The Pantsuit, by Rena Silverman

Global Food Security: U.S. Commitment to Action

noreply@blogger.com (Rena Silverman) — Sun, 27 Sep 2009 02:30:00 +0000

"The question is not whether we can end hunger, it's whether we will." — Secretary of State Hillary Rodham Clinton

A Good Bye from the Hillay Campaign

noreply@blogger.com (Rena Silverman) — Mon, 19 Jan 2009 04:06:00 +0000


	Dear Rena, This is not a goodbye, because we're all embarking on a new American journey. With our nation moving in an exciting new direction, you and I and all Americans are going to be a key part of the change that is coming. I couldn't be more hopeful about meeting the challenges and seizing the opportunities that lie ahead. But I want to take just one moment to look back at the incredible experiences you and I shared over the last two years. From the moment we launched our historic campaign back in January 2007, I was deeply moved by the amount of support you showed me . We spent 17 months in a hard-fought campaign making sure that every American had a chance to make their voice heard. We made history by putting 18 million cracks in the very highest glass ceiling. And when that campaign came to an end, we kept working and fighting, putting our hearts into making history again by helping to put Barack Obama and Joe Biden in the White House. I'm so proud of all we accomplished, but most of all, I'm proud to call you my friend. Your devotion to making our country and our world a better place has been a constant source of inspiration to me. In our most difficult moments, it was you who kept our efforts moving forward. In our happiest moments, you and I celebrated together. Together we walked this amazing journey one step at a time and I couldn't have done without you. And as I take the first step on the next path in our journey, I know you'll be right there with me, as always, in my heart and by my side. Thank you, God bless you, and may God bless America. Sincerely, Hillary

Paid for by Hillary Clinton for President

Congratulations, Hillary!

noreply@blogger.com (Rena Silverman) — Sat, 06 Dec 2008 23:21:00 +0000

Celebrate Hillary's nomination to be Secretary of State. Fill out this form. and share your thoughts and send Hillary a message of congratulations.

Send your note

Hillary's Response to Secretary of State Nomination

noreply@blogger.com (Rena Silverman) — Mon, 01 Dec 2008 18:00:00 +0000

Mr. President-elect, thank you for this honor. If confirmed, I will give this assignment, your administration, and our country my all. I also want to thank my fellow New Yorkers who have, for eight years, given me the joy of a job I love with the opportunity to work on issues I care about deeply in a state that I cherish.

And you've also helped prepare me well for this new role. After all, New Yorkers aren't afraid to speak their minds and do so in every language. Leaving the Senate is very difficult for me. But during the last few weeks, I thought often of our troops serving bravely under difficult circumstances in Iraq, Afghanistan, and elsewhere.

I thought of those other Americans in our foreign and civil services working hard to promote and protect our interests around the world. And I thought of the daunting tasks ahead for our country. An economy that is reeling, a climate that is warming. And as we saw with the horrible events in Mumbai, threats that are relentless.

The fate of our nation and the future of our children will be forged in the crucible of these global challenges. America cannot solve these crises without the world, and the world cannot solve them without America.

By electing Barack Obama our next president, the American people have demanded not just a new direction at home but a new effort to renew America's standing in the world as a force for positive change. We know our security, our values, and our interests cannot be protected and advanced by force alone nor, indeed, by Americans.

We must pursue vigorous diplomacy using all the tools we can muster to build a future with more partners and fewer adversaries, more opportunities and fewer dangers for all who seek freedom, peace, and prosperity.

America is a place founded on the idea that everyone should have the right to live up to his or her God-given potential. And it is that same ideal that must guide America's purpose in the world today. And while we are determined to defend our freedoms and liberties at all costs, we also reach out to the world again seeking common cause and higher ground.

And so I believe the best way to continue serving my country is to join President-elect Obama, Vice President-elect Biden, the leaders here, and the dedicated public servants of the State Department on behalf of our nation at this defining moment. President Kennedy one said that engaging the world to meet the threats we face was the greatest adventure of our century.

Well, Mr. President-elect, I am proud to join you on what will be a difficult and exciting adventure in this new century. And may God bless you and all who serve with you and our great country.

Statement from President Bill Clinton on the Nomination of Senator Hillary Clinton as Secretary of State

noreply@blogger.com (Rena Silverman) — Mon, 01 Dec 2008 17:24:00 +0000

As an American, I am thankful that President-elect Barack Obama has asked Hillary to be Secretary of State and that she has accepted. As her husband, I am deeply proud.

She is the right person for the job of helping to restore America's image abroad, end the war in Iraq, advance peace and increase our security, by building a future for our children with more partners and fewer adversaries, one of shared responsibilities and opportunities.

She has already earned the respect of foreign leaders and diplomats through her work to promote human rights and the empowerment of women through access to education, healthcare and economic opportunity. And Americans know, from her leadership in the Senate on national security, that she will always put the security, values and the interests of our people first.

In her service to the people of New York and our nation, Hillary has demonstrated the knowledge, passion, resilience, and capacity to learn that our country needs at this critical time. She loves being a Senator from New York, but as she has in all the thirty-seven years I've known her, she answered the call to serve. I commend President-Elect Obama for asking her to be a part of a great national security team. America will be well-served.

Sen. Clinton to Head State Dept: Advocate for Women Worldwide?

noreply@blogger.com (Rena Silverman) — Sat, 22 Nov 2008 19:58:00 +0000

As Secretary of State, women's rights champion Sen. Clinton will have the opportunity to act as an ambassador for women and girls worldwide, say advocates of international women's health.
read more...

Presidential Election Results

noreply@blogger.com (Rena Silverman) — Tue, 04 Nov 2008 18:08:00 +0000

New Video by Hililary

noreply@blogger.com (Rena Silverman) — Mon, 03 Nov 2008 17:34:00 +0000

Hillary Rodham Clinton, Senator for New York: Senator Clinton Says Rescue Plan Is Just First Step in Addressing Economic Crisis

noreply@blogger.com (Rena Silverman) — Thu, 02 Oct 2008 21:44:00 +0000

Senator Clinton Says Rescue Plan Is Just First Step in Addressing Economic Crisis

Senator Hillary Rodham Clinton today said that the bipartisan compromise to address the economic crisis should be followed by additional quick action to aid homeowners facing foreclosure, reassert effective federal oversight, and achieve broader economic reform. In interviews with three New York radio programs, Senator Clinton described the bipartisan plan approved yesterday by the Senate as a flawed but necessary compromise that would help prevent severe economic damage from spreading from Wall Street to Main Street.

“I think the passage of this, which I hope happens in the House either late tonight or tomorrow, will send a real jolt of stability and some confidence back into our markets,” Senator Clinton told Rich Lamb of WCBS 880. “But this is the beginning, not the end. We have got to come in with new, tougher, smarter, enforceable regulations. Keep as many people on their homes as possible, rewrite the terms so that they can afford to stay.”

On Wednesday, Senator Clinton spoke on the floor of the Senate and laid out goals for further action to address the underlying causes of the current crisis. She proposed specific steps to protect taxpayers, ensure transparency and accountability, aid homeowners facing foreclosure, and pursue broad economic reforms. For more information on Senator Clinton’s work on this issue, see: http://clinton.senate.gov/issues/housing/subprime.

Excerpts from Senator Clinton’s three radio interviews follow.

The Brian Lehrer Show on WNYC

Brian Lehrer: Why don’t you dive into the bail-out bill? You voted yes. How has your constituent mail been running on the bill?

Senator Clinton: It’s interesting because, of course, for the first week to ten days it was overwhelmingly negative, with good reason. I mean, what the Treasury and the Administration proposed was a total power grab with no accountability, and kind of a take-it or-leave-it attitude, and we left it. But I think that in the course of the last days, Congress has come up with some much better provisions to provide the kind of checks and balances and oversight and accountability that you’re supposed to have in a government like ours with separation of powers. And I think that we have added some elements like warrants for equity stakes that will give the taxpayers some upside for this reigning in to some extent – not as much as many of us wanted – compensation and golden parachutes and other executive perks from any company that is going to participate in this package. We’ve got a minor, but nevertheless important beginning, to do what I’ve been advocating for nearly two years, which is let’s get to the bottom of this and start trying to save people’s homes and modify and rewrite mortgages so that we don’t go through the declining home values and other consequences of the slumping housing market.

Brian Lehrer: And let me jump in because maybe you heard the caller at the very end before you came on who said to ask you why this can’t be done as loans rather than bail-out. Maybe you saw that the nation of Ireland is guaranteeing all their bank data greater than that nation’s entire GDP, but it’s not a hand over of cash.

Senator Clinton: Right.

Brian Lehrer: And George Soros said the Paulson Plan is ill-conceived or not conceived at all – better to give individual banks equity as needed if they can’t refinance themselves, rather than what he says, is overpaying for bad mortgage debt with tax dollars. Any reaction to Mr. Soros or these other alternatives?

Senator Clinton: Well I think that both the caller and George Soros are making an important point. There is, in my view, Brian, enough flexibility in this package for the Treasury Secretary to get started. Remember, we’re talking about a short termer here. That’s another one of the real challenges, is that if we could have waited until we had a new president, and in my view a Democratic President with new advisors, we all would’ve waited. But nobody thought we could. So I think there’s enough flexibility in this package for Paulson to structure a number of different approaches. I have certainly urged that we look more at secured loans, that the equity pieces be real, not just, you know, warrants that might or might not have anything standing behind them. And it’s my anticipation that once this passes we will see some psychological impact in the market, some increased confidence, and therefore a willingness for banks to begin loaning to one another because at bottom, this is a mortgage crisis that is overlaid by a credit crisis, and we’ve got to begin to sort of drill down the credit crisis could begin to ease soon if banks took a big sigh of relief. I talked to about, I think there were 50 bankers on a conference call that I had yesterday from Long Island to Niagara, and, you know, their concerns were that people were pulling money out of their banks. And we’re talking about both huge banks that were on the call, like a representative from Bank of America, to, you know, tiny community banks in Central New York.

Brian Lehrer: Right and I think everybody supports the raising of the FDIC limit to help stave off any bankrupt.

Senator Clinton: Right and it’s as much psychological as substantive. I think this whole package, frankly, is as much psychological. I mean that’s what markets are, you know, someone once told me, you know, 90 percent psychology and 10 percent reality.

Brian Lehrer: Well you are the Senator from New York. You talked about that conference call with bankers from Long Island to Buffalo. There’s an Amity Shlaes column on the Bloomberg wire this morning that says the bail-out means the transfer of wealth from New York to Washington because the government will have the power that New York banks are giving up to decide which assets to buy- meaning lots of jobs will move from here to there. Do you agree with that?

Senator Clinton: No, I don’t agree with that. Where would the jobs go? You can’t possibly, you know, stamp up the Treasury to that amount. No, look, I think that the banks of New York and our other financial institutions are probably the biggest winners in this, which is one of the reasons why, at the end, despite my serious questions about it, I supported it. I mean, we had a projection yesterday that we were going to lose 120,000 jobs in New York, and a lot of the direct and indirect employment that comes from a vibrant financial services industry in New York is certainly at risk. We also are fighting to remain the global capital of capital in the world. There are a lot of other places that capital can move to, and obviously you’ve got other cities like London, Singapore, and Shanghai that are vying for assets and that reputation right now. So actually, I think that doing this is very good for New York in the short-term. Now it has to be managed right, and that’s where the rubber hits the road. I do not believe that we know yet how this is going to be implemented, and because we are dealing with a transition, within, you know, a month we’re going to have a new president, hopefully Senator Obama, and he’s going to have his own team and we’re going to have to start, you know, figuring out how to get into whatever it is the Treasury is doing now, and I know that --

Brian Lehrer: What happens to your high priority of universal health care? With hundreds of billions going to the banks, I’m sure you heard Dennis Kucinich on the House floor. That clip is really making the rounds on YouTube, and others, saying universal health care is a major expense that will now get delayed for this kind of trickle down capitalism.

Senator Clinton: Well even before this bailout we were facing a 500 billion dollar deficit due to the irresponsible and misplaced priorities of this Administration and the Republican Congress that we had for 6 of the last 8 years. So I was well aware of the fact that in order to do what we need to in health care, in energy, in infrastructure, we’re going to face some tough decisions. They’ve just become even tougher. But I think that – and I talked with Barack on the Senate floor last night, obviously he’s going to inherit a terrible set of choices – but I think we’ve got to be willing to both do deficit reduction, smart implementation of this 700 billion dollar package, and make investments in health care, in clean energy, in infrastructure that will make us stronger and richer as a country. I’m not saying it’s going to be easy, but I watched on a lesser level how it was done in ‘93 with a very tough deficit reduction package that was not popular initially and was one of the reasons that we lost the Congress, but I don’t think we have a choice. We’re going to have to proceed on a number of different fronts at once, and you know I’m not going to retreat one step from universal healthcare. We’re just going to have to figure out how we can pursue it and fund it in a smart way.

The Joan Hamburg Show, WOR News Talk Radio 710

Joan Hamburg: You, the Senate of course, approved the proposal. The House, do you think this is going to happen by the end of Friday?

Senator Clinton: Well I think so because the stakes are just too high and the economy is in need of the boost of both assets, new capital to buy these assets and try to get confidence going again. And what I’m hearing from the people I am talking with around the State is a real sense of anxiety. People are really worried about their money, their jobs, their businesses, so yes I do think it is going to pass.

Joan Hamburg: With all the if you had listened to talk radio all morning all you would hear are people yelling and screaming about pork barrel stuff.

Senator Clinton: Well I think that watching legislation being made as they often say is like watching sausage being made. It’s not a pretty sight. And what happened in the Senate was that we have passed on numerous occasions some very important tax benefits for alternative energy. I happen to think that we’ll create a lot of new jobs if we get the money flowing into solar and wind and geothermal and all the other new forms of energy that we’ve got to build a market for. We put those into this and I don’t think that’s what people necessarily think of when they use that term because this will stimulate the economy. There was some other stuff like disaster assistance for the Midwest because they had that horrible flood this past summer. But all in all I think this whole package can offer some needed investments as well as the money that the Treasury will use to try to get banks lending to each other and get these assets off of their books.

Joan Hamburg: Do you feel the kind of alarm the fear the urgency that we have all been told is the reason we must act now?

Senator Clinton: I feel a level of deep concern. I’m in the middle of it so I’m trying to keep my faculties as sharp as I can. What bothers me is how credit is drying up for even good going businesses. What bothers me is how we’ve got institutions that were reporting good earnings being hammered down with the chance of actually going out of business. So I am concerned and when you see flagship companies like Goldman Sachs and General Electric having to borrow money from Warren Buffet.

Joan Hamburg: Amazing isn’t it?

Senator Clinton: Yeah it is Joan.

Joan Hamburg: That they can just hand out billions of dollars and there it is.

Senator Clinton: Well you know he is a great investor and he has been urging me and others to go ahead and pass this package and he doesn’t have any particular partisan bias.

Joan Hamburg: Absolutely.

Senator Clinton: So yes I think people should be concerned. I think that some of the stories I’ve been hearing about people pulling their money out of their bank and putting it under their mattress.

Joan Hamburg: They’re scared.

Senator Clinton: That makes no sense at all and especially now we have, we’re on the way to raising the deposit insurance amount to $250,000 which will cover not only a lot of individuals but a lot of small businesses. So I think by either by late, late tonight or tomorrow the House will have acted. Now I believe that people have every reason to be angry and upset about what has happened here because a lot of the mess we’re in is due to fast moving financial operations that bordered on incomprehensibility and certainly were not transparent and even skirted illegality. There is no doubt about that and I think that the FBI conducting its investigations, the Congress conducting ours, we will hold people accountable. But it’s like the drunk who causes a ten-car pileup on the freeway. You know first you’ve gotta get the emergency vehicles there and the get them all to the hospital, begin to stabilize the patient, including the drunk driver.

Joan Hamburg: You know the question’s been raised by members of our audience, if you took the $700 billion and just put people in charge and gave it out to the banks and things, wouldn’t that alleviate some of the problems?

Senator Clinton: Well that is kind of what is going to happen. The money will be used to buy these assets which will get them off of the books. See the problem is it used to be kind of simple and it was certainly safe to get a mortgage. You’d go to your local bank or your local savings and loans or credit union and get your mortgage and they would hold it, it would be 30 years. You’d pay it and then you’d burn the mortgage when you got the deed to the house. You and I remember those days.

Joan Hamburg: Yeah, they’re gone.

Senator Clinton: They’re gone because somebody came up with the brilliant idea of let’s give people mortgages whether they can afford them or not, lets pull some fast tricks on them, so that they don’t really understand some of the fine print so that we can keep upping the interest rate on them, and lets have some faulty appraisals so that we can charge them more. And then they took all these mortgages from people who never should have had homes or for people who had the resources but were frankly put into mortgages that they either didn’t understand or couldn’t afford. They put them all into these huge, huge debt instruments, they’re mortgage-backed debt basically, and they started selling them all over the world. So if you were to walk into your bank where you think you got your mortgage and talk to the person that you were across the desk from, they’d say ‘well you know we sold that to so and so who sold it to so and so’ and its ultimately in a big package of mortgages that are owned in Europe or Asia somewhere. So it all got interconnected in this global economy of ours. And in order to get these assets which nobody right now can value off the books of these banks so that they can be open for business and open for credit again, the Treasury will buy them, will hold them, and then will begin to resell them once the market has stabilized. Because remember that behind all these assets are real houses on real land in real communities in America. So they have some value.

Joan Hamburg: It’s not empty paper.

Senator Clinton: Yeah, that’s right.

Joan Hamburg: It’s not empty paper. And of course I think Americans have to realize, that whatever we want to call this, it’s a very large band aid and probably absolutely necessary for the credit story, but it can’t cure all our woes. We’ve got to change the way we are living as a nation.

Senator Clinton: Oh Joan, I am really glad you mentioned that. People are living beyond their means. Now some of it is because incomes have not risen the last, you know, thirty plus years. We have seen most of the income gains go to the top ten percent of income earners in society. And how do people cope? Well you know, wives and mothers went to work and kids took jobs after school in greater numbers than they had before and households accumulated whatever income they could get by everybody getting out and working. And that still wasn’t enough to meet the lifestyle desires of a lot of people, so they went into debt. The average American family is over nine thousand dollars in credit card debt. A lot of people live beyond their means and the idea of saving was considered sort of old fashion. So we have got to get the economy boosted again, creating good jobs that people can make a good living at, and we have go to really instill in ourselves some habits of saving and frugality again.

Rich Lamb of WCBS 880

Rich Lamb: About the vote yesterday there’s been some criticism that the bill is, you know, lined with pork. What about that criticism?

Senator Clinton: Well I think what people are referring to is not the original $700 billion which caused a lot of legitimate concern, but the production tax credits for alternative energy, some of the disaster assistance for Iowa and the Midwest after the big floods of last summer, and some other tax provisions that are in the bill. Those are all measures that we have passed through the Senate before and I think as a matter of legislative efficiency were added onto this. But I also believe that it will help to get votes in the House, particularly among Republicans who favored giving tax benefits to get solar and wind projects up and going because that will serve as a stimulus and will actually, we hope, begin putting people to work.

Rich Lamb: Okay then, let me ask you what you think the effect of the Senate vote will be on the House? What is your feeling on it or do you have feelers out there to see what’s going on?

Senator Clinton: You know, I had a long conference call yesterday with at least fifty bankers on the call from New York, from Long Island all the way up to Buffalo/Niagara. And, you know, they told me lots of stories about people coming and asking to take their money out even though they didn’t know what they were going to do with it, people who were concerned that their mortgage wouldn’t go through because of the confusion and crisis in the credit markets, small businesses that were having trouble getting the credit they needed. So I think the passage of this, which I hope happens in the House either late tonight or tomorrow will send a real jolt of stability and some confidence back into our markets. It’s not the stock market so much as the credit markets that are frozen up. You know, the stock market has evidenced its opinion over the last two weeks by, you know, mostly going down. But it’s the credit markets. It’s the fact that General Electric had to go to Warren Buffet and borrow three billion dollars. We have a lot of jobs connected to General Electric in New York. So I think that the more people actually see the potential or real consequences of this in their own lives and communities, the more support and understanding there will be for doing something that gets this economy and these markets moving again.

Rich Lamb: Senator, can you tell us have the calls changed in tone to your office from negative to positive or has it gotten to that point yet?

Senator Clinton: Well they were overwhelmingly negative in the beginning and I was too because I thought that the Treasury had overreached and was basically asking for a blank check to spend $700 billion however they saw fit, and I was not about to go along with that. But in the last days as some of the impact of the frozen credit markets has been felt by people who are out there working and hoping to keep their jobs, hoping to keep their businesses open, more people have reached out and have said, “Look, you know, I don’t like it, I hate it but I think we’ve got to do something.” Now, there’s going to be a debate for a long time—is this the right thing to do? You know, in legislation often times you get what you can because you’re dealing with multiple sides here. We did put in more oversight and accountability. We did put in a provision for warrants so the taxpayers could get some of the upside of these assets when they are sold. We did put in some constrains on executive compensation. I mean, we did make a lot of changes that initially the Treasury was not willing to make, which they came around to. We added yesterday raising the limits on FDIC insurance to $250,000. So we began to, you know, push back on the Bush administration and the Treasury Secretary. But when, you know, when people like Warren Buffet, who I think is viewed as being pretty independent and non-partisan on economic issues says we’ve got to do this, we’ve got to make some, you know, serious investments in our credit markets and provide more capital to our financial institutions, I think people say, well, you know, we’re going to have to do this, so you hold your nose and you vote for it.

Rich Lamb: Senator, are you amazed that the nation is going through think kind of economic convulsion and that people in the markets could do these foolish things?

Senator Clinton: I think it is outrageous and disgraceful. You know, for two years I’ve been urging that we take action on these mortgage foreclosures and try to, you know, prevent them and slow them down so that we wouldn’t have this cascading effect. For a lot longer many of us have been saying we need better regulation, we need to reign in the excesses in the financial markets. There is no transparency and accountability so we even know what it is that is being traded. The regulatory system for the twentieth century is not up to the task for the twenty-first century. So even yesterday I said, you know, I’m going to vote for this, but this is the beginning not the end. We have got to come in with new, tougher, smarter, enforceable regulations. And I still think we’re going to need what I’ve been recommending, which is a home mortgage enterprise institution to try to do what we had to do back in the Great Depression: keep as many people on their homes as possible, rewrite the terms so that they can afford to stay. If they are irresponsible then they go. This is not for speculators or people who own second homes, this is just primary residences. But if we don’t get supply up in the housing market and stabilize home values then I’m afraid even this rather unprecedented intervention is not going to be as effective as it should.

Hillary Rodham Clinton, Senator for New York: Senator Clinton Calls for Swift Action on Bipartisan Compromise to Address Economic Crisis

noreply@blogger.com (Rena Silverman) — Wed, 01 Oct 2008 20:38:00 +0000

Proposes Needed Steps to Protect Taxpayers and Homeowners and Ensure Transparency and Accountability

WASHINGTON, DC – Senator Hillary Rodham Clinton today called for swift action on the bipartisan proposal to address the growing economic crisis. In remarks on the Senate floor, Senator Clinton described the plan as a flawed but necessary compromise and warned of escalating economic damage far beyond Wall Street if Congress fails to act.

“Tonight we will vote on legislation none of us wish we were considering and none of us can afford to see fail. The costs of inaction are far too great. We are already seeing the consequences of a freezing credit market that will only worsen,” Senator Clinton said. “We failed to tackle a home mortgage crisis, and now we are facing a market crisis. If we fail to tackle the market crisis, we risk an even deeper economic crisis. I don’t think any of us want to see irresponsibility on Wall Street compounded by ineffectiveness in Washington. That’s why we must act, even as we do so with regret and reservations, because we have little choice.”

Senator Clinton underscored that today’s vote must be just the beginning of what needs to be done and laid out goals for further action to address the underlying causes of the current crisis. She proposed steps to protect taxpayers, ensure transparency and accountability, aid homeowners facing foreclosure, and pursue broad economic reforms.

“This is not the end but the beginning of what we must do,” Senator Clinton said. “We must pursue broader reforms. That is one of the lessons of this turmoil. We cannot continue to shuttle from crisis to crisis. This is a sink-or-swim moment for our country and we cannot merely catch our breath. We must swim for the shores. And we must do so together, not only as a united Congress, but as a united country.”

Senator Clinton called for a number of provisions to protect taxpayers and ensure transparency and accountability, including a new proposal to establish an “e-TRUST” program to require that assets bought and sold by the Treasury Department are reported online in real time. All assets bought and sold would be available on a publicly accessible website that discloses the buyers, sellers, and values of these assets.

Senator Clinton also underscored that only by helping homeowners restructure their mortgages and avoid foreclosure can we address the root cause of the crisis. She proposed creating a Home Owners Mortgage Enterprise, or HOME, to rewrite mortgages and reset terms so families can keep their homes and continue making affordable payments. A similar program during the Great Depression saved a million homes and made a profit for the taxpayers.

A transcript of Senator Clinton’s remarks follows.

Senator Clinton: Thank you Mr. President. Thank you very much, and I appreciate the extraordinary work that has been done with respect to the rescue package, led in a bipartisan fashion which has certainly produced significant changes in the original request that came to the Congress from the Treasury Department. And tonight we will vote on legislation none of us wish we were considering and none of us can afford to see fail. The costs of inaction are far too great. We are already seeing the consequences of a freezing credit market that will only worsen.

I hear across my state of New York, small businesses are struggling to find affordable loans to keep their doors open and their inventory stocked. Even larger businesses are being pushed to the breaking point throughout the country, the impact of this credit crisis is beginning to be felt, with students who are seeing the sources of student loans drying up, interest rates on car payments rising, families who had saved up and acted responsibly seeing higher mortgage rates, shrinking their dream of homeownership.

Our economy runs on credit, and underlying that credit is trust. Both the credit and the trust is running out. Essentially what we are doing here in an intangible way is restoring trust and confidence in a very tangible way: helping to restore credit. Banks will refuse to lend to businesses and even to one another. Investors continue to withdraw into the safest if investments, treasury bills, even cash. Tens of thousands of jobs in New York have been lost and a study this morning projected that New York alone would lose at least 120,000 jobs.

Now I think we are here in some respects because we failed to tackle a home mortgage crisis, and now we are facing a market crisis. If we fail to tackle the market crisis, we risk an even deeper economic crisis. I don’t think any of us want to see irresponsibility on Wall Street compounded by ineffectiveness in Washington. That’s why we must act, even as we do so with regret and reservations, because we have little choice.

The proposal we are considering is far from perfect, but it is a far cry from the original plan sent over by the Treasury Department that installed virtually unlimited powers in the hands of the Treasury Secretary. As I said when we first examined that original three-page proposal, we needed a plan that included checks and balances, not a blank check.

And thanks to the leadership here in the Senate and in the House, we have negotiated through the Congress, on a bipartisan basis, a better alternative that installs taxpayer protections, asserts oversight, and maintains greater accountability. As is the case very often in effective compromises, no one is happy. But we cannot let the perfect be the enemy of the good, or in this case, the enemy of what’s necessary. But as we vote for this proposal tonight, we must do so considering what steps we will take next.

On the floor at this moment are three of the leaders who shaped this, under the very able leadership of Chairman Dodd, and the chief Republican negotiator, Senator Gregg, and of course the Chairman of the Finance Committee, Chairman Baucus.

But I think we all recognize that this is not the end but the beginning of what we must do. And I believe there are three big goals that we will have to address even after we pass the Rescue Package tonight here in the Senate and send it over to the House.

First, we must address the home mortgage crisis. For two years, I and others have called for action as wave after wave of defaults and foreclosures crashed against communities and the broader economy. We are not yet through the woods. Millions of mortgages are underwater or under specter of adjustable rates set to rise.

I am proposing what we're calling The Homeowners Mortgage Enterprise, an acronym obviously spelling HOME, to rewrite mortgages and reset terms so that creditworthy, responsible families can keep their homes and keep making affordable payments. Through such a HOME program, we'd also be able to consider freezing adjustable mortgage rates and even placing short term moratoriums on foreclosures.

When our country enacted a similar program in the Great Depression, we saved one million homes without costing the taxpayers a dime. In fact, the program ended up with a surplus. And only by rewriting the terms of the debt held by families whose mortgages can be salvaged will we recoup a great deal of the value of the debt we are purchasing from Wall Street firms.

I also believe we need to consider a real tax credit for homebuyers to jump start the housing market. This has been an effective tool in the past and it can be an effective tool again. We have too much supply and too little demand, and getting the liquidity that will be injected into the credit markets to work its way through the entire economy will take time. I think we need not only a supply of liquidity but an increase in demand, particularly in the housing market.

Second, we must be vigilant on behalf of taxpayers, putting in place safeguards so the Treasury is maximizing the value of the assets purchased with taxpayer dollars. We need to have the flexibility to ensure we're not just subsidizing investors and executives, but we should tie this debt relief to strong recapitalization requirements and greater accountability.

I also want to be sure that companies do not take undue advantage of this program and sell securities to the Treasury with one stroke of the pen and claim a deduction for the losses on those assets with the other—in essence, double dipping, dumping their bad assets on taxpayers, and getting a tax break as well.

I'm proposing we build on a very creative provision in the bill before us, and establish an e-TRUST Program. That would stand for Transparent Rules Used to Safeguard Taxpayers. In the bill, there's a provision that transactions be put on the Internet. I want to ensure that the assets brought—bought and sold by the Treasury Department are reported online in real time, so any American can log on and see how their tax dollars are being spent. All assets bought and sold must be available on a publicly accessible website that discloses the buyers, sellers and values of these assets. The American people are buying these securities, and so the American people must have easy access to their portfolio.

It's also important for the American people to understand that lying behind these complex transactions, with all kinds of long names that you read in the newspaper—collateralized debt obligations, and credit default swaps and all the other, you know, words that are used to in some way explain the complex financial transactions that brought to us this place—standing behind are real assets. There are real homes owned by real people on real land in real communities across America. So we want to know how those securities that stand in for these real assets are being traded, bought, and sold, and we want to be sure that we realize for the taxpayer the benefit of these transactions.

And third, I think there is general agreement we must pursue broader reforms. That is one of the lessons of this turmoil. I know that Chairman Dodd and others will be holding hearings to try to untangle how we got to where we are. We know we have to rein in executive compensation by giving shareholders a greater role and eliminating loopholes that allow boards to conceal the value of salary packages. We've got to end the quarter-by-quarter mentality in which long term prosperity is subverted by short term stock valuations. And obviously, we have to end the culture of recklessness in our financial markets endorsed by an ideology of indifference in Washington.

As the American people invest in these companies, I think we should ask the companies to invest in the American people. I think we should consider requiring financial institutions participating in this Treasury plan to create an American Priorities Fund to be part of their portfolios, to invest in clean energy, infrastructure, mass transit, manufacturing, education, and other public goods and goals that would be well served by greater private investment.

Along with the rescue package will be a number of tax credits that will be passed by the Senate tonight. Again, Chairman Baucus has done yeoman's work getting these tax credits put together. The Senate supported them before in it as a fix for the Alternative Minimum Tax, energy production tax credits. In fact, we will be stimulating the economy for Main Street while we pass this rescue package for our credit markets. I think that's the right combination.

But we need to do more. Instead of toxic securities that nobody can understand, are so complex and lack all transparency and accountability, banks should be investing in clean energy facilities in Buffalo, or new auto manufacturing plants in Detroit to build more fuel-efficient cars. We should be repairing our bridges, our roads, our tunnels. We should investing in high-speed rail and making sure that Amtrak is just not a second-class railroad, but competes with the best anywhere in the world.

I think, Mr. President, that the agenda before the Congress is a very important one for our country. We cannot continue to shuttle from crisis to crisis. This is a sink-or-swim moment for our country and we cannot merely catch our breath. We must swim for the shores. And we must do so together, not only as a united Congress, but as a united country. There's so much work to be done in America, so many investments that will make us richer and stronger and safer and smarter, that will enable us to look into the eyes of our children and grandchildren and tell them that we're leaving our country and in as good, in fact, better shape than when we found it. At this moment we can't say that. But I am absolutely sure, based on the bipartisan cooperation that we saw on this bill in responding to a real crisis, that we will see more of that in the months ahead. Our new President will certainly demand it of us, but we should be demanding it of ourselves, and demonstrate to the American people that the United States Congress will lead the way into a much more confident and optimistic future for America.

Thank you Mr. President. I yield the floor.

###

Senator Clinton Calls for Renewed Bipartisan Action on Economic Crisis

noreply@blogger.com (Rena Silverman) — Tue, 30 Sep 2008 17:36:00 +0000

Warns of Risks to Broader Economy

WASHINGTON, DC – Senator Hillary Rodham Clinton today underscored the need for quick bipartisan action to halt the growing economic crisis. In a conference call with media, Senator Clinton said the economic impact of failing to address the crisis would spread well beyond Wall Street and seriously damage Main Street as well. Senate Clinton said jobs, family incomes, and the broader economy is at risk if nothing is done to stem the crisis. She described the bipartisan plan narrowly rejected by the House of Representatives yesterday as a flawed but necessary compromise and a major improvement over the Bush Administration’s initial proposal.

“I understand the deep skepticism surrounding the proposal, and clearly I was against the original plan sent over from the Treasury because it was a blank check giving Treasury virtually unlimited powers to do whatever they saw fit,” Senator Clinton said. “But we have negotiated through the Congress on a bipartisan basis a better alternative that installed taxpayer protections, asserted oversight and accountability, and came up with the checks and balances we should have had rather than the blank check.”

Senator Clinton urged her colleagues to set aside their differences and make hard compromises for the good of the nation.

“We cannot let the perfect be the enemy of the good, or in this case the enemy of what’s necessary,” Senator Clinton said. “We have to go back and in a bipartisan fashion, face up to the difficult decisions ahead of us.”

Senator Clinton: “Good morning everybody. Thanks for joining this call today. Obviously there’s a tremendous amount of concern and even anxiety in the country about what we need to be doing and whether we will be able to reach an agreement about the action we should take.

I think it’s very important to stress, first of all, that if nothing is done, we will see small businesses that cannot continue to keep their doors open because they cannot get the loans that they need for inventory and other important business expenses. Even larger businesses I’m hearing from are stretched to near the breaking point. A lot of our businesses depend on credit every single day, and they’re finding that credit very difficult if not impossible to find and afford.

But on the personal level, students are going to have increasing trouble finding college loans. Families are having difficulty with the daily expenses and certainly with their housing costs as home values drop. And we know that this credit crisis that we are in the midst of cannot on its own correct.

It sounds dire, but there is a risk that commerce could grind to a halt. Banks are already unwilling or unable to lend to each other. We’ve got investors parking money into Treasury bills that are yielding next to nothing because they think it’s the only safe investment right now.

With the domino effect of banks failing, people are taking money out of their banks, looking for a safe place, like Treasuries, or frankly, you know, under their mattress, which then compounds the problem.

I understand the deep skepticism surrounding the proposal, and clearly I was against the original plan sent over from the Treasury because it was a blank check giving Treasury virtually unlimited powers to do whatever they saw fit.

But we have negotiated through the Congress on a bipartisan basis a better alternative that installed taxpayer protections, asserted oversight and accountability, and came up with the checks and balances we should have had rather than the blank check.

This bill that was voted on yesterday is a compromise among the Bush Administration, the Democratic and Republican leadership. You’re not going to find anyone who believes that this bill is perfect. Many of us regret deeply and very much resist having to bail out those who we believe contributed mightily to the problems we’re in. But there is no choice.

I believe that the companies benefiting from the taxpayer dollars should be asked to repay their debts to the Treasury or give taxpayers more of a share of any future profits. I continue to advocate for a plan to rewrite unworkable mortgages to stop the inevitable cascading of defaults and foreclosures that will come as interest rates reset. For two years I’ve proposed steps to freeze adjustable mortgage rates and temporarily halt foreclosures and reset mortgages at risk of default and foreclosure. That’s why I continue to propose a mechanism to do that, and it is modeled on the one we used during the Great Depression.

Obviously people are deeply concerned about how we’re going to take action that will be effective. I think it’s important that we go at the root of the problem, which is the continuing loss of home values and mortgages that are unaffordable for homeowners. Now there are other steps we should take. The housing market is caught in a vicious cycle of too much supply, too little demand, sinking housing prices, rising defaults and foreclosures. There are other steps we can and should take to try to get demand up again in an affordable way.

But the American people need to understand the benefits of this unprecedented market intervention versus the cost of inaction. There are ways we can continue to try to improve the tools available to the government so that Americans are reassured that this is not either a blank check to the Bush Administration or a blank check to Wall Street, but in fact it is not only necessary for us to do but that the economy will benefit and taxpayers will be protected.

But we cannot let the perfect be the enemy of the good, or in this case the enemy of what’s necessary. We certainly won’t be able to spur the housing market if our financial institutions are unwilling to lend to homeowners, and if banks stop lending to businesses, and banks refuse to lend even to each other, which we are seeing.

So we have to go back and in a bipartisan fashion, face up to the difficult decisions ahead of us.

We have to take action and I know that New York is particularly affected by our failure to act, which is why I told the Long Island association yesterday morning that although I despise the position that we find ourselves in as a country, I would have voted for the package.

We have tens of thousands of people in New York dependent on the financial services industry. We have thousands of people I’m hearing from around our state who cannot get the credit they need to stay in business. We’ve got tens of thousands more who are in businesses that are dependent directly and indirectly on financial services. Our city and state revenues will be adversely affected, which will have a ripple effect in terms of the services that people need. We’ll see the unemployment rate go up and I am deeply concerned that this package be passed this week in order to put the brakes on what is not just a market and a credit crisis, but a mounting economic crisis.

I believe, too, that the Senate would be ready to act. I know Senator Reid has said on numerous occasions that he believes the Senate has the votes to pass the bill and is prepared for the Senate to go first, and I certainly am prepared to stand up and be counted if we do. But I hope that everyone will take a deep breath. The Congress is not in session because of the Jewish New Year, so everyone has a chance to think hard and maybe cool off a little from the emotion and the pressure of the last two weeks. And we get back to Washington starting tomorrow and do what we have to do to try to stabilize not only our nation, but the entire world for the benefit of everyone.”

Senator Clinton Calls for Bipartisan Action on Economic Crisis

noreply@blogger.com (Rena Silverman) — Mon, 29 Sep 2008 21:33:00 +0000

WASHINGTON, DC – Senator Hillary Rodham Clinton today called for renewed bipartisan action to halt the economic crisis in the wake of the House of Representatives’ failure to pass the compromise plan. Senator Clinton made a brief statement after returning to New York this evening and underscored the danger of inaction in the face of the mounting crisis.

“This is not a time when doing nothing will see us through. We have to take action,” Senator Clinton said. “This is a very tough time for our country, and not only for our economy, our financial credit markets, but indeed for the world.”

Senator Clinton described the bipartisan plan as a flawed but necessary compromise that was a significant improvement over the Bush Administration’s initial proposal. She urged her colleagues in Congress to put their differences aside for the good of the country. Senator Clinton stressed that the stakes are especially high for New York, the nation’s financial capital.

“This really comes home here,” Senator Clinton said. “We have tens of thousands of people who are dependent upon the financial services industry, we have thousands of people who run businesses across our state who can’t get the credit they need to stay in business, and we have thousands and thousands of employees.”

Last week, Senator Clinton outlined principles for action that would offer relief to homeowners, stabilize the markets, and provide broader economic reform. Read more here: http://clinton.senate.gov/issues/housing/subprime.

The text of Senator Clinton’s comments in New York follows.

Senator Clinton: Thanks to [Congressman Anthony Weiner] and [Congresswoman Nita Lowey], and to all of the House Democrats and the approximately one third of the House Republicans who stood up today and put partisanship aside, forgot what got us here for just a moment with a focus on what would get us out of the mess we’re in, and voted not only for Wall Street, but for Main Street.

This is not a situation any of us are happy to be in. This is a very tough time for our country and not only for our economy, our financial credit markets, but indeed for the world. There will be plenty of time to figure out what went wrong and how we’re going to come up with new regulations and oversight and demand more accountability.

But we now have to go back to the drawing boards, work together in a bipartisan way and come up with a solution that will actually make a difference for the problems that we are facing. I hope that we’ll be back in Washington as soon as we can. The only reason we’re not still there is because of the Jewish holidays—which everybody understands—but we will go back. I know the Senate will be back on Wednesday. We’re going to see what we can do to try to pick up those additional votes. We were ready to vote today or at the latest on Wednesday because we have faced up to the very unfortunate consequences that inaction produces.

This is not a time when doing nothing will see us through. We have to take action. It’s not a bill that any one of us particularly likes or that we would have written. It’s a compromise. And it’s a heck of a lot better than what we were sent by the Bush Administration last week. It does give us a lot more in the way of tools to try to get at the real problem, to have the kind of accountability and oversight that was needed, to distribute the money in installments so that we can wait and see how this is working.

We’ve got to get back together and I know that the New York delegation stands ready to work as hard as we can. Because despite what are clearly national and international ramifications, this really comes home here. We have tens of thousands of people who are dependent upon the financial services industry, we have thousands of people who run businesses across our state who can’t get the credit they need to stay in business, and we have thousands and thousands of employees. We’ll see the unemployment rate, I predict this week going up dramatically. I’ve talked to a lot of employers here in New York in the last week. They’re laying off people, they don’t see any end in sight unless we get a grip on this and that’s what we’re asking that everybody begin to do again in a bipartisan manner.

Senator Clinton Calls for Immediate Action to Halt Market Crisis

noreply@blogger.com (Rena Silverman) — Thu, 18 Sep 2008 22:09:00 +0000

Assails Bush Administration for Ignoring Warnings as Crisis Built

Proposes Bold Steps to Restore Confidence in Market

Click here for video

WASHINGTON, DC – Senator Hillary Rodham Clinton today called for swift and strong action to stem the growing credit crisis on Wall Street. Assailing the Bush Administration for ignoring repeated warnings of the growing crisis and failing to provide adequate oversight of an increasingly complicated market, Senator Clinton offered a series of bold, specific proposals, including creating a new version of the Home Owners’ Loan Corporation (HOLC) to restore confidence in the market, curbing the most damaging and manipulative trading practices, providing relief to homeowners facing foreclosure, and reasserting competent federal oversight.

“This is the greatest market upheaval since the Great Depression. We are indeed in a crisis, but in times of crisis, there are opportunities for leadership,” Senator Clinton said.

Leadership in the face of crisis has been woefully lacking from the Bush Administration, Senator Clinton said. The White House ignored both warnings of the growing crisis and proposals from Senator Clinton and others to step in before it grew out of control.

“What we have seen over the course of the last eight years is an administration that refused to recognize the threats lurking in our economy,” Senator Clinton said. “They dismissed my concerns and the concerns of millions of Americans even as the storm clouds gathered. My proposals, as well as those of others, were greeted as too much, too soon. Now we are forced to reckon with too little too late.”

Senator Clinton expressed serious concern about the effects of the market crisis on New Yorkers, including the many homeowners fighting foreclosure and the tens of thousands whose livelihoods depend on Wall Street.

In response, Senator Clinton outlined a series of proposals to address the crisis:

Create a new entity to buy up and quarantine toxic mortgage securities that are dragging down the markets which would allow the markets to stabilize. Last spring Senator Clinton was among the first to call for a new entity modeled after the successful Depression-era Home Owners’ Loan Corporation (HOLC) or the Resolution Trust Corporation (RTC) created after the Savings and Loan crisis.

Place a temporary moratorium on the most abusive stock transactions, many of which involve the “short-selling” of stocks. Yesterday, Senator Clinton wrote to the Securities and Exchange Commission urging such a moratorium, saying it would provide breathing room for the markets to recover, for investors to make accurate assessments of companies and for regulators to assess what trading practices should be permanently banned.

Convene an emergency economic summit to show the American people their government is working together. Bringing together leaders in the administration and Congress with lenders, consumer advocates, non profits, financial institutions, and all stakeholders will allow a coordinated response to the crisis.

Aggressively pursue and encourage mortgage modifications. Senator Clinton has introduced legislation to remove barriers to mortgage modification and to encourage lenders to voluntarily work with borrowers to keep them current on payments and in their homes.

Restore competent federal oversight of the increasingly complicated financial markets. The rapid evolution of the securities and banking industry overwhelmed the current regulatory framework, resulting in a “shadow banking system” that operates outside of oversight and without accountability.

Require transparency and accountability on executive pay. Senator Clinton has proposed the Corporate Executive Compensation Accountability and Transparency Act to impose new transparency rules on executive pay, end the accounting techniques that hide compensation, and provide shareholders a say in executive compensation packages.

Ensure the accountability of financial institutions borrowing money from the Federal Reserve’s new lending facilities. Taxpayers deserve to know that the companies they are bailing out are on the road to recovery and aren’t throwing more good money after bad.

Senator Clinton urged the administration and the Congress to move quickly to adopt these proposals and prevent the crisis from worsening.

“Time is of the essence. Any delay could be ruinous for both financial institutions and confidence in our markets,” Senator Clinton said.

The transcript of Senator Clinton’s remarks follows.

Senator Clinton: Thank You, Mr. President. We have seen the financial landscape in our country reshaped over night. The titans of Wall Street have been rendered insolvent or even bankrupt. These are firms that survived the Great Depression, World Wars, the attacks of September 11th, but were no match for a mounting credit crisis allowed to escalate in the shadows of our financial system. The Federal Government has taken over Fannie Mae and Freddie Mac. Bear Stearns had to be rescued by J.P. Morgan Chase after the federal government guaranteed J.P. Morgan's investment. And while they're in talks to keep part of the company viable, Lehman Brothers has declared the largest bankruptcy in U.S. history. Merrill Lynch has been purchased by Bank of America and the Federal Government has agreed to rescue AIG. This past Monday we saw the largest drop in the Dow Jones Industrial Average since 9/11. Now even money market funds are affected. For only the second time in our history, one has been valued at less than 100 cents on the dollar. Alan Greenspan has called this a once-in-a-century event. In my state of New York, tens of thousands of hard-working employees have lost their jobs. And the livelihoods of tens of thousands more who depend on Wall Street's economy are threatened as well.

New York City and New York State, already facing serious economic and fiscal challenges, will now be forced to contend with a battered Wall Street, the lifeblood of our state's economy. And the sudden collapse of these firms and the government takeover of some have shaken our markets and buffeted the economy as a whole.

Many are now asking, What's next?

I know that New Yorkers and Americans are deeply concerned and more than a little bewildered. As our markets have grown more complex and interconnected globally, so too have the crises that have emerged. And we are still sorting out the details.

One of the consequences of the secrecy and lack of oversight under the Bush Administration is that we do not know what we do not know. But it is important to recognize what we do know about what went wrong so that we can assess what needs to be done right now to make it right.

What we have seen over the course of the last eight years is an administration that refused to recognize the threats lurking in our economy, no matter what lurked just beneath the surface or what problems were facing middle class families.

Now, we know that many CEO's are paying lower tax rates than their receptionists. We know that President Bush and those who carry his mantle seek to lower those taxes even further. Middle class families have seen their wages decline even as the cost of living has skyrocketed. This administration has the worst job creation record in 70 years. Millions of families were locked into ballooning and unaffordable adjustable-rate loans as this administration stood by denying there was a crisis. Regulators and regulations designed to keep pace with the markets have been steadily chipped away by Washington Republicans even as companies experimented to the tune of hundreds of billions of dollars in ever more complex and risky financial instruments.

Now, we were reassured that the risk was too diversified and investments too sophisticated to put our economy in jeopardy. Meanwhile, behind closed doors, the cracks were showing as the value of mortgage-based securities slipped day by day by day. And the President and his supporters in Congress repeatedly chanted – and still chant the mantra today – that the fundamentals of our economy are strong.

The administration waxed philosophical when middle class families started facing foreclosures at record levels. The administration and their allies derided my proposals over the last two years to offer assistance to troubled homeowners seeking refinancing as a bailout. They dismissed my concerns and the concerns of millions of Americans even as the storm clouds gathered. They said they didn't believe the government should intervene and provide borrowers an affordable opportunity to avoid foreclosure. Even when I and others warned the Bush Administration repeatedly from the start of this crisis that decisive action was demanded immediately to help families stay in their homes, that that was the best way to stave off a deepening economic crisis, their only responses were predictions for a soft landing and that the crisis could be contained.

Well, as I traveled throughout our country, I could see that no soft landing was forthcoming.

Many families, hundreds and even thousands of miles from Wall Street, were having their lives turned upside-down by the home mortgage crisis, and the ripple effects being felt throughout the economy, as a consequence of the broken economic policies of the last eight years.

Unfortunately, the Bush Administration waited until this past summer to admit that massive housing relief was necessary. The administration finally supported in concept much of what I had proposed: mortgage modifications, freezes for unreasonable mortgage rate increases, and an expanded role for the Federal Housing authority.

But their response was half-hearted, without adequate resources or a commitment to enforcement. And so the home mortgage crisis slowly but surely eroded the value of risky debt instruments upon which Wall Street firms were depending. The house of houses of cards began to fall. My proposals, as well as those of others, were greeted as too much, too soon. Now we are forced to reckon with too little, too late.

When giant Wall Street firms revealed their dire straits and turned to this administration for the exact same help as we had sought for middle-class families -- discounted loans, loan modifications and government-backed lending to weather the storm, Adam Smith was nowhere in sight.

Taxpayers have loaned these banks upwards of half a trillion dollars. And after years of laissez-faire policies for the middle class, the Bush Administration has acted on behalf of Wall Street with the largest and most significant federal interventions in the history of our modern financial system. The largest banks in the world can have closed-door meetings with the White House and the Federal Reserve and the Treasury Department to discuss their bailout options, but millions of homeowners with mortgages worth more than their homes, or who are facing default and foreclosure, don't have the same opportunity.

And this administration seems to be once again paralyzed.

Now, I represent both the workers and the homeowners and the investment firms. I wish we had taken action long before this for the sake of all of my constituents, but now we must have a concerted, focused effort. I don't believe we can wait until the next president. I am extremely hopeful and optimistic that we will have a president who will work with us to resolve our economic challenges, but I don't think we can wait.

However, I do believe we can avoid a deepening crisis. We can take steps right now to address the root causes of what is taking place in our economy to stem the tide of foreclosures and mortgage defaults and the aggregating consequences in the credit markets on Wall Street and throughout the global economy.

But we must cast aside the haphazard, half-hearted approach of this administration and bring every stakeholder to the table to seek out and implement the right solutions. We must be as vigilant on behalf of homeowners and middle class families as we are on behalf of Wall Street firms. We must chart a new course based on the facts at hand, not the ideology at work for eight long years. We've tried being reactive. It's time now to be decisive.

No options should be off the fable, certainly not because they don't fit into a narrow ideological prism that this administration abandoned -- for some -- at the first signs of trouble. Ideologues in Washington or in the market who thought that the only danger to the marketplace was the Federal Government are now going hat in hand to that same government seeking help to stay afloat.

So to those who suggest that the steps taken thus far are enough, let me be clear: we may need to take even more significant steps to avoid a self-sustaining cycle of depressed home prices and foreclosures with the consequent effects on the entire marketplace.

We've already pumped hundreds of billions of dollars of liquidity into the markets but we still cannot see the end of this crisis. The biggest problem now is that our entire financial market is anchored down by the mortgage securities that are untouchable. We've seen the banks and the financial institutions that had the largest exposures to these instruments among the first to fail. But now we've begun to see some of the mightiest institutions, even those making a profit, fall by the wayside, the market thrown into upheaval, and others the target of predatory short sellers.

The Federal Reserve has used virtually every arrow in its quiver, from rate cuts, opening its lending windows and in desperation has even created some new arrows through its new lending facilities. By some estimates, the Fed has put out more than a half a trillion dollars through discounted loans, bailouts and takeovers to stabilize the market and the economy. While necessary to prevent even deeper disaster, we've seen that the benefits of these actions have had limited effects.

This situation reminds me of that old fable, where people are standing by the side of a river and they keep seeing babies being rushed down the river in the current and they desperately reach out trying to save as many babies as possible. Day after day they're reaching out. They get new tools, they build a bridge, they get a ladder, they're constantly trying to get to those babies. They're hoping that they can save as many, until finally somebody walks up and says, “Who's throwing them in? Go upriver, find out what the real problem is and stop that!”

The real problem has always been the way our home mortgage system got totally out of whack with new kinds of instruments that were sold many times over with very little regard to the realities of life, human nature, and the inevitable ups and downs in the economy, with the results that until we reach in and fix the home mortgage crisis, we can bail out everybody from here till kingdom come, we will not get a handle on this economic crisis.

So here's what I believe we should do.

First, in light of historic bank failures, even with the largest federal intervention in the history of the mortgage market, we need a government entity, a modern-day Homeowners Loan Corporation, referred to as HOLC -- H-O-L-C -- or we need to build on the Resolution Trust Corporation created to help deal with the Savings and Loan Crisis.

Now, I personally believe and was among the very first to suggest that a HOLC, a Homeowners Loan Corporation, could be a preferable way of unfreezing and beginning to fix our struggling mortgage market. Some of my colleagues and many other respected economists and government officials have called for the creation of an entity like the Resolution Trust Corporation, which was created after the Savings and Loan crisis to liquidate in an orderly way the virtually worthless assets that the failed S&L’s held.

Just yesterday in the Wall Street Journal, Paul Volker, and Eugene Ludwig and Nicholas Brady made such a proposal. They said a HOLC, an RTC, we’ve got to come up with an entity that will assume these debts and burdens and begin to work our way out.

Last spring when I called for a modern version of the HOLC, that’s the Depression-era entity that bought up old mortgages and issued new, more affordable ones in their stead, most people did not pay much attention. But I think it's important to note that by the time the HOLC closed its books, that agency had turned a small profit and helped over a million people keep their homes. And this was 70 years ago. Our population has grown dramatically. So, obviously, if we did it right, we would be able to save a lot of homes. And I think if it is administered correctly it could be actually a net expenditure or even winner for the federal government.

Now, with the FHA reforms that I have long championed adopted this summer in our Omnibus Housing Bill, the FHA could be already a modern Homeownership Lender Corporation. But we need to look to new ways to revive and if necessary create a new market for mortgage securities based on sound accounting, transparent recordkeeping and responsible lending.

A new government entity like the HOLC with a focus on attacking the source of the problem can serve the purpose of clearing a lot of those toxic mortgage securities from the market. We know there will not be any semblance of a normal or orderly marketplace until we have found a way to resolve these mortgage securities that are metastasizing in the bottom of our markets. By taking this paper out of the market and quarantining it in this new entity we will be able to give the market breathing room to recover. We will also be able to set the stage for an orderly sale of these securities and in turn allow some of them to recover and actually regain some of their value. Perhaps just as importantly, not only would our financial markets stabilize but so would our housing markets.

This is an extraordinary measure but it is not without precedent. This is the greatest market upheaval since the Great Depression. We are, indeed, in a crisis, and in times of crisis there are opportunities for leadership. Congress could show the American people that leadership working with the President by embracing this bold proposal.

Second, I'm calling on the Securities and Exchange Commission to take immediate action to address the abusive and manipulative short-selling practices that are rattling the markets, threatening firms and jobs and sending shockwaves across the broader economy. I commend the SEC for yesterday tightening rules against manipulative short-selling. The SEC's rulings are a positive step in curbing the heightened volatility casting uncertainty on domestic markets and financial institutions. However, the Commission did not go far enough.

As a Senator from New York, I have a special duty to represent the workers of the financial services industry and to try with all my might to retain New York City as the financial capital of the world. The abuses that have disrupted the markets today will impact the lives of so many far beyond New York.

So I think it's necessary for the SEC to take steps similar to the emergency rule it imposed this past July when the Commission concluded that there now exists a substantial threat of sudden and excessive fluctuations of security prices generally, and disruption in the functioning of the securities markets that could threaten fair and orderly markets.

Conditions now pose a greater threat than they did in July, and several of the institutions that the Commission sought to insulate from abuse do not even exist or certainly not in the in the same form that they did two months ago.

So we need to stay a step ahead, not a step behind. So I urge the Commission, as I expressed yesterday in a letter to Chairman Cox, to move toward a temporary moratorium on all of the abusive and manipulative short-sale practices associated with substantial financial firms like those the Commission identified in July. A temporary moratorium would allow the marketplace to take a step back, take a deep breath, and it would allow the Commission and other regulators to identify and weed out the sources of these abusive transactions.

Moreover the Commission should give close consideration to the many calls for the immediate restoration of the uptick rule, whose repeal has been linked to the recent market volatility and proliferation. I know there are technical problems in terms of moving toward digitized trading but we ought to be able to figure out how to handle those.

Third, I'm calling on President Bush to convene an economic summit right now that brings together leaders in the administration, the Congress, with lenders, consumer advocates, nonprofits, financial institutions and all the stakeholders. Such a summit, I believe, would restore confidence, demonstrate that the entire country is focused on solving the problem we face.

Fourth, I want to propose, once again, that we aggressively pursue and encourage mortgage modifications. I've introduced such legislation. I believe it's important. Ten million homeowners are under water today carrying more than $2 trillion in mortgage debt. That is a huge anchor on our markets and economy. Modification, done right, is a strategy that serves lenders and borrowers as well as the broader markets.

Fifth, it is clear that for too long the rapid evolution of the securities and banking industry overwhelmed our regulatory framework resulting in an entire shadow banking system that operated outside of oversight and without accountability. It’s not enough just to shift responsibility or move lines on a flowchart. We need a new regulatory framework. We've been living off of the one from the Great Depression. Now is the time to create a new framework.

Six, I proposed the Corporate Executive Compensation Accountability and Transparency Act to impose new transparency rules on executive pay and the accounting techniques, the high compensation, and provide shareholders a say in executive compensation packages.

Finally, and seventh, I’m proposing that we require any financial institutions borrowing money from the Federal Reserve’s new lending facilities to open their books and ensure accountability and transparency to identify unsound practices. These banks and other entities have tapped the Fed’s new lending windows levels for over $300 billion in capital. They’ve shifted a lot of that risk onto the backs of our taxpayers. These are unprecedented interventions and we should make sure that these companies aren’t using taxpayer dollars to subsidize golden parachutes or risky investments, throwing your good money after bad. If we're bailing you out we deserve to know exactly your liabilities. And you have to be part of this new regulatory framework.

This crisis has not abated. It's time for us to start acting like Americans again. There isn't anything we can't solve once we put our minds to it. For that we need leadership. I know that our leader, Senator Reid, has said that the Senate will remain in pro forma session. We are ready to work with the administration, to work with the other stakeholders to change course and end the failed economic policies and failure of regulatory oversight that brought us to this point.

Now there’s much more, Madam President, that we need to do. Individuals have to take responsibility. We know that. But in this dynamic environment we must work together to stabilize the market, tackle the root causes that have festered too long, and restore confidence in our economy.

We’ll weather this storm but let's do it sooner instead of later. Let's try to save as many boats in the water right now instead of cleaning up the wreckage on the banks. I believe we can do that, and I thank you, Madam President, for your attention, and I hope that we'll be able to start seeing action very soon. Thank you, and I yield the floor.

Senator Clinton Meets with New York City Credit Union Leaders to Discuss Mortgage Crisis

noreply@blogger.com (Rena Silverman) — Thu, 18 Sep 2008 22:09:00 +0000

Seeking Ways to Help New York Homeowners Caught in Credit Crunch

WASHINGTON, DC – Senator Hillary Rodham Clinton met this week with New York City credit union representatives to discuss the impact of the mortgage crisis on homeowners. The credit union leaders traveled to Washington to attend the annual conference of the National Association of Federal Credit Unions and meet with Congressional leaders. Senator Clinton and the New York credit union representatives discussed ways that credit unions can help homeowners caught in the credit crunch.

“With hundreds of thousands of American families struggling to keep their homes and major Wall Street institutions fighting to stay afloat in this mortgage crisis, New York credit unions are uniquely positioned to help homeowners and provide some much needed stability in the market,” Senator Clinton said. “I have long been proud to work with our state’s credit unions, including those from the City, to help New Yorkers achieve the dream of homeownership. Now we have to help many of those same New Yorkers keep that dream alive.”

“Senator Clinton was very gracious with her time and very understanding of the roles that credit unions can and will play in the rebuilding of the consumer trust and confidence in lending institutions,” said Diane Vega, the manager of the JFK Airport branch of American Airlines Federal Credit Union.

Senator Clinton has a long record of working with New York’s credit unions to help the state’s homeowners. In 2004, Senator Clinton joined with New York credit unions to launch a loan initiative to provide funding for community development and housing programs in underserved areas. The credit unions surpassed the initial goal of $100 million to provide more than $360 million in mortgage loans to underserved communities over the first two years alone.

In response to the current housing crisis, Senator Clinton introduced the Mortgage Refinancing Initiative of 2008, which would provide an opportunity for at-risk households to refinance unworkable mortgages. Last year she reintroduced the 21st Century Housing Act, which strengthens the Federal Housing Administration (FHA), makes FHA loans available to more Americans, and expands access to a responsible and stable alternative to the subprime market. She also introduced the Home Ownership Preservation Act, which eliminates abusive lending practices, cracks down on unscrupulous brokers, expands the foreclosure prevention initiatives at Fannie Mae and Freddie Mac, and provides financial assistance to states to expand their foreclosure prevention programs. She called on the mortgage industry and Wall Street to observe a 90-day moratorium on subprime foreclosures, a 5-year freeze in rates on subprime adjustable rate mortgages, and proposed $30 billion in assistance to states and communities to fight foreclosures and offset the costs associated with mounting vacancies.

A list of participating credit union representatives follows.

American Airlines Federal Credit Union:
Diane Vega, Faith Anderson, Gloria Kimmel

###

Senator Clinton: On the Issues

noreply@blogger.com (Rena Silverman) — Tue, 02 Sep 2008 18:02:00 +0000

a little packet...

Working Hard to Grow the Economy and Keep Families in Their Homes
Fighting for Energy Independence
Fighting for Health Care
Standing Up for New York’s Rural Areas and Agriculture
Improving Education and Standing Up for Children
Standing Up for Veterans and Supporting Our Troops

Working Hard to Grow the Economy and
Keep Families in Their Homes

Courtesy of Alden Pellett Photography

Stimulating Economic Growth: Under the economic stimulus package that passed Congress in February, progressive tax rebates have been, or soon will be, extended to more than 100 million hard-working Americans, as well as to senior citizens on social security and veterans receiving disability payments. The agreement that had been struck in January between the Bush administration and the leadership in the House of Representatives had unfairly left out our seniors and veterans, who need this economic relief as much as anyone. It was critical that in the Senate we fought to extend these rebates to seniors and disabled veterans, and I am pleased that our seniors and disabled veterans are now benefiting from this much-needed economic assistance. Read more about the economic stimulus >>

While the economic stimulus package is a step in the right direction and will provide some relief to those suffering from the weakening economy, it is my belief that the package does not go far enough in assisting hard-working Americans. Beyond the progressive tax cuts in the initial economic stimulus, we need to act on other measures I have proposed that will strengthen the economy over the long-run, such as a $25 billion investment in home heating and energy assistance for working families; a $5 billion investment in energy efficiency and alternative energy technologies to jumpstart “green collar” job growth; and a $10 billion effort to strengthen and extend unemployment insurance for workers who are laid off for extended periods.

I also reintroduced my Standing with Minimum Wage Earners Act, which ties the minimum wage to Congressional pay raises. As Congress gave itself pay increases year after year, it took ten long years to increase the minimum wage for the rest of America. My bill would ensure that working families faced with a rising cost of living each year are not forced to wait another decade for an increase in the minimum wage.

Taking Aggressive Action to Stem the Mortgage Crisis: Just as important as a robust economic stimulus package is action to address the sub-prime mortgage crisis. In July, Congress passed long overdue legislation to help struggling homeowners to avoid foreclosure by refinancing their mortgages through the Federal Housing Administration (FHA). I was also pleased this historic legislation will offer a property tax break to nearly 1.5 million New York families, make FHA mortgages more widely available to homebuyers and help cities that have been hit hard by the mortgage crisis by providing grants to allow them to reclaim and restore vacant properties. While this legislation marks major progress in addressing the mortgage crisis, it will not end the crisis on its own, and I remain committed to taking bold action on this front.

In the Senate, for example, I have introduced the Home Ownership Preservation Act, which eliminates abusive lending practices, expands the foreclosure prevention initiatives at Fannie Mae and Freddie Mac, and provides financial assistance to states to expand their foreclosure prevention programs. I have also repeatedly called for a 90-day moratorium on subprime foreclosures, a 5-year freeze in interest rates on subprime mortgages, and $30 billion in assistance to states and communities to fight foreclosures. Most recently, I introduced theMortgage Refinancing Act of 2008 to give at-risk families greater opportunities to refinance unworkable mortgages and stay in their homes. Read more about the mortgage crisis >>

Strengthening New York Manufacturing: Strengthening our manufacturing sector is another important way to boost our economy. For generations, good, high-paying manufacturing jobs have allowed millions of New Yorkers to create a better life for themselves and their children. Unfortunately, there has been a significant erosion of our manufacturing base, with more than 3 million manufacturing jobs lost nationwide over the last seven years. As the co-founder and co-chair of the Senate Manufacturing Caucus, I have been working hard to strengthen this very critical sector of our economy. I have been a strong supporter of the Manufacturing Extension Partnership (MEP) program. In New York, there are over 26,000 small and midsize manufacturers, and the MEP program helps many of these businesses implement new technologies and enhance productivity to increase sales and enable business owners to hire and retain thousands of workers.

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Fighting for Energy Independence

Working to Bring Energy Costs Down: I am working to pass legislation to bring energy costs down and help consumers. To provide immediate relief from spiraling energy prices, I have proposed legislation to provide a $500 tax credit to help New York families cope with higher heating costs this winter. I am also pushing short-term measures to bring oil prices down. I support legislation to crack down on speculators, who some industry experts believe are pushing up oil prices by as much as $50 per barrel. I am pushing for a release into the market of high-quality light crude oil now held in the Strategic Petroleum Reserve. And to increase domestic oil production, I back legislation to speed up the production of oil from the 68 million acres of American public lands in Alaska, the Central and Western Gulf of Mexico, and other areas that are already leased to oil companies. Read more about bringing down energy costs >>

Creating a Strategic Energy Fund: My “Strategic Energy Fund” legislation would jumpstart a clean energy future. The bill would reform our energy tax system by shifting incentives away from polluting energy sources and towards clean energy technologies. To accomplish this goal, I have proposed the establishment of a $50 billion “Strategic Energy Fund” paid for by eliminating tax breaks for oil companies and making sure they pay their share for drilling on public lands. The Fund would be used to support the deployment of wind, solar, biofuels and other clean energy technologies. In addition, I support a comprehensive, long-term plan to address the growing threat of global warming.

Strengthening Energy Policy: I helped to pass the Clean Energy Act of 2007 into law. This bill makes significant steps towards increasing our energy independence and fighting global warming. It increases fuel economy standards for new cars and trucks from 25 to 35 miles per gallon by 2020; calls for a new target of producing 36 billion gallons of renewable biofuels by 2022; institutes stronger efficiency standards for residential boilers, dishwashers, clothes washers, refrigerators and dehumidifiers, and electric motors; and protects the American consumer from price gouging at the gas pump. The bill also includes several provisions I authored, including a training program to help meet the growing need for skilled workers in the energy efficiency and renewable energy industries, and a provision to save taxpayer money and reduce pollution by making federal buildings more energy efficient.

Supporting Renewable Energy: I am a cosponsor of legislation to require 20 percent of our electricity to come from renewable sources like wind and solar by the year 2020. A recent study using Department of Energy models found that achieving this goal would create 185,000 jobs, save consumers $10.5 billion dollars, reduce carbon dioxide emissions by 223 million metric tons per year, spur $66.7 billion in new capital investment and increase income to farmers, ranchers and rural landowners by $25.6 billion.

Promoting Energy Efficiency: Buildings – and the lights, heating and air conditioning systems, and appliances inside – are responsible for almost 40 percent of global warming emissions, yet technologies are already available that could cut emissions in half while reducing overall costs. I have proposed legislation to ensure that all new and renovated federal buildings become “zero-emissions” buildings by 2030. The federal government owns or leases about 500,000 buildings, and this legislation would reduce the $5.6 billion that the federal government spends to heat, cool and power them.

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Fighting for Health Care

Supporting Biomedical Research: I remain a strong supporter of increased funding for critically-important biomedical research. I am an original cosponsor of an amendment to increase funding for the National Institutes of Health, in order to provide our scientists with the resources they need to develop better treatments and cures, and help to increase the ability of New York’s universities to engage in groundbreaking research.

Promoting Health for Veterans: I believe there is no more important way of honoring our returning servicemen and women than to ensure they receive quality health care, particularly addressing the needs of those with Traumatic Brain Injury and Post Traumatic Stress Disorder. I introduced the Caring for Wounded Warriors Act, which supports families caring for wounded veterans with training, education, and compensation. I have also called for more aggressive outreach to at-risk individuals in the military health care system.

Improving Protections for Children at the Food and Drug Administration (FDA): The President signed into law a bill that contained provisions from my Pediatric Research Improvement Act, which would strengthen pediatric drug safety at the FDA and ensure that drugs marketed to children are first proven safe and effective for them.

Advocating For Older Americans: I am an active member of the Senate Special Committee on Aging, where I have promoted legislation to increase the quality of nursing homes and increase the transparency of Medicare physician payments. I am also co-chair of the bipartisan Congressional Task Force on Alzheimer’s Disease, through which I have raised awareness about the prevention and treatment of the disease, fought for federal funding for Alzheimer’s related programs, and rallied support for caregivers across the country.

Introducing Legislation to Help Pediatric Cancer Survivors: I introduced the Pediatric, Adolescent, and Young Adult Cancer Survivorship Research and Quality of Life Act, that would expand monitoring and followup of childhood cancer survivors, increase research in survivorship, and develop model systems of care and monitoring for cancer survivors. Almost one thousand children are diagnosed with cancer each year in New York State.

Working to Improve Newborn Screening: I introduced the Newborn Screening Saves Lives Act, which created the Hunter Kelly Research Program at the National Institutes of Health in order to maintain a strong research commitment into new forms of newborn screening and treatments for genetic disorders. The Hunter Kelly program is named after the son of former Buffalo Bills quarterback Jim Kelly, who was impacted by Krabbe Disease, a condition that New York State includes in its newborn screening test panel. This legislation was signed into law in April 2008.

Increasing Access to Quality Information for Consumers: I introduced the Nursing Home Quality and Transparency Act to improve public access to information about failing nursing homes so that seniors, people with disabilities and their families can make informed decisions about care.

Addressing Environmental Health: I introduced the Coordinated Environmental Public Health Network Act to allow us to better link chronic disease clusters to possible environmental causes. I have also worked to remove hazardous contaminants like lead from homes and children’s products, and pushed for a stronger Consumer Product Safety Commission to ensure that commonly used household items are safe for children.

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Standing Up for New York’s Rural Areas and Agriculture

Working for New York in the Farm Bill: I worked to reform and to strengthen the 2008 Farm Bill to benefit New York. The 2008 Farm Bill puts billions more into conservation and nutrition programs, improves dairy programs, and many other provisions to help New York farmers and promote rural economic development.

Supporting New York Dairy Farmers: I introduced the Milk Import Tariff Equity Act (MITEA), which would level the playing field for our dairy farmers. In addition, I support expanding the Country-of-Origin Labeling (COOL) law to include dairy products. I also pushed for improvements to the MILC program in the 2008 Farm Bill to help New York dairy farmers cope with higher feed costs.

Improving Access to Fresh Grown Food: I have fought hard to help farmers reach new markets and to help children and families gain access to healthy, fresh food. I introduced theFood for a Healthy America Act to increase the availability of fresh food through farmers’ markets, road side stands, and direct-to-consumer marketing. Several provisions from my bill were signed into law as part of the final 2008 Farm Bill, including additional funding for Community Food Projects and a new Healthy Food Development Center. I am also continuing to expand my “Farm to Fork” initiative to promote and increase opportunities for New York growers.

Protecting Vital Services to Producers: I worked to prevent the proposed closures of local United States Department of Agriculture (USDA) field offices in New York that serve as important county institutions for agricultural production. Given the needs of New York producers and increased energy costs that make travel more difficult, I introduced legislation to halt the closure of these vital offices which was included in the 2008 Farm Bill.

Expanding Rural Opportunity and Access to Broadband: I successfully pushed to include new rural economic development programs in the 2008 Farm Bill. My Rural RISE Act was a blueprint for provisions to better target economic development assistance; my Comprehensive Rural Broadband Strategy was included to better direct the Federal Communications Commission (FCC) and USDA to spread internet access to every corner of America; and I pushed for a new Northern Border Regional Commission that will create tools for small business expansion in New York.

Promoting Energy Independence: I believe that many of the solutions to the challenges that face our nation can be found in rural America, including our nation’s energy crisis. I have proposed a “Strategic Energy Fund” to invest in renewable energy like wind and ethanol. Rural America can not only help us beat our dependence on foreign oil, but also help us create new jobs and economic opportunity in the process.

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Improving Education and Standing Up for Children

Preparing Children for Success in School: I continue to tirelessly work to improve early education so our children can arrive in the classroom ready to achieve. I am the Democratic lead sponsor of the Education Begins at Home Act, a bill that will give many more children a quality early childhood experience with the help of home visitation services at the state and local level. This legislation would expand access to early childhood visitation programs - like HIPPY USA - that enhance child development from birth through kindergarten entry. I also continue to lead the charge for universal voluntary pre-K with my Ready to Learn Act. This legislation helps states and local organizations establish and improve the pre-school choices available to parents.

Improving Schools for our Children: I have fought to fix No Child Left Behind so that our students receive a quality education and are prepared to meet higher academic standards. I have offered several proposals to strengthen school leadership, increase supports for teachers, improve crumbling schools, provide mentoring opportunities, and ensure students in rural and urban areas are prepared for college.

Increasing Access to Higher Education: For millions of students, a college education is the door to the American dream. I cosponsored two important bills that have led to the highest increase in student aid in more than a decade. These bills – which expand student aid and protect young people from abusive lending practices – will be the key to that door for many families. Pell grants will rise to more than $5,000 and New York students will see additional aid for the school year beginning this fall. Provisions from my Student Borrowers Bill of Rights were included in this legislation. These will help ensure that students receive accurate information on their loans and are not burdened with unaffordable monthly payments. Parts of my Non-Traditional Student Success Act were also included, to support non-traditional students who are working and raising families while studying.

Protecting Our Children: This year, my Cameron Gulbransen Kids and Car Safety Act, legislation to protect children from injury in and around motor vehicles, was signed into law. The Act is named for two-year-old Cameron Gulbransen, a Long Island boy who was killed when he wandered behind the SUV his father was backing into the driveway. Nearly every other day, a child dies in a non-traffic vehicle accident. This new law will ensure that America’s cars are properly equipped with safety technology to prevent unintentional harm to our children so we can have safer cars and safer children in New York and across the country.

Improving the Lives of Children in Foster Care: I continue to work to improve our child welfare system and support foster youth and introduced several new pieces of legislation to meet these goals. I introduced the Focusing Investments and Resources for a Safe Transition (FIRST) Act, legislation that provides foster youth financial support for critical independent living needs as they age out of the child welfare system. I also introduced the Adoption Improvement Act - a bill designed to improve the retention of adoptive parents for foster children. I also introduced the Child Welfare Workforce Improvement Act, a bill that expands opportunities for worker training and calls for a national study of the child welfare workforce in order to improve children services.

My Kinship Caregiver Support Act continues to gain momentum in the Senate, with new cosponsors and the strong support of the child welfare advocacy community. I am gearing up for the upcoming reauthorization of the Child Abuse Prevention and Treatment Act, where I will push to boldly increase funding for programs, while supporting the child welfare workforce and youth aging out of care.

Continuing her Commitment to National Service: This year, I introduced two new pieces of legislation to expand AmeriCorps programs. The Coaching Our Adolescents to College Heights Act (COACH Act) creates a pilot AmeriCorps program to recruit, train and place recent college graduates, or coaches, in high schools to help to prepare low- and middle-income, high-performing high school students for success in college. Once students have entered college, the coaches will continue to support their students by tracking their academic performance and social adjustment through the end of their first year and ensuring these students are connected to services that their college provides. The Senior Year Community Service Act would promote community service among high school seniors by connecting them with service opportunities within their schools and communities. I also introduced the Public Service Academy Act, which would create an undergraduate institution, designed in the image of the nation's military academies, focused on building a corps of individuals trained to serve in the public sector post-graduation.

Supporting Working Families: I continue to support working families by fighting to provide greater flexibility for parents who are struggling to balance work and family. Together with Senator Dodd, I wrote and introduced the Support for Injured Servicemembers Act, which extends unpaid leave under the Family and Medical Leave Act (FMLA) to six months for the family members of wounded soldiers. This legislation was signed into law earlier this year as part of the FY 2008 Defense Authorization bill, and is the first expansion of the FMLA since it was enacted in 1993.

I also reintroduced the Choices in Child Care Act, legislation that would give families the option to stay home with their infants when there is no child care available to them. I also introduced a new piece of legislation, the Quality Child Care for America Act, which strengthens child care quality by amending the Child Care and Development Block Grant Act to create a $200 million set-aside to carry out workforce development initiatives.

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Standing Up for Veterans and Supporting Our Troops

Helping Wounded Service Members: Earlier this month I visited wounded servicemembers at Fort Drum, and have made similar visits in the last year to the Syracuse VA Medical Center, Walter Reed Army Medical Center, and elsewhere. During each of these visits, I heard heartbreaking tales of red tape and neglect, and persistent complaints about the process by which the Department of Defense (DOD) and the Department of Veterans’ Affairs (VA) determine the disability ratings that establish the level of disability benefits a veteran can receive.

In March 2007, I introduced the Restoring Disability Benefits for Injured and Wounded Warriors Act to restore disability benefits for wounded service members and to begin to fix the process by which disability rating determinations are made. In January 2008, major provisions of this legislation were signed into law.

Saluting our Heroes at Home: Last year, for the second year in a row, I introduced and helped enact into law elements of my Heroes at Home legislation to help injured service members – especially those suffering from traumatic brain injury (TBI) – and the loved ones who care for them. In April, I introduced the Caring for Wounded Warriors Act, legislation to train and certify family members who in many cases have already given up their jobs to provide full-time care for their wounded loved ones. This will enable them to provide quality care at home while receiving compensation from the VA.

Additionally, I worked successfully with Senator Dodd on legislation to extend the Family and Medical Leave Act to families of wounded service members. This bill, which was incorporated into a larger Department of Defense measure that became law in January 2008, allows the families of wounded military personnel to take up to six months of unpaid leave from their jobs to care for their loved ones during the often lengthy rehabilitation process.

Supporting VA Health Care: I believe that the most important way to honor our veterans is to ensure they receive quality health care through the VA. For this reason, I continue to advocate for guaranteed full funding of VA health care. The VA should not have to fight each year for the funding necessary to take care of those who took care of us. I also oppose the Administration’s proposal that prevents priority 8 veterans from enrolling in the VA health care system. Additionally, I have fought hard for the past five years to keep New York’s VA facilities – from Canandaigua to Manhattan to Brooklyn and beyond – open and serving the needs of veterans across the state.

Fighting for a 21st Century GI Bill of Rights: We must show our veterans – not just tell them – that we are grateful for their service to our country. In May 2007, I introduced the 21st Century GI Bill of Rights Act to reward the veterans of the wars in Iraq and Afghanistan by providing them with education, housing and entrepreneurial benefits commensurate with their needs. In June 2008, I helped to pass a different version of the GI Bill of Rights, this one authored by Senator Jim Webb. The new GI Bill that was signed into law in June marks a significant expansion in education benefits for Iraq and Afghanistan veterans, providing them with benefits similar to those received by World War II veterans under the original GI Bill.

Protecting Military Families’ and Veterans’ Financial Benefits: Last year, to address the financial hardships faced by many military families when a service member who is also a single parent makes the ultimate sacrifice in the defense of our nation, I introduced legislation to allow the guardians of minor children whose parent has been killed in the line of duty to access the military death gratuity and other survivor benefits in order to help support the surviving child or children. This legislation, along with my legislation to ensure that certain family members are able to travel to their loved ones burial ceremonies free of charge, was incorporated into a larger Department of Defense measure that was signed into law in January 2008.

I am committed to ensuring that all veterans have access to the health care and benefits that they have earned. Unfortunately, the process of identifying and claiming benefits can be complex and onerous for many veterans. To address this concern, in July 2008 I introduced theProviding Real Outreach for Veterans Act. This bill, which Representative Kirsten Gillibrand has also introduced in the House of Representatives, requires the VA to proactively reach out to veterans to inform them of the benefits that they are likely eligible to receive. Currently, the burden is on veterans to contact the VA to determine which benefits they are eligible to receive.

I am also a strong advocate of immediately ending the prohibition on concurrent receipt of retirement and disability benefits for many disabled veterans, as well as ending the prohibition on concurrent receipt of survivor benefits and dependency and indemnity compensation for family members of service members and veterans who die as a result of their service to our nation.

Standing Up for New York’s Military Installations: I am proud to support New York’s military installations, including Fort Drum, home to the Army’s 10th Mountain Division, Niagara Falls Air Reserve Station, Hancock Air National Guard Base, the Air Force Research Laboratory in Rome and more. New York’s military installations – active-duty, Guard and Reserve alike – play critical roles in our national security and homeland defense. As New York’s first Senator to sit on the Senate Armed Services Committee, I have worked to secure support for all of New York’s military installations and have discussed their significance during committee hearings.

In 2005, I helped New York to achieve unprecedented success in the Department of Defense’s Base Realignment and Closure (BRAC) Commission review of our nation’s defense infrastructure. Most recently, I, along with other members of the New York Congressional delegation, secured more than $8 million in fiscal year 2008 funding for construction of a pararescue facility for the 106th Rescue Wing at Gabreski Air National Guard base. I have also preliminarily secured more than $7 million in fiscal year 2009 funding to complete construction of the pararescue facility at Gabreski.

Paying Tribute to Veterans: I continue to pursue an agenda that pays tribute to the sacrifices that so many men and women in uniform have made for our nation. Foremost on this agenda is the Purple Heart stamp. In May 2008, and again in July, I led bipartisan coalitions to press the U.S. Postal Service to issue the Purple Heart stamp on a permanent basis as a forever stamp. Currently, the stamp is being issued as a first-class, 42-cent stamp. I also introduced legislation in the Senate that would require the Postal Service to issue the Purple Heart stamp as a forever stamp.

I also fought to ensure proper recognition of Korean War and Cold War veterans. I re-introduced legislation to include National Korean War Veterans Armistice Day (July 27) among the days when Americans should make a special effort to display the American flag, and introduced theCold War Medal Act to create a military service medal for members of the Armed Forces who served honorably during the Cold War.

Andrea Mitchell: Left but Right!!

noreply@blogger.com (Rena Silverman) — Wed, 23 Jul 2008 16:52:00 +0000

Project T-Shirt Winner!

noreply@blogger.com (Rena Silverman) — Tue, 15 Jul 2008 04:55:00 +0000

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Al Gore Endorses Obama...

noreply@blogger.com (Rena Silverman) — Tue, 17 Jun 2008 02:35:00 +0000

Al Gore to me

show details 10:23 PM (10 minutes ago)

Dear Rena,

Tonight, I will step on stage in Detroit, Michigan to announce my support for Senator Barack Obama. From now through Election Day, I intend to do whatever I can to make sure he is elected President of the United States.

Over the next four years, we are going to face many difficult challenges -- including bringing our troops home from Iraq, fixing our economy, and solving the climate crisis. Barack Obama is clearly the candidate best able to solve these problems and bring change to America.

This moment and this election are too important to let pass without taking action.

That's why I am asking you to join me in showing your support by making a contribution to this campaign today:

https://donate.barackobama.com/JoinAlGore

Over the past 18 months, Barack Obama has united a movement. He knows change does not come from 1600 Pennsylvania Avenue or Capitol Hill. It begins when people stand up and take action.

With the help of millions of supporters like you, Barack Obama will bring the change we so desperately need in order to solve our country's most pressing problems.

If you've already contributed to this campaign, I ask that you consider making another contribution right now. If you haven't, please take the next step and own a piece of this campaign today:

https://donate.barackobama.com/JoinAlGore

On the issues that matter most, Barack Obama is clearly the right choice to lead our nation.

We have a lot of work to do in the next few months to elect Barack Obama president, and it begins by making a contribution to this campaign today.

Thank you for joining me,

Al Gore

P.S. -- Visit AlGore.com to read my journal and learn more about our movement to solve the climate crisis.

---

Watch video of Al Gore endorsing Barack Obama at a rally in Detroit, Michigan:

http://my.BarackObama.com/GoreVideo

posted by rena silverman

Join Hillary Clinton tonight in NY

noreply@blogger.com (Rena Silverman) — Tue, 03 Jun 2008 15:13:00 +0000

Election Night Celebration with Senator Hillary Clinton in New York

Tuesday, June 3, 2008

7:00 PM

Baruch College Athletic & Recreation Center

55 Lexington Avenue at 24th Street

New York City

Get your e-ticket at www.HillaryClinton.com/June3

Tickets do not guarantee admission. Entry is first-come, first-served. No bags, briefcases or signs permitted.

posted by rena silverman

The Popular Vote

noreply@blogger.com (Rena Silverman) — Mon, 02 Jun 2008 18:57:00 +0000

Leading the Popular Vote: According to Real Clear Politics, Hillary’s popular vote lead over Sen. Obama has grown with her Puerto victory last night. She has won 17,916,763 votes compared to 17,723,200 for Sen. Obama when every state that has already voted is included in the tally. Read more.

Victory In Puerto Rico: Hillary won the Democratic primary in Puerto Rico yesterday, capturing 68% of the vote to Sen. Obama’s 32%. Read Hillary’s remarks at the victory celebration here.

Automatic Delegate Watch: Louisiana Democratic State Party Chair and automatic delegate Chris Whittington announced his support for Hillary Clinton today saying: “There is no question that she is the strongest Democrat to go toe-to-toe with John McCain in a general election. It is our responsibility as automatic delegates to choose the candidate we believe best fit to beat Senator McCain. That candidate is Senator Clinton.”

On the Air in SD and MT: The Clinton campaign began airing a 30-second spot statewide in South Dakota and Montana, highlighting Hillary's lead in the popular vote: “Tuesday, it's up you. You can join over 17 million people who've voted for a leader to fix the economy. 17 million for a Commander in Chief to bring our troops home from Iraq. 17 million who want to beat John McCain. 17 million Americans have voted for Hillary Clinton, more than for any primary candidate in history. Some say there isn't a single reason for Hillary Clinton to be the Democratic nominee. They're right. There are over 17 million of them." Over 17 million Americans have voted for Hillary Clinton, earning her more votes than anyone in the history of Democratic primaries.” View here.

SD Endorsement Watch: “In a clear display of momentum two days before the primary and on the heels of multiple visits by Hillary, Chelsea and President Clinton, the Clinton campaign in South Dakota today announced the endorsement of 17 county commissioners. These commissioners, who are endorsing Hillary because of her commitment to South Dakota, have been helping the campaign’s efforts in their counties and spreading the word about why Hillary Clinton is best prepared to be President.” Read more.

Celebrating Gay Pride Month: In a statement on Sunday, Hillary recognized June as Gay Pride Month and stressed her commitment to the LGBT community: “America deserves a President who appeals to the best in each of us, not the worst; a President who values and respects all Americans and treats all Americans equally no matter who they are or who they love. That is truly the promise of America.”

Previewing Today: Hillary hosts “Solutions For Securing South Dakota’s Future” events in Rapid City, Yankton, and Sioux Falls. In Sioux Falls, she will be joined by former President Bill Clinton and her daughter Chelsea.

On Tap: The Clinton campaign today announced that Hillary would celebrate tomorrow’s election night in New York, NY.

Senators Hillary Rodham Clinton and Frank R. Lautenberg on DOD Investigation into Reports of Pentagon Manipulation of Independent Military Analysts

noreply@blogger.com (Rena Silverman) — Thu, 29 May 2008 03:06:00 +0000

WASHINGTON, DC—Senators Hillary Rodham Clinton (D-NY) and Frank R. Lautenberg (D-NJ) today issued the following statement in response to the Department of Defense (DOD) Inspector General’s announcement of an investigation into reports of Pentagon manipulation of independent military analysts:

“We welcome the DOD Inspector General’s decision to investigate whether the Pentagon unduly influenced the commentary of independent television military analysts. We called for this investigation last month because the American people need information they can trust to make their own informed judgments. It is critical to find out if the Pentagon was manipulating independent analysts, especially if the Pentagon used government contracts as a means of influence.”

A report last month described efforts by the DOD to influence the commentary of independent television military analysts. Senators Clinton and Lautenberg urged a full review of the matter, especially allegations that independent military analysts were pressured to speak positively about the Bush Administration or face potential loss of government contracts.

Rena Silverman

Promote the Vote: Rally this Weekend

noreply@blogger.com (Rena Silverman) — Tue, 27 May 2008 19:07:00 +0000

A Count-Every-Vote Rally is set for May 31st, in Washington D.C. to demand that every vote is counted -- and every voice is heard.

On May 31st, the DNC Rules Committee meets to decide the outcome of the 2.4 million votes cast in Michigan and Florida.

Register for the Rally at www.HillaryResponders.com/CountEveryVote
Hillary needs YOU to stand up for herjust as she always stands up for you.

rena silverman

Hillary: Why I Continue to Run

noreply@blogger.com (Rena Silverman) — Tue, 27 May 2008 06:21:00 +0000

Some excerpts from this article written by Hillary Clinton:

This past Friday, during a meeting with a newspaper editorial board, I was asked about whether I was going to continue in the presidential race.

I made clear that I was - and that I thought the urgency to end the 2008 primary process was unprecedented. I pointed out, as I have before, that both my husband's primary campaign, and Sen. Robert Kennedy's, had continued into June.

Almost immediately, some took my comments entirely out of context and interpreted them to mean something completely different - and completely unthinkable.

I want to set the record straight: I was making the simple point that given our history, the length of this year's primary contest is nothing unusual. Both the executive editor of the newspaper where I made the remarks, and Sen. Kennedy's son, Bobby Kennedy Jr., put out statements confirming that this was the clear meaning of my remarks. Bobby stated, "I understand how highly charged the atmosphere is, but I think it is a mistake for people to take offense."

I realize that any reference to that traumatic moment for our nation can be deeply painful - particularly for members of the Kennedy family, who have been in my heart and prayers over this past week. And I expressed regret right away for any pain I caused.

But I was deeply dismayed and disturbed that my comment would be construed in a way that flies in the face of everything I stand for - and everything I am fighting for in this election.

…

I am running because I still believe I can win on the merits. Because, with our economy in crisis, our nation at war, the stakes have never been higher - and the need for real leadership has never been greater - and I believe I can provide that leadership.

…
I am running for all those women in their 90s who've told me they were born before women could vote, and they want to live to see a woman in the White House. For all the women who are energized for the first time, and voting for the first time. For the little girls - and little boys - whose parents lift them onto their shoulders at our rallies, and whisper in their ears, "See, you can be anything you want to be." As the first female candidate in this position, I believe I have a responsibility to finish this race.

I am running for all the men and women I meet who wake up every day and work hard to make a difference for their families. People who deserve a shot at the American Dream - the chance to save for college, a home and retirement; to afford quality health care for their families; to fill the gas tank and buy the groceries with a little left over each month.

…

Finally, I am running because I believe I'm the strongest candidate to stand toe-to-toe with Sen. McCain. Delegate math might be complicated - but electoral math is not. Our campaign is winning the popular vote - and we've been winning the swing states we need to get 270 electoral votes and take back the White House: Pennsylvania, Ohio, Arkansas, New Hampshire, New Jersey, New Mexico, Nevada, Michigan, Florida and West Virginia.

But no matter what happens in this primary, I am committed to unifying this party. Ultimately, what Sen. Obama and I share is so much greater than our differences. And I know that if we come together, as a party and a people, there is no challenge we cannot meet, no barrier we cannot break and no dream we cannot realize.

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rena silverman

Hillary's Statement on Memorial Day

noreply@blogger.com (Rena Silverman) — Mon, 26 May 2008 15:36:00 +0000

Memorial Day is a solemn day for every American; a day to express our profound gratitude to the men and women who have given their lives in military service. A day to join in our thoughts and prayers with the families mourning loved ones. A day to cherish the freedoms and opportunities that so many have served, sacrificed, and died to defend.

On this Memorial Day, I’m reminded of the words of a poet and a veteran named Archibald MacLeish. He served in World War I and witnessed incredible service and sacrifice. Before the close of World War II, to commemorate those who had died, he wrote of the responsibility of all of us who survive them.

In his poem entitled “The Young Dead Soldiers Do Not Speak,” he reminds us that those we have lost: “have a silence that speaks for them at night…They say: We have done what we could but until it is finished it is not done…They say: our deaths are not ours; they are yours; they will mean what you make them…They say: we leave you our deaths. Give them their meaning.”

How do we give these lives their meaning? I believe we must honor our service members by doing our best to serve the men and women who have served us. And I believe we must honor the lives we’ve lost by honoring the values for which they fought. That is our duty. And on this Memorial Day, let us recommit ourselves to fulfilling this sacred responsibility every single day.

The United States has the finest military on the planet because we have the best soldiers, sailors, airmen, Marines, and Coast Guardsmen in the world. We owe them our support and resources while in-service and when they come home as our Veterans. We owe them a GI Bill of Rights that sees to their health care, housing, education and overall wellbeing. In many ways, everyday should be Memorial Day to honor and remember all they do for our nation, our communities and our families.

Our moral obligation is significant for the simple reason that the sacrifice of those who serve and have served in our military demonstrates a profound example of commitment and love for our nation. We must return to them all they have given and we must remember and honor those who gave their all, their lives, for our great nation.

Hillary Discusses Need For Fiscal Responsibility; Relief For South Dakota Families

noreply@blogger.com (Rena Silverman) — Sat, 24 May 2008 15:32:00 +0000

 
May 23, 2008
 
Hillary Discusses Need For     Fiscal Responsibility; Relief For  South Dakota     Families 
 
Clinton     criticizes Bush and McCain’s Reckless Fiscal Policies 
 
BRANDON, SD – As gas and grocery prices continue to climb heading into this Memorial Day weekend, Senator Hillary Clinton today joined families at a local Sunshine Foods grocery store in Brandon, S.D. for a “Solutions to Secure South Dakota’s Future” Conversation about her commitment to fiscal responsibility and her plans to provide relief and economic opportunity to South Dakota families. 
 
“President Bush inherited the largest projected surplus in our nation's history, and turned it into deficits as far as the eye can see. We now have a $9 trillion debt, and we borrow money from the Chinese to buy oil from the Saudis. We’ve got to start reducing the deficit and get back to fiscal responsibility. It’s time to get back to the bi-partisan consensus we had in the 1990’s: you don’t spend what you don’t have on what you don’t need. And that’s exactly what I’ll do as President,” said Senator Clinton. “The contrast with Senator McCain couldn’t be greater. John McCain would take President Bush’s reckless record and double down. He is proposing more than $400 billion in new tax cuts and spending programs without a hint as to how he would pay for them. It’s the most fiscally reckless plan ever put forward by a presidential candidate.”
 
Hillary was joined by Sarah Shortbull, a life-long resident of Yankton, S.D. whose husband Paul is serving in Iraq. The couple is about to celebrate their one-year wedding anniversary this July and Sarah is hard at work going to school to get her Master’s degree so she can earn a better living as a counselor and help young people, veterans and families with special needs. 
 
“We need a president who will fight to ensure that young families have a secure future and someone who has what it takes to fix this economy. There was a time when our country had budget surpluses and spent responsibly – those days are long gone and as economic uncertainties continue for families across South Dakota, our country gets further and further into debt,” said Shortbull. “I believe that Hillary Clinton has the experience, the determination and the plans to get our country back on track.” 
 
Over the last eight years, President Bush has overseen an historic deterioration in our nation’s budget outlook. As a result, every child born in this country now has $30,000 in national debt on his or her shoulders. Furthermore, the Bush Administration’s reckless fiscal policies have left us increasingly vulnerable to the whims of countries like China, which currently holds $500 billion in US public debt – more than seven times the amount it held in 2000. Ballooning debt and ongoing deficits not only weaken our economy, but threaten to make credit more expensive for middle class families, who are already struggling with declining incomes and skyrocketing costs. Household incomes have fallen by $1000 since Bush took office. Meanwhile everyday items like food and gas are hitting record highs—in South Dakota, a gallon of milk rivals the cost of a gallon of gas, which just reached $3.78. College costs have increased 57 percent in South Dakota since 2000, while health care premiums rose by 34 percent. 
 
Unfortunately, Senator McCain has embraced President Bush’s fiscal recklessness on the campaign trail. He has already proposed more than $400 billion per year in new tax cuts and spending programs without offering any credible explanation of how he would pay for them. His plan would result in the largest deficits in American history – even bigger than the deficits President Bush has overseen – or force unprecedented across-the-board spending cuts in important domestic priorities like health care, education and veterans programs. 
 
Hillary Clinton believes we need to take our country in a different direction, and return to the era of fiscal responsibility that allowed us to enter the 21st century with record surpluses. As President, Hillary will make fiscal responsibility a priority again, while making sure Washington works for middle class families, instead of only the wealthiest Americans and most well-connected corporate special interests.
 
Hillary Clinton is the only candidate with a serious, credible plan to pay for all her initiatives while returning us to balanced budgets. Hillary believes that leadership on fiscal discipline must begin on the campaign trail. That is why she has shown exactly how she would pay for every one of her campaign commitments without increasing the deficit. For example, Hillary’s health care plan will be paid for by a combination of letting the Bush income tax cuts expire for the wealthiest Americans and aggressively reducing health care costs. And her universal pre-kindergarten plan will be funded by reducing the number of federal contractors by 500,000. In addition, Hillary is the only candidate that has identified specific savings that can be used for deficit reduction so we can move back toward balanced budgets. For example, she has not committed any of the savings that will come from ending the Iraq war to new campaign initiatives. Those savings total more than $100 billion per year that Hillary can use to reduce the deficit or address other unforeseen priorities.
 
In striking contrast, Senator McCain has proposed $400 billion per year in new tax cuts without offering any credible explanation of how he would pay for them.  His plan includes more than $100 billion in corporate tax cuts, complete elimination of the AMT even for the wealthiest Americans, and other tax cuts that focus the vast majority of their benefits on the highest income Americans. In fact, Senator McCain’s tax plan benefits the wealthy even more than the Bush tax cuts have. Senator McCain will give 58 percent of the benefits from his tax plan to the top 1% of taxpayers, compared to 31% under President Bush’s plan. [Center for American Progress, 2008]. Independent analyses agree that Senator McCain’s economic plan is fiscally reckless and unattainable, and fault him for refusing to specify where he would cut spending to pay for the new tax cuts: 
·        The Wall Street Journal: John McCain’s tax cuts “would either cause the federal deficit to explode or would require unprecedented spending cuts equal to one-third of federal spending on domestic programs.” [Laura Meckler, "McCain Tax Cuts Would Bloat Deficit or Take Huge Spending Curbs," The Wall Street Journal, April 22,     2008.]
·        The Economist: Since John McCain “has so far been afraid to list the deductions he will axe and the loopholes he will close, his plans amount, at best, to half a fiscal policy, and the easy half at that.” [“The Man With Half a Plan,” The Economist, April 17, 2008.)
·        The New York Times: John McCain “would dig a much deeper hole than even President Bush, exactly what the country does not need…[McCain] should have no trouble recognizing political pandering, which is the only explanation for many of his proposals.” [“Senator McCain Digs In," The     New York Times, April 20, 2008.]
Hillary Clinton will restore fiscal discipline and tax     fairness while cutting middle class taxes by $100 billion per year.  Hillary’s middle class tax agenda will put thousands of dollars back in the pockets of families struggling to make ends meet. Her plan will not increase taxes on anyone making less than $250,000 dollars a year - including income taxes, capital gains and dividends taxes, and payroll taxes. Instead, she has proposed more than $100 billion in tax cuts to help middle class families pay for health care, college costs, caring for an elderly parent or disabled child, and saving for retirement. A typical family making $50,000 would receive at least $4,500 in tax benefits, including a matching tax cut of up to $1,000 to help save and build wealth, a $3,500 tax credit to help pay for college costs, and a generous tax cut to make health care affordable. 
 
Senator McCain’s economic plan will give more than $100 billion in new tax cuts to America’s largest and most profitable corporations. John McCain's plan would lower the corporate tax rate and reduce the amount of taxes paid by corporations by almost 30 percent. This means Exxon, the most profitable company in history, will get a $1.4 billion tax cut, Halliburton will get a $500 million tax cut, and America’s largest health insurance corporations will get a $2 billion tax cut. 
 
Hillary Clinton has an immediate plan to provide relief to middle class families struggling with soaring food and energy prices. Hillary understands that middle class families are facing extreme financial pressure due to falling incomes and home prices alongside skyrocketing costs for everything from gas to food to college. Hillary has an immediate plan to provide relief to these families. She has proposed $30 billion for states and localities to help keep families in their homes and stabilize communities that could otherwise be devastated by the downward spiral of home prices and foreclosures. She has called for immediately extending unemployment insurance to help people who have been laid off and are struggling to find work in our weak economy. And she has also proposed collecting a windfall profits tax from oil companies and using the money to suspend the gas tax for the peak summer months, lessening some of the burden on families struggling to pay for gas to drive to work or take their children to school.
 
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Paid for by Hillary Clinton for President