Senate Bailout Vote: Murray "Yes"--Cantwell "No"

Andrew (NPI Advocate):

Minutes ago, the United States Senate voted seventy four to twenty five to pass fundamentally flawed legislation that would bail out Wall Street's mistakes to the tune of nearly three fourths of a trillion dollars.

Ken posted the roll call earlier.

Voting yes were Senators Patty Murray, Larry Craig and Gordon Smith. Voting no were Senators Maria Cantwell, Mike Crapo and Ron Wyden.

Senators Obama and McCain voted yes.

The following is the text of Senator Cantwell's unprepared remarks (delivered earlier this evening on the Senate floor) calling for a redesigned solution that addresses the causes of this financial crisis - a solution that safeguards America's common wealth and holds Wall Street accountable.

Mr. President, I don't think 5 minutes would possibly be enough time for me to explain all the things I would like to say. I am sure I could spend an hour talking about credit default swaps. I am sure I could spend 2 days talking about the lack of transparency in the financial markets.

I am sure I could spend a lot of time explaining what I think is the right thing we should do to put as much liquidity into the markets as possible. So I will try to be succinct.

I came to the Senate knowing what it is like to take a tough vote. To make the decision that is right for the American public. It’s most important to do the right thing. I also know what it is like to see millions of dollars in the stock market go away and watch a stock bubble burst.

I also know what it is like to stand on the Senate floor, as I did 3 years ago, when someone tried to cram legislation in the Defense authorization bill to open up drilling in the Arctic Wildlife Refuge, and I said then that is was the equivalent to legislative blackmail.

I am not going to vote for this legislation tonight based on whether someone crams in tax credits, for which I actually have fought so hard. I am going to render my decision based on what I think is important for the American people.

I think there is something that is missing in our discussion. I applaud Chairman Dodd who has worked hard on the Banking Committee. I applaud my colleague who just spoke, who spoke eloquently about the need to do something.

But the problem with the legislation before us is that it is choosing winners and losers in corporate America. It is inserting the Federal Government in a role in which they decide, along with the private sector, exactly how funds should be allocated.

I am for the full faith and credit of the U.S. Government backing these institutions. What I am not for is turning the keys to the Treasury over to the private sector.

There is much we could agree on tonight. We could agree on the new changes to the FDIC rule. We could agree on mark to market accounting changes and to bringing better marketing and accountability to the system.

We could agree on the up-tick rule and other predictability measures that help the market understand that there is a broad commitment by this institution to do something to help stabilize the markets.

But I am very concerned about the "pick here, pick there" approach that has transpired in the last several weeks.

I ask you to just think of one institution, in my State, Washington Mutual - which I would not necessarily applaud for its subprime lending rates or for its use and backing of credit default swaps, but I would ask you to consider the fact that as that institution was forced into sale by this Government.

Who were the winners and losers in that?

JPMorgan got the assets of that institution and benefited from that. In fact, JPMorgan predicted to me on a conference call the night they acquired Washington Mutual that after one year with their investment, they would have an over $500 million on that investment. That is a 27 percent returned in one year.

The FDIC got some money out of that, too. And then to say nothing about the over 60,000 shareholders who were wiped out.

My complaint is: where is JPMorgan - who should be standing up for the retirement plans, the deferred compensation plans, and other packages that the employees at that company were due?

It is very convenient for us to now choose that we are going to add to JPMorgan's bottom line. In fact, if we would instead do what I am suggesting, we could have an equity proposal instead of having TARP, the Troubled Asset Relief Program, as the roof over America.

Instead, we could have an equity program where the United States would leverage our capital and spur ten to twelve times the private sector investment at the same time, our Nation would be better funded, better prepared, for the onslaught of trouble that is still going to remain after we pass this legislation.

I could not even get my amendment to be considered.

So, so much for the transparency of the Senate.

I am going to continue to work for this idea, for equity, for a more leveraged position, and that we do the traditional role that Government has done time and time again: to use our equity to leverage the private sector to secure our economy.

Thank you Mr. President, and I yield the floor.

We at at the Northwest Progressive Institute strongly applaud Senator Maria Cantwell for her courageous vote.

She is a dependable champion for the public interest, and her speech tonight (which was not prepared in advance) is filled with uncommon sense.

Barack Obama and the Democratic Congressional leadership would be wise to listen to the very serious concerns that Senator Cantwell raised.

If this bailout bill is supposed to be a cure, it's almost worse than the disease that caused it. This is not the timely, deliberative reform that America needs.

Howie P.S.: Here's Patty Murray's statement, via the NPI Advocate. They also have Obama's statement here. Booman says "This was not a popular bill or a particularly good bill. I supported it, but without enthusiasm. Most of the Senate felt the same way. Now we will see what the House does."

Barack Obama

"Obama, Hagel, Cantwell Introduce Bill To Combat Global Poverty"

Think On These Things:

Legislation would aim to cut extreme global poverty in half by 2015--
WASHINGTON, D.C. – U.S. Senators Barack Obama (D-IL), Chuck Hagel (R-NE) and Maria Cantwell (D-WA) have introduced the Global Poverty Act (S.2433), which requires the President to develop and implement a comprehensive policy to cut extreme global poverty in half by 2015 through aid, trade, debt relief, and coordination with the international community, businesses and NGOs. Representatives Adam Smith (D-WA) and Spencer Bachus (R-AL) sponsored the House version of the bill (H.R. 1302), which passed the House in September.

“Eliminating global poverty remains one of the greatest challenges we face, with billions of people around the world forced to live on just dollars a day,” said Senator Obama. “We can – and must – make it a priority of our foreign policy to commit to eliminating extreme poverty and ensuring every child has food, shelter, and clean drinking water. As we strive to rebuild America’s standing in the world, this legislation will not only commit to reducing global poverty, but will also demonstrate our promise and support to those in the developing world. Our commitment to the global economy has to extend beyond trade agreements that are more about increasing corporate profits than about helping workers and small farmers everywhere.”

“Poverty, hunger, and disease will be among the most serious challenges confronting the world in the 21st century,” Senator Hagel said. “This legislation provides the President of the United States the framework and resources to help implement a comprehensive policy to reduce global poverty. It is the human condition that has always driven the great events of history. This is a responsibility of all citizens of the world.”

“America needs to do more to help the 1.1 billion men, women and children throughout the world living on less than $1 a day by helping promote sustainable economic growth and development,” said Senator Cantwell. “We need to do more to save lives in the poorest countries. The U.S. needs to implement a real plan to combat poverty on a global scale while also addressing the national security risks extreme poverty creates.”

“Arguably no greater problem faces the world than global poverty. Nearly 2.7 billion people live on less than $2 a day and close to a billion people live on less than $1 a day. We have a moral obligation to craft an overall U.S. strategy to decrease global poverty and eliminate extreme global poverty. After introducing this measure in the House for the past several years, I was pleased to see it pass this year with overwhelming bipartisan support. This bill’s Senate introduction is a significant step toward it becoming law,” Representative Adam Smith said.

For years, America has committed to improving the lives of the world’s poorest people. In 2000, the U.S. joined more than 180 countries at the United Nations Millennium Summit and vowed to reduce global poverty by 2015. We are halfway towards this deadline, and it is time the United States makes it a priority of our foreign policy to meet this goal and help those who are struggling day to day.

The Global Poverty Act:

* Declares it official U.S. policy to promote the reduction of global poverty, the elimination of extreme global poverty, and the achievement of the Millennium Development Goal of cutting extreme global poverty in half by 2015.
* Requires the President to develop and implement a comprehensive strategy to carry out that policy.
* Includes guidelines for what the strategy should include - from aid, trade, and debt relief, to working with the international community, businesses and NGOs, to ensuring environmental sustainability.
* Requires that the President’s strategy include specific and measurable goals, efforts to be undertaken, benchmarks, and timetables.
* Requires the President to report back to Congress on progress made in the implementation of the global poverty strategy.

This legislation is supported by a broad range of groups, including Bread for the World, CARE, Oxfam America, Habitat for Humanity International, National Wildlife Federation, Sierra Club, United Church of Christ, Christian Church (Disciples of Christ), Borgen Project, United Methodist General Board of Church and Society, RESULTS, and Micah Challenge USA.

Barack Obama