SEIU Endorses Defazio and Edwards Rescue Plan

by: Matt Stoller

Tue Sep 30, 2008 at 15:23


Here's their statement.  I am leaving now for religious reasons, so anyone who wants to pick up this thread and add more details in the comments would be most welcome.  Great progressives like Donna Edwards, Peter DeFazio, and Mazie Hirono are pushing this rescue plan.  More information is here.  

Meanwhile, Obama is demanding 'no vote' Democrats and Republicans "step up to the plate and do what's right for this country."  Congratulations, all of us have just been called unpatriotic by Barack Obama for objecting to the bailout.

Matt Stoller :: SEIU Endorses Defazio and Edwards Rescue Plan

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SEIU Endorses Defazio and Edwards Rescue Plan | 52 comments
nice statement (2.00 / 2)
but where is the damn bill?

and Obama is fucking meat head.

Michael Bloomberg, prince of corporate welfare

Religious? (2.00 / 4)
Religious reasons?  With all due respect, I think Progressive thought and Religion are incompatable.
Haha (4.00 / 2)
Don't be dissin' my people, man!

Former Edwards Supporter, Obama Supporter since January 30, 2008
[ Parent ]
They clearly aren't incompatible. (4.00 / 1)
I'm as militant an atheist and a progressive as they come, but it's pretty obvious that many progressives are also religious. It's just a fact.
[ Parent ]
Uprating... (0.00 / 0)
To the two idiots who troll rated this... This is CLEARLY meant to be snarky.  
[ Parent ]
The op-ed you link to (4.00 / 3)
does nothing for the housing crisis.

Anyone got a link to video of the press conference or of an outline of the bill they're proposing?

the housing crisis is between the banks and home owners (0.00 / 0)
the housing crisis itself does not pose systemic risk. bank failures do, and thus forcing a refinancing on the banks (or waiting until they chapter 11) brings their balance sheet in line and lets them resume as functioning companies. it also solves the liquidity problem because banks begin lending to each other.

some progressives would like to give out free loans to people who made bad investments in their home purchases. thats a nice sentiment but its not important to solving the problem that threatens wall st, and certainly isnt going to win the middle or the right on a solvency plan (im changing to solvency from bailout since Isaac's plan is not a bailout).

No bailouts, for nobody. that is the only thing that will unite Americans around a sensible rescue. otherwise partisan games will win and in the end tax payers will be sold out.

Michael Bloomberg, prince of corporate welfare

[ Parent ]
Cite one progressive... (4.00 / 2)
asking to give out "free loans" to people who bad investments? They may be looking for renegotiation of the loans, or even buying the mortgages, but no one is saying the loans to homeowners will be free.

Also, if we did pay off every bad loan wouldn't that preclude bank failures since the whole problem is that they have mountains of bad debt from bundles of these bad home loans?

[ Parent ]
what do you think a renegotiation is?! (0.00 / 0)


Michael Bloomberg, prince of corporate welfare
[ Parent ]
You're wrong. (0.00 / 0)

[ Parent ]
And I suppose (4.00 / 4)
it was a bad decision for renters to sign leases with landlords who got themselves into mortgages they shouldn't have? So it's the renters fault for not knowing the mortgage terms of their landlords?

You really do sound like a laissez-faire capitalist straight from the 1880s sometimes.  

[ Parent ]
no, Obama just said he thinks you are wrong (4.00 / 4)
There's no need for name calling.

New Jersey politics at Blue Jersey.
That what you get to do around here (4.00 / 6)
Call people names, and then whine and complain about being called names in return.
[ Parent ]
Unfortunately, I agree (4.00 / 1)
There have been far too many diaries on the main page here, wrongly accusing others of being disrespectful.

As for Obama's comment, if all he said was that people should "do what's right for the country," that is a far cry from accusing people of being unpatriotic; it's merely a statement about what he thinks is best for the country.

[ Parent ]
hes saying that people who voted against should do whats right (4.00 / 2)
from TFA, he is very specific, he's not speaking generally.

"To the Democrats and Republicans who opposed this plan yesterday, I say -- step up to the plate and do what's right for this country."

that to me reads like a) an endorsement of the bill and b) those who voted against the bill are not being sufficiently patriotic. and c) they are cowards.

that's pretty lame leadership considering there are lots of better ideas to get behind and there is the political space to do so now.


Michael Bloomberg, prince of corporate welfare

[ Parent ]
"Do what's right for the country" is about as standard as you can get (4.00 / 1)
People of all political stripes use this kind of rhetoric all the time; such language is not the equivalent of GOP attacks on patriotism, as the diary here implies.
[ Parent ]
I think the same thing (0.00 / 0)
doing what's right, that can be writing a better bill and getting support for it.  
[ Parent ]
I was wrong- I saw the speech where he said this (0.00 / 0)
and Obama was definitely promoting the bill that failed on Monday .. and then he said the ones that voted no have to do the right thing .. so Matt is right.

Don't be a fool Obama .. do the right thing, listen to America, don't buy toxic paper.

[ Parent ]
sigh (4.00 / 2)
evidence that Obama is demanding folks vote only for yesterday's plan? Because here's what you didn't quote:

I will continue to reach out to leaders in both parties and do whatever I can to help pass a rescue plan

For all you know, he could be talking about your new magic plan.

Then why not say so? (4.00 / 1)
Why not say "I am throwing my support behind the DeFazio plan, it's the right thing to do?"

It's called leadership.

Montani semper liberi

[ Parent ]
We are doing what's right for the country, Obama, we are.... (4.00 / 4)

We're backing DeFazio-Edwards.

Hope you will eventually as well.

Traitor! (4.00 / 2)
If you don't support DeFazio-Edwards, you hate America!
[ Parent ]
You know, I remember my first beer.... (4.00 / 2)
....and you aren't taking to yours all that well.

Find something better to do than pick a fight.

[ Parent ]
sadly (4.00 / 1)
I haven't had any beers today. Sounds like a good idea, however.
[ Parent ]
I'm excited about the DeFazio plan (4.00 / 1)
Does anyone have a link with more information?

New Jersey politics at Blue Jersey.
I see Edwards on c-span now (0.00 / 0)
Matt et al. should be very proud for supporting her.


New Jersey politics at Blue Jersey.
[ Parent ]
What's Obama's point? .. (0.00 / 0)
Pelosi delivered more votes(including from good people like Steve Cohen) than she promised .. Obama needs to tell those WATB Repukes to step up to the plate
So.... (4.00 / 3)
....Now that we know who supports it, do we know what the heck the bill calls for?

Nothing about it yet on Donna Edwards' House website (0.00 / 0)
Here's the link.
[ Parent ]
i called Edwards and DeFazio (0.00 / 0)
they couldnt email me a copy. Edwards office said its on thomas.loc.gov but its not and DeFazio's office said it would probably be on their website later tonight. I love this effort, but why are the making it so hard to get this story out? OY!

Michael Bloomberg, prince of corporate welfare
[ Parent ]
DeFazio asks for phone calls to senate to block Paulson plan. (0.00 / 0)
Again, I don't know right thing to do, but for those of you who are sure, there's the action plan.

New Jersey politics at Blue Jersey.
What are they proposing in their bill? (0.00 / 0)

[ Parent ]
Here's the thing... (4.00 / 2)
I'm all for a better plan, but it's increasingly clear that the Democrats do not want to own it.  Not Pelosi, not Obama, and likely not Reid.  Obama is now calling House reps to ask them to take another look.  He also floated increasing the FDIC limit which, while nice, is probably just going to be used as an excuse for people to flip their votes on the next roll call.

The Democrats do not want to take a chance that this legislation will be used against them, as it's clear the GOP wants to do (running an ad today against the bailout despite the fact that it didn't pass).  It's hard to imagine a new plan, even a better one, will be any more popular than this one...  People just don't like the idea of a bailout, even if they fear the repercussions of not passing one.  

Here's a summary: (4.00 / 2)
Sweet thanks!!! (0.00 / 0)


Michael Bloomberg, prince of corporate welfare
[ Parent ]
Taken down (4.00 / 1)
or else dkos is busted. looks like it was deleted.

Michael Bloomberg, prince of corporate welfare
[ Parent ]
let's try again (4.00 / 1)
[ Parent ]
at risk of being labaled as mean (4.00 / 3)
Meanwhile, Obama is demanding 'no vote' Democrats and Republicans "step up to the plate and do what's right for this country."  Congratulations, all of us have just been called unpatriotic by Barack Obama for objecting to the bailout.

Stop being such a cry baby.  Is it impossible for someone to express disagreement without you getting your feelings hurt.  You sounds as ridiculous as republicans blaming Pelosi yesterday!

I'm sure quotes could be found from some that could be construed as (0.00 / 0)
Suggesting that if people voted for it they would be unpatriotic. This situation is getting really ugly and some of the language being thrown around is not helpful.
[ Parent ]
DeFazio and Cummings strongly defend their no votes (0.00 / 0)
I'm following Holt on this plan, but I've got to say that these Representatives are awesome.



New Jersey politics at Blue Jersey.

I posted what I saw at bluejersey (4.00 / 1)
[ Parent ]
thanks (0.00 / 0)
you give some clue what they are talking about .. it is the best we can do until the bill is sent out. I want to see a plan that says what most of the liberal and progressive economists are saying is best- buying equity (preferred stock) instead of toxic assets.

Good Krugman post about this just happened in Iceland-
http://krugman.blogs.nytimes.c...

[ Parent ]
Traitor (4.00 / 2)
So does this mean Matt is calling everyone who voted for the bill an unpatriotic traitor?  I'm confused on what qualifies as calling someone a traitor and what does not.

You'd think people who dish it out so much would have thicker skins.

No. (4.00 / 2)
If you call me ____ and I tell you not to call me ____ or that I don't appreciate being called ____, I am not calling you ____.
[ Parent ]
True but Obama didn't call anyone unpatriotic (4.00 / 1)

[ Parent ]
Yeah, but he was THINKING about doing so.... (0.00 / 0)
[ Parent ]
Not in this post (0.00 / 0)
I didn't just now, I meant historically.  I don't see how this quote from Obama that claims voting for this bill is in the national interest is any different than Matt claiming it is not.

So no one who has to face the public will vote for this piece of shit.

It's a horrible, craven, corrupt deal, it's politically idiotic, and it is a testament to the utter and intentional failure of Speaker Pelosi, Majority Leader Hoyer, Caucus Chair Emanuel, and Finance Chair Frank.

Clearly no one on any side used the word "traitor" to describe anyone else.  We are just pretending that certain phrases like "do what's right for this country" means everyone else is a traitor.  I'm not seeing the difference.

Perhaps it is the word "country"; that word is forbidden.

[ Parent ]
Plan? (4.00 / 4)
It is hard for me to tell what this new plan is.  The second link to the Isaac article looks like the re-capitalizing plan most economists I read prefer.  Does this mean that is the plan?

The name of the plan is pretty stupid.  The go with "No BAILOUT Act" and then make "BAILOUT" an acronym for good stuff.  But why would we say no to good stuff?  It is the "No Bringing Accountability, Increased Liquidity, Oversight, and Upholding Taxpayer Security Act".

No BAILOUTS Act text (0.00 / 0)
available here

John McCain <3 lobbyists
seiu seiu seiu (0.00 / 0)
you do realize there are some other unions in the united states? some of which are also politically active?

fyi
NEA is the largest, even though seiu claims to be.

NEA is nearly twice as large.

SEIU Endorses Defazio and Edwards Rescue Plan | 52 comments
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