October 1, 2008

Marcy Kaptur

Part of the story of the looming financial bailout is the Fed and the Treasury telling Congress and Americans that we couldn't possibly understand the financial crisis. We're told we should just trust former Goldman-Sachs CEO and current Treasury Secretary Henry Paulson and give him the money he needs to work this out.

In the face of this father-knows-best obfuscation, Rep. Marcy Kaptur (D-OH) tells it like it is. In a floor speech last week, the Toledo lawmaker rattled off the rules of the Wall Street bailout game:

Rule one: Rush the decision
Rule two: Disarm the public through fear
Rule three: Control the playing field
Rule four: Divert attention and keep people confused
Rule five: Always keep in mind the goal is to privatize gains to a few and socialize losses to the many

Perhaps most importantly, she noted that this game is not a one-time event. She urged those listening to think about the long-term ramifications of the bill, saying "Once this bailout is in place, the greed game will begin again."

She denounced the plan as unfair, saying there was no way she'd support such a handout.

"This member isn't voting for a penny of it," Kaptur said. "Real reform now, or nothing."

Instead, she suggested we play a different game, one called "Wall Street reckoning." She urged her fellow lawmakers to stay in Washington instead of going home to sling for votes. Their focus should be securing the properties of Americans, creating more jobs, increasing regulation of the financial industry, and creating a Social Security and retirement lock box to hold any money that might later come from this deal.

Overall, her message was one of accountability.

"The assets they stole must be returned to the American taxpayers, right down to the tires on their Mercedes," she said.

Not only did she lay the game out in plain terms, but also she had the courage to point out what few Congressmen will, that the companies who are getting these bailouts are the "largest contributors to both presidential and Congressional campaigns in both major parties."

Even before Paulson gave his proposal to Congress, Kaptur was wise to the boondoggle. On September 17, she again took the simple truth with her to the House floor. She predicted that the $29 million for Bear Stearns' takeover, the $200 billion plus for Fannie Mae and Freddie Mac, and the $85 billion for AIG would be just the beginning of the federal funds shunted to Wall Street. She said such priorities speak volumes about the moral character of our country:

"What does it say about our values when we pump hundreds of billions of dollars into preserving Wall Street's bad boys while ignoring the plight of the American people?" she asked. "Wake up America. Pay attention to what is happening!"

For calling a spade a spade, and for telling the rest of us to wise up to the game, we want to give Rep. Marcy Kaptur with this week's BuzzFlash Wings of Justice Award.

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