The Economy

Today, the voters in Wisconsin Recall Election districts decide whether or nor to recall State Senators who have supported the policies that affect the lives of 98% of the working people in the State.

Let’s hope We The People of Wisconsin today send a message to Governor Scott Walker that the powerful, special interest monetary support of candidates that push Walker’s agenda of legislating for the most wealthy individuals and corporations no longer will be accepted.

Let the people of Wisconsin set the tone for the rest of the country that this strategy of “fiscal reform” on the backs of the majority of working people will no longer be tolerated.

Where are our priorities? That is our question.

So many States are cutting budgets on the backs of our educational system – cutting teachers, programs and support.

Yet we spend $200 Million+ sending missiles into Libya. Where are our priorities?

President Obama said last night our strength abroad is based upon our strength at home. How can we be strong at home when we compromise the education of our children? Where are our priorities?

We keep throwing money at big companies, the most wealthy people in this country and wars. Where are our priorities?

Here is Vermont Senator Bernie Sanders list of some ways to address budget deficits by getting everyone to pay their fair share:

“Sanders compiled a list of some of the 10 worst corporate income tax avoiders.

1. Exxon Mobil made $19 billion in profits in 2009.  Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2. Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3. Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

4. Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5. Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

6. Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

7. Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

8. Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

9. Conoco Phillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

10.  Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.

Sanders has called for closing corporate tax loopholes and eliminating tax breaks for oil and gas companies. He also introduced legislation to impose a 5.4 percent surtax on millionaires that would yield up to $50 billion a year. The senator has said that spending cuts must be paired with new revenue so the federal budget is not balanced solely on the backs of working families.”

One last time – Where are our priorities?

We have been watching with great interest the activities going on in Madison, Wisconsin and other cities in the Midwest.

The swell of support for the working people is echoed with our resounding “we’re mad as Hell and we’re not going to take this anymore”. This is way bigger than teachers and municipal employees giving up (once again) more of their earnings to pension funds and healthcare. This is about the American people standing up for our founding fathers vision that we be fairly and equitably represented.

We empathize with the workers wanting to maintain the right to sit down and work out a resolution. We understand the budget issues each and every one of us has had since the financial meltdown of 2008.  However, to place the burden on the backs of individual working people is not only unwarranted but totally misguided.

Let’s sit back and objectively analyze why we’re at a cross roads in our country’s history.

1. It all started when the Glass-Steagall Act (separated commercial and investment banking) was repealed (1999). This enabled the Wall Street banks to raid the stock market (running down the value of our pensions over 50%) to place bets on collateralized debt obligations (CDO’s) and derivatives – they lost those bets. Then in an attempt to “double down” on their bad bets they crashed our financial system in 2008. WE the taxpayers had to bail them out to avert another depression. All so these folks can continue to receive their $20.8 Billion bonuses (2010).

2. These moves have led to a concentration of wealth in this country and a 10%+ unemployment rate. Companies do not want to add jobs to preserve their capital (one of the largest corporate cash holdings in the history of our country) and these economic woes continue to have rippling effects on every one of us.

3. Many of the contracts now being “reworked” with workers were negotiated in good faith and based upon tax revenues of a growing economy (municipalities, individuals & companies – those companies that actually pay taxes unlike Exxon Mobil that made $8 Billion in the 4th quarter of 2010 and did not pay one cent of Federal tax). Those tax revenues have been greatly reduced on the Federal, State and local levels over the past three years.

4. The tax breaks for the most wealthy people of this country were initiated and have been recently extended. Another huge drain on the revenue side of the income statements.

Now comes along Governor Scott Walker of Wisconsin saying the workers have to give to fix this financial mess. Mr. Walker was heavily subsidized in the 2010 election campaign by the Koch Brothers who have coal, gas and energy holdings. They have deep pockets (estimated $43 Billion in net worth)  and want control of Wisconsin’s electricity market (a little known provision of the bill being challenged in  Wisconsin that allows if it is in the best interest of the State, Wisconsin can privatize the electricity business) . Why? Electricity prices keep rising and will continue to rise as demand increases. The Koch brothers will make billions more. This was all exposed this past Wednesday when Walker was “punked” by a call that he thought was David Koch. Interestingly, the Koch brothers have set up a lobbying firm in Madison this week. Surprise – surprise.

Don’t tell us budget woes must be fixed on the backs of 98% of the American people! Tell us you will stop catering to the most wealthy people and companies in this country and their influence (lobbyists) on our legislative process.  Tell us you will spend our money to create good paying jobs. Tell us you will spend our money to educate our Children so we can compete in the global economy. Tell us you will spend our money to clean up our environment with clean, renewable energy – not coal Mr. Koch.

Tell US that democracy is still we the people and not we the privileged few that have the most money and influence!

What is going on in Wisconsin and other States is way bigger than a budget or a contract – it’s about preserving the right of every citizen in this country to still have a voice.

This is not about being in a union (we are not members of a union) it’s about US. We will be in Madison, Wisconsin tomorrow. We will support the people. It’s about US.

Thank you Governor Walker – you have given WE the people the stimulus to stand up for our rights.

Senator Bernie Sanders of Vermont once again exhibits he is the Senator for all of this United States and it’s people, not just Vermont.

Sanders Calls Republican Budget Cuts Hypocritical

WASHINGTON, Feb. 25 – Sen. Bernie Sanders (I-Vt.), a member of the Senate Budget Committee, issued the following statement today on negotiations to keep the government running past March 4:

“At a time when this nation already has the most unequal distribution of income at any time since 1928, and after Republicans just passed huge tax breaks for millionaires and billionaires, it is hypocritical that they now want to balance the budget by cutting desperately-needed programs for hard-working Americans. Democrats must fight back and say no to continued attacks on working families.”

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

As the financial reform legislation makes it’s way to President Obama’s desk for his signature, the position for head  of financial Consumer Protection  is available.

Vermont Senator, Senator Bernie Sanders has endorsed Elizabeth Warren for this position (see below). As usual, Senator Bernie Sanders is once again right on with our views on how things in Washington should operate in the best interest of the We The People.

We have followed Ms. Warren’s work. Ms. Warren is bright, articulate and has a refreshing “tell it as she sees it” way of doing things. Let’s just hope the ways of Washington don’t change Ms. Warren – we don’t think it will.

Sanders Urges President to Name Elizabeth

Warren to Head Consumer Protection Agency

WASHINGTON, July 20 – Sen. Bernie Sanders (I-Vt.) urged President Obama to pick Elizabeth Warren to be the first director of a new consumer protection bureau.

Obama on Wednesday plans to sign into law a bill overhauling financial regulations that would create the new Bureau of Consumer Financial Protection.

In a letter sent to the White House on Monday, Sanders wrote that “at a time when doubts about Wall Street and its practices run very deep … American consumers need a federal government that is looking after their best interests.”

Sanders acknowledged that some senators may oppose Warren. “Good!” he wrote. “It will allow for a serious debate as to the role that government should play in protecting the American people against the outrageous behavior we have seen on Wall Street.”

For a copy of the letter, click here.

Media Contact: Michael Briggs or Will Wiquist (202) 224-5141

Today Vermont Senator Bernie Sanders sent Senator Harry Reid a letter that basically says we are spending too much of our tax dollars on the same, dirty old energy sources and we need to fund clean, renewable generation like wind energy and solar energy. Below is Senator Sanders’ letter.

This comes as General Electric released the results of a consumer survey (by  StrategyOne) that exhibits the constituency (yes we the people) of our Congress supports a new energy strategy and economy.

1. 95% of consumers want to save money on energy
2. 90% of consumers want increased control over their energy costs
3. 88% of consumers want to make a difference for their children and grandchildren
4. 86% of consumers want power outages reduced
5. 85% of consumers have concerns on the effects of energy generation on the environment.

Duh, look at the gulf after 60+ days of oil contamination.

Members of Congress, tell us where is the disconnect? Are you listening to what the people want? Or are you listening to the lobbyists lining your pockets?

Senator Sanders Sets Out Energy Policy Principles

Calls Current Proposals ‘By No Means Strong Enough’

WASHINGTON, June 22 – Sen. Bernie Sanders (I-Vt.) today laid out core principles that he said should be part of any comprehensive energy legislation, and he bluntly concluded in a letter to the Senate leader that it “makes no sense at all” to promote coal and nuclear power over cleaner, safer energy sources.

“I am concerned that the current legislative proposals we are examining are by no means strong enough in terms of energy efficiency and sustainable energy,” Sanders wrote in a letter to Senate Majority Leader Harry Reid (D-Nev.).

Any legislation responding to the Gulf of Mexico oil disaster, Sanders said, should move the United States away from fossil fuels and toward energy independence. The chairman of the Senate green jobs subcommittee also said a strong U.S. energy policy would cut greenhouse gas emissions while creating millions of good-paying jobs.

Sanders singled out for criticism a weakness in the Kerry-Lieberman proposal to provide more than $100 billion for nuclear and coal, far more than their plan would invest in energy efficiency and sustainable energy sources. “If we are serious about combating global warming, moving to energy independence and creating millions of jobs in the future, we must transform our energy system away from fossil fuels” Sanders said. “At the very least, any serious energy bill must include funding for energy efficiency and sustainable energy that is on a par with the amounts provided for nuclear and coal.”

Sanders developed and sent to Reid a proposal that would ensure that the energy bill has a significant sustainable energy investment of tens of billions of dollars over a 10-year period. The three principles that Sanders told Reid must be a part of any legislation include:

• A strong energy efficiency and renewable energy provision. Sanders would invest at least 10 percent of the resources from global warming legislation in efficient and renewable energy sources such as solar, wind, geothermal and biomass. An investment of $8 billion to $13 billion a year, he said, would create as many as 2 million new jobs.

• A ban on new offshore drilling. Congress should reinstate a moratorium in effect for decades and ban drilling off the Atlantic and Pacific coasts as well as Florida’s gulf coast. In addition, Congress should demand dramatically improved fuel-economy standards. While better gas mileage could save the equivalent of $1.43 a gallon by 2030, wide-open drilling would produce only enough additional petroleum to bring prices down by 3-cents a gallon.

• A strong renewable electricity standard. Renewable energy standards, also known as renewable portfolio standards, require that a certain percentage of total energy needs be generated from renewable sources. The United States should set a national standard requiring 25 percent renewable power by 2025. “This provision alone could create hundreds of thousands of new jobs while helping to meet our greenhouse gas reduction goals,” Sanders said.

Media Contact: Michael Briggs or Will Wiquist (202) 224-5141

The Senate moved forward with financial reform yesterday – that’s good news. However, does this reform package really address the core issues?

One of the key issues is the high risk derivative trading moves by banking firms that also have on deposit what money most of us in this country have left and is insured by the FDIC. It also does not address capping interest rates and outrageous charges these same banking firms charge even their best customers for credit.

It is our opinion true financial reform lies with Glass-Steagall Act type legislation that separates high risk financial trading activities from the less risky, traditional banking for the people.

You might think we post a lot of releases by Senator Bernie Sanders of Vermont – you’re right – we do!

Of the 535 people in Congress that are responsible for how our country works – or doesn’t, Senator Bernie Sanders is truly a voice of the people.

Thanks again Bernie Sanders – keep up your great efforts on behalf of US!

Now we would like to see and hear President Obama step out strongly in front of these issues. We voted for “change we can believe in”.

Vermont Senator Bernie Sanders released this statement.

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Sanders Statement on Senate

Passage of Wall Street Reform

WASHINGTON, May 20 – Sen. Bernie Sanders (I-Vt.) issued the following statement after the Senate tonight voted 59 to 39 for a major Wall Street reform bill:

“As a result of the greed, recklessness and illegal behavior of Wall Street, this country was plunged into a horrendous recession. While this bill does not go as far as I would like, it is a strong beginning in the effort to reregulate huge financial institutions and to bring transparency to their often nefarious activities.

“I am especially proud that in this bill there is a major provision I authored which, for the first time, will lift the veil of secrecy at the Federal Reserve and give the American people an understanding of where trillions of their tax dollars went in the Wall Street bailout.

“I am disappointed that we could not garner the necessary votes to lower interest rates on credit cards or to begin the process of breaking up the largest financial institutions in this country which are the cause of so many of our problems. I intend to continue that effort until we succeed.”

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

You might think we post up a lot of releases by Senator Sanders – you’re right – we do!

Of the 535 people in Washington that are responsible for how our country works – or doesn’t, Senator Bernie Sanders is truly a voice for the people.

Thanks again Bernie Sanders – keep up your great efforts on behalf of US!

WE would like to see and hear President Obama step out strongly in front of these issues. WE voted for “change we can can believe in”.

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

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

As Congress heats up the debate on Cap & Trade legislation are we to expect the same productivity we have seen for the past year on Health Care Reform?

The issue of producing clean, sustainable renewable energy while lessening dependence on foreign sources for our energy requirements seems pretty straight forward to us. We’re not sure if Cap & Trade is the most effective way to reduce greenhouse gas emissions. However, we do know that 28 States have enacted Renewable Electricity Standards where certain percentages of electricity come from renewable resources such as the sun and wind. Do we need national legislation to get our country moving forward on this issue – it appears that is what it will take as there are 50 States and way too many special interests trying to impede the implementation of renewable energy.

Vermont Senator Bernie Sanders today held a press conference announcing a solar initiative.

Solar Industry Leaders to Support

Green Job Chairman’s Solar Legislation

Environment America to Roll Out Report on Solar Industry

WASHINGTON, March 9 – Sen. Bernie Sanders and environmental advocates will hold a press conference on solar energy at 10 a.m. on Tuesday, March 9 at the Senate Swamp.

Sanders (I-Vt.), chairman of the Senate’s green jobs subcommittee, will discuss his legislation to encourage the installation of 10 million solar systems on the rooftops of homes and businesses over the next decade.

Environment America will release a report, Building a Solar Future: Repowering America’s Homes, Businesses and Industry with Solar Energy, highlighting the potential of solar energy and the many ways that solar power can transform life by enhancing energy security and reducing pollution.

Who: Senator Bernie Sanders; Sean Garren, clean energy advocate for Environment America; James Resor, chief financial officer of groSolar (White River Junction, Vt.); Anthony Clifford, chief executive officer of Standard Solar (Gaithersburg, Md.); and Kathy Weiss, vice president at First Solar (Tempe, Ariz.).

What: News Conference on Solar Legislation and Report on the Solar Industry

When: 10 a.m., Tuesday, March 9, 2010

Where: Senate Swamp, across from the Capitol’s Senate Steps (map here).

Contact: Michael Briggs or Will Wiquist at 202-224-5141

This is the type of activity we need from Congress to address the 6 Billion tons of carbon emissions we’re putting into the environment. Senator Sanders, you continue to do the right things for the people of this country.