Nader Responds to McCain/Obama/Bush White House Meeting
Thursday, September 25, 2008 at 12:00:00 AMPress Release
FOR IMMEDIATE RELEASE
Contact: Toby Heaps, 202-441-6795
Nader Statement on Bailout, Mcain/Obama Meeting With Bush
Bailout is Big Mistake. Crackdown on Corporate Crime. Protect Homeowners.
Ralph Nader and Matt Gonzalez vigorously oppose Bush's $700 billion taxpayer bailout of Wall Street.
"This is not just a bailout of Wall Street" says Nader, "It's a bailing out of the bankrupt Republican and Democratic policies that have led us to where we are today with Senators John "Deregulation" McCain and Joe "MBNA" Biden leading the way.
Full Statement from Ralph Nader:
Today at 4 p.m., Senators John McCain and Barack Obama will meet with other Congressional leaders and President Bush to join the stampede to bail out Wall Street with Main Street and Elm Street's money.
Unfortunately, their rhetorical flourishes to crackdown on Wall Street and protect Main Street will not be met with substance.
The bailout ignores the needs of millions of swindled families facing foreclosure, and it squanders an opportunity to bring about real regulatory change, shareholder power and taxpayer equity that would prevent economic crises like this from happening again. Wall Street's wildly overpaid bosses are addicted to speculative gambling with other people's money. When a drug addict is facing overdose, you don't give them more needles.
We need to protect homeowners and our neighborhoods first. That's why Nader/Gonzalez support introducing a law with a 5-year sunset clause that would provide homeowners facing foreclosure the right to rent to own their homes at fair market value.
Wall Street is out of control. We need to bring some sense of accountability, transparency, and law and order back to Wall Street's crooks and speculators, or they will desperately seek socialism to bail out their criminal corporate capitalism, going to the taxpayer trough in Washington DC each time. That's why Nader/Gonzalez support a Wall Street speculation tax, starting on derivatives, which would make Wall Street less like Las Vegas, and generate enough funds to eliminate the tax burden on the first $50,000 of income for every working American.