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Tell President Obama: We want Elizabeth Warren to regulate Wall Street
Huffington Post published an explosive story last night reporting that Treasury Secretary Timothy Geithner is trying to block President Obama from appointing one of the best consumer watchdogs in the nation to lead the new Consumer Financial Protection Bureau created by Congress to rein in Wall Street. 1 As chair of the bailout oversight panel, Elizabeth Warren held Wall Street executives’ feet to the fire and proved time and time again that she was not afraid to speak out. Geithner is a Wall Street insider with long and deep ties to the financial industry. It’s outrageous that he would try to sabotage the nomination of Warren, a respected Harvard professor who came up with the idea of establishing a Consumer Financial Protection Bureau in the first place. It’s clear from his handling of the financial crisis that Geithner is more concerned with protecting his friends on Wall Street than standing up for consumers. Many Americans are already wary of Geithner because of his handling of the financial crisis. Now many of us are outraged at his latest action. We can mount a public pressure campaign and win this fight but we need your help. Our allies at the PCCC launched a campaign this morning supporting Elizabeth Warren. They’ve already started to turn the media narrative around and demonstrate that Americans want a real watchdog in charge of Wall Street regulation. If we can get thousands of petition signatures today we can counter Geithner’s attempts to block her appointment. If we fight back now we can make a difference. Help us create overwhelming momentum for Elizabeth Warren. Your pressure works, thanks for working for a better world. Adam Quinn, Campaign Manager 1 Tim Geithner Opposes Nominating Elizabeth Warren To Lead New Consumer Agency |
BUSINESS — BOEING LOBBIES LAWMAKERS TO KEEP PURCHASING PLANES THE PENTAGON DOESN’T WANT: Despite strong objections from the Defense Department, the House of Representatives has moved forward to fund a second engine for the F-35 fighter jet. The Pentagon says that the alternative engine is a huge waste of money and has asked Congress to jettison the program, but the House decided to fund it anyway in the 2011 defense authorization bill. The second engine is hardly the only example of wasteful defense spending from Congress: even though the Pentagon hasn’t requested any new C-17s — military transport planes — over the last four years, “Congress has appropriated $12 billion for 43 of the transport aircraft, including eight in the fiscal 2009 war supplemental spending measure and 10 in the fiscal 2010 Defense appropriations law.” As Congressional Quarterly pointed out, Congress’ insistence on funding a plane the Pentagon doesn’t want is “due in no small part to the lobbying efforts of Boeing Co., which builds the planes in California, Missouri, Georgia, Connecticut and elsewhere.” Boeing is also “belatedly lobbying for the purchase of five more C-17s at a cost of about $1.3 billion” for this year. Earlier this year, Secretary of Defense Robert Gates addressed the lobby’s influence, saying he’s “fully aware of the political pressure to continue building the C-17″ while announcing he would “strongly recommend that the president veto any legislation that sustains the unnecessary continuation.” As Pentagon officials told a Senate subcommittee this week, “it is not in the national interest to continue adding more C-17s. In our view, the production line should begin shutting down.” As the Wonk Room’s Pat Garofalo points out, “This isn’t just about the upfront cost of purchasing more planes, which is considerable. It’s about then paying to maintain the planes for years. The Pentagon actually spends $1 billion per year to maintain the 43 C-17s that it didn’t request, but received anyway.” President Obama has called the continued purchase of C-17s “waste, pure and simple.”
The $787 Billion American Recovery and Reinvestment Act of 2009 (ARRA) was signed into law by President Obama on February 17th, 2009. Known as the economic stimulus law, it was passed to jumpstart the U.S. economy as well as to save and create more than 3.5 million jobs over the next two years.
This website contains news conferences, hearings and Congressional debates on the stimulus as well as links to government and watchdog groups who are tracking spending.
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