Topic: Wall Street

Kucinich: Why I Voted NO

November 7, 2009 |

Congressman Dennis Kucinich

Washington D.C. – After voting against H.R. 3962 – Affordable Health Care for America Act, Congressman Dennis Kucinich (D-OH) today made the following statement:

“We have been led to believe that we must make our health care choices only within the current structure of a predatory, for-profit insurance system which makes money not providing health care. We cannot fault the insurance companies for being what they are. But we can fault legislation in which the government incentivizes the perpetuation, indeed the strengthening, of the for-profit health insurance industry, the very source of the problem. When health insurance companies deny care or raise premiums, co-pays and deductibles they are simply trying to make a profit. That is our system.

“Clearly, the insurance companies are the problem, not the solution. They are driving up the cost of health care. Because their massive bureaucracy avoids paying bills so effectively, they force hospitals and doctors to hire their own bureaucracy to fight the insurance companies to avoid getting stuck with an unfair share of the bills. The result is that since 1970, the number of physicians has increased by less than 200% while the number of administrators has increased by 3000%. It is no wonder that 31 cents of every health care dollar goes to administrative costs, not toward providing care. Even those with insurance are at risk. The single biggest cause of bankruptcies in the U.S. is health insurance policies that do not cover you when you get sick. «Read the rest of this article»

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Hope vs Fear & Ignorance: Which will win?

By Sue Freeman Culverhouse | September 7, 2009 |

Our society is at war with itself. The downturn in the economy has brought great fears to many citizens. People who focus on their fears have little chance of seeing a solution. Fear is a paralyzing emotion. Mix that with ignorance of some basic facts that are misconstrued by devious politicians seeking their own aggrandizement and you get demonstrations that defy logic.

With citizens in all walks of life losing their jobs and needing hope, some officials more concerned about grandstanding they hope will lead themselves to higher political office than to addressing the suffering of the people who elected them.

When people need hope, more money in their pockets, possibility of new jobs opening up for which they are qualified, we are unfortunately faced with some politicians who are more interested in spreading lies than in solving problems.

Yes, we all have to support our government through taxes. Yes, we need to be as frugal as possible with public money. Yes, we need to cut pork out of all budgets—federal, state, local or personal.

But first we need to bail ourselves out of the mess we’re in. «Read the rest of this article»

Sections: Commentary | 2 Comments

Capitalism has corrupted the reason for which money was created!

February 16, 2009 |

Let’s remember how money, on which our economy is based, started out simply as a system of “trade.” Now days money is capital, and capital is for making more capital. It’s called capitalism. And it’s not the market with which my mother traded…not at all!

Too many years ago, when my mother would go to town from our farm, she didn’t go to the store. She went to “trade.”

I never thought twice about why she would say “trade,” and the rest of us would say we were going to buy something.

Of course, Mom wasn’t a dummy. Maybe she was more of an economist than the guys who deal with capitalism for the Federal Reserve. «Read the rest of this article»

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The “D” word: DEPRESSION. Is it coming?

By Christine Anne Piesyk | October 6, 2008 |

The Dow took a nose dive, sinking below the psychological panic line of 10,000 today, closing at under 9500, with no signs of imminent recovery. Oil dropped below $90 a barrel for the first time in eight months. The near-broke states of California and Massachusetts are seeking the same kind of “bail-out” relief that banks across the nation were awarded last week. News photos across the board capture looks of abject horror, unfettered dismay and complete shock, depending on which picture you view. All this despite a $700 billion dollar bail-out passed by U.S. Senators and Representatives Capitol Hill last Friday.

Does the word “recession” come to mind?

Timing is everything, and this economic downturn arrives on the heels of a long hot storm-laden disaster-ridden summer in the South and East, with the fall and incipient winter heating season across the northern half of the country. «Read the rest of this article»

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Dollars and Sense: Just say ‘no” to non-essential spending

By Christine Anne Piesyk | September 29, 2008 |

Today our U.S. Representatives voted not to approve a $700 million bail-out for Wall Street and Corporate America, responding in part to a backlash of newly energized American “Joe Average” angry over executive pay, the mortgage crisis, and rocketing debt (personal and Iraq war-related). The time to start worrying, though, began when the balanced budget of the Clinton era was sacrificed on the altar of political expediency and oil profits in the post-911 panic.

Like many Americans, I’ve been following the financial roller coaster ride that is Wall Street and the American financial system, though I may have been following it longer than most. Years, in fact.

In recent weeks I’ve corresponded with a New England friend who, after years of fiscal nonchalance and escalating debt decided to straighten up and become fiscally responsible. It took him five years or so to pay down all his debt, establish a fiscal net worth in savings and investments — and keep it that way. He’s the first to admit “it’s not easy.”

The first rule of thumb, he says, is pay down your debt. The second rule of thumb is “if you can’t pay for it, don’t buy it.” It doesn’t get more straightforward than that, unless you live in a culture like ours in which you are primed to consume beyond your means. Keep up with the Joneses until you both sink. It’s been the American way for some time now. «Read the rest of this article»

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The magnitude and meaning of the proposed bailout: What $700 billion for Wall Street means on Main Street

September 24, 2008 |

Northampton, MA (9.23.08) ~~ The plan proposed by President Bush and Secretary Paulson for a $700 billion bailout of Wall Street is difficult for most people to comprehend. National Priorities Project, a non-partisan organization that offers research and analysis of federal spending priorities, is offering an analysis of what $700 billion means to taxpayers.

“It is extremely difficult for most of us to get our minds around what this extraordinary amount of money means.  We hear every day about spending cuts to infrastructure and social services. Now the current Administration is proposing to spend more than what is currently allocated for the U.S. War in Iraq on this Wall Street bailout.  It is critically important that we urge our elected representatives to take a close and careful look at the trade offs involved in their decisions.”

~~ Jo Comerford, Executive Director of National Priorities Project. «Read the rest of this article»

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U.S. Market Meltdown: Three times is enemy action

September 23, 2008 |

James Bond’s wealthy nemesis may have had an obsession with gold, but he judged, quite correctly, that if people keep putting your plans awry, that was likely their intent.

“Once is happenstance. Twice is coincidence. Three times is Enemy Action.” — Auric Goldfinger, Ian Fleming’s James Bond

In 1982, the same year John McCain entered the Senate, a bill was put forward that would substantially deregulate the Savings and Loan industry. The Garn-St. Germain Depository Institutions Act was an initiative of the Reagan administration, and was largely authored by lobbyists for the S&L industry — including John McCain’s warm-up speaker at the convention, Fred Thompson. The official description of the bill was “An act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.” Considering where things stand in 2008, that may sound dubious. It should. «Read the rest of this article»

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Faith sustains us in tough economic times

By Rev. Charles Moreland | August 24, 2008 |

This year is already marked by financial anxiety in Clarksville, in the United States, and around the world.Global markets are clearly declining in value. As we shop and check out, the total price distresses us; as we fill up with gas (even though that cost is dropping a bit, for now) we are shocked at the cost. As we paid for our gas purchase with our Sam’s Club credit card the price was twice what it was at this time last year.

We are befuddled and and disciplining ourselves on expenditures. We diligently search for ways to reduce our travel. My daughter in Reno is resolved to not use her car one day a week. As we evaluate our financial flight we have a discoerted feeling that this financial problem is not short term, it will not be over in a few months. Our financial nosedive and free fall won’t be over for a year or two. Maybe. «Read the rest of this article»

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