Will Senate Republicans Keep the Economic Time Bomb Ticking?
Will Senate Republicans Keep the Economic Time Bomb Ticking?
Click Here to Watch New Web Ad:
“Financial Weapons of Mass Destruction”
WashingtonDC– With a key vote expected tonight in the Senate to move forward the President’s Wall Street reform bill, progressive-issue advocacy organization Americans United for Change released a new Web video quoting the world’s greatest investor Warren Buffett on the need to pass legislation that brings transparency and accountability to Wall Street. See script below and watch it here: http://www.youtube.com/watch?v=gv7zEqT9fZ4
Nearly 10 years ago, Buffett, CEO of Berkshire Hathaway, warned that unregulated derivatives were financial weapons of mass destruction that threatened our entire economy. He was right. Gambling on derivatives brought the nation’s biggest banks to their knees and led to a massive taxpayer bailout.
But, as the video notes, nearly two years after the collapse of the financial system that left 8 million Americans without jobs, that time-bomb is still ticking. Now, Republicans in the U.S. Senate are threatening to keep it armed forever by blocking a simple up-or-down vote on a strong measure to bring transparency to the financial markets and hold the big banks accountable.
Tom McMahon, Acting Executive Director, Americans United for Change:“Wall Street lobbyists and their friends in Congress have blocked change at every turn, worrying that restoring safety, sanity and transparency to these markets would somehow cut in to their billion-dollar profits. They tried scaring the American people with poll-tested lies and buying support with blatantly fraudulent advertising. Now they are planning to keep the American public from witnessing a full and fair debate on how – and whether – to hold banks accountable for the financial crisis and prevent something like this ever happening again. It’s this kind of stop-at-nothing-to-get-what-you-want mentality that nearly destroyed Wall Street. We can’t let it happen on Capitol Hill.”
SEE ALSO:
WashingtonPost.com: Poll finds two-thirds of Americans support stricter financial regulation:“About two-thirds of Americans support stricter regulations on the way banks and other financial institutions conduct their business, according to a new Washington Post-ABC News poll. Majorities also back two main components of legislation congressional Democrats plan to bring to a vote in the Senate this week: greater federal oversight of consumer loans and a company-paid fund that would cover the costs of dismantling failed firms that put the broader economy at risk.”
Public Citizen: Those opposed to moving forward have taken 25 percent more in campaign cash: “The 41 Republican senators who signed on to a letter opposing the financial reform package have received 25 percent more in campaign contributions, on average, from Wall Street interests than their Democratic colleagues, according to analysis of campaign finance data by Common Cause, Public Campaign and Public Citizen. Because the Democrats effectively control 59 seats and 60 votes are needed to move forward with debate, the key question is whether Senate Republicans will unanimously block consideration of the financial reform bill or whether at least one of them will allow it to proceed.”
###
SCRIPT: ‘Financial Weapons of Mass Destruction’
In 2002, mega-investor Warren Buffett warned that unregulated derivatives were financial weapons of mass destruction... and time bombs [threatening] the whole economic system.
In 2008, those bombs exploded, wiping out 8 million American jobs and trillions of dollars in savings.
The fallout from that explosion devastated most of America –
But not Wall Street. The Wall Street bankers went right back to building new financial time bombs and giving out billion dollar bonuses.
Today the rest of us are once again in grave economic danger from unregulated derivatives capable of imploding the U.S. economy all over again.
But instead of protecting us, Senate Republicans have been traveling to Wall Street, holding secret meetings with the derivatives bankers on how to kill efforts to safeguard US taxpayers.
Since their secret Wall Street meeting, the Republicans are now threatening to block an up-or-down vote on legislation to hold Wall Street accountable.
Meanwhile, the time bomb Buffett warned us of is still ticking.
And the men... with their finger on the button... is... [VISUALS: GOP Leaders]