Showing posts with label Dodd-Frank Act. Show all posts
Showing posts with label Dodd-Frank Act. Show all posts

Saturday, October 13, 2012

Why I Won't Vote Republican

In May of this year, I began writing on this blog about why I won't vote Republican. I had intended to carry that explanation through several blog posts, but here I'm keeping my reasons to a list:
  • I don't believe in governments' torturing prisoners of war, or any other type of prisoner. Mitt Romney's national advisers are some of the same assholes who advised the Bush administration to torture prisoners.  [See Charlie Savage's article in The New York Times: "Election May Decide When Interrogation Amounts to Torture," 27 September 2012.] While I am not at all happy with how President Obama has continued some of the Bush national security policies, I know that a Republican-led government would not improve on these issues. President Obama has, at least, banned "enhanced interrogation" (torture!) and closed the CIA black sites. A second Democratic presidency will give us the opportunity to argue for re-examining those other issues. In addition, Mitt Romney's foreign policy technique, as illustrated by his visit to Great Britain during the London Olympics, dispels confidence in his ability to represent our country.
  •  I don't trust a party that refuses to compromise for the good of the country, that is so focused on gaining power for itself that it is willing to damage or to destroy the lives of its citizens. I have written more about that here: "Reasons not to Vote Republican: Part 1."
  • I believe that we are ALL mutually interdependent upon government (which is WE, the people).  This idea so loudly trumpeted by Republicans that citizens are divided between the Makers and the Takers, between those who are dependent upon government and those who are independent Boot-strappers-by-God-built-that-myself-ers is a skewed perception of democracy. As my husband so eloquently puts it: "That whole world view is bullshit!"  (This world view is particularly laughable in that all those titans of finance who imagine themselves "Makers" took a lot--even individuals' life savings--from folks to whom they condescend and just about bankrupted the country. WHY DO PEOPLE NOT REMEMBER THIS?) Public education that provides people with knowledge to become workers and business owners; police forces that maintain law and order; state and interstate highways (subsidized with our taxes) that guarantee national commerce;  a coast guard to protect those waters full of off-shore drilling rigs, commercial fishing boats, and pleasure and sport craft; a huge military complex that provides protection to many U.S. businesses abroad as well as those of us at home--these are just a few things from which we all profit, even the 1%. So, no, I don't support someone who denies this interdependency by disparaging, condescending to, or demonizing those who are so poor they don't pay federal income taxes (though they pay other taxes--state taxes, property taxes, sales taxes, payroll taxes). [See David Corn's article in Mother Jones, "Secret Video: Romney Tells Millionaire Donors what He Really Thinks of Obama Voters," 17 September 2012.] And Romney's last minute apology about his categorization of half of the U.S. is not convincing, especially since he double-downed on that statement several times immediately after it became public.
  • Along with the condescending attitude toward the poor comes a willingness to deprive the poor of government support in healthcare. I grew up in a fundamentalist Christian culture that promoted the idea that one was required to help those less fortunate, and so I don't get all bent out of shape about my taxes' going to welfare programs, such as Medicaid. Though I no longer participate in organized religion (a disaffection that came to a head during the Bush administration, as I witnessed church leaders and their congregations hurrahing torture and a war based on lies), I still believe in the ethic to care for those who cannot care for themselves, and I think government (which means US--corporations, whose wealth depends upon a stable government, and citizens) has a moral obligation to help those in need. One of my grandmothers spent her last years in a nursing home, her care supported by Medicaid. Mitt Romney and Paul Ryan would gut Medicaid. [See Kevin Drum's comments here: "The Romney-Ryan Plan to Obliterate Medicaid."] Medicaid is not just there for the very poor; it's available for the elderly who live middle-class lives and who find their life's savings destroyed by medical costs as they age. Mitt Romney's statement that the poor can always get medical care in the emergency room is bitterly out-of-touch. President Barack Obama's Affordable Care Act is a step in the right direction in providing healthcare for most Americans and in reducing costs of healthcare. Mitt Romney has promised to repeal what could use some tweaking, not destroying.
  •  I am dismayed by the increasing hostility toward science in the Republican Party. From climate change to contraception, Republicans have loudly and vociferously denied scientific research and the consensus of scientists. In the first presidential debate, Mitt Romney criticized over and over President Barack Obama's economic support of green energy, and his running mate, Paul Ryan,
    has consistently voted against government efforts to tackle climate change. Like many House Republicans, he has voted to block efforts by the EPA to regulate carbon-dioxide emissions. He approved an amendment that would bar the Department of Agriculture from studying how best to adapt to a warmer planet. Ryan voted to defund various climate-advisory positions within the White House. He also voted for an amendment, proposed by Rep. Judy Biggert (R-Ill.), to cut $50 million from funding for ARPA-E, which funds long-shot energy research and development. [Brad Plumer, on Ezra Klein's Wonkblog, 14 August 2012]
    I mean, really.... voting to bar studies and research to determine how we can adapt to a warmer planet? How short-sighted is that!?
  •  Barack Obama and Joe Biden are not perfect men or perfect leaders, but I am not going to vote for president of this country a man who made millions of dollars saddling companies with debt. You can do a song and dance about that choice of careers all you want, claim that it's all-American in its worship of profit for investors (while workers lose their jobs), but I can't admire it. I'll choose the community organizer, conciliator, post-post partisan, introverted lawyer and current president. Also, as his chameleon performance in the first presidential debate illustrates, Mitt Romney's real beliefs are tough to pin down. Romney governed as a moderate Republican in Massachusetts but became increasingly more conservative on the campaign trail, eschewing even his own Massachusetts healthcare plan. Then, in the debate, he suddenly became moderate again, walking back on claims he had made over and over in the previous months. His running mate? Paul Ryan's world view seems to have been too much influenced by Ayn Rand. And, really, is Paul Ryan vice-presidential material, a heartbeat away from the White House?
  •  I support environmental regulations; the Republican party would like to gut the Environmental Protection Agency. [See: David Roberts, "The Environment," in The Washington Monthly; Politico's "Mitt Romney Intensifies EPA Attacks"; and Think Progress' response to the Politico article, "Things Mainstream Reporters Can't Say: Mitt Romney is Lying about the Environmental Protection Agency".] Anyone who lived through the 1960s and 1970s (even I, who was only just old enough to vote in 1976) remembers the ecological damage that our country suffered--acid rain, polluted rivers, chemically-fogged skies, Love Canal, lead gasoline. The Environmental Protection Agency gives government a necessary tool to regulate pollution and to prepare for climate change (if we and our leaders only had the political will to do the latter).
  • I support marriage equality. Making it legal for adults of the same sex to marry neither threatens our democracy nor my own (34-year) heterosexual marriage, and it provides legal protection for gays and lesbians who want to raise families, to support one another financially, and to care for one another in sickness and health. Although there may be "a growing awareness among prominent Republicans that embracing marriage equality could broaden the party’s base and soften the party’s image in crucial ways," the leaders now on marriage equality are Democrats [Frank Bruni, "The G. O. P.'s Gay Trajectory," The New York Times, 9 June 2012].
  •  I believe that abortion should be legal and that the decision to have an abortion be a private matter between a woman, her medical provider, and her own conscience. The Republican Party's platform states that "the unborn child has a fundamental individual right to life which cannot be infringed" and that "the 14th Amendment’s protections apply to unborn children."  That strongly-worded statement pretty much turns over a pregnant woman's decision making to the federal government. There are no exceptions for rape, incest, or mother's medical condition. Imagine the consequences if such a view became law. 
  • I am mightily suspicious of the support of these guys and these guys of the Republican Party. What they expect to gain can only hurt the rest of us democratic, freedom-of-religion types.
  •  We had eight years of a disastrous Republican presidency under George W. Bush. Mitt Romney is proposing nothing substantially different from a Bush presidency.  His message contains the same warmongering, regulation cutting, tax cutting mantra that brought us two wars, a horrendous deficit, and a financial crisis that almost blew up the country. As my husband says, "Willard" is just W-2.

Monday, June 27, 2011

Protecting the Rich and Powerful

This morning, I read on Salon's website an article titled "The Rich Aren't Like You and Me," by Michael Winship. Winship describes how the rich are getting richer and richer and the poor, poorer and poorer. CEO pay and compensation continues to grow while workers' salaries stagnate. Of 438 companies analyzed:
[a]t 158 of the companies, more was paid to those in charge than was shelled out for outside audit fees. And 32 of them paid more in top salaries than they paid in corporate income taxes. The pay of 2591 executives was up 13.9 percent in 2010. Total, before taxes: $14.3 billion, almost equal to the GDP of Tajikistan, population: more than seven million.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (See also, here) was passed in 2010, in response to the financial crisis, but interested parties have been chipping away at its regulatory power. One of the requirements of the Dodd-Frank would have made transparent the difference between CEO compensation and worker compensation of publicly traded companies: "The Dodd-Frank Act requires publicly traded companies to disclose the median annual total compensation of all employees of the company, the annual total compensation of the CEO, and the ratio comparing those two numbers."

Some folks, however, think that gathering this information is just "too burdensome" for companies and that the money spent gathering that information would best be spent on hiring workers. (Really, how difficult would it be for a company to publish that information in its annual report?) So Rep. Nan Hayworth (R-NY) has sponsored a bill--which has passed in the Committee on Financial Services--to do away with this "burdensome" requirement. Companies, of course, have a vested interest in not making this kind of information easily available to the public--and their own workers. Nan Hayworth also has a vested interest. As Michael Winship points out, Nan Hayworth's official biography
cites 'reducing regulatory burdens on businesses' as one of her top priorities. Among her leading 2010 campaign contributors: leveraged buyout specialists Vestar Capital Partners, distressed debt investors Elliott Management and financial services giant Credit Suisse. Not to mention the anti-taxation Club for Growth.
Businesses, of course, are making profits once again in our stressed economy; workers, however, are not seeing their pay rise accordingly.

So I was curious to see who co-sponsored this bill to lift such a "burdensome" requirement, as outlined in H.R. 1062: Burdensome Data Collection Relief Act. Here are the names: Judy Biggert (R-IL), Francisco Canseco (R-TX), Bob Dold (R-IL), Scott Garrett (R-NJ), Michael Grimm (R-NY), Peter King (R-NY), Bill Posey (R-FL).

As Peter Whoriskey reports in his article in the Washington Post, "Business Group: Public Companies Shouldn't have to Compare CEO and Worker Pay":
The committee vote was largely along partisan lines: Twenty-nine Republicans and four Democrats supported repeal; 21 Democrats opposed it.
As income disparity grows in this country, it's interesting to see just who forms alliances to hide that disparity and to protect the rich.

And so it goes.

Additional information:
members of the Committee on Financial Services

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