Wednesday, September 01, 2010

Maloney Dismantled Glass-Steagall And Gave Us Great Recession

I read a reader comment at the New York Daily News that tells you all you need to know about Carolyn Maloney and the dismantling of the Glass-Steagall Act. That dismantling is what brought about the Great Recession, it is now widely believed in most intelligent circles. And this entire time Maloney has been telling the media and whoever else will listen that Reshma Saujani is the Wall Street's candidate.

In The News

New York Daily News: Reshma Saujani Launches New Anti-Carolyn Maloney Site: Updated:
Comment by Jonri: I live in the district. Way back when, I voted for Maloney when she ran against Bill Green. She won because of redistricting. The redistricting included Roosevelt Island, Astoria, LIC,etc.--areas which Green had not represented. Green carried the areas that had been part of his district. Maloney won because of Roosevelt Island and Queens. Since then, Maloney has ignored the rest of the district and catered to big money donors from the Upper East Side and from outside the district. I really chuckle when Maloney claims that she is in favor the small fry and anti the financial industry. Go back and check the record. Like a lot of people, I think the current economic mess, especially in New York, was caused by the dismantling of Glass-Steagall. That bill created lines of separation between banks and riskier investments. It was dismantled by the Gramm-Leach-Biley bill. Maloney not only voted in favor of the bill, she was one of the conferees. Yes, the bill had a few consumer protection clauses in it and that's what Maloney touts. But the whole subprime mortgage fiasco is in part the result of the gutting of Glass-Steagall and Maloney was an active participant in the gutting. Maloney was more than willing to do what the BANKS (not the securities firms) wanted her to do back then. And the result was a disaster. When the crisis hit, Congress didn't react quickly enough. And given her committee position, Maloney is responsible for that too. I've gotten invited to several Maloney events. The cheapest ticket to any of them was $1,000--out of my league. I saw Maloney at a community event a couple of months ago--the first time she's attended in over a decade. I tried to talk to her--a line formed. Maloney ignored all of us and talked to local elected officials--people she already knows. I gave up and left the line. Got about 2 feet when 2 of her campaign workers blocked my path and asked me to sign her petition. Of course, I said no--but now at least I knew why she bothered to attend this annual event after so many years of absence.
Our Town NY: Reshma Saujani: New Solutions To East Side Problems: a jobless recovery with no end in sight and politicians in Washington and Albany that are failing to act...... Public spaces like Ruppert Park may close, bus lines are being cut and bedbugs are a growing problem.......Right now, creating jobs must be our first priority ...... I’ve proposed a new 21st Century Jobs Corps to provide educational training grants to help unemployed Americans, like construction workers, find work in emerging sectors. I’ve also proposed a National Innovation Fund—a public-private partnership to invest seed money into start-up businesses in next-generation industries. I believe we should eliminate capital gains taxes on investments in micro-enterprises to empower entrepreneurs with innovative new business ideas. And I am calling for a $15,000 student loan credit for math, science or engineering college graduates who go to work for a clean-tech, biotech or high-tech start-up in New York for at least three years. We should also double the $2 billion in grants awarded to our entrepreneurs through the Small Business Innovation Research and Small Business Technology Transfer programs......... I will push for a national Tenants’ Bill of Rights to protect homeowners and oppose plans to privatize public housing...... The completion of the East Side Greenway must be a priority. I’m also concerned about the potential construction of a high-rise at the Ruppert Playground on 92nd Street........ The Second Avenue subway will ultimately be a positive addition to the community. But we need to engage the community throughout the building process. ...... New York is the greatest city in the world, but our politicians in Washington and Albany are failing to lead.

The Lo Down NY: Maloney/Saujani Quizzed On WNYC: The back-to-back interviews on WNYC last Friday will give you a pretty good idea what to expect during that midday radio-only encounter

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