Pres. Obama, send progressives a sign. Rule out the Conrad-Gregg Commission

[BurtWorm]

Do it now. Don't leave us hanging as usual. You have a lot of trust rebuilding to do and no time to do it in. Please get to work on it now.


http://www.huffingtonpost.com/2010/01/20/progressive-coalition-war_n_430284.html



A coalition of 56 progressive organizations sent a letter Wednesday to Congressional leaders and the White House asking them not to agree to the creation of a debt commission proposed by Sens. Kent Conrad (D-N.D.) and Judd Gregg (R-N.H.), which they said unjustly limits Congressional debate and "paints a target" on Social Security and Medicare.

Leaders of member groups, including labor, civil rights and Social Security advocates, say they haven't seen enough details on the alternative deal currently being struck between Conrad, House leadership and the White House. But their united attack on the Conrad-Gregg bill "can be taken as a warning" that similar opposition awaits any bill that would "fast-track" social-services cuts through the legislature, Campaign for America's Future co-director Roger Hickey said on a conference call with reporters Wednesday.

Several progressive leaders on the conference call acknowledged the need for debt reduction in the long term, but they said attending to the dismal state of the economy -- particularly unemployment -- requires more federal spending in the short term, not less.

"At the moment, we really need to be paying attention to the jobs crisis in the country," said Gerald Shea, assistant to the president of the AFL-CIO. The debt commission, Shea said, "really is just a distraction" and is "wrongheaded."

"If Conrad wants to get serious about fiscal responsibility, there are ways to do it without hurting women and children," National Women's Law Center Vice President Joan Entmacher said. For instance, Congress ought to pass health reform, restore the estate tax and change laws that allow hedge fund traders to pay lower tax rates than the average worker, she said. And then there's the $145 billion in bonuses the financial sector is distributing to its employees this week...

[leftstreet]

1. They're coming for Medicare and SS

Republicans could NEVER pull this off

[OHdem10]

5. And they call themselves Democrats. Do these New Democrats

DLCers have a tin ear politically. The Mass Election
so we are going to gut your Medicare and SS.

While the idea is terrible, the timing is stupid.

Teabaggers will really be impressed. This is whom these
New Democrats are trying to impress???? Oh, they are
being so fiscally responsible. They cannot make decisions
about what is good for this country themselves, they will
hire a commission to figure this out . Then
they will have an up down vote. All the cuts and possible
privatization?? "The Commission made us do it.


Guys, they have been commissions on this starting in 70s
80s . Bush had a commission and once again they said
to privatize. After all Wall Street needs money. The
Boomers will be making withdrawals as they retire.
Wall Street and the Elites have been after this for
years.

I find it disturbing that Obama would even consider
such a thing, but then he is a New Democrat.

[DonCoquixote]

2. we will not balance the budget

until we have real tax reform, as in, restore taxes to the levels they were in the 50's the GOP love so much, MUCH higher on the rich, where they finally pay theiur fair share of the debt they owe us.

[paulflorez]

3. Let Republicans go after Medicare

It will decimate their senior base.

SS, another wonderful third rail. Let them take another swing at it.

[frazzled]

4. How's this for a sign

Barack Obama on Thursday is expected to propose new limits on the size and risk taken by the country's biggest banks, marking the administration's latest assault on Wall Street in what could mark a return, at least in spirit, to some of the curbs on finance put in place during the Great Depression, according to congressional sources and administration officials.

The past decade saw widespread consolidation among large financial institutions to create huge banking titans. If Congress approves the proposal, the White House plan could permanently impose government constraints on the size and nature of banking.

Mr. Obama's proposal is expected to include new scale restrictions on the size of the country's largest financial institutions. The goal would be to deter banks from becoming so large they put the broader economy at risk and to also prevent banks from becoming so large they distort normal competitive forces. It couldn't be learned what precise limits the White House will endorse, or whether Mr. Obama will spell out the exact limits on Thursday.

Mr. Obama is also expected to endorse, for the first time publicly, measures pushed by former Federal Reserve Chairman Paul Volcker, which would place restrictions on the proprietary trading done by commercial banks, essentially limiting the way banks bet with their own capital. Administration officials say they want to place "firewalls" between different divisions of financial companies to ensure banks don't indirectly subsidize "speculative" trading through other subsidiaries that hold federally insured deposits.

http://online.wsj.com/article/SB10001424052748704320104575015910344117800.html

[paulflorez]

6. This is even bigger than healthcare

I'm sorry, but I never understood why health care was the first thing we started working on. The economy was in shambles, jobs bleeding like crazy, they pass the stimulus (good) and then move on to health care reform. When HCR became the next big effort, I was surprised and skeptical. Honestly, I felt the same way I did when Bush announced the Iraq War. Like, is that really want we need to be concentrating on right now? Wouldn't it be better if we attacked HCR reform when the economy was doing well? I understand that HCR is connected to the economy, taking up a huge chunk of it, but the financial sector takes up just as much, if not more, and the financial sector was the one engaging in one of the largest ponzi schemes in the history of the U.S.

The economy needs stability so that consumers start buying again and companies start hiring again. HCR only seemed to take energy from the effort. It also set our expectations very high, which have now been crushed.

This recession is proof that the banks need to be babysat by the government. I am happy to hear that clamping down on their risk taking could be the next big thing we work on. The banks did not properly manage their risk, so the government will do it for them.

These negotiations need to be done in the public view though, in front of C-SPAN. We need transparency or the distrust of the government will only get worse.

[BurtWorm]

7. Healthcare reform was only urgent because they were promising to make it universal.

But when they started chipping away at it until it became just insurance regulation, I agree with you, it sapped too much energy and focus from much more urgent work that needed to be done.

[MadHound]

9. A token gesture of financial regulation, meanwhile this Conrad commission is going to kill SS

Some sign, a slap on the wrist for the banksters, nothing but ruination, homelessness and hopelessness for those on SS.

Who would have thought that it would be a Dem who took down Social Security.

[Junkdrawer]

8. Too late. He's appointing the Commission by Executive Order....

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7525149

[BurtWorm]

10. Of course I'm not surprised.

Unfortunately.