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Tag(s): American Facism; Bailout; Bush Administration Incompetence; Bush Congress Showdown; Bush Enemy Of Democracy; Bush Failed Policy Domestic; Bush Failed Policy International; Bush Spender-in-Chief; Crisis; Depression; (more...) Economy Recession; Henry Paulson; Mc Cain Wall Street Lobbyists; Udall-Tom; Wall Street; Wall Street Journal; Wall Street Lobbyists (less...)
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September 24, 2008 at 08:47:32

Udall Calls on Bush to Address American People on Bailout

by Tom Udall (Posted by Stephen Fox) Page 1 of 1 page(s)

www.opednews.com

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WASHINGTON""U.S. Representative Tom Udall, D-N.M., today released the following statement:

"America is facing one of the worst economic crises in our history. Treasury Secretary Paulson has put forward the administration's plan to address the crisis, and Congress is working to find a solution that protects Main Street interests, not just those of Wall Street. But as we evaluate the options, including a $700 billion bailout, I am particularly troubled that one voice has been virtually silent during this important discussion: the voice of President Bush.

"Today, I am calling on President Bush to address the American people and explain the perfect storm of policies and market effects that has produced what some describe as the biggest financial crisis since the Great Depression. As he has done in other times of national crisis, President Bush has a responsibility to address the American people and explain how we got into this crisis and how he plans to fix it. This is a time that calls for leadership, not for the president to be silent.

"With $700 billion of taxpayer money on the line and the American economy at stake, I am working with my colleagues on both sides of the aisle to ensure that the federal response to the current crisis is as effective and responsible as possible. We cannot give Secretary Paulson and Wall Street a blank check with no oversight. Recovery by way of taxpayer dollars must be closely monitored by independent overseers, and Wall Street must accept new rules to help ensure that we do not face a similar financial crisis in the future. Additionally, corporate executives must know that they will not get golden parachutes while the American taxpayer is forced to pay the bill.

"This crisis demands accountability. President Bush still has nearly 4 months in office, and he has a responsibility to the American people and Congress to justify his administration's $700 billion taxpayer funded bailout."

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6 comments

I'm sixty-seven and I live in Northern California. I graduated from college in 1963 and from law school in 1966. I retired in 2001, after working 23 years for the United States Forest Service. I have radical politics, and before going to work for the Forest Service in 1978 I spent ten years trying to contribute to the revolution.
GLloyd RowseyI'm sixty-seven and I live in Northern California. I graduated from college in 1963 and from law school in 1966. I retired in 2001, after working 23 years for the United States Forest Service. I have radical politics, and before going to work for the Forest Service in 1978 I spent ten years trying to contribute to the revolution.

Thanks, Tom.

And if you folks lose?

There's a great website I know about:

First you click on www.VotetoImpeach.org

A page comes up (Impeach.org) which has a click-on

Impeach

There you can find all sorts of neat gear, and not just Impeachment gear!

by GLloyd Rowsey (53 articles, 4 quicklinks, 28 diaries, 392 comments) on Wednesday, September 24, 2008 at 9:35:44 AM

Eliot Gould , 52, is currently active in New Mexico's political scene. A native of Chicago,and active in Chicago politics,Gould studied the Presidency at Center for the Study of the Presidency, with extensive writings upon Lincoln and Wilson.
Eliot GouldEliot Gould , 52, is currently active in New Mexico's political scene. A native of Chicago,and active in Chicago politics,Gould studied the Presidency at Center for the Study of the Presidency, with extensive writings upon Lincoln and Wilson.

to Address American People on Bailout

The crisis not only requires accountability, but responsibility. While "the Government' may make out well in the equity transfer, the promises are without surety. They leave the future taxpayers with the mounting debts of purchasing paper.

Better than the bailout would be the infra-structure of American roads, stimulated by energy programs that localize wind and solar development which provide energy for high schools and public institutions. Instead, the American taxpayers are being told that this plan will keep the economy from flatlining.

What utter nonsense to an overall "bridge" program to recovery the bad plans of the past..and do nothing toward the future--and less into the present.

The proposed has so many lackings and being "sold" to the Congress with urgency ( "when the foundations of the economy are sound") that it seems a scam--and as truthful as "weapons of mass destruction in Iraq"--leading us to a war economy of over 70 billion per year . The "bailout" locks in Governmental spending and policies of the next president.

It should be denied in totality..and if it is a bridge loan, done so incrementally with better balances of the education, environment and people needs of the nation.

Yes President Bush should explain. But he won't. And Udall should vote against the scam.

by Eliot Gould (13 articles, 0 quicklinks, 21 diaries, 138 comments) on Wednesday, September 24, 2008 at 9:41:53 AM

Mainly correct, Eliot

But how long does infrastructure take?

The Bushies have to have their feet held to the fire. Everyone bailing out and thinking politics-as-usual are deluding themselves. What that is passed by or defeated by the current Congress binds Congress (and the president) in 2009?

by GLloyd Rowsey (53 articles, 4 quicklinks, 28 diaries, 392 comments) on Wednesday, September 24, 2008 at 9:58:08 AM

What binds is a Policy of Already being Spent

back in 2003, GWB proposed a shift(y of the Social Security trust ( administered by the Treasury Department in part) to include variable investments. Congress then expressed the wishes of the people and voted down the proposal.

The bailout does just that--granting a Higher debt ceiling and the objective of "return" to the American people which translates to purchasing equity shares of companies ( presumably with discounted dollars)

Sounds good in principle..a win win win win situation of promise over substance, but the realities are the United States government cannot spend--or borrow credit--by or through mortgage bankers--will not be able to designate monies for nation building or its people. The debt already has doubled in this Presidency.

It is criminal and depending on fooling the public one last time before leaving office... with a legacy of more than doubling the debt, and its requirements of repayments... when the truth be told that it is all about the character of government spending.

by Eliot Gould (13 articles, 0 quicklinks, 21 diaries, 138 comments) on Wednesday, September 24, 2008 at 12:37:45 PM

retired mfg plant maintenance mgr.
vthomretired mfg plant maintenance mgr.

what's next?

There is still time for more surprises so let's just wait and see what else.

Meanwhile, I wish he'd go on TV with the mentioned details. And I'd just love to hear the one about "the fat lady in the Welfare Cadillac" one more time.

by vthom (0 articles, 0 quicklinks, 0 diaries, 47 comments) on Wednesday, September 24, 2008 at 12:57:19 PM