Washington D.C. (October 6, 2008) -- Congressman Dennis Kucinich, (D-OH), who is one of the leaders challenging the $700 billion bailout of Wall Street, said that in light of the continued decline of the stock market, the lack of meaningful protections for homeowners and the likely collapse of additional mortgage backed securities such as Alt-A loans, that Wall Street might seek additional bailout funds.
"Think about it. Congress passed a $700 billion bailout and the market is continuing to plunge! At 3 p.m., the market was down close to 700 points. Already economists and the news media indicate that the $700 billion bailout passed on Friday is not enough," stated Kucinich.
"If Wall Street does come back for another bailout, we must be prepared in advance to say NO," stated Kucinich. "The bailouts of Wall Street must stop. It will never be enough. When the Federal Government gets involved in picking winners and losers on Wall Street, we open up a financial whirlpool of insatiable greed," he said.
"The fundamental problem that led to the credit crisis is that millions of homeowners are in jeopardy, and millions of people are out of work. Congress rushed to bail out Wall Street but sits on its hands when millions of homeowners are at risk," he said. "The only way to prevent another bailout is to take action which will directly impact the market stress at its root - - the millions of homeowners who face default on their mortgages. This is the path toward market stabilization," he said.
Kucinich has persistently advocated legislation that would give the government controlling interest in mortgage backed securities to "help homeowners save their homes by working out their payments, through restructuring the principal and the interest rate on their loans."
"We are now facing the perfect financial storm. The elements are the deficit spending for the war of 3 to 4 trillion dollars, the trillion more in tax cuts, the war itself, the lack of serious investment in our country and now $700 billion to Wall Street. We are being hollowed out. We are going to see more unemployment and more people losing there homes. With $700 billion we could have made a real investment in the country, in jobs, in infrastructure and in homes. Now we must invest in homeowners to prevent any additional bailout," add Kucinich.
Kucinich said he is preparing a bill, which will "prime the pump of the economy through helping people save their homes while putting millions of people back to work."
When Kucinich is right , why won't the country LISTEN?
Instead of listening to Dennis Kucinich, who has been right about everything he has said since this God-forsaken President was inserted into power back in 2000...Instead of listening to Kucinich, what does the country do? They listen to con artists like Henry Paulson, George W. Bush and John McCain.
I for one am sick of the mainstream press always putting out the "party line" on national policy instead of doing their job and reporting on how bad things are.
No wonder our country is so stupid. Those who control the means of communication are in bed with the status-quo elite and REFUSE to tell the public the truth.
When things get bad enough, I hope there is a national work stoppage-work-strike and a mass refusal to pay taxes until these oligarchs are brought to heel. We are indeed "hollowed out", our people are in growing misery, without work and all we can do is give giveaways to the rich?
HELL NO! No more. Kucinich is right. People need to riot.
I don't think Bush has the troop power to declare martial law if they do. All our personnel are tied down overseas in Iraq and Afghanistan and God knows where else. Let him try to declare martial law. I think there would be a mass uprising then and people WOULD demand impeachment then. He needs it right now. I don't care if he only has one or two months left to 'serve' (laugh out loud)....'serve'....the Republicans need to be reined in RIGHT NOW!!
John McCain wants to pull the slander card when the country is sliding down into a black hole? I hope he LOSES big on November 4th. What a piece of dirt that scumbag is.
by
JOHN LORENZ (17 articles, 91 quicklinks, 73 diaries, 230 comments)
on Monday, October 6, 2008 at 5:00:22 PM
All of us need to come together like we did last week and pepper our representatives, not once, not just by calling and emailing, but constantly and in person that those that caused this need to be held accountable!
Bernanke, Paulson, Greenspan need to be arrested, not give more money. We have to let them know if they don't do this we'll be coming for them instead.
This is our lives, it's our representatives lives - they either go with us or they go period.
This is the revolution. If we don't stand-up now we'll forever be beat down. This is not the time to remain silent and wait for others to do what needs to be done. The demons are now up front, we know who they are and while we still have something left to fight with we need to strike, because if we don't you'll have only yourself to blame when you're being lowered into the mass graves.
If we don't act now, Martial Law will be declared and than the political arrests, the shutting down of the Internet, they're throwing the whole Enchilada at us - throw it back! We can't wait for this to get any worse. We must stop this now!
It's going to get bad no matter what we do, but if we don't put enormous pressure on these criminals now, you don't want to know how bad it will get.
We need to let them know that some heads must roll. They're stealing us blind and laughing along the way. We need to wipe those smiles off their faces and put these bastards behind bars, and then we need to start impeachment and criminal trials for this administration.
Do it!
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Mr M (4 articles, 0 quicklinks, 51 diaries, 2028 comments)
on Monday, October 6, 2008 at 5:41:07 PM
As I understand it, this recent one (EESA) was written to allow serial replundering of the U.S. financial system without the need for further legislation. The criminals are its authors and administrators and they will continue to loot the treasury as long as they like.
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Jim Eldon (0 articles, 0 quicklinks, 0 diaries, 184 comments)
on Monday, October 6, 2008 at 6:21:17 PM
Didn't they try that already? First, the stimulus checks. Then the bail out. These Keynesian style pump primes didn't work. What makes anyone think that more of the same will get a different result?
Bottom line is that while W & company are paying off the banks, Kucinich wants to pay off the home owners. Birds of a feather.
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Darren Wolfe (7 articles, 225 quicklinks, 110 diaries, 810 comments)
on Tuesday, October 7, 2008 at 9:23:52 AM
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