McMahon on the House Economic Stabilization vote

Council Member Michael McMahon today released the following statement on the failure of the Emergency Economic Stabilization Act of 2008 in the House of Representatives:

"When Americans across the country receive their 401k statements at the end of the month, the gravity of today's vote will be clear. Over the past week, Republicans and Democrats came together to create an imperfect but necessary answer to the financial crisis, and it failed. Now tens of thousands of jobs in the district are in danger on Wall Street, and Main Street will feel the pressure as student loans, mortgages, small business loans and credit freeze up. I applaud Rep. Fossella for his vote today, and wish that more had joined him. I urge Congress to continue negotiations, and bring a new solution to the table by the end of the week."

-- Council Member Michael McMahon

Alan Greenspan on Republican wasteful practices

via the Washington Post;

Greenspan accuses the Republicans who presided over the party's majority in the House until last year of being too eager to tolerate excessive federal spending in exchange for political opportunity.

snip

The large, anticipated federal budget surpluses that were the basis for Bush's initial $1.35 trillion tax cut "were gone six to nine months after George W. Bush took office."

Powerful words from the top Republican economist for decades, revered by many in both parties. Surely the criticisms he levels at the gluttony of the Republicans like Fossella when they were in power resonates more, when Fossella himself praises the man for his knowledge and demeanor. Vito Fossella on Alan Greenspan;

He is among the most respected economic strategists of our time and has the vision and foresight to lead America into the 21st century. His voice is respected in all corners of the globe and his judicious approach to managing economic matters has eased worries on Wall Street and in international markets.

LTE: Bush and Fossella gravy train

In a recent 'Letter to the Editor' (LTE) in the SI Advance a writer comments on the economic state of Americans and our country after years of Bush and Republican policies;

Since Bush took office, 5.4 million Americans have slipped out of the middle class and into poverty; nearly 7 million Americans have lost their health insurance; median household income has gone down by nearly $1,300; 3 million manufacturing jobs have been lost; the real earnings of college graduates have gone down by about 5 percent; entry level wages for male and female high-school graduates have fallen by 3.3 and 4.9 percent respectively; 3 million American workers have lost their pensions. Home foreclosures are now the highest on record; the personal savings rate is lower than at any time since before the Great Depression; wages and salaries are at the lowest share of gross domestic product since 1929; and the top 3 million Americans (Bush and friends) earn nearly as much income as the bottom 150 million (the rest of us) combined. [SI Advance]