September, 23 2008, 11:30am EDT
Candidates and the Bailout
Wall St waits for blank check from congress but crisis will last into new Presidential term
WASHINGTON
The financial crisis and the proposed bailout have become fodder for a heated back and forth in the presidential campaign. The deepening financial crisis and the shifting government response to it have challenged both presidential candidates for more than a week.
McCain cautioned against giving too much power to treasury secretary Henry Paulson " I am greatly concerned about the plan that gives a single individual the unprecedented power to spend 1 trillion dollars without any meaningful accountability. Never before in the history of our nation has so much power and money been concentrated on one single person. This arrangement makes me deeply uncomfortable."
Obama warned that the bailout should not be a "blank cheque" and called for tighter regulation of the financial industry, suggesting he would support imposing federal capital requirements on investment firms. He also stressed that the plan would have to include more relief for homeowners and distressed communities.
Voter anxiety over the US economic turmoil is now the number one issue in the presidential campaign. It will still be an issue when the new president takes office.
Chief economist at ATL-CIO, Ron Blackwell says, "makes no mistake about it, on January 20th when there is a new president in the white house, we will be in a very serious economic situation with employment problem and housing problem and we still be working out of this financial crisis, even if everything goes in the best possible way."
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Republican U.S. Sen. Tom Cotton of Arkansas on Tuesday again blocked the passage of House-approved bipartisan legislation meant to shield journalists and telecommunications companies from being compelled to disclose sources and other information to federal authorities.
Sen. Ron Wyden (D-Ore.) brought the Protect Reporters from Exploitative State Spying (PRESS) Act—which would prohibit the federal government from forcing journalists and telecom companies to disclose certain information, with exceptions for terroristic or violent threats—for a unanimous consent vote.
Senate Majority Leader Chuck Schumer (D-N.Y.) argued Tuesday that passing the PRESS Act is "more important now than ever before when we've heard some in the previous administration talk about going after the press in one way or another," a reference to Republican President-elect Donald Trump's threats to jail journalists who refuse to reveal the sources of leaks. Trump, who has referred to the press as the "enemy of the people," repeatedly urged Senate Republicans to "kill this bill."
Cotton, who blocked a vote on the legislation in December 2022, again objected to the bill, a move that thwarted its speedy passage. The Republican called the legislation a "threat to national security" and "the biggest giveaway to the liberal press in American history."
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"American families are the big winner today, thanks to the Federal Trade Commission. The only people who stood to gain from the potential merger between Albertsons and Kroger were their wealthy executives and investors," asserted Liz Zelnick of Accountable.US. "The rest of us are letting out a huge sigh of relief knowing today's victory is good news for competitive prices and consumer access."
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Trump has picked Harmeet Dhillon as Assistant Attorney General for Civil Rights. She has stated that it must be "made unsafe" for hospitals to provide trans care, and frequently shares Libs of TikTok posts. She intends to target trans people in blue states. Subscribe to support my journalism.
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— Erin Reed (@erininthemorning.com) December 10, 2024 at 8:14 AM
Reed continued:
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