[GPCA Updates] GP RELEASE Greens: Obama & Congress rescue plans protect Wall St. giants, not working Americans

[Green Party of California Updates]

GREEN PARTY OF THE UNITED STATES
http://www.gp.org

For Immediate Release:
Thursday, June 11, 2009



Green Party leaders: Economic recovery plans from Obama and Congress
favor giant corporate lenders, Wall Street firms, and insurance
companies over the needs of Americans

• The White House bid to seize workers' retirement health benefits to
pay off GM's debt is illegal, say Greens

• White House and Congress must outlaw lending and credit card usury

• Green Party Speakers Bureau: Green leaders available to speak on
economics http://www.gp.org/speakers/speakers-economic-justice.php
http://www.gp.org/speakers/speakers-economic-sustainability.php


WASHINGTON, DC -- Green Party leaders said today that measures to end
the recession must focus on the financial needs of middle- and
lower-income Americans, and accused Democrats and Republicans in
Congress and President Obama of favoring big banks, financial
institutions, and insurance firms.

"The very banks, Wall Street firms, and insurance companies that are
responsible for the economic crisis are calling the shots for economic
recovery.  They're using their power over Congress and the White House
to make sure that taxpayers' money and workers' retirement benefits
rescue CEOs and major shareholders.  They're blocking badly needed
regulation and the deeper reforms in our economic system that are
necessary to dig us out of the hole.  Unfortunately, President Obama
and Democrats and Republicans in Congress are cooperating with them so
that the power these corporations hold over America remains
undiminished," said Laura Wells, former candidate for California State
Controller (TV interview: http://www.gp.org/flash/LauraWells/lw.html).
  Ms. Wells intends to run for the position again "until we -- the
people of this state -- win.  We need to follow the money, understand
it, and correct it."

"The measure of the health of the economy is the stability of the
nation's households.  The current economic 'remedies' offered by
Republicans, Democrats, and the Obama Administration are designed to
ensure the well-being of corporations at the expense of our
households," said Jill Bussiere, co-chair of the Green Party of the
United States.

• Congress and the White House have refused to take real action
against skyrocketing interest rates, especially on credit cards, by
restoring laws against usury and imposing interest rate caps.  Greens
called the Democrats' "Credit Cardholders' Bill of Rights" a small
step in the right direction but severely inadequate, with no limits on
future credit card interest rates.

"The economic meltdown is the result of deregulated lending --
predatory mortgage lending, outrageous credit card interest and fees,
and other practices that have put working Americans into endless debt
and bankrupted small businesses," said Jody Grage, treasurer of the
Green Party of the United States.  "But Democrats and Republicans
alike have refused to consider modest steps like an 18% interest rate
cap, out of loyalty to major corporate campaign contributors and
lobbies."

"The most important step in ending the economic crisis must be
reversal of the Reagan-Bush-Clinton revolution, which deregulated the
financial industry.  All that rhetoric about 'shrinking big
government' really meant repealing protections for working people,
especially laws against usury. Since 1980, bipartisan legislation
favoring giant corporate lenders have paved the way for the current
disaster. It's time to restore and expand the Glass-Steagal Act,
overturn recent bankruptcy bills that put millions of Americans in
hock to credit card companies and other financial corporations, and
place restrictive caps on corporate lenders and creditors," said Ms.
Grage.

More information: "The Trouble With Democrats" by William Greider, The
Nation, June 22, 2009 (http://www.thenation.com/doc/20090622/greider).

• While the recent massive taxpayer-funded bailouts for Wall Street
firms and major banks have imposed minimal conditions, the Obama
Administration forced General Motors into bankruptcy and now demands
that the retirement health benefits of workers be used to pay off the
GM's debt.

"By demanding that GM workers' retirement money be sent to creditor
banks, Steven Rattner, President Obama's 'Car Czar,' is breaking the
law.  That money belongs to the workers, not to GM or the banks.  This
is outright theft, for the benefit of powerful banks," said Jody
Grage.

The 1974 Employment Retirement Income Security Act (ERISA) protects
benefits that workers have already paid for, prohibiting their use to
pay off an employer's debt.  More information: "Grand Theft Auto: How
Stevie the Rat bankrupted GM" by Greg Palast, June 1, 2009
(http://groups.yahoo.com/group/vlatibertaciana/message/3894).

• A Harvard Medical School and Ohio University study reported in the
American Journal of Medicine
(http://www.pnhp.org/new_bankruptcy_study) reveals that medical bills
are behind 60% of bankruptcies in the US.

"Insurance companies are chiefly responsible for the breakdown of US
health care and skyrocketing medical costs, and for contributing to
the greater economic crisis by sending Americans into bankruptcy.  The
only solution is to remove for-profit insurance from the health care
system and converting to a Single-Payer/Medicare For All national
health care plan, which would protect everyone from financial ruin
because of illness or injury," said Ron Forthofer, PhD, Green
candidate for Congress in 2000 and for governor of Colorado in 2002
and retired professor of biostatistics, the University of Texas School
of Public Health (see http://www.healthcareforallcolorado.org).


MORE INFORMATION

Green Party of the United States http://www.gp.org
202-319-7191, 866-41GREEN
Fax 202-319-7193
• Tally of Green election victories
http://www.gp.org/2008-elections/election-results.html
• Green candidate news http://www.gp.org/2008-elections/candidate-news.php
• Green candidate database for 2008 and other campaign information:
http://www.gp.org/elections.shtml
• Green Party News Center http://www.gp.org/newscenter.shtml
• Green Party Speakers Bureau http://www.gp.org/speakers
• Green Party ballot access page http://www.gp.org/2008-elections

2009 Annual National Meeting of the Green Party, Durham, NC, July
23-26 http://www.gp.org/2009-ANM
• Media credentialing page http://www.gp.org/forms/media

"Wall Street Ends Hope for Homeowners Via Congress"
By Shamus Cooke, Global Research, June 7, 2009
http://www.globalresearch.ca/index.php?context=va&aid=13887

Green Pages, Vol. 13, No. 1
The official publication of record of the Green Party of the United States
http://gp.org/greenpages-blog


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