Update: Miami Dade Dems has video.
I've been lax on my Taddeo blogging lately, something I plan to rectify over the next six weeks as we close in on the November elections. Fortunately, Open Left has been on the job, and they posted this part of a speech from Taddeo on the current fiscal crisis.
We will not be forced into acting on a $700 billion bill without even examining what the bill does. The American people need protection so that this emergency does not turn into a boondogive-away to corporate insiders. Congress should send President Bush a bill that includes transaction standards, independent oversight, protections for homeowners, and constraints on excessive executive compensation.The mantra for the progressive left for the last few years has been "more Democrats, better Democrats." In Annette Taddeo, south Florida has a chance to get a two-for-one--more and better. If you have a couple of bucks to spare, reward good behavior and help get rid of one of the Miami 3. And if you're a local, volunteer and get out the vote.
The bill is inadequate because while doing nothing for homeowners, it gives the Treasury Department a blank check for Wall Street - it authorizes purchases "on such terms and conditions as determined by the [Administration]." There would be no guidelines, no standards, no conditions. The Treasury would be permitted to purchase assets at any price it wanted, even if it provided a huge profit to the same corporate entities that got us into this mess in the first place, entities like commercial banks, investment banking firms - even hedge funds -- that have acted recklessly or worse.
I oppose, and call on Ileana Ros-Lehtinen to oppose - the Bush Administration's proposed legislation giving the Treasury the power to spend up to $700 billion to buy "mortgage-related assets" from U.S.-based financial institutions, until the proposed bill is strengthened to protect homeowners, and to protect the American taxpayer from sweetheart deals, cronyism and outright waste.
Finally, if the bailout is to be expanded to cover foreign-headquartered companies, then our allies must share the burden. Unfortunately, after seven and a half years of Cowboy diplomacy and a war in Iraq based on lies, we have little if any leverage left with our allies. They have no desire and little incentive to help us in our moment of need. It is time for a new beginning.