U.S. Rep. Dennis Kucinich (D-Oh.) criticizes the insurance industry for having making profits on Americans’ backs and says that “this is a fundamental civil rights fight.” (0:34)
By Kayleigh Harvey – Talk Radio News Service
Edward Liddy, Chairman and CEO of AIG appeared before the House Oversight and Government Reform Committee today. Appearing frustrated and angry at Liddy’s responses throughout the hearing, Congressman Dennis Kucinich (D-Ohio), told Liddy that AIG’s behavior was “unacceptable.” Adding, “You cheated people who saved lives, who save our children, what are you going to do about this?”
Liddy said he would work with Congress and offered to meet with Kucinich after the hearing.
Kucinich told Liddy that until this matter is resolved “Congress is not going to let you go,” shouting that this was “unacceptable” behavior. He told Liddy that Congress “will keep calling you back here,” until this issue was concluded.
Kucinich agreed to meet with Liddy following the hearing.
By Michael Ruhl, University of New Mexico – Talk Radio News Service
Former presidential candidate and long time consumer rights advocate Ralph Nader talked with Michael Ruhl to discuss the status of his lawsuit against the Democratic National Committee (DNC). This was immediately following the circuit court argument for Nader vs. DNC. Nader claims that he was harassed and burdened in 2004 presidential election by the DNC, in what he calls “an abuse of the legal process” and malicious prosecution. In this interview, Nader explained background of the case, and the case’s current status. He said, “there is no other western democracy that comes close to obstructing voters and obstructing candidates as is the case in our country.”
Nader also spoke about the two-party system, and the effect that his case has on future third party candidates in the presidential process. He said that his case is designed to draw boundaries, to make sure that third party candidates can exercise their First Amendment rights. Nader also referred to the issue as one of democracy, because he said in limiting ballot access, one is truly limiting the right of the people to decide who they want to represent them. Nader called for national ballot standards, instead of ballot standards which vary state by state. He also advocated instant runoff voting and public funding of public campaigns.
Nader said that the two-party system is not allowing third parties access to the higher tiers of federal government, and this two-party system is moving gradually to a one-party system, where gerrymandered districts make reelection almost certain for many members of Congress. He called this a system that can be rented by the rich. In spite of the stronghold that the two parties have on the system, Nader said that he has talked with several members of Congress who may be interested in helping to move legislation on election reform. He mentioned by name: John Conyers (D-Mich.), Ron Paul (R-Texas), Dennis Kucinich (D-Ohio), and Jessie Jackson, Jr. (D-Ill.). He anticipates this reform effort to be difficult, because as he said, “the foxes are guarding the chicken coop.” Nader seems ready for a fight.
(08:50)
University of New Mexico, Talk Radio News
Rep. Dennis Kucinich (D-Ohio) asks Earl Devaney, chairman of the Recovery Act Transparency and Accountability Board for assurance that the Recovery Act funds that have gone to existing programs are being spent quickly.
University of New Mexico, Talk Radio News
At the House Committee on Oversight & Government Reform Earl Devaney, chairman of the Recovery Act Transparency and Accountability Board, said that he was creating a user friendly website: http://www.doioig.gov/index.php?menuid=460&viewid=613&viewtype=PAGE , and that some reporters are already using it.
Rep. Dennis Kucinich (D-Ohio) asked Devaney for assurance that the Recovery Act funds that have gone to existing programs are being spent quickly. Devaney said that he could not provide that.
Dan Burton (R-Ind.) asked Devaney about an expected $55 billion in fraud as the Recovery Act funds go out. Devaney confirmed that about seven percent fraud is a credible estimate, and the best law enforcement can provide is zero tolerance.
Rep. Jimmy Duncan (R-Tenn.) points out that not all of the stimulus money is creating jobs, citing $40 million in his own district that went to raises, standing bills and only two new jobs.
By Michael Ruhl, University of New Mexico – Talk Radio News Service
Today a league of congressmen sent a letter to President Obama asking him to reconsider his military policy in Afghanistan before committing 17,000 new troops in a surge. The letter said, “As the goals of our seven year military involvement remain troublingly unclear, we urge you to reconsider such a military escalation”. This letter came from a bipartisan group of 14 members of Congress.
Congressman Ed Whitfield (R-Ky.) said that he is “perplexed” by the president’s troop increase, considering that his administration has stated it is presently reviewing its strategy in Afghanistan. Congressman Jim McGovern (D-Mass.) said that America is getting deeper into a “war without end” and that we need an exit strategy in Afghanistan.
Both Ron Paul (R-Texas) and Dennis Kucinich (D-Ohio) expressed concern on waging an endless war in such a time of economic peril. Kucinich said what the country needs is a healthcare surge, a home ownership surge, and an employment surge.
By Michael Ruhl, University of New Mexico – Talk Radio News Service
Congressman Dennis Kucinich (D-OH) speaks after President Obama’s address to Congress about the speech and the general state of the economy.
“A lot of the people that we represent won’t…have a job at Christmastime,” said Congressman Elija Cummings (D-Md.) at a hearing at the Domestic Policy Subcommittee of Oversight and Government Committee. The House Subcommittee met to discuss “Is Treasury Using Bailout Funds to Increase Foreclosure Prevention as Congress Intended?”
“I don’t want these [bailout] companies coming to Congress for a handout, thinking they can take the money, do whatever they want to do, get their manicures, pedicures, massages, pay $1600 a room and then come dancing back to us and say ‘give me more,’ when the American people’s tax dollars are being wasted,” said Cummings, referring to how some companies are using money from the $700 billion bailout plan to give bonuses to their employees. “The United States banking system is turning to the American taxpayer to bail them out and the administration is fully behind them. This administration wants to privatize Wall Street’s gains and socialize Wall Street’s losses,” said Cummings.
“We’ve got millions of people threatened with losing their homes…why won’t the Treasury act swiftly and forcefully to maximize assistance to homeowners…and play a significant role in modification of home loans at risk of imminent default?” asked Chairman Dennis Kucinich (D-Ohio). “The Treasury has been given almost omnipotent power, and you have unfortunately not exercised the interest of homeowners.”
“With due respect sir,” responded Neel Kashari, Interim Assistant Secretary of Treasury for Financial Stability, “if we had spend all $700 billion on loans that’d be about three million loans. There are 55 million mortgages in America…we could benefit three million directly by buying over loans or we could benefit every American by not allowing the financial system to collapse.” Kashari defended the Treasury Department’s decision to invest the bailout money in big banks in order to secure the credit market. “Many people around the country…need help,” said Kashari, “if we went out to each of the people and each of the businesses and helped them directly the $700 billion wouldn’t go far enough. We’re trying to take the $700 billion to stabilize the system as a whole…to help every American.”
The general consensus was “jail not bail” for Lehman Brothers CEO Richard Fuld, Jr., at a hearing by the House Committee on Oversight and Government Reform on the causes and effects of the Lehman Brothers bankruptcy. This view was held by the Committee, panel, and Code Pink protestors (who were eventually thrown out of the hearing). Congressman Jim Cooper (D-Tenn.) said, “Is this Wallstreet or a casino? Lehman did not find itself in this situation by accident. It as the unlucky draw of a consciously made gamble.” Dr. Luigi Zingales of the University of Chicago pointed out that by bailing out these investment banks, we are giving them incentive to gamble at the cost of taxpayers down the line.
Nell Minow of the Corporate Library said that Fuld, “intentionally surrounded himself with people who are complicit. These were people who were getting side payments from the company. They had no incentive to provide any kind of independent oversight.” Minow said that by doing so, Fuld created a false idea of the value of his company. These false ideas created high leverage rates, leaving little security in times of economic trouble, and eventually the downfall of Lehman Brothers. Minow proposed a general rule be mandated to pay executives based on the value of business rather than the volume of business. Peter Wallison of the American Enterprise Institute agreed that the only protection taxpayers have at this point is more government regulation.
Additionally, Congressman Dennis Kucinich (D-Ohio) said, “there is an apparent conflict of interest permitting Treasury Secretary Paulson, former CEO of Goldman Sachs, to be involved in these discussions on the survival of Lehman Brothers.” The panel agreed it was clear that Goldman Sachs benefits from Lehman Brothers going under, due to the competitive market they’re in. As long as Goldman Sachs’ interest is in Paulson’s pocket, Kucinich says, his role in the bailout goes “against the free market.”
Testifying before the House Judiciary Committee Rep. Dennis Kucinich (D-Ohio) says that the war in Iraq was totally unnecessary, unprovoked and unjustified. (0:32)
