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Campaign Updates and Media Headlines 9/19/08

Caro's picture
Submitted by Caro on Sat, 09/20/2008 - 5:29am
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campaign

All Hat No Cattle

Up To $1 Trillion Needed to Prevent Meltdown (Political Wire)
"Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much as $1 trillion could be needed to avoid an imminent meltdown of the U.S. financial system," according to Politico. According to Sen. Christopher Dodd, lawmakers were told last night "that we're literally maybe days away from a complete meltdown of our

Stock-market woes highlight risk U.S. families now face (McClatchy)
WASHINGTON — As millions of people watched their 401(k) retirement plans rise and fall this week along with the stock markets, their fears reflect a sweeping revolution in how Americans save for retirement. Whether it's disappearing work-based health care, the move from traditional pensions to 401(k)s, the push to privatize Social Security or just making it harder to file for personal bankruptcy, these and other social supports and safety nets that were designed to make Americans more secure have been watered down, abandoned or altered so that individuals bear a greater share of the risk and cost.

Senator Clinton Calls for Immediate Action to Halt Market Crisis
Assails Bush Administration for Ignoring Warnings as Crisis Built
Proposes Bold Steps to Restore Confidence in Market
Alegre has reminded us that Hillary was trying to head off this crisis back in March of 2007. Click here for links to text and video of both speeches.—Caro

Click here for more political and media news headlines.

Carolyn Kay
MakeThemAccountable.com

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Submitted by gob on

Some good quotes from Jacob Hacker (yeah, I know...) and Alicia Munnell, and this priceless gem from Cato Institute "fellow" Daniel Mitchell:

At least with 401(k)s and IRAs, individuals can control their money, Mitchell said.

"You might not make the wisest investment or your fund adviser might not make the wisest investment, but at least you're in a comfortable position knowing the whole thing won't go belly up," Mitchell said.

Haw.

Policy not party!

lambert's picture
Submitted by lambert on

And the key point in Mitchell's quote is this:

... or your fund advisor...

It's all about the fees and commissions. See Nouriel Roubini on the financial food chain here.

The resistance to single payer is also about preserving the fees insurance companies can skim.

And that's also why Our Betters, at some point, will have go after Social Security -- it's the one place they haven't succeeded in infesting.

"Infestment Bankers" -- Haw. "Infestment Industry" -- Haw. Pretty good.

[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.