We have a major financial crisis that this bill does not address...for example:
- This bill doesn’t address how we got into the crisis. Should there be penalties, fines, jail sentences? At the very least couldn’t they appoint someone like a special prosecutor to look into it.
- This bill doesn’t deal with additional specifics for over sight or regulation
- This bill doesn’t address if the bailout will go to companies that don’t pay federal taxes.
- This bill doesn’t provide assistance to any of us or address raising unemployment, low wages, declining job market, insurance burdens, massive profits to the few, and sustainable energy.
Since Bush has been in office, 6 million middle class Americans have fallen into poverty. The median family income has fallen over $2,000. Four million people have lost their pensions. Our debt has risen to the highest on record, and the cost of everything (food, energy, gas, tuition, health care, and housing) has soared.
This is the line in the sand. With America’s wealth concentrated in the upper two percent, the rest of us are being asked to bailout their losses while our personal wealth declines and accumulates on our credit cards. Read this Daily KOS story that brings home the bailout to our level.
"I will oppose the Wall Street bailout plan because though well intentioned, and certainly much improved over the administration’s original proposal, it remains deeply flawed. It fails to offset the cost of the plan, leaving taxpayers to bear the burden of serious lapses of judgment by private financial institutions, their regulators, and the enablers in Washington who paved the way for this catastrophe by removing the safeguards that had protected consumers and the economy since the great depression. The bailout legislation also fails to reform the flawed regulatory structure that permitted this crisis to arise in the first place. And it doesn’t do enough to address the root cause of the credit market collapse, namely the housing crisis. Taxpayers deserve a plan that puts their concerns ahead of those who got us into this mess." -Senator Russ Feingold, October 1, 2008
This bail out doesn't install financial stability to all of us. It leaves out the working middle class and the working poor. The bailout bill asks us to shoulder the burden of irresponsible CEO’s without penalizing them while increasing our debt.
The revised bailout is just the first bill with lipstick…it’s still a pig