Sanders: Wealthiest Americans Should Pay For Bush’s Bailout
Sanders: Wealthiest Americans Should Pay For Bush’s Bailout
The Bush administration’s $700 billion financial bailout is roughly what the United States has spent so far on the Iraq war and would raise the national debt ceiling to $11.3 trillion. Despite the enormous scale of the request, the Bush administration is demanding that Congress “place no restrictions on the administration other than requiring semiannual reports to Congress.”
Sen. Bernie Sanders (I-VT) is one of the few people questioning how the country will pay for this $700 billion package. In an interview with ThinkProgress today, Sanders said that he believes that the wealthiest Americans — who have reaped enormous benefits under the Bush administration — should foot the bill:
[President Bush] has given huge tax breaks to the wealthiest people in this country, and now all these terribly conservative folks, who pride themselves on financial responsibility, want to add $700 billion.
My view: It is the fiscally responsible thing to pay for this — and given the fact that the people on top have done well [under Bush] — through a progressive tax. [...]
I’ve believed that Bush’s tax breaks for the wealthy should be repealed for some time. The middle class has shrunk; the rich have become richer. [...] They are paying a lower tax rate than working class people.
Specifically, Sanders is proposing a “five-year, 10 percent surtax on income over $1 million a year for couples and over $500,000 for single taxpayers,” which he says he would “yield more than $300 billion in revenue.”
ThinkProgress also asked Sanders about McCain’s claims that for the past two years, he has “warned” federal officials of problems such as a potential subprime mortgage crisis. Sanders said that since joining the Senate, he has heard very little from McCain on this subject:
Since I have been in the Senate, McCain has been here very rarely. He’s been campaigning, so I have never heard him suggest we’re heading toward the financial crisis we’re facing.
It’s one thing to be critical of those two institutions. It’s a leap to say from that, we’re going to be where we are today.
Topic Cloud
ArchivesBlog Roll
Actually, its the crooks that got us into this mess are the ones who should pay. I’m sick of paying for shit i dont use, need or have anything to do with…
DON’T BAIL ‘EM, JAIL ‘EM!
September 23rd, 2008 at 11:54 amSince I have been in the Senate, McCain has been here very rarely. He’s been campaigning, so I have never heard him suggest we’re heading toward the financial crisis we’re facing.
It’s one thing to be critical of those two institutions. It’s a leap to say from that, we’re going to be where we are today.
Translation = McDepends is a simple-minded lying jackass ………
And I concur.
September 23rd, 2008 at 11:57 amExamine the mortgages.
Help those that are struggling to stay in their home.
Ignore those that lost on a second house or speculation to ‘flip’ the house.
Let the rich start paying their fair share for a change and help the people that are at the bottom.
WEALTH PERCOLATES UP! It NEVER ‘trickles down’.
September 23rd, 2008 at 11:59 amThe cowardly Republicans understand that you cannot allow a rich person to lose one of their houses just to keep a family from losing their home. It just isn’t done.
That would be too ‘Christian’ for their tastes.
September 23rd, 2008 at 12:01 pmPeople that live paycheck to paycheck will spend anything ‘extra’ they get IMMEDIATELY.
The best economic stimulus in the world is PUBLIC WORKS!
Create jobs building infrastructure and the people can afford their mortgages.
When the people can pay their mortgages, the financial institutions won’t fail.
Why do only the rich qualify for bailouts?
September 23rd, 2008 at 12:04 pmThis is like a classic who-dun-it novel.
There stands the suspect—splattered with blood, a knife in his hands—over the body of the victim. “Not me,” says the suspect, pointing across the room. “He did it!”
Senator McCain and his hand-picked set of financial advisers and trade group lobbyists have bludgeoned the economy. And now, they accuse others of having committed economic murder. Pointing to the hapless guys on the other end of the political spectrum, saying, “They [the Democrats] did it!”
September 23rd, 2008 at 12:04 pmAnd while we are at it, how about a 50% surtax on anyone who received more than $5 million in compensation, and a 75% surtax on any and all “golden parachutes,” ala Carly Fiorina’s little going away gift.
These fat cats keep saying how they feel our pain, they suffer like us, they need these tax cuts so they can trickle down on us, blah, blah, blah. Well, this might bring them a little closer to feeling what those of us feel who have lost our health care, received no meaningful pay increases for two years, are suffering through inflation (especially for gas and good) and have taken it in the shorts on our measly $50,000 IRA’s.
September 23rd, 2008 at 12:05 pmWait, you mean have the people who were responsible for this debacle actually foot the bill???
That’s just crazy talk!
/snark
September 23rd, 2008 at 12:08 pmIF we’ve all decided that govt bailouts are ok, why is it only the rich that get bailed out?
If we bail out the people that are losing their homes, they can pay the mortgage and the banks get bailed out in the process.
Republicans are actively blocking ANY help to people losing their homes while screaming for welfare for the rich.
September 23rd, 2008 at 12:11 pmThis deserves a requote from yesterday…
Knighterrant Says:
.
September 23rd, 2008 at 12:12 pmThank you, Senator Sanders; it’s nice to hear the actual truth uttered by an elected official.
Bernie Sanders = Straight Talk
John McCain = Stalker Traits
September 23rd, 2008 at 12:13 pmRantingTommy,
But, but, but…
… That would be “trickle UP” economics.
.
September 23rd, 2008 at 12:14 pmTommy, these guys don’t want a win-win situation. They want to be bailed out for their losses and for Americans to lose their homes so they can buy them for pennies on the dollar.
September 23rd, 2008 at 12:16 pmAKA – A sustainable economic system that actually works.
September 23rd, 2008 at 12:17 pmWell, let’s remind them this November that their job is to do what the PEOPLE want.
September 23rd, 2008 at 12:18 pmWell, there may be hope that America’s Finally waking up. When someone Finally comes up with a rational, realistic plan to begin raising money to pay for this insanity. Let’s hope this comes to pass. In the mean time:
September 23rd, 2008 at 12:20 pmImpeach Pelosi, Cheney and Bush and Save the Constitution!
Impeach Pelin and Restore the Rule of Law!
I heard on newsradio this morning that the US national debt level would be rising to a percentage of GDP not seen since the Eisenhower administration with the addition of the $700B Wall Street Bailout Fund. Clearly, the time has come to return to an income tax rate structure which parallels that which existed during the Eisenhower years. Let the Republicans try to argue against that. It was good enough for Ike, why not for us? And, yes, I do know that the maximum marginal rates were in the range of 70-90%. That’s what it will take to help us bale out of this disaster.
September 23rd, 2008 at 12:27 pmInstead of a bail-out as proposed by GDumbya, Congress should be seriously considering a plan to reset existing mortgages for owner-occupied, homesteaded properties that are in or heading toward foreclosure.
In this way, “paper” losses associated with the supposed bad credit caused by excessive ARM adjustments and other predatory mortgage practices would essentially go away. Owners would remain in their homes. Lenders would avoid the costly foreclosure/re-sale process. And lenders would still make money on the re-set mortgages (although not as much as they expected).
This approach makes sense and still leaves the government with its current flexibility to take “troubled” loans into Freddie and Fannie. Mortgage insurance is still available to lenders as it is now.
There is absolutely no reason for Congress to cave into Paulsen and GDumbya’s demands. It is a silly and unnecessary bail-out aimed only at allowing the dumping of “debt swap” paper that is totally worthless in return for cash infusions to banks and brokers who have been greedy, irresponsible gamblers.
September 23rd, 2008 at 12:28 pmOT
September 23rd, 2008 at 12:29 pmPlease sign this petition to help stop voter caging.
http://colorofchange.org/michigan08/?id=2049-86944
We are Enron.
September 23rd, 2008 at 12:30 pmHank Paulson just dodged Sen. Chuck Schumer’s proposal for industry funded insurance protection, like the FDIC. Hank blocked for his wealthy friends, preferring the tax payer to clean up their garbage.
Paulson was a git to Senator Johnson. Hank can be very condescending.
Hank also said the bailout would cover credit derivatives. I finally got my answer and I’m not happy. Buying the big money boys financial gambles is a ridiculous proposition.
Unregulated credit default swaps = “coverage” for credit
Paulson doesn’t want to scrap this system, in favor of something more regulated, organized and with greater oversight. He wants to bail the junk coverage out.
September 23rd, 2008 at 12:31 pmI gotta say. The more I hear about this bail out, the less I like it. And I am astonished at Botch’s and Paulson’s arrogance – no oversight for 700 BILLION DOLLARS, to be forked over in a hurry, w/ no possible challenges and court review, no matter what? Ehhhhh… I don’t think so.
How much of this mess was caused by actual mortgage defaults and how much was caused by big investment banks trading “funny money” back and forth endlessly? And WHO are we bailing out here?
September 23rd, 2008 at 12:33 pmI see this as Hank Paulson saving his 600 miilion dollars in Golman Sachs shares…….he was with them 16 years so he is protecting his a$$et$.
September 23rd, 2008 at 12:35 pmNow Paulson wants to double this to help out other banks around the world.
September 23rd, 2008 at 12:37 pmAt least the Indians still take things in their own hands when they’ve been screwed:
http://www.timesonline.co.uk/tol/news/world/asia/article4810644.ece
September 23rd, 2008 at 12:42 pmPaulson is claiming that transparency and regulation and all kinds of sunshine will be used on this new bailout. Yet the language of the bailout says there will be no such thing.
may they go swiftly to their own personal hell for lying about lying about lying. That they have ruined us all is hardly important if they make a profit for their friends.
NO bailout.
September 23rd, 2008 at 12:44 pmThe Bush/Paulson bailout is an attempt to AVOID a crisis. The FACT that Main Street has lost jobs, homes, retirement savings, and purchasing power has not evoked ANY true measure of action from Bush or Congress.
However, the fact that the Bush giveaway program for the wealthy is approaching its end will be a crisis and thus we are finally seeing and hearing a sense of ‘urgency’. Couple that with McCain’s continued loss of support due to lies, ineptitude, and senility, and we clearly see the fear manifesting in the ruling class
This bailout is their only chance of bilking the remaining pennies from our collective pockets.
September 23rd, 2008 at 12:45 pmMore brilliance from the first socialist elected to the United States Senate. It’s a pity that the political tides in this country are neither progressive nor conservative; it’s corporatist. We NEED some kind of action in the foreseeable future, but Paulson’s Plan has far too many flaws. And whatever restrictions and oversights the Dems want to add will be stonewalled by the Right. In which case, the Dems fold and we get the Financial Patriot Act.
September 23rd, 2008 at 12:49 pmHere’s what I’d do. I would seize all assets of these companies and CEOs. Raid their offshore accounts, Swiss bank accounts, etc. Any resistance from the governments that house these offshore financial institutions, like the Caymans, well, fu(k them then. No access to these accounts, no assistance whatsoever in any form from the US, anymore.
Take those billions (and I’d bet you’d find that there is enough money to match the 700 billion figure being floated around)and make sure that evrey single person suffering from foreclosure (do to no fault of their own of course) gets their mortage PAID IN FULL. Then, take the rest of that money, apply a retroactive tax going back to 2000 and replenish the US treasury. Start to pay down our debt. If there is anything left after that, then every single tax paying US citizen should get an equal share.
As for the business, let them fail. Screw ‘em. After all, this is a free market, right?
September 23rd, 2008 at 12:52 pmSanders is correct on this one. Good for him.
Yep, I have a problem with all this money, and no oversight or accountability. We have all ready done that before, it is called Iraq, and we all know how that has turned out.
Secretary Paulson is not God, and should not be given god-like powers. That’s malarkey!
September 23rd, 2008 at 12:53 pmHow the bailout game works:
Let’s Play “WALLSTREET BAILOUT” The Rules Are… Rep Kapture
September 23rd, 2008 at 12:54 pmhttp://www.youtube.com/watch?v=S27yitK32ds
.
http://www.youtube.com/watch?v=vfNa9xW2GMo
Senator Bernie Sanders (I-VT) released this video asking for help in fighting the bailing out (and rewarding) of the richest Americans on Wall Street by the already struggling middle class.
.
September 23rd, 2008 at 12:54 pmIt’s official, the two Toms agree.
Thank you for stating this more eloquently than I could.
September 23rd, 2008 at 12:54 pmWe can save $175 billion every year by ending corporate welfare. Americans would save $250 billion every year by switching to single-payer/universal healthcare. Save $100 billion per year by getting out of Iraq. Cut military spending which is truly about $950 billion. We don’t need 750 bases in 125 countries.
September 23rd, 2008 at 12:59 pmThe only way to make the rich pay would be to invade the Cayman Islands and break into their safe deposit boxes.
September 23rd, 2008 at 1:03 pmI am posting this on every thread here, because I don’t want anyone to miss it.
http://www.sanders.senate.gov/news/record.cfm?id=303340
Don’t support the bailout!
September 23rd, 2008 at 1:10 pmHey why don’t the rich pay for the bailout. They’re the ones that have cashed in on Bush’s screwups! I wonder what are the rich doing with all that money they have made these last 8 yrs? Where’s all that money? I don’t see it. Is it in Swiss bank accounts? Exchanged to euros? Where’s all that money?
Where’s all that money? Bailout, yeah right. After Wall Street steps all over us, discriminates against us, rips all of us off, we have to bail them out? What a shameful nation the US under GWBush! Shame on you no good idiot Bush! Keep dumping trillions of middle-class taxpayer dollars in a failed criminal war and push the middle class deeper in debt by bailing out Wall Street’s crooks!
The nightmare started by the idiot when he stole the ‘00 elections keeps getting worse and worse. The White House reeks of incomptence and failure and the idiot never got impeached nor approached nor questioned. Keep doing whatever you want idiot Bush, knock yourself out …idiot freak!
September 23rd, 2008 at 1:15 pmSanders: Wealthiest Americans Should Pay For Bush’s Bailout
And I concur with Senator Sanders. The middle class and the poor should not be paying a single dime of this government bailout. It is George Bush, his cronies, and the entire Sith Administration that has gotten this country in this cesspool of muck. Yes, the wealthiest Americans should help financially reshape this country back financially with their resources. And the CEOs should not get a raise in this crisis nor a balloon package. They should be pitching in [and that mean the word "work"] to restore this countries’ financial structure and consumer confidence.
More importantly, we need an oversight and accountability of the taxpayers’ money from this financial crisis.
September 23rd, 2008 at 2:46 pmIt isn’t as if the investor class has been acting reponsibly and got screwed. They have made a pile of money until now through Bush policies and their own recklessness. Dan Froomkin describes it well in “Fat Cats First”:
http://www.washingtonpost.com/wp-dyn/content/blog/2008/09/23/BL2008092301299.html?nav=rss_opinion/columns
September 23rd, 2008 at 3:14 pm