Archive for September 24th, 2008

Photo by Alyssa Wolice

At a time when Federal Reserve Chairman Ben Bernanke described the current state of the nation’s economy as unlike any crisis in America’s history, it’s not surprising that Americans find little comfort in the idea of spending $700 billion to clean up after those who put their own greed above the well being of taxpayers in the first place.

And yet, Wall Street firms want Congress to rush approval of an economic plan that will reach deep into the pockets of future generations of Americans and cost families up to $10,000 per household. Shouldn’t our nation’s leaders slow down before billions of taxpayer dollars are haphazardly spent on financial companies that have yet to be named?

Congress should not rush through a plan just so members can return to their election campaigns. That is why Public Citizen teamed up with Consumer Watchdog to demand that our leaders develop a better cure for our nation’s economy.

The government’s plan to solve the economic crisis was put together in just a matter of days and could easily put our hard-earned taxpayer dollars at risk. As Public Citizen President Joan Claybrook (pictured above) stated:

Rushing through a $700 billion package will blow open the doors of the Treasury for unprecedented graft and corruption. Congress must put their constituents’ interest ahead of their own political agendas.

Take action now by joining the fight to let your voice be heard over the greed of Wall Street firms. Sign our petition and demand that Congress put consumers first.

Over the past few days, we have witnessed Congress readying to approve possibly the most reckless and certainly the most costly bailout in this country’s history. The speed at which the government is leaping to aid Wall Street titans and their accomplices in the financial services sector is breathtaking. Taxpayers should be alarmed at the unfathomable price tag, which they are being told they must pay and which itself is a guesstimate. They also should balk at the scope of the proposed bailout, which includes not just mortgage instruments but all financial service companies, including foreign companies. Today, Public Citizen and Consumer Watchdog outline provisions that must be in any bailout package – if one is approved. These are designed to protect taxpayers’ wallets, cut off opportunities for corruption and defend against future economic misbehavior.

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