Three California Courageous Heros
NO: Rep. Lynn Woolsey, D-Petaluma: "Where is the comprehensive economic stimulus package that will assist 95 percent of the taxpayers a package that includes unemployment benefits, food stamps, infrastructure investment, and, of course, foreclosure relief?
Stability should come from the bottom up.
We need an economic package that will allow those in foreclosure to pay their mortgages and stay in their homes, bringing value back to the mortgage-backed securities that are clogging the financial system."
NO: Rep. Barbara Lee, D-Oakland:
"First, it does little to address the underlying problem the foreclosure crisis. We need a moratorium on foreclosures and bankruptcy reform to help people stay in their homes.
Second, this bill should be paid for by the high-flying industry that created this problem. Seven-hundred billion dollars should not be given to Wall Street and the Bush Administration unless those who cause this mess pay for it.
We should also prohibit the tax deductibility and my bill the Income Equity Act (HR3876) would do this across the board of executive compensation in any company where the highest paid corporate officer is paid more than 25 times the pay of a bailed-out company's lowest-paid worker." [BPMike: Current max is 400! In Japan 20.]
NO: Rep. Pete Stark, D-Fremont: "President Bush tells us we must inject $700 billion into this market to avoid a total meltdown. He and (Treasury) Secretary Paulson say it is the only answer. Many economists who don't have a financial stake in Wall Street or an eight-year record of bad decisions tell us it isn't the only choice. An option would be to assist homeowners with their mortgage payments. By making sure these mortgages remain viable, the market should stabilize."
This is a lesson on Democracy, like Rep. said: "Stability should come from the bottom up!"
They should have known that after neglecting the people in New Orleans at the coliseum after Katrina, neglecting the people in Galveston where they were told to "Move Out!" to avoid Hurricane Ike but were not told where to go but were left on their own to face Hurricane Ike without help from the nation, many learnt what Sen. Obama said about the "Ownership Society" where people are basically told: You Are On Your Own! But, when the banks need money they want help from the majority of the people.
Note: Republicans rejected the bill in a GREATER proportion than the Democrat members of the House of Representatives: 70% vs. 40% Approx.
They deserve recognition for doing the Right Thing! But, Mathematics Challenged blame the Democrats!
Silver Lining: Oil price dropped $10 Dlls a barrel.