Wednesday, January 7, 2009

Pelosi Gumming up the Works Already

After the Presidential Election the Obama Team said they they would like to see Economic Stimulus Legislation on the incoming President's desk by the afternoon of the Inauguration , Senator Reid and Speaker Pelosi agreed that was needed. Today, a mere 13 days before the Inauguration Speaker Pelosi announced that she hopes to have the legislation through Congress by mid February. Obviously the urgency of the situation escapes Ms. Pelosi's understanding and ability to lead a clear majority in the House to stand behind the Democratic Agenda as expressed by the President-Elect. Ms. Pelosi had no problem passing legislation through the House when it came to a pay raise for themselves. This most despicable legislation is no less offense than spitting in the face of the American People. While the assets of the average American has been wiped away by the unregulated financial games that the traders, bankers and insurance people played, the Congress thinks they deserve a raise. Every American should be outraged by this legislation.

First, the Congress runs to bail out the financial industry billionaires when their financial schemes went bad, at the same time allowing the schemes to continue with no accountability or regulation for the People's Money that were given to these billionaires. Meanwhile, the people are enslaved by the usury practiced by the Credit Card Industry with no action by Congress. The Credit card Industry is allowed to borrow the People's Money at a discount as low as .5% interest, then they are allowed by law (a law that Biden supported) to charge upwards pf 39.99% interest with fixed late payment fees and fixed over limit fees that effectively can bring some credit card balances to 76% interest. The Congress under Ms. Pelosi's leadership takes no action to protect the AMERICAN PEOPLE from the vampires of the financial industry, but they do take action to reward themselves with a raise just as they rewarded the financial industry losers with unrestricted bailout money from the taxes paid by the sweat and blood of the American Worker, and with the declining assets of all who have worked a lifetime.

If President Obama has any chance of moving forward with the recovery that is so necessary to stem the slide into the Second Great Depression, the priorities of the Congress must be straightened out. The People come first, not Corporations. Congress does not deserve a raise, the last Congress was the most do nothing Congress in American History under the Stewardship of Ms. Pelosi. The Obama Team should demand that the first fiscal reform be that Congress rescind the recently passed pay raise and cut their salary and expense accounts by the same 5% decline that the American Economy is experiencing. The Congress must commit to thoroughly investigating the financial instruments that caused the collapse of the American Economy, and it certainly wasn't a 5% mortgage default rate that caused the problem. It was the unregulated hybrid financial instruments that the sharks in the financial community dreamed up such as Credit Default Swaps and Collateralized Mortgage Obligations that were traded multiple times without an underling assets.

President Elect Obama must show leadership now by putting Congress on the right path immediately if he really intends to foster a Change we Can Believe In.
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