,000 a year!
After my retirement, I had a little money ( Lump Sum, plus 401K ) to put into an investment IRA at the bank! It's only been 8 ( 8 ) months, and there is 77,000 dollars gone! How about a BAILOUT?
10/03/08 9:00 PM
Dick Havemann says:
I hope all those Fat Cats are happy. Especially those who put in
all the PORK. It's a darn shame how Elected DUMMEES take advantage
of the situation. Kick 'em all OUT !!!
10/04/08 11:26 AM