Daily Archives: November 29, 2014

Merkley: Let’s end outrageous tax loopholes that ship our jobs overseas

I don’t think Oregon’s Senator Merkley is as well known back here in Massachusetts’ as our own Senator Elizabeth Warren is. I’d like to correct any impression that there might be that Elizabeth Warren is alone in this fight. Or that Elizabeth Warren and Bernie Sanders are the only two in the Senate fighting for progressive principles.

I found another YouTube video Merkley: Let’s end outrageous tax loopholes that ship our jobs overseas.

Oregon’s Senator Jeff Merkley addressed the Senate on July 23, 2014, in support of a bill being debated that would bring back manufacturing jobs to Oregon and to all of the United States. Senator Merkley is an original cosponsor of the Bring Jobs Home Act, which would close tax loopholes that subsidize corporations for moving their operations overseas and create new tax incentives for companies that bring jobs back to America.

Senator Merkley adds some facts that offsets some of the statistics that people use to make you think that the situation is improving more than it actually is.

In an economy while jobs have been returning, quality, living wage jobs remain elusive. Indeed 60% of the jobs that we lost in 2008 and 2009 were living wage jobs, and in the jobs we are getting back only 40% of those are living wage jobs.

So when even some Democrats would like to blow their own horns about how the economy is recovering by counting the number of people finding work, remember that not all jobs are created equal. If someone lost a living wage job and had to replace it with a minimum wage job, that is not recovery.

Senator Merkley Questions NY Fed President on Too Big To Jail

A Ready for Warren Facebook post highlighted the following video.

From the YouTube post we have the following introduction:

Oregon’s Senator Jeff Merkley questions William Dudley, the President of the Federal Reserve Bank of New York, on whether financial regulators have truly ended “Too Big To Jail.”

Previously I had posted a video Elizabeth Warren Blasts New York Fed President William Dudley. I didn’t want to leave the impression that Elizabeth Warren is all alone in fighting this fight. (I have read that there were actually two or three more Senators than just these two grilling Dudley.)

Martha Coakley Gets a Partial Win on Foreclosures

Boston Magazine has the article Martha Coakley Gets a Partial Win on Foreclosures.

In a decision announced Tuesday, the Federal Housing Finance Agency (FHFA) ordered Fannie Mae and Freddie Mac to start selling back foreclosed properties to their previous owners, either directly or through third-party organizations. Their previous refusal to do so was the impetus for a Massachusetts state law and subsequent lawsuit, brought by Coakley’s Attorney General office.
The new policy will apply only to some 125,000 current Fannie and Freddie holdings, but not those foreclosed on in the future.
Federal officials have expressed concerns that the policy could encourage home owners to go through foreclosure in order to buy back their homes at the current, lower price.

Apparently the Fannie Mae and Freddie Mac see great moral hazard in the poor getting a break in the real estate collapse caused by the wealthy, criminal bank executives.  It is also apparent that they see no moral hazard in these same crooks being able to take advantage of the very collapse they caused.  This is not even counting the break these criminals got by being able to stay out of jail.  Fannie Mae and Freddie Mac were willing to go out of their way to prevent poor homeowners from getting any relief and for prolonging the real estate collapse rather than allowing even a few petty crooks to take  advantage the way the gigantic crooks did.  Maybe they don’t understand that even if all 125,000 aggrieved former  home owners got an unfair break, it wouldn’t come anywhere near the damage that the 5 biggest banks in this country caused.

Sarcasm Alert
But don’t attribute these double standards to class warfare. Only flaming liberals believe there is class warfare.

Thanks to Jacquelyn Wells for posting this on her Facebook page.