US Rep. Barbara Lee, D-CA, on why she opposed the bailout:

[marmar]

from the Progressive Dems of America site:



Congresswoman Lee Opposes Massive Bailout
September 29, 2008, Washington, DC


Legislation Would Have Rewarded Predatory and Subprime Lenders

Today Congresswoman Barbara Lee delivered the following statement on the House floor in opposition to the financial bailout bill considered today. The Congresswoman voted against the bill, which failed by a vote of 205-228.

“Thank you Madame Speaker and thank you Mr. Frank, the Chairman of the Financial Services Committee, for his efforts to improve the administration’s $700 billion blank check proposal.

“As a former member of the House Financial Services Committee for eight years, I can tell you that the situation we find ourselves in is the direct result of the deregulation happy, turn a blind- eye approach of this administration and its allies in Congress.

“Now we see the horrific price of these reckless deregulation policies. More than 600,000 Americans have lost their jobs since January. People need jobs to obtain credit and to pay their rent. They need jobs to pay their mortgages or to put money in their 401k or retirement account. Millions of people are living paycheck to paycheck, if they have a paycheck.

“Home foreclosures are skyrocketing, and home values are plunging, banks are failing and we are still spending more than $10 billion every month on a war in Iraq that should never have been waged.

“So there is no question that we are confronting an economic and financial crisis.

“But I’m convinced that this bailout plan is not the solution to this mess.

“First, it does little to address the underlying problem – the foreclosure crisis. We need a moratorium on foreclosures and bankruptcy reform to help people stay in their homes.

“Second, this bill should be paid for by the high-flying industry that created this problem. $700 billion should not be given to Wall Street and the Bush Administration unless those who cause this mess pay for it. We should also prohibit the tax deductibility -and my bill the Income Equity Act (HR 3876) would do this across the board - of executive compensation in any company where the highest paid corporate officer is paid more than 25 the times the pay of a bailed-out company’s lowest-paid worker.

“And third, we need an economic stimulus package to deal with the crushing reality of the recession that is hitting people hard and growing every day.

“I cannot vote to reward those predatory and subprime lenders who are creating such havoc in the lives of millions of Americans.

“There is a better way.”


http://www.pdamerica.org/articles/alliances/2008-09-29-16-33-06-alliances.php

[The_Casual_Observer]

1. Bravo!

[MadMaddie]

2. She gives valid points

I have no problem with those that voted No.

[JBear]

5. I agree...

Why are we not talking about nationalizing rather than bailing out? Basically the credit crunch gets fixed if the insolvent mortgages lenders are nationalized. Then the government can negotiate how to get out of the loans that should never have been made - maybe by lowering the rate and extending the period for the ones that could make the new payments, while keeping some assets that would yield money on the extreme cost of this.

I know the problems are complex, but why are we not getting anything out of this?

:popcorn:

[L. Coyote]

9. U: "why are we not getting anything out of this?"

Bush has been planning this instead of have a democratic moment and actually allowing a discussion for a period of time. But hey, this way they evade that horrible moment of focus on failure again. Spending a trillion on an illegal war is a failure we watch grow. Bush tried to dump another trillion dollar colossal economic burden on the nation in ONE week? Trying to do so compounded his failures. We needed a time-out, a democratic moment for participation to play its role. An earlier role for Congress in preparing a plan would have been wiser and likely resulted better too!

[tblue]

3. I love her.

[mike_c]

4. this is why THINKING PEOPLE oppose unsustainable handouts to the rich....

Bail out my ass.

[riverdeep]

6. For those who don't recall, Barbara Lee was the ONLY member of Congress

to vote against the Authorization for Use of Military Force Against Terrorists. The ONLY one. This is what she said then:

"It was a blank check to the president to attack anyone involved in the September 11 events -- anywhere, in any country, without regard to our nation's long- term foreign policy, economic and national security interests, and without time limit. In granting these overly broad powers, the Congress failed its responsibility to understand the dimensions of its declaration.... The president has the constitutional authority to protect the nation from further attack and he has mobilized the armed forces to do just that. The Congress should have waited for the facts to be presented and then acted with fuller knowledge of the consequences of our action."

She was right. For her efforts, she had to have bodyguards to keep check against the death threats she received.

[OwnedByFerrets]

7. A very smart woman....nt

[JerseygirlCT]

8. She's got some good points

And the best case scenario, IMO, is that people start really listening and putting together some of the changes that are needed. Listening to each other, and listening to what they hear from constituents. Not just the "don't bail out the bastards!" stuff - but the concrete ideas that could be part of a much, much better solution.

Because a solution we must have.