Reid: Time To Travel Down Main Street

By Suzia van Swol-University of New Mexico-Talk Radio News Service
It is time to focus less on Wall Street and more on Main Street said Senate Majority Leader Harry Reid (D-NV) today. Reid hopes to accomplish his goal with housing legislation and the Federal Deposit Insurance Corporation, which guarantees safe deposits and that transactions are fully insured.

Although banks have come down on proposed legislation, arguing that it will increase primary mortgage rates, the general consensus among four Democratic Senators today was that by reducing by foreclosures, banks will start lending and the economy will start moving again.

When dealing with credit cards, “disclosure doesn’t work anymore,” said Sen. Charles E. Schumer (D-NY). Credit card companies have become so good that more is needed to make customers aware of how much interest rates will actually cost them.

From Starbucks to Microsoft, people are experiencing job loss and it is time to be “focused on getting some confidence and stability back to families,” Sen. Patty Murray (D-WA). She said that it is time to help Americans and deal with the foreclosure crisis.

Sen. Richard Durbin (D-IL) said that he is sick and tired of being asked to give billions to banks who have no sympathy for struggling families, and if they have no sympathy than “I don’t have any sympathy for them.”