Anyone who thinks we should pass the $700 billion bailout bill as is needs to answer a simple question: How does handing over $700 billion to Wall Street help the economy any more than, say, handing over $700 billion to homeowners, or spending $700 billion on a New Deal-style full employment program? more »
Whatever you think of the Wall Street bailout bill that was voted on in the House of Representatives today, there is one thing we all should agree on: Congress must take steps this week to help the working families who are being hurt by this economic downturn.
Here's what AFL-CIO President John Sweeney is saying about the bailout bill and what must come next: more »
Though the deal negotiated between congressional leaders and the White House is better than what Treasury Secretary Henry Paulson originally proposed early last week, it remains an insulting atrocity, having omitted even basic aid to homeowners, bankruptcy reforms and any modicum of future financial industry regulation.
A number of commentators and politicians have noted that the proposed financial bailout is, in effect, a socialization of Wall Street. They claim that such socialism is new in the good ol' commie-hatin' U.S. of A. But as my weekly syndicated newspaper column today shows, it's far from new. more »
Before she became the first female Labor secretary in 1933, Frances Perkins had seen firsthand the tragedy of Manhattan’s 1911 Triangle Shirtwaist fire. Locked in by their employer, 146 mostly young girls died when they couldn’t escape the burning building where they toiled in sweatshop labor. Later, as the New York industrial commissioner, Perkins held employers accountable for workplace safety and health, expanding factory investigations and championing other pro-worker laws, like unemployment insurance.
Now, imagine if Elaine Chao had been there instead. more »
While we recognize the urgency of the crisis and the need for quick action, we do not believe that it requires acceding to every aspect of the Bush administration's plan—and we are relieved to see that some key members of Congress agree. These times call for bipartisan negotiations that protect the taxpayer, offset the government’s expense, and re-regulate markets to reduce the distortions that gave rise to this unfortunate situation in the first place. more »
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Major progressive, labor and consumer rights leaders joined forces today to demand important corrections to the Bush administration’s financial rescue proposal despite warnings from the administration’s top economists who got us into this mess.
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One bailout proposal would give Treasury Secretary Henry Paulson, who as a Wall Street CEO received stock worth more than $500 million, power to cut "inappropriate" pay for executives of bailed-out companies. Is this the person we want defining what level of executive pay qualifies as “inappropriate”? more »
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WASHINGTON – With people across the country calling for greater oversight of the Bush administration’s proposed $700 billion bailout of the financial markets, a new ad in The New York Times and on several blogs today asks pointed questions that need to be answered before Congress hands the administration massive amounts of taxpayer money and unlimited power. more »
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Before she became the first female Labor secretary in 1933, 
