Posts Tagged 'bail out'


It is not just Dave Sirota or Open Left. Obama is blowing the financial crisis. Duncan Black, FireDogLake, Calculated Risk, and many others are making very similar arguments. This could be Obama’s Bay of Pigs, a big disaster from which he learns. Or it could be his Vietnam, a disaster that grows because Obama is not willing to take on the Versailles Villagers.

NYC Wall St. Bailout Protest 25 September 2008

You broke it, you bought it

Bail outs are only for the big boys

Accountability is for Every Street but Wall Street

By Donna Smith
WASHINGTON, DC – Imagine my surprise when I turned on the television to see Elizabeth Warren of Harvard on Good Morning America making the pitch that we should have some Congressional accountability for the billions and billions we gave to the big boys to bail them out of their financial mess.

I was on a panel with attorney and Professor Warren that testified to Congress more than 16 months ago about the damage being done to middle class, insured Americans who go belly up due to medical debt.

I adore Warren. She is a straight shooter who is trying hard to make some of these bailed-out big shots tell the truth. She is on the mark about it being pretty unconscionable that they don’t have to tell us – the people who spent our tax dollars bailing them out. No one can force them to say how they spent the money we gave them. No one. They are above the law and will prosper mightily when this is all over.

The scenario for me and my husband has been quite different. We struggled – we begged, we borrowed in some pretty unwise ways and we finally went bankrupt – due to medical crisis. We had health insurance. We had disability insurance. We had a healthcare savings account. What we did not have was a bail out. We went broke. Lost it all. Home. Stuff. Relationships with people who cannot abide the bankrupt. And any future hopes of being homeowners too – or even doing significant credit buying of any kind. We’re labeled losers. We are those evil people, you know, those dirty ones who didn’t know better or plan better for the dark days.

You know what we’ll do with the Wall Street boys? We’ll give them more money when they need it. You know what we’ve done with Donna Smith and husband? We’ve made it impossible to apply for housing without reporting the bankruptcy – and nobody cares why we went broke. We’ve made it impossible for Donna to apply for many jobs without a dirty credit report showing the bankruptcy and marking her as irresponsible. We’ve certainly relegated her to a debit-card not credit-card world where she cannot rent a car or get other credit without the nasty bankruptcy rearing its head again.

This lack of Congressional oversight of the bailed-out boys is worse than unconscionable. It should be criminal to make my life hell and theirs heaven. It should be illegal for me to be labeled a failure — and for life — while they get more of my tax dollars without account. It should be so wrong.

Do you care? Should Congress hold them accountable at least as much as it does me for having gotten cancer? That was my crime. And now I beg for equality in housing and in financial services while the big boys flaunt their obscenity in my face on Good Morning America? Get real, America.

Let’s help Elizabeth Warren hold them at least a little responsible. Come on. First it’s me and then it could be you, I promise. Help us speak up. Tell Congress…

Understanding The Financial Crisis–For Kids and Grownups

Monster Crash

Blogging the bail out

Compendium of Corrente Wire’s efforts to stop the hold up.

Roll of Shame

The following special interests are asking Congress to bail out their cronies with your money:

Air Conditioning Contractors of America
The Aluminum Association
American Apparel & Footwear Association
American Bankers Association
American Boiler Manufacturers Association
American Business Conference
American Chemistry Council
American Concrete Pressure Pipe Association
American Financial Services Association
American Forest & Paper Association
American Hotel & Lodging Association
American Meat Institute
American Rental Association
American Trucking Associations
Associated Builders and Contractors, Inc.
Associated Equipment Distributors
Associated General Contractors of America
Association of Equipment Manufacturers
Association of International Automobile Manufacturers
Business Roundtable
Chamber of Commerce of the U.S.
Consumer Bankers Association
Consumer Mortgage Coalition
Edison Electric Institute
Equipment Leasing and Finance Association
Financial Services Forum
The Financial Services Roundtable
Food Marketing Institute
Housing Policy Council
Independent Community Bankers of America
Independent Electrical Contractors, Inc.
Independent Petroleum Association of America
International Dairy Foods Association
International Franchise Association
Minority Business RoundTable
Mortgage Bankers Association
National Association of Chain Drug Stores
National Association of Electrical Distributors
National Association of Homebuilders
National Association of Manufacturers
National Association of Plumbing, Heating, and Cooling Contractors
National Association of Real Estate Investment Managers
National Association of Realtors
National Association of Wholesaler-Distributors
National Electrical Contractors Association
National Federation of Independent Business
National Restaurant Association
National Roofing Contractors Association
National Rural Electric Cooperative Association
NPES-The Association for Suppliers of Printing, Publishing and Converting Technologies
Printing Industries of America
The Real Estate Roundtable
Reinsurance Association of America
Retail Industry Leaders Association
Securities Industry and Financial Markets Association
Software & Information Industry Association

*Groups in bold have sent up letters on the new plan.

2. Air Conditioning Contractors of America
3. Air Transport Association of America
4. Alliance of Automobile Manufacturers
5. Aluminum Association
6. American Apparel and Footwear Association
7. American Bankers Association
8. American Boiler Manufacturers Association
9. American Business Conference
10. American Chemistry Council
11. American Concrete Pressure Pipe Association
12. American Council of Life Insurers
13. American Electronics Association
14. American Financial Services Association
15. American Forest & Paper Association
16. American Hotel & Lodging Association
17. American Land Title Association
18. American Meat Institute
19. American Rental Association
20. American Trucker Association
21. Americans for Prosperity
22. Associated Builders and Contractors
23. Associated Equipment Distributors
24. Associated General Contractors
25. Association for Manufacturing Technology
26. Association of Equipment Manufacturers
27. Association of International Automobile Manufacturers
28. Business Roundtable
29. Consumer Bankers Association
30. Consumer Mortgage Association
31. Duke Energy
32. Edison Electric Institute
33. Equipment Leasing and Finance Association
34. Financial Services Forum
35. Financial Services Roundtable
36. Food Marketing Institute
37. Heritage Foundation
38. Housing Policy Council
39. Independent Community Bankers of America
40. Independent Electrical Contractors
41. Independent Petroleum Association of America
42. International Dairy Foods Association
43. International Franchise Association
44. International Paper
45. Investment Company Institute
46. Minority Business Roundtable
47. Mortgage Bankers Association
49. National Association of Counties
50. National Association of Chain Drug Stores
51. National Association of Electrical Distributors
52. National Association of Federal Credit Unions
53. National Association of Home Builders
54. National Association of Manufacturers
55. National Association of Plumbing, Heating and Cooling Contractors
56. National Association of Real Estate Investment Managers
57. National Association of Realtors
58. National Association of Wholesaler-Distributors
59. National Automobile Dealers Association
60. National Electrical Contractors Association
61. National Federation of Independent Business
62. National Lumber and Building Materials Dealers Association
63. National Retail Federation
64. National Restaurant Association
65. National Roofing Contractors Association
66. National Rural Electric Cooperative Association
67. NPES – The Association of Suppliers of Printing, Publishing and Converting Technologies
68. Moran Industries
69. Printing Industries of America
70. Real Estate Roundtable
71. Reinsurance Association of America
72. Retail Industry Leaders Association
73. Securities Industry & Financial Markets Association
74. Software & Information Industry Association
75. US Chamber of Commerce