One thing I think we can all agree on is that we are outraged by the current fleecing of the taxpayer by big financial institutions. Bonus time has rolled around again and executives are getting their usual exorbitant bonuses despite the taxpayer bailout. This clearly shows us they have no sense of fairness or decency or concern for anyone other than themselves, and feel entitled to whatever they can get their greedy hands on. Credit card companies are also fleecing us to the max before the new legislation controlling them goes into effect next year. In short, they are continuing the same practices that led to last year’s collapse. Now that they know they can always get a bailout they are merrily continuing on their selfish ways. Looks like we can never depend on them to do the right thing.
The purpose of the bailout was not only to save institutions but also to trickle down to the little guy facing a job loss or home foreclosure. Like all trickle down attempts, it has failed. Banks have only tightened lending rules. I feel frustrated by the fact so many of us are unemployed and homeless (as well as without health care) a year after the bailouts.
Senator Dodd has introduced a bill in the banking committee he heads up to reign in these out of control financial institutions. We must have strong new regulations and consumer protections or we are heading for the same disaster we saw last year. It would be good to see absolute prevention of huge bonuses, an end to the speculation on risky mortgages, and most importantly a consumer financial protection agency. This means strong regulation of the banking industry. Senator Dodd hopes to make one “super-cop” instead of the 4 different agencies that now oversee banking.
We should start hearing more about this next week. I know it’s a long shot but maybe we can persuade Senators Rogers and Brownback to stand up for us and actually support this bill. They are certain to let us down on health care reform, but what about financial reform? Please encourage them to protect us little guys for once.
History tells me not to be too hopeful. For, oh let’s say the last 80 years or so, Republicans have not supported us little guys in any way. Social Security? Republicans fought it tooth and nail. Medicare? No way. Raise the minimum wage? Voted against that many, many times (while raising their own salaries every year). Environmental protection? Forget it. Health care for all? Never! (Although they take it for themselves). Meanwhile they support every bill helping corporations and the rich. Makes me wonder why anyone who is not a millionaire would ever vote Republican.
Maybe financial reform is one issue on which we can get their help for the little guy. You can reach and try to convince them at: Senator Sam Brownback 202-224-6521 202-228-1265 http://brownback.senate.gov/public/contact/emailsam.cfm
Senator Pat Roberts (R- KS) 202-224-4774 202-224-3514 http://roberts.senate.gov/public/index.cfm?p=EmailPat
Joy Leeper lives in Pittsburg.
