The stock market dropped by 777 points today, in response to the bailout vote in Congress, its largest numerical drop in history. As a percentage of overall volume, the drop did not measure in the top ten – at least not yet. The vote was in response to widespread anger at the proposed bailout of Wall Street. Joining together were right-wing conservatives, middle-of-the-roaders and progressives. Strange bedfellows indeed.
John McCain is posing as a populist. In a typical sound bite, he says, 'We need to put our country first and focus what's best for Main Street. It's the excess and greed of Washington and Wall Street that got us in this situation to start with.' (CNN.com. quoting McCain in a campaign stop in Media, Penn., Sept. 22 or 23).This theme was echoed by the majority of Republicans who voted against the deal in the House on Sept. 29.
By this time next week, Congress will likely have left Washington for the countdown to Election Day. Before your representative and senators go home, President Bush is urging them to rush through a nuclear cooperation agreement with India allowing that country to resume nuclear testing without facing international sanctions. India has already exploded one nuclear weapon and has refused to join the international agreement to prevent the spread of nuclear weapons.
Perhaps the biggest fault of the bailout being debated (possibly passed by the time you read this) is that it is based on the idea that the relief given to Wall Street will trickle down to hard hit working class folks on Your Street.
The week of September 22, 2008 saw huge popular opposition to the Bush administration's bailout of Wall Street banks at taxpayer's expense. While stabilization of credit markets and banking sector is crucial, the smart choice is to pursue a solution that addresses the fundamental causes of the collapse and helps working families avoid further economic calamity.
After an unprecedented nearly three-month delay, California finally has a budget. The $103 billion-plus spending plan is being roundly criticized on all sides.
Barack Obama laid out the changes he would bring to the nation’s educational system as president in a forum last month in Dayton, Ohio.
The Bush administration developed expertise in the use of “shock and awe” in its Iraq war for oil. Now it is using those tactics in economic warfare against the American people.
With the Nov. 4 presidential election just weeks away, a monumental battle is heating up in a few crucial swing states, as some 9 million Latino voters prepare to cast ballots which could be the deciding factor for an Obama win.
Advocates for senior citizens and disabled people denounced Republican Presidential nominee John McCain for repeating his call for a Wall Street takeover of Social Security in the midst of the worst financial crisis since the Great Depression.