Norm Coleman – "An Economic 9-11"In a conference call with reporters Senator Norm Coleman said "This is an economic 9-11."
Sen. Coleman said after meeting with Treasury Secretary Henry Paulsen and other treasury officials he is convinced that the impact of not acting will be devastating for ordinary citizens.
Senator Coleman said the bailout must have the following provisions it must limit executive pay, their must be accountability and he supports taxpayer equity in bailed out firms.
But Coleman opposes Franken's call for foreclosure relief in the form of a foreclosure moratorium and renegotiation of home loans.
Franken: NO To $700B Bailout ... UnlessFranken had a conference call this morning with Minnesota reporters outlining his call for more oversight, more help for homeowners and less compensation for executives. Here are the six provisions he says need to be part of the bailout before he could support it. The quotes are directly from a Franken press release.
1. No blank check. "Not one dime should go to this bailout without independent oversight, real accountability, and complete transparency."
2. Taxpayers get a stake. "If we're footing the bill for keeping these companies afloat, taxpayers should get an equity stake so that we can share in the benefits when and if they get back on their feet."
3. No golden parachutes. "In the public sector, there's no such thing as a golden parachute. And if we're going to sacrifice $2,000 for every Minnesota taxpayer to bail out these companies, these executives are going to learn about sacrifice, too. So, all excessive compensation, bonuses, and severance agreements are hereby cancelled."
4. Bring back oversight. "We need to restore the regulatory framework dismantled with George W. Bush in the White House and Norm Coleman in the Senate so that this doesn't happen again."
5. Help homeowners. "The foreclosure crisis caused this problem, and we still haven't taken the steps I've been proposing for months to address it. We have to freeze foreclosures and allow bankruptcy judges to re-set mortgages on primary residences."
6. Protect consumers. "I'm calling for a new Financial Products Safety Commission with similar duties and powers to the Consumer Product Safety Commission."
I talked to Independence Party candidate Dean Barkley who said the financial crisis is reason enough for all incumbents to be voted out of office. Senator Norm Coleman is expected to have a statement later this afternoon. I will keep you posted.
