Tuesday, February 10, 2009

CEO bailouts or aid to working middle-class homeowners?

This video is especially poignant after reading Lynn Woolsey's letter to Pelosi and the Appropriations Committee about Senate cuts to Obama's economic stimulus bill, including cuts to zero out $2.25 billion in aid to states and localities to stabilize home abandonments/foreclosures.

To those of us who don't think this foreclosure crisis affects us, think again. Every time someone loses their home in this bank-created fiasco, the home values for every homeowner in America go down. Just because you haven't lost your home in this greed-frenzy doesn't mean you're not losing equity/wealth you have spent years of hard work earning.

While CEO's are screaming about their salaries being capped at $500,000, and corporate America is claiming that CEO salary-capping will discourage America's best and brightest from continuing to do the "terrific jobs" they've been doing these last few decades for American business, GOP Senators are engaging in Capitol Hill histrionics about the "pork" in the stimulus package. Apparently, salary assistance for hedge fund managers will pull us out of this recession, while financial aid for communities to address home foreclosures is "pork."


No comments:

Post a Comment