Kucinich: Wall Street Insider Cannot be an Unbiased Broker

Dandelion Salad

by Congressman Dennis Kucinich
Washington, Oct 7, 2008

Secretary Paulson Appoints Fox to Guard Hen House

Congressman Dennis Kucinich (D-OH) today spoke out against Treasury Secretary Henry Paulson’s decision to name Neel Kashkari as interim assistant secretary for financial stability who will head up the bailout program within the Treasury.

“Poached from Goldman Sachs, Mr. Kashkari has less than one year of experience working for the Treasury Department. While everything I have read indicates that Mr. Kashkari is a hard working, intelligent man, his experience is in protecting stockholders. He has less than one year experience working on behalf of the public. His appointment seems like appointing a fox to protect the hen house,” stated Kucinich.

Representative Kucinich, who was a leader in opposition to the bailout plan,  has previously expressed concern that conflict of interest rules are not rigorous enough given the vast amount of wealth involved in the bailout plan.

“Now that the federal government is in the business of picking winners and losers on Wall Street, we must take calculated steps to ensure that key players do not have an inherent bias towards the companies into which they will be funneling billions of dollars.  It is unlikely that any Wall Street insider can act as an unbiased broker,” added Kucinich.

In opposition to the bailout bill, Congressman Kucinich has advocated stopping the financial crisis at its source, by helping homeowners who are unable to pay their mortgages.

“Regardless of who spends this $700 billion dollars, it will still go to Wall Street.  I believe Congress should reconvene immediately to address the pending wave of home foreclosures and to create a massive job creation program, which would prime the pump of the American Economy.  Trickle-down economics is defunct.  It is time to invest in the middle class and the American Dream,” stated Kucinich.

***

Dennis Kucinich on the Democrats’ Bailout Betrayal

By Chris Hedges
ICH
10/08/08 “Truthdig”

10/05/08 — The passing of the $850-billion bailout pulled the plug on the New Deal. The Great Society is now gasping for air, mortally wounded, coughing up blood. It will not recover. It was murdered by the Democratic Party.

We are on our own. And don’t expect any help from Barack Obama and Joe Biden, who lobbied hard for the bill and voted for it. Ignore their rhetoric. Look coldly at the ballots they cast against us. We, as citizens, have only a handful of representatives left in Washington, most of whom were left sputtering in rage and frustration on the House floor. The sad irony is that some of them were Republican.

“This was the largest single act of class warfare in the modern history of this country,” Rep. Dennis Kucinich, D-Ohio, who led the fight in the House against the bailout, told me by phone from Cleveland. “It is a direct attack on the American people’s ability to be able to stabilize their homes and their neighborhoods. This single vote will define the careers of everyone. We are back to taxation without representation, to markets that are openly rigged.”

[…]

via Dennis Kucinich on the Democrats’ Bailout Betrayal  : Information Clearing House – ICH.

see

Reality Report: Chris Martenson on the current financial crisis

Kucinich: Did Paulson ‘push Lehman Brothers off a cliff’?

James K. Galbraith: The Predator State

The End of American Hegemony By Paul Craig Roberts

French Premier Francois Fillon: We’re on “the edge of the abyss” By Mike Whitney

Naomi Wolf: Give Me Liberty – A coup has taken place! (must-see video)

Bill Moyers Journal: Emma Coleman Jordan on the Bailout

Russian markets slump to a halt

4 thoughts on “Kucinich: Wall Street Insider Cannot be an Unbiased Broker

  1. We can expect this Kashkari to bilk more money out of the taxpayers while allowing crooked CEO’s to use the money for sybaritic junkets a la Lehman Bros.

  2. Pingback: “To the Bunkers!”: Central banks slash rates in emergency “midnight” meeting By Mike Whitney « Dandelion Salad

  3. That line about markets that are openly rigged is one a lot of people who have put their faith in the bogus “free market” ideology ought to really pay attention to.
    Very few people are going to come out of this winners, it seems to me.

  4. Pingback: Economic Globlization and Speculation Coming Home to Roost By Rowan Wolf « Dandelion Salad

Comments are closed.