Archive for April, 2010

We just don’t understand how anyone in Congress, especially the Senate can oppose financial reform legislation.

Is it wrong to ask the firms on Wall Street to have sole accountability for bad financial decisions they make – not us tax payers? Is it wrong for the Federal Reserve to exhibit transparency on what deals they are making with these firms?

Maybe, it has to do with all the money the financial lobbyists are throwing at our elected representatives.

With credit cards interest rates from these guys at 20% to 30% (even for good paying customers) and the devastating effect their bad decisions have had on our economy and our retirement funds, it’s time for them to become responsible. If responsibility is in conflict with the need to make as much money as possible as fast as possible, it’s time for Congress to take serious and substantial action.

It’s time to reinstate the Glass-Steagall Act from 1933 that prohibits commercial banks from being engaged in the investment banking world. The Wall Street folks need to decide what they want to be: A commerical bank or an investment bank!

Vermont Senator Bernie Sanders released this statement – we agree with Senator Bernie Sanders 100%.

Sanders Statement on Financial Reform Vote

WASHINGTON, April 26 – Sen. Bernie Sanders (I-Vt.) issued the following statement after Republicans blocked the Senate from proceeding to legislation that would tighten regulation of the nation’s financial system:

“I am disappointed but not surprised that not a single Senate Republican voted to allow us to proceed to consideration of Wall Street reform.  I hope they reconsider. To my mind, it is absolutely imperative that we end the greed, recklessness and illegal behavior on Wall Street which has led to the loss of millions of jobs and the worst recession in modern history.”

Contact: Michael Briggs and Will Wiquist at (202) 224-5141

As we mark the 40th year of Earth Day, we are faced with making some of the most important decisions regarding our energy future.  This is an issue that will intensify as the population of the world grows by 37% over the next 40 years.

Everyone of us must engage Congress to act on an energy policy and strategy that includes the following:

• Encouraging the implementation of clean energy generation by offering incentives for renewable energy technologies like solar and wind.
• Focus on the clean energy economy to create jobs that can not be exported.
• Bring about awareness and knowledge of a clean energy model into our educational system by providing incentives for school districts to install renewable energy generation technologies. This will educate our next generation of energy and environmental stewards while reducing their cost of energy (school districts sure need economic help these days) and their carbon footprint.

Tonight on CNBC at 7:00 PM (Central Time) a show will air titled: Beyond The Barrel. The Race To Fuel The Future hosted by Carl Quintanilla – should be interesting as Carl explores how to address the world’s increasing energy demands.

Also tonight, on MSNBC at 10:00 PM (Central Time) a show will air titled: Future Earth: Addicted To Power.

We’ll be watching, will you? We all need to begin addressing the energy issue for us now, our children and grandchildren.

Below are some eye-opening data from Vermont Senator Bernie Sanders. Is it any wonder why our economy is in the shape it’s in?

Keep it coming Senator Sanders – you’re on our side.

Federal Taxes Drop for Middle Class

WASHINGTON, April 15 –On today’s income tax filing deadline, Sen. Bernie Sanders (I-Vt.) said federal taxes are down for most middle-class Vermonters and Americans but much more needs to be done to create a fair and equitable tax system.

“Despite much political rhetoric to the contrary, 99 percent of Vermont working families and individuals received a much-needed average federal tax cut of over $1,100 for 2009,” Sanders said.

As a result of the American Recovery and Reinvestment Act, some 300,000 Vermont households were able to receive a tax cut of up to $400 ($800 for married couples). Further, 14,000 Vermont families were able to receive an expanded tax cut to send their kids to college last year. More than 20,000 Vermont children benefitted from an expansion in the child tax credit. Nearly 60,000 Vermont small businesses received tax cuts to purchase new equipment and other things.

Nationwide, Congress cut individual federal income taxes by about $173 billion shortly after President Obama took office. “This tax relief is welcome news for Vermonters who continue to suffer through the worst economic crisis since the Great Depression,” the senator said.

While federal taxes on middle class fell, Bush-era tax breaks for the wealthy continue to increase the skyrocketing federal deficit and too many large corporations took advantage of loopholes in the tax code to evade paying billions of dollars.

“Congress has a lot of work to do to create a fairer tax system. This tax day we must resolve to make the tax code more progressive, simpler and fairer to the American people,” Sanders said.

“With the top 1 percent now earning more income than the bottom 50 percent and the gap between the very rich and everyone else growing wider, we have to make sure that the wealthiest in our society and the largest and most profitable corporations in America pay their fair share in taxes. This is especially relevant given the reality that we have a record-breaking deficit and our national debt is approaching $13 trillion.”

The federal tax code is so absurd that Warren Buffett, the third richest person in the world worth $47 billion, pays a lower overall tax rate than his secretary.  Equally outrageous is the fact that the top 25 hedge fund managers who made an average of $1 billion last year, pay a lower effective tax rate than many teachers, nurses, police officers, and fire fighters.

Sanders also called it a “national disgrace” that Exxon Mobil, the most profitable corporation in history, evaded paying billions in taxes last year by setting up tax shelters in the Bahamas, Bermuda and the Cayman Islands, among other things.  “As gas prices continue to climb, making it harder for Vermonters to afford to commute to work, Exxon Mobil shouldn’t be allowed to skirt its tax bill by setting up bogus tax shelters in the Caribbean,” he said.

A member of the Senate Budget Committee, Sanders said he will work to repeal the Bush tax breaks for the wealthiest 1 percent, end corporate tax loopholes, and make the tax code fairer and simpler for ordinary Vermonters.

Contact: Michael Briggs and Will Wiquist at (202) 224-5141

Vermont Senator Bernie Sanders is once again stepping up for the people of his State and our Country.

Senator Sanders is proposing an amendment to interest rate caps on credit cards as part of the financial reform package currently going through Congress. Thanks again for your efforts to right this economy. Way to go Bernie!

Check out below what the State of Massachusetts is doing with their money in banks that charge loan sharking rates.

Sanders to Religious Leaders: Usury Is a Moral

Issue and Outrageous Interest Rates Must End

WASHINGTON, April 14 – Sen. Bernie Sanders (I-Vt.) today addressed a Capitol Hill meeting of faith leaders and community organizations about his proposal to cap credit card interest rates.

Sanders remarks came as Massachusetts’ treasurer announced at the same event that he would pull state funds from banks that refuse to obey a state law limiting interest rates.

In the senator’s speech, Sanders talked about what major religions teach about usury.  He cited passages from the Bible, the Torah and the Quran during a speech to more than 300 leaders of the Metro Industrial Areas Foundation, a network of more than 450 congregations and community based organizations.

“Let’s be clear,” Sanders added. “When credit card companies charge over 20 percent interest on credit cards they are not engaged in the business of making credit available to their customers.  They are involved in extortion and loan-sharking.”

Saying that more than one-quarter of all credit card holders in this country are now paying interest rates above 20 percent, Sanders told the cheering crowd he plans to offer an amendment to cap interest rates at 15 percent during the upcoming Senate debate over financial reform legislation.

Also at the rally, it was announced that Massachusetts State Treasurer Timothy Cahill will withdraw more than $231 million in state funds from a Bank of America account because the lender refuses to cap credit-card interest rates at 18 percent. A $9 million Massachusetts account with Citigroup and $3 million deposited with Wells Fargo & Co. also are being moved. The banks had refused to meet with the Greater Boston Interfaith group.

And the Rev. David Benke, president a Lutheran Church Missouri Synod division, announced that his denomination’s money is being shifted into community banks and credit unions.

Contact: Michael Briggs and Will Wiquist at (202) 224-5141