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About Northwest labor press. (Portland , Ore.) 1987-current | View Entire Issue (Oct. 3, 2008)
OCT. 3, 2008 corrected copy:NWLP 9/30/08 12:04 PM Page 3 Union leaders blast bailout plan; House rejects it WASHINGTON, D.C. — A $700 billion Wall Street financial bailout package congressional leaders and the White House rejected Sept. 29 did far too little for homeowners and vested far too much power in the Bush Ad- ministration — whose policies and lack of oversight are at the root of the financial crisis, said AFL-CIO Presi- dent John Sweeney. Under warnings of a financial col- lapse on Wall Street by Treasury Sec- retary Henry Paulson, the U.S. House of Representatives defeated H.R. 3997 — the Emergency Economic Stabi- lization Act of 2008 on a vote of 205- 228 At press time it was unclear if the bailout bill will come up for a re-vote in its current form. Oregon Democrats Earl Blume- nauer, Peter DeFazio and David Wu voted against the bill while Democrat Darlene Hooley and Republican Greg Walden supported it. Brian Baird, a Democrat represent- ing Southwest Washington, also voted in favor of the bill. “(This) bill put up taxpayer money without a commitment from the gov- ernment that they would be paid back,” Rep. Wu said in a press release. “Instead, the American people were told that some future president would offer some future Congress a proposal to help taxpayers recoup any losses that they suffered — with no guaran- tee that they’d ever see their money again.” Prior to the vote, union leaders blasted the bailout plan, mostly be- cause the $700 billion in taxpayer money had no strings attached to it. “The bailout bill gives too little re- lief to homeowners and too much power to an administration that has demonstrated neither competence nor foresight,” said AFL-CIO President John Sweeney. “It will require vigilant monitoring. And without a robust eco- nomic recovery package and concrete help for homeowners, the bailout will not work. “It will not address the real under- lying weaknesses in the U.S. econ- omy, and it will not earn the confi- dence of working men and women. It should not be enacted unless Congress moves forward with a meaningful economic stimulus package now,” Sweeney declared. ‘The bailout bill gives too little relief to homeowners and too much power to an administration that has demonstrated neither competence nor foresight.’ Senate Democrats attempted to do just that a few days earlier by intro- ducing a second economic stimulus package. But Senate Republicans ini- tiated a filibuster, mustering enough votes on Sept. 27 to block it. Democ- rats needed 60 votes to shut off the de- bate — but got only 52. Oregon Senators Ron Wyden and Gordon Smith were among the 52 supporting an end to the filibuster. Presidential nominees John Mc- Cain and Barack Obama did not vote. Sweeney said President Bush and a majority of Republican lawmakers not only blocked the stimulus package, but also watered down taxpayer pro- tections Democrats wanted in the $700 billion bailout bill. One of the items that was jettisoned, Sweeney said, was bankruptcy relief for home- owners who are stuck with sub-prime mortgages and face foreclosure and eviction. “Without a stimulus and bank- ruptcy reform, the bailout looks like what it is — help for Wall Street — when what America needs is help for Main Street,” Sweeney concluded. The Change to Win labor federa- tion called on Congress to enact a fi- nancial rescue plan that addresses the concerns and needs of Main Street. Their program calls for: • Revision of bankruptcy laws to allow judges to restructure mortgages and interest rates to keep working families in their homes. • Pension fund eligibility for partic- ipation in any financial rescue plan. • Economic stimulus legislation in- cluding extended unemployment ben- efits, funding of infrastructure projects and assistance for state and local gov- ernments to prevent devastating cuts in essential public services. “Grassroots Americans are rising up and they are mad as hell,” said Teamsters President James Hoffa. “Our proposal is in line with what the majority of Americans want right now — to restore financial stability, pro- vide relief to homeowners, pass eco- nomic stimulus legislation to create more jobs and protect the pension plans of average Americans.” Laborers President Terry O’Sulli- van said that every billion dollars spent on rebuilding the nation’s roads, airports and mass transit creates 47,500 jobs. He is campaigning for $100 billion in construction projects to be included in a second stimulus package. “ The bailout cannot be another Bush no-strings raid on taxpayers and the Treasury,” O’Sullivan said. “Un- fortunately, all Americans are stuck in the same boat with those at fault and if they sink, they will drag us down with them.” Change to Win emphasized that any bailout package must include pro- tections for worker pensions, which have suffered large losses because of Wall Street irresponsibility. Anna Burger, chair of Change to Win, said “workers will not accept their tax dollars being turned over to the fat cats who took multi-million dollars bonuses and then bankrupted their companies and now threaten our entire economy. Action on the bailout will shape the votes of working Amer- icans in November.” (Editor’s Note: Press Associates Inc. contributed to this report.) (International Standard Serial Number 0894-444X) Established in 1900 at Portland, Oregon as a voice of the labor movement. 4275 NE Halsey St., P.O. Box 13150, Portland, Ore. 97213 Telephone: (503) 288-3311 Editor: Michael Gutwig Staff: Don McIntosh, Cheri Rice Published on a semi-monthly basis on the first and third Fridays of each month by the Oregon Labor Press Publishing Co. Inc., a non- profit corporation owned by 20 unions and councils including the Oregon AFL-CIO. Serving more than 120 union organizations in Ore- gon and SW Washington. Subscriptions $13.75 per year for union members. Group rates available to trade union organizations. PERIODICALS POSTAGE PAID AT PORTLAND, OREGON. CHANGE OF ADDRESS NOTICE: Three weeks are required for a change of address. When ordering a change, please give your old and new addresses and the name and number of your local union. POSTMASTER: Send address changes to NORTHWEST LABOR PRESS, P.O. BOX 13150, PORTLAND, OR 97213-0150 OCTOBER 3, 2008 NORTHWEST LABOR PRESS PAGE 3
