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First, thank you to the Daily Kos community for bearing with us as we get this office up and running. My office will make sure our dialogue is two ways and my staff and I will read comments on our diaries carefully.

But today we need to talk about how outraged I am that another corporate titan has taken our money and is planning on outsourcing $400 million in work to India. Chase has over 7,500 employees in central Ohio and took $25 billion in taxpayer money through the bank bailout.

JP Morgan Chase or any other bank that received bailout funds should not be spending $400 million to stimulate the Indian economy when the America’s economy needs it more. We have plenty of out-of-work people in central Ohio that can do the jobs and need the jobs. Many of them are already trained in these jobs. I just do not know how many times the American people will tolerate this type of action by the same CEO’s they bailed out for bad decisions.

Read below for our full letter and the members of Congress that joined me in this fight.

March 17, 2009

Mr. Jamie Dimon
JP Morgan Chase Bank
2 Bowery
New York, NY 10013

Dear Mr. Dimon,

We are outraged by the potential actions of your company to outsource tens of thousands of U.S. jobs as well as your comments made to the United States Chamber of Commerce on Thursday. We would like to remind you that the taxpayers of the United States of America contributed $25 billion to your company to help stabilize our economy—not send jobs overseas.

Just yesterday you indicated that the "constant vilification of corporate America" by our public officials is what is hurting our country.  This pronouncement comes less than 72 hours after reports surfaced that your institution plans to spend nearly $400 million on outsourcing of jobs to India—an increase of 25 percent.  JP Morgan Chase is not a victim of constant vilification, but it will be viewed and criticized based on actions like this outsourcing policy.

651,000 Americans lost their jobs in February. 3.8 million Americans lost their jobs in the last 12 months. Every day an average of 21,000 men and women receive a pink slip and with it the fear of an uncertain economic future. How should these American workers, many of them your consumers, be expected to have hope for a better future when the very companies they contributed to through the Troubled Assets Relief Program outsource the jobs they desperately need?

In your testimony on Feb. 11, 2009 to the House Committee on Financial Services you said that you looked forward to working with the committee "to help find solutions to our current economic problems, to keep American families in their homes and to begin to restore confidence in our financial markets." There is no better way to make your words immediately ring hollow than taking actions to outsource thousands of jobs that Americans could perform.

In the coming days, we expect to hear more about your plans to invest $400 million in the workers of India and the impact your actions will have on communities across America including potential future layoffs.

One source from an article published in the Economic Times of India stated almost enthusiastically that "JP Morgan is one of the first banks in the U.S. to flesh out its outsourcing strategy ever since the banking meltdown..." This is one area where your institution should be ashamed of leading. Your actions will be watched—and possibly followed—by other institutions in the financial sector. Trends of this nature concern us and will be followed closely as well.  


Mary Jo Kilroy (OH), Barney Frank (MA), Loretta Sanchez (CA), Charlie Wilson(OH), Marcy Kaptur (OH), Betty Sutton (OH), Tom Perriello (VA), Joe Baca (CA), Diana Watson (CA), Peter Welch (VT), Charles Gonzalez (TX), Lynn Woolsey (CA), Al Green (TX), Luis Gutierrez (IL), Paul Hodes (NH), Tim Ryan (OH), Tim Bishop (NY), Paul Tonko (NY), Stephen Lynch (MA), Eric Massa (NY), Robert Brady (PA), Chellie Pingree (ME), Bobby Rush (IL), John Olver (MA), Chaka Fattah (PA), John Dingell (MI), Dennis Kucinich (OH), Rubén Hinojosa (TX), Jim McGovern (MA), Elijah Cummings (MD), Michael Michaud (ME), Emanuel Cleaver (MO), Linda Sánchez (CA), Christopher Carney (PA), Steve Rothman (NJ), Raul M. Grijalva (TX), Phil Hare (IL), Pete Stark (CA), Michael Capuano (MA), Dan Maffei (NY), Harry Teague (NM)

Originally posted to Congresswoman Mary Jo Kilroy on Tue Mar 17, 2009 at 10:48 AM PDT.

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Comment Preferences

  •  Not trying to jump your tip jar, but: (1+ / 0-)
    Recommended by:

    Forgive my ignorance, but are each of the signers of this letter a congressional representative?  If not, what are their job titles or reasons for signing?

    To say my fate is not tied to your fate is like saying, "Your end of the boat is sinking."--Hugh Downs

    by Dar Nirron on Tue Mar 17, 2009 at 10:52:30 AM PDT

  •  so instead of passing legislation (98+ / 0-)

    even though you are in the majority, you are going to go the "writing populist letters" route. Very courageous, taking a stand for American jobs without doing anything aobut it. That's why Congress is so beloeved I guess.

    Law is a light which in different countries attracts to it different species of blind insects. Nietzsche

    by Marcion on Tue Mar 17, 2009 at 10:56:28 AM PDT

  •  Great, thanks for posting the letter here. (37+ / 0-)

    What plans are there for changing the tax code to discourage this type of behavior?

    He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you. - Nietzsche

    by Anima on Tue Mar 17, 2009 at 10:57:08 AM PDT

  •  cut from the Chase (22+ / 0-)

    I have been thinking about doing it for awhile and did it today. I rolled over my company retirement account (I no longer work there, having been laid off) from JPMorgan Chase. I found a home for it in a local bank temporarily.

    Dream, that's the thing to do (Johnny Mercer)

    by plankbob on Tue Mar 17, 2009 at 10:58:36 AM PDT

  •  As long as the corporatist system (47+ / 0-)

    rewards actions such as those Chase intends to undertake, moralistic scolding will not make a difference.

    As long as we pretend that the problems are individual - that better people will solve our problems - without addressing the systemic factors that encourage actions like outsourcing and discourage actions like social responsibility - we will accomplish only one thing, and that is to whip up the populace to benefit populist politician's careers.

    Chase is acting according to the best interests of its corporate mission, which has absolutely nothing to do with the interests of America.

    That needs to change. When it is profitable and advantageous for a corporation to align itself with national needs, it will do so.

    The only alternative is authoritarianism, and none of us want that.

    We need to reform capitalism so that it serves the short, mid- and long-term needs of The People.

    One day posterity will remember, this strange era, these strange times, when ordinary common honesty was called courage. -- Yevgeny Yevtushenko

    by RandomActsOfReason on Tue Mar 17, 2009 at 10:59:31 AM PDT

    •  Now you're talking (3+ / 0-)
      Recommended by:
      MeToo, viscerality, puffmeister

      like your name suggests. Perhaps you haven't been reading your Atlas Shrugged.

      Anyhow, totally agree. Question: do you think the American public is ready to go along with big systemic changes in the face of an onslaught of "socialist," "communist," "anti-American" rhetoric and eventual outright threats of violence? When do we reach the tipping point? Are we there?

      He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you. - Nietzsche

      by Anima on Tue Mar 17, 2009 at 11:08:13 AM PDT

      [ Parent ]

      •  Why the need to preface your response (0+ / 0-)

        with personal insults, or at least attempts to frame the person you are responding to in a pejorative way?

        Is this your idea of a moral high ground?

        Your question is interesting, but I've lost all interest in responding. I'm tired of indulging people who can't simply focus on substance.

        One day posterity will remember, this strange era, these strange times, when ordinary common honesty was called courage. -- Yevgeny Yevtushenko

        by RandomActsOfReason on Tue Mar 17, 2009 at 11:11:59 AM PDT

        [ Parent ]

        •  Dude (6+ / 0-)

          I was being serious. Calm down. You honestly thought I was trying to be insulting? Goes to show you how tone can be interpreted on the internet.

          He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you. - Nietzsche

          by Anima on Tue Mar 17, 2009 at 11:16:28 AM PDT

          [ Parent ]

          •  Not tone, content (0+ / 0-)

            "Now you're talking like your name suggests" implies that previously I was being irrational. In conjunction with "perhaps you haven't been reading your Atlas Shrugged", it is hard not to reach the conclusion that you were attempting to frame me as a Randian zealot.

            If that was not your intent, then rather than telling me to calm down, perhaps you should consider whether your comment would not have been more useful if you had omitted the first part, and just asked the substantive questions?

            One day posterity will remember, this strange era, these strange times, when ordinary common honesty was called courage. -- Yevgeny Yevtushenko

            by RandomActsOfReason on Tue Mar 17, 2009 at 11:42:44 AM PDT

            [ Parent ]

            •  Given your response (3+ / 0-)
              Recommended by:
              MeToo, viscerality, sethtriggs

              I think my "calm down" is plenty appropriate. Apparently saying "Your comment is exactly aligned with your name, nice work!"

              is insulting to you. I guess the "now" threw you off. I guess I just begin sentences with "now" haphazardly. For that I apologize. I didn't think you'd be coming over my attempted compliment so closely, word-by-word.

              The Atlas Shrugged comment was a joke. Meaning obviously you're too clever to be reading such trash.

              But you go on with your righteous self. Wouldn't want you to admit you overreacted.

              He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you. - Nietzsche

              by Anima on Tue Mar 17, 2009 at 11:54:50 AM PDT

              [ Parent ]

              •  Given your explanation, (0+ / 0-)

                I apologize.

                Your closing personal attacks in this comment, once again, were unwarranted.

                Perhaps you, too, need to consider how you interact here. We can all learn something new every day, it doesn't have to be about "winning" a contest of wills.

                One day posterity will remember, this strange era, these strange times, when ordinary common honesty was called courage. -- Yevgeny Yevtushenko

                by RandomActsOfReason on Tue Mar 17, 2009 at 12:58:26 PM PDT

                [ Parent ]

                •  Personal attack? (0+ / 0-)

                  You overreacted. Saying so isn't an attack.

                  And yes, I would categorize your comments as righteous. Fine if you want to call it an attack, but I disagree.

                  I'm not interested in "winning" anything, by the by. I was interested in joking around, complimenting you, and asking a question that would lead to more conversation.

                  If you PREFER not to have silly remarks made in comments, that's your deal. Not everyone's.

                  He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you. - Nietzsche

                  by Anima on Tue Mar 17, 2009 at 01:06:04 PM PDT

                  [ Parent ]

        •  I thought... (10+ / 0-)

          they meant it as a compliment: an act of reason, on your part. I could be wrong of course, just don't want to see your discussion buried by a misunderstanding.

          Rather than love, than money, than fame, give me truth. -Henry David Thoreau

          by viscerality on Tue Mar 17, 2009 at 11:17:12 AM PDT

          [ Parent ]

    •  Rec'd but Authoritarianism isn't the alternative (3+ / 0-)
      Recommended by:
      Chi, WobegonGal, Edgewater

      to Capitalism.  Socialism is.

      And we ought to stop using Socialism to bail out Capitalism.

      We need to stop using Socialism to privatize the profits and socialize the costs of corporations like Chase.

      If Congress and the President really gave a crap about keeping our money in America, they'd stop giving our money to multi-national corporations, and just use the money to create jobs here.

    •  What form should this reform take specifically? (0+ / 0-)

      Not an economist. Thanks

      •  Explore Fourth Sector organizations (0+ / 0-)

        aka "for-benefits", as one possible option.

        In general (and I'm not an economist either), it seems to me that the common sense guide should be to align business interests, personal executive interests, and local and national interests, rather than have then continuously at odds.

        The details we can leave up to the economists, but the guiding light should be to create enterprises that align with the greater good.

        As I've written in the past, Doing Well and Doing Good should not have to be contradictory paths in business.

        One day posterity will remember, this strange era, these strange times, when ordinary common honesty was called courage. -- Yevgeny Yevtushenko

        by RandomActsOfReason on Tue Mar 17, 2009 at 08:42:05 PM PDT

        [ Parent ]

  •  Thank you! (3+ / 0-)
    Recommended by:
    TomP, divineorder, notrouble

    "All that is necessary for the triumph of evil is that good men do nothing." (Edmund Burke)

    by resa on Tue Mar 17, 2009 at 11:01:15 AM PDT

  •  Thank you Congresswoman (32+ / 0-)

    but unlike us, you are actually in a position to do something about this rather than getting folks to light up the phones.

    Make the headlines, today's your chance.

  •  Ummm. (19+ / 0-)


    So how exactly are you going to stop them?

    Mark Twain -Let me make the superstitions of a nation and I care not who makes its laws or its songs either.

    by Kingsmeg on Tue Mar 17, 2009 at 11:05:25 AM PDT

  •  Chase is my loan servicer (28+ / 0-)

    I live here in Michigan and my home has seen a sharp drop in value.  I have a job and fixed rate loans however, I am deeply dissappointed at the run around I get from Chase as I've tried to re-finance my current loan.  I went in person and talked to a loan servicer who stated that the full details of the president's plan won't be available till mid-April.  But she did offer me to refinance for $2000 with $700 up front, a rate of 5.125% all to save $150 a month.  Yeah, ok.  I've been paying for 4 years, close to $70,000 in interest payments and they want to reset me to 30 years to save $150.  Oh and how can I forget that I'd be required to buy PMI now because I'd be less than 20% down, so actually I'd have a HIGHER payment than before.  

    She was a nice lady, but the message was clear F#$% You, pay me.  The 20% I put down is gone for now, close to $80,000.  Luckily I'm still employed but my company cut our pay 5%.  We've been riding it hard for going on three years now here in Michigan.  But what is most outrageous is that alot of loans started blowing up bad in late 2005 and heavy in 2006 here in Michigan.  But the predatory lending continued and continued unabated, well into 2007.  That is the most tragic part of this situation, even as foreclosures were spiking hard throughout the country in 2007.  The crazy lending terms continued. Until August 2007, it was only then when the banks stopped lending to each did it dawn on them on how badly they had truly F#$%ed up.  SAD.  The signs were all there for almost two years.  If you ask me, legalized bank robbery, except the taxpayers were the bank.

    Boycott Alabama to protest Richard Shelby's slanders against the workers of Michigan and the midwest.

    by gaspare on Tue Mar 17, 2009 at 11:05:35 AM PDT

    •  Maybe (5+ / 0-)

      a local bank would help you.  It may be worth a try.

      Bush's presidency is now inextricably yoked to the policies of aggression and subjugation. Mike Whitney

      by dfarrah on Tue Mar 17, 2009 at 11:11:53 AM PDT

      [ Parent ]

    •  Mass layoffs started in 2007 as well (3+ / 0-)
      Recommended by:
      PAbluestater, goodasgold, divineorder

      but the people who weren't laid off didn't really notice any problems. More jobs went away in 2008, lots of those laid off in 2007 still can't get work, and now the mortgage bubble has popped. It's 2009 and the jobs are still hemorrhaging every month.

      And as the years go on, and more jobs are outsourced, more mass layoffs will occur, and more economic trouble will happen. Wait until all the credit cards start going into default. I wonder if people will finally get angry then.

      I'm sorry for all the other people who have also lost their jobs, but I'm glad someone finally noticed there was a distinct problem caused by the lack of JOBS in this country.

      Now, Congress needs to get off its collective butt and DO SOMETHING about it.

      "The difference between the right word and the almost-right word is like the difference between lightning and the lightning bug." -- Mark Twain

      by Brooke In Seattle on Tue Mar 17, 2009 at 12:21:59 PM PDT

      [ Parent ]

    •  It was being willfully ignored (3+ / 0-)
      Recommended by:
      gaspare, WSComn, addisnana

      by Republicans, just like they were ignoring all the other economic ill winds blowing in places like Michigan and here in Ohio. Remember McCain in September saying the economy was sound, Bush denying there was a recession? Here in Cleveland, our county treasurer was osunding the foreclosure alarm back in the early 90s. And several cities, including Cleveland, passed regulations on mortgage brokers which our Republican-dominated state legislature preempted and overturned. Then when the problem had become a tsunami and destroyed entire cities, they finally got around to passing something. Oops.

      Rob Portman: He sent your job to China.

      by anastasia p on Tue Mar 17, 2009 at 03:08:12 PM PDT

      [ Parent ]

  •  Chase already has the worst customer service... (13+ / 0-)

    ...I have ever encountered.  I'm sure more outsourcing to India will help to assure that I receive the personal care Chase is already famious for.

    •  And Panama. (0+ / 0-)

      Try explaining to two different Panamanian guys about my taxes- and all the time I'm thinking they earn in a year what I'm paying in property taxes. Chase in a word sucks.

      There is no honor in Chase bank.

      I'm glad I got out from under their reign of cash terror on our mortgage. ING is much better.

      The day is coming when a single carrot, freshly observed, will set off a revolution. Paul Cezanne

      by MeToo on Tue Mar 17, 2009 at 01:06:17 PM PDT

      [ Parent ]

    •  My credit card(s) were transferred to chase (2+ / 0-)
      Recommended by:
      goodasgold, divineorder

      from WaMu.  They took away all of my benefits (including my beloved free credit score monitoring - sniffle) and told me to suck it or pay up in full.

      Paying up in full is not an option right now.  I look forward to the day when it is, because I will cancel my frickin' Chase card as soon as I can, credit score be damned.

      What we don't know keeps the contracts alive and movin. They don't gotta burn the books, they just remove em while arms warehouses fill as quick as the cells.

      by Black Leather Rain on Tue Mar 17, 2009 at 01:15:15 PM PDT

      [ Parent ]

  •  With all due respect... (44+ / 0-)

    the title of your diary is misleading.

    Chase will not take our money and run.

    I'm not sure a sternly written letter is going to do the trick. Perhaps it may be best if after you signed the letter you wrote legislation that cured this problem we have of giving funds to corporations without oversight or performance demands.

    Wonders are many, but none so wonderful as man.

    by Morgan Sandlin on Tue Mar 17, 2009 at 11:05:48 AM PDT

  •  Not to be a "Deputy Downer" (26+ / 0-)

    or anything, Congresswoman, but it sounds like they've already taken the money and run.

    Sigh.  But thanks for trying.  

    You know, if you keep a lead rope on the horse, you won't have to worry about closing the barn door after he's bolted.  

    Our promises are made in proportion to our hopes, but kept in proportion to our fears.-LaRouchefoucauld

    by luvsathoroughbred on Tue Mar 17, 2009 at 11:06:24 AM PDT

  •  asdf (15+ / 0-)


    I'm shocked to learn that "American" companies are shipping "American" jobs overseas! Shocked, I tell you!  Outraged even!  

    "You load 16 tons, what do you get? Another day older and deeper in debt." Tennessee Ernie Ford

    by Jbearlaw on Tue Mar 17, 2009 at 11:06:44 AM PDT

  •  Another strongly worded letter won't do it. (35+ / 0-)

    Where's the reregualtion?

    Where are the indictments for accounting fraud?

    Where is the help for small business?

    "It's the planet, stupid."

    by FishOutofWater on Tue Mar 17, 2009 at 11:06:46 AM PDT

    •  I'm sure Jamie Dimon's Exec Assistant (0+ / 0-)

      Will get a hell of a laugh over the tone of righteous indignation before the shredder has lunch.

      Now hear me, Congresswoman...(hear us all).  Letters like this are instruments for me to use, not you.  I have no law making power other than my single vote at the polls.  You, on the other hand, you are living in a different world than me.  You can do something about this, because you and your fellow congressional officals can enact protections for all Americans.  Protections more powerful and longer-lasting than a SWLOP (Sternly Worded Letter Of Protest).  You can write LAWS.  And you have a president who will most likely sign them into law without the threat of a 'signing statement' meant to ignore or destroy that which you're meaning to protect.

      I just don't understand why you guys are all running so freaking scared.  What's the matter with you all?  Screw writing letters, damn it.  Let us write the letters and you get to work making a real difference.  That's why you were elected.  It's a brave new world inside the beltway, now, and you must come to the realization that Republicans are not going to spend the 111th congress in harmonious bliss with the Democratic party.  So you must let them go by the wayside.  And like a child in a temper tantrum, they should be ignored until they come to their senses, stop the crying and prove they deserve to eat at the grownups table once more.  Why does this concept scare Democrats in congress so much?  But you feel you need to make a bipartisan agreement with the right?  No problem. Screw trying to appease congressional Republicans and instead, connect directly with conservative voters in their districts.  Go to them, not their so called leaders.  Make your case to them.  Get their cooperation and consent, if you can.  A reasonably stated effort may be better received by some over the doom and gloom fear mongering of their Radical Right masters.  It's worth a try.  After all, they helped get Obama elected, and probably you, too.

      Don't write letters, write the bills that will help all Americans, ignore the whines of the failed leader-less-ship on the right and get us all moving forward again.  (And for God's sake, stop thinking that writing a stern letter will help your position with us.  It won't.)

      BTW...welcome to the KOS.  Read through all the comments, like you said you would, and just got off light.  Reason?  Personally, I think you want to help.  I think you want to do some good.  I appreciate that and understand it takes time.  We all do.  But we also know that we are running out of time.  The beginnings of change must come from all points, including congress, not just the Exec.  Take charge and don't be afraid.

      Thanks for writing.  Write again.

  •  Why doesn't Congress pass laws stopping this (38+ / 0-)

    instead of just writing Sternly Worded Letters all the time?

    I think these people pretty much just laugh at Sternly Worded Letters as they crumple them up and toss them into their gold-plated trashcans.

  •  These bastards are also spending our (21+ / 0-)

    tax bailout dollars to lobby against the Employee Free Choice Act.  I want my money back!

  •  I'm less interested in outrage (35+ / 0-)

    and more in enforcing sanctions against criminal conduct. These people stole an appreciable portion of US GDP output. For example, Mr. Madoff stole $50-$60 Billion across the life of his scam, which works out to about .3% US GDP for an entire year. I don't just want to see him in jail after a plea bargain, I want to see every person involved in that "financial services company" investigated and charged if criminal conduct is found. I want to see all his family's ill-gotten gains disgorged.

    Every person who committed this fraud should go to jail. Even if that means the total annihilation of Wall Street. We'd all be better off on Main Street, since it's clear Wall Street has declared war on US citizens.

    Finally, please stop calling me a "consumer". I am a citizen and I vote. Act to defend your constituents or prepare to get voted out of office - by members of your own party.


  •  Ask Chase re usury, bait& switch letters (20+ / 0-)

    I am paying enormous interest and have twice gotten their bait and switch letters when I've fallen behind.

    Her letters couch seemingly great offers in carefully qualified disclaimers - so they are really offering nothing. The letters purport to offer

    reduced interest rates, to
    eliminate late fees, and
    eliminate overlimit fees

    I called to see if they were honestly offering to reduce my interest rate. I asked point blank to get a lower interest rate, which is currently almost 22 percent.

    I was refused point blank. [After 45 minutes on hold, being transferred three times, disconnected, having to call back, being transferred three times -- The transfers back and forth between departments were purportedly because - having just paid my bill, I was apparently no longer eligible.]

    Even when finally getting to the department that claims it generated these letters, I learned that a lowered interest rate was not on the table

    The person on the phone pointed out Chase's use of the hedge word "may."  

    In each payment of $38 dollars, 37 plus change goes to interest - only pennies goes to principle. I linked my difficulty paying to the inability to get my principle down - sue to this exorbitant interest eating up all but pennies of my payments.

    I asked to be paying 34 dollars per month with $10 towards principal.

    This was refused. Merely in order to lower my monthly payment from $38 to $34 [with no offer as to lowered interest], I was told to supply answers a set of questions requiring every other bill and payment and income of everyone in our house - documentation about nine pages long.

    They have no shame and although I am not in your state I would be happy to provide this most recent bait & switch letter for your staff to peruse and would be happy to be quoted in any questions you send to this company.

    We will restore science to its rightful place....We will harness the sun and the winds and the soil .... All this we can do. And all this we will do.

    by puffmeister on Tue Mar 17, 2009 at 11:11:06 AM PDT

    •  Give the letter to (2+ / 0-)
      Recommended by:
      PAbluestater, goodasgold

      your state rep as well.  Some of them do care about consumers.

      Bush's presidency is now inextricably yoked to the policies of aggression and subjugation. Mike Whitney

      by dfarrah on Tue Mar 17, 2009 at 11:14:03 AM PDT

      [ Parent ]

      •  My Congressnl rep is a republican (4+ / 0-)

        I ignore him. He is useless, tho just beat out Linda Stender.

        It's not that much money, but assuming Chase pulls this with everyone - they are using BS tactics to continue to profit through usury.

        The problem is much bigger - commerce clause federal preemption over state police-power-based ability to protect consumer interest rates is the culprit - and reached a high point during the Bush admin, when even the OCC got into the act of asserting preemption - for the first time in history - over the objections over the state banking executives from nearly all 50 states.

        Most recent Harpers tags this issue of usury precisely.

        We will restore science to its rightful place....We will harness the sun and the winds and the soil .... All this we can do. And all this we will do.

        by puffmeister on Tue Mar 17, 2009 at 11:26:12 AM PDT

        [ Parent ]

  •  I actually believe the corporate and financial (15+ / 0-)

    communities are in cahoots to make the situation as difficult as possible for President Obama. Their goal is to ensure that he is a one term President so that their enablers (Republicans) can regain the White House and the Congress and the good times (for them) can roll on.

    The corporate/financial community is thumbing its nose at us, in effect saying Ok you got your President, but we are still in charge.

    Republican economic policies have brought us to this point. Their opinions have no value going forward.

    by Blogvirgin on Tue Mar 17, 2009 at 11:11:36 AM PDT

    •  100% correct (5+ / 0-)

      that is what all the corporate financed tea parties are all about.

      Wait until bigger legislation comes up (EFCA, Health Care, etc . . )then you are really gonna see the feces hit the rotating temperature regulating device.

      "We drink liberally, they prefer a weak tea ..." quoted from ZappoDave

      by MinistryOfTruth on Tue Mar 17, 2009 at 11:37:56 AM PDT

      [ Parent ]

    •  I begin to think the Democratic Congress (19+ / 0-)

      and President Obama are conspiring to ensure President Obama doesn't see reelection.

      I truly think they just don't get it... People are pissed. They're losing their homes, they can't feed their families, or take their kids to the doctor.

      This isn't a goddamned political game, and an endless stream of sternly worded letters, or outraged press releases aren't going to cut it anymore... It's the same bullshit we've seen out them since 2006, always with the promise that if only we donate more, if only we knock more doors, and make more phone calls for the next election... Only THEN can they finally do something.

      It's always, Always, ALWAYS on us... Always our failing that they can't or won't do the goddamned job we elected them to do.

      Always us that has to give, give, give, and then give some more on the promise that if only WE sacrifice enough, if only we are endlessly understanding, and patient enough; someday we may finally reach that mythical threshold where they can finally do something, and then, and only then will they finally act.

      I hear their empty murmurings expressing their understanding and deepest sympathy for our plight... and it's the same thing we've all heard for years.

      I think that's what they just don't get... This shit has been going on for years, and we've heard their empty words and unfulfilled promises for just as long; yet things just keep getting worse and worse for us, with no end in sight.

      They don't have much credibility left, and the more sternly worded letters pile up with little or no action to back them up... The less credibility they have.

      Things are bad. Worse than I've ever seen in my entire life, and people are frustrated and angry... Angrier than I've ever seen in my entire life.

      They need to act to win back the public's trust, because I worry if they wait too long that things will get very, very ugly. Uglier than they already are.    

      "It is through disobedience that progress has been made, through disobedience and through rebellion." Oscar Wilde, 1891

      by MichiganGirl on Tue Mar 17, 2009 at 11:39:01 AM PDT

      [ Parent ]

      •  Well said MichiganGirl ! (6+ / 0-)

        I feel exactly the same. We have had quite enough of the smoke being blown up our asses.

        Obama and Pie. Can America ask for anything more ? I think not.

        by KozmoD on Tue Mar 17, 2009 at 11:46:52 AM PDT

        [ Parent ]

      •  Well, IT IS always, ALWAYS, on US!! (1+ / 0-)
        Recommended by:

        Not necessarily on us to contribute more or to knock on more doors, but just TO FIGURE IT OUT, FIRST.
        You second of course also have to re-think your relationship TO YOUR OWN congressman.  It is ON YOU TO PRIMARY him if this shit continues.

        The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

        by ge0rge on Tue Mar 17, 2009 at 11:57:15 AM PDT

        [ Parent ]

        •  Well since my Congressman is Pete Hoekstra, (1+ / 0-)
          Recommended by:

          I wouldn't necessarily say that I have a relationship with him.

          But essentially I agree with the point I think you were trying to make.

          There's always an never ending list of infinite reasons why our elected officials can't or won't do the jobs we elected them to do.

          I've come to the point where I no longer believe it was our fault for not doing this, or not delivering that... It just reaches a point where their lack of performance is on them, and then it's time for us to start looking for people that will do the job they were elected to do.

          I keep wondering how much do they think we'll take?

          How long do they think we'll put up with it?  

          "It is through disobedience that progress has been made, through disobedience and through rebellion." Oscar Wilde, 1891

          by MichiganGirl on Tue Mar 17, 2009 at 12:11:38 PM PDT

          [ Parent ]

      •  Did you truly expect a new President of a (2+ / 0-)
        Recommended by:
        WobegonGal, addisnana

        different party to be able to go into office and change everything in 58 days including weekends?

        The American electorate has been voting for Republicans primarily since 1980s. The problems we are experiencing now are the fruits of those votes. It has been possible, for those not distracted by race, or abortion or gay rights to see this situation coming.

        The problems we have, and the laws and regulations that allowed these problems to develop are entrenched and will take far longer than 58 days to resolve.  I would urge you to go to to read the accomplishments so far. No other President has accomplished so much in such a short period of time. Has the President and the Congress fixed everything in 58 days? No. Are they working on it? Yes. But if the American people in their gimme something quick and fast mentality choose to vote Republican in the 2010 elections, the fate of this country will be sealed and the corporations will continue toward their goals of having two classes in America, the wealthy and those who have nothing.

        Republican economic policies have brought us to this point. Their opinions have no value going forward.

        by Blogvirgin on Tue Mar 17, 2009 at 12:11:47 PM PDT

        [ Parent ]

  •  raise taxes on Companies that outsource jobs! (9+ / 0-)

    in this economy, with our tax money, how is this not illegal?

    This is how the free market works. Don't blame Chase (Well, yes, blame Chase, though they are not alone), blame this unrestrained supply side free market system that allows multi-national corporations to make low wage earners compete with other low wage earners for jobs around the world.

    We are in a race to the bottom, and America is winning(losing)

    Can't we do something from a legislative point of view?

    "We drink liberally, they prefer a weak tea ..." quoted from ZappoDave

    by MinistryOfTruth on Tue Mar 17, 2009 at 11:13:43 AM PDT

  •  Thanks to all the co-signers. (10+ / 0-)

    I can only wonder why so few Democrats have co-signed.  In adddition, the President's name belongs there.

    Will President Obama stand up for American workers and tell Chase "no"?

    "What we've seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed." -- Barack Obama

    by TomP on Tue Mar 17, 2009 at 11:15:23 AM PDT

  •  Good to see you here Congresswoman!!! (3+ / 0-)
    Recommended by:
    TomP, Clio2, gdwtch52

    But it looks like you have your (and OUR) work cut out for you.

    Bon Chance.

    Happy little moron, Lucky little man.
    I wish I was a moron, MY GOD, Perhaps I am!
    -Spike Milligan

    by polecat on Tue Mar 17, 2009 at 11:15:31 AM PDT

    •  Now if she would just stop writing stern (0+ / 0-)

      letters and get to work.  

      This diary is pretty much a non-starter from looking at the comments.

      "The time for justice is always right now!" - Samantha Booke, Wiley College debate team, 1935

      by Edgewater on Tue Mar 17, 2009 at 05:06:18 PM PDT

      [ Parent ]

  •  Well Done! (7+ / 0-)

    One idea... break the bail-out into chunks and the first time that companies spend it outsourcing, or giving mega-bonuses, or hosting golf tournaments or whatever, that's the last check they get from us, with the remainder going into a jobs program at home.

    How does that sound?  No reason to be outraged.  They want the gravy train, they get to be patriots.  They don't want to be patriots, there are lots of people in Ohio and Illinois and New Mexico who need that money more than some Indian Call Center.

    The Republican Party: the party of greed, hate, anger, fear, waste, death and destruction!

    by ultrageek on Tue Mar 17, 2009 at 11:15:49 AM PDT

  •  I still wonder who they think they will make (9+ / 0-)

    money from when they decimate the middle class of America?

    The middle class of China and India?

  •  Put your energy into... (15+ / 0-)

    legislation please.

    Time lost is always a disadvantage that is bound in some way to weaken him who loses it. -Clausewitz

    by Malachite on Tue Mar 17, 2009 at 11:18:57 AM PDT

  •  The word "outrage" is getting worn out. (9+ / 0-)

    Perhaps your friends here at Daily Kos can suggest some alternatives. I don't know about everyone else, but I'm way passed "outrage" at this point. And I'm lucky enought to still have a job.

    "It does not require many words to speak the truth." -- Chief Joseph, native American leader (1840-1904)

    by highfive on Tue Mar 17, 2009 at 11:19:27 AM PDT

  •  outrage on paper. (11+ / 0-)

    would really be nice to see our elected officials actually doing something that will make a difference for those of us financing the shenanigans of these corporate giants.

    outrage at AIG with our officials racing for airtime to get their vents in first. now this outrage on paper. what is next? sky writing?

    DO.SOMETHING. something that would actually produce tangible results - benefitting main street for once.

  •  Is this a joke? (19+ / 0-)

    This letter won't even make it past his secretary, straight to the shredder. You might want to try something that's legally binding...

    •  Of Course This Is A Joke (4+ / 0-)
      Recommended by:
      Chi, FishBiscuit, Dems 2008, Edgewater

      But the problem is, she's not the only one telling it.
      When somebody with a Harvard JD who has TAUGHT Con Law at UCh. says "we are exploring every legal avenue", Well, THAT IS A JOKE .
      They would already have some legal avenues by now, as well as some plans to force some contractual concessions, IF they were serious as OPPOSED to joking.

      The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

      by ge0rge on Tue Mar 17, 2009 at 11:55:54 AM PDT

      [ Parent ]

  •  No more unconditional taxpayer $$'s to... (3+ / 0-)

    major corporations.  IMHO, Congress made a huge mistake in passing TARP without very specific conditions regarding how the money was to be used, and without up front demands that American jobs would not be outsourced at the same time the company was receiving money from American taxpayers.  

    Why would Congress expect that major corporations who were on the verge of bankruptcy because of having made extremely poor business decisions, having been guilty of paying huge CEO salaries and bonuses, and having taken far too many risks with investor monies would suddenly develop a sense of ethics and morality?  How did Congress expect the very same leadership responsible for the condition of these failing corporations to properly utilize taxpayer dollars when there was no transparency, no oversight, and no accountability written into the legislation?

    It's much harder to correct a problem than to prevent it in the first place. Congresswoman Kilroy, please, please do all in your power to make sure your colleagues do not pass legislation allowing more taxpayer money to go corporations without ensuring that there are strict and binding conditions, and severe penalties for noncompliance.

    •  Dangerous constitutional territory (0+ / 0-)

      That's where we are aheaded if lawmakers pass retroactive laws.  The very people (Congress) who are "outraged" now are the people who voted to allow Treasury to give away money without conditions. Why is it shocking to these people that the companies did whatever they pleased with the money? I think most people would rise up if there was a retro-law passed that asked for the $600 check back from last year because we did not spend it on the right things, or because someone used it in a bar in Canada. I may not like what AIG, etc are doing, but I think it is even more outrageous if Congress passes a retroactive law or target taxes an activity that has already occurred. There are important rule of law principles that are about to be flushed down the drain. Congress should either do its Constitutional duty of attaching conditions to bailout money or don't give anymore bailout money (I prefer they do the latter).

      •  Except that AIG's not being entirely truthful... (1+ / 0-)
        Recommended by:

        about those bonuses,

        as explained by NY AG Cuomo:
        (emphasis mine)

        AIG's assertion that it had no choice but to make multi-million dollar bonus payments was undercut this afternoon by New York Attorney General Andrew Cuomo, who revealed new details about the now-infamous pay packages.

        In particular, Cuomo takes aim at AIG's rationale for distributing more than $160 million in retention payments to members of its Financial Products subsidiary...Though AIG has stressed that payments were essential to retain individuals at Financial Products vital to unwinding the subsidiary business, Cuomo notes that "numerous individuals who received large 'retention' bonuses are no longer at the firm."

        Something doesn't pass the smell test on this.  If I were a suspicious type person, I might be wondering why people in the Financial Products subsidiary were being paid so much money, despite their performance, and why they left the company despite being paid "retention bonuses"... (& maybe wondering what they knew and when they knew it).

        •  AIG's Cassano criminally charged... (0+ / 0-)

          In 2004 Cassano's Unit, AIG's Financial Products Unit, was criminally charged In 2004 with helping another firm, PNC Financial Services, to conceal certain assets from its books.

          "...That's the unit, of course, whose staffers just got $165 million in bonuses despite undertaking those credit default swaps that helped bring the company down. And it was under Cassano that those deals were made..."

          Josh also has more questions about Cassano & his Financial Products Unit:

          But here's an interesting little nugget I'd like to hear more about ...

          "...Company auditor Joseph St. Denis became concerned about the Financial Products unit, but Cassano barred him from checking.

          St. Denis later quoted Cassano as saying, "I have deliberately excluded you ... because I was concerned that you would pollute the process."

          Kept the auditor from reviewing the books? If that's even close to true, that's a real problem..."

          As Josh concluded:

          "I suspect we need to get this conversation out of Treasury and over to DOJ.


  •  Yet another sternly worded letter? LOL (6+ / 0-)

    Yeah, that will stop this trend where CRIMINAL CEOs take OUR money and spend it either on themselves or outside of America.

    Congresswoman, with all due respect, we are SICK and TIRED of letters and speeches and 'outrage'.

    We want real change. We want real results.

    Let us know when you deliver on these two... an a reminder, sternly worded letters are NOT results nor change.

  •  Time to retire our Chase credit card, (6+ / 0-)


  •  And the bill you're introducing to stop this is (19+ / 0-)

    HR ____ ?

    If Karl Rove can get a sweetheart testimonial deal by repeatedly and openly defying subpoenas from the chairman of the Judiciary Committee despite any number of sternly worded letters, what power should we imagine that you have over his true masters?

    [F]or too many, the cruelty of our system is part of its appeal. - eightlivesleft

    by oldjohnbrown on Tue Mar 17, 2009 at 11:26:01 AM PDT

  •  This letter is a start, but... (8+ / 0-)

    It is meaningless unless you propose actual legislation. We all know that companies are not going to change their actions based on a strongly worded letter. They only change their course of action based upon economic realities. Make it fiscally unwise for them to move off shore and they will not. Do not act to do so, and they will off-shore jobs even in the face of 1 million of these letters.

    So if you are serious, take action.


    Sheesh! Unless Rep. Kilroy has a plan to prevent JP Morgan's competitors from outsourcing IT work to India (presumably to cut costs), spare us the useless (and feigned) outrage. Putting JP Morgan at a competitive disadvantage jeopardizes the other 95% of their jobs that aren't being outsourced.

    Now, its fair to argue, as many have, that outsourcing doesn't save all the money. Fine. Make that case. But if the goal of the bailout was preserve these institutions and their jobs, stop asking them to make decisions that don't help them become more competitive.

    Yeah, I'd love to fire the banksers, but I also want this to work. If saving these institutions is important, let them make decisions that improve their chances of survival.

    Some Democrat with Cajones 2012!

    by crazymoloch on Tue Mar 17, 2009 at 11:28:53 AM PDT

    •  And here we have... (1+ / 0-)
      Recommended by:

      ...the only logical statement in this entire thread.

      Excellent work.

    •  THEY ARE A BUSINESS. Is this lost on some people? (3+ / 0-)

      They have no public mission. It sucks that our economy is dependent on these douches surviving, but life's tough in the big bad world.

      Some Democrat with Cajones 2012!

      by crazymoloch on Tue Mar 17, 2009 at 11:31:27 AM PDT

      [ Parent ]

    •  This "competitive advantage" argument IS BULLSHIT (4+ / 0-)
      Recommended by:
      Chi, maynard, jandrewmorrison, elwior

      Sheesh! Unless Rep. Kilroy has a plan to prevent JP Morgan's competitors from outsourcing IT work to India (presumably to cut costs), spare us the useless (and feigned) outrage. Putting JP Morgan at a competitive disadvantage jeopardizes the other 95% of their jobs that aren't being outsourced.

      NO, it doesn't.  NObody in  BANKING was going under or staying afloat purely on the basis of the labor-cost differential between India and here.
      The BIG things that ACTUALLY affected these banks' profitability were major trends LIKE what happened in the mortgage derivatives market, were the outcomes OF THE BETS that they are supposed to make!  THAT is their job!  Seeing how little they can pay their minions is NOT important COMPARED to that!

      If saving these institutions is important, let them make decisions that improve their chances of survival.

      Well, it's not.
      In the case of AIG, the issue is not so much "saving the institution" as it is preventing the cascade of deafults that would jeopardize EVERY institution.

      The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

      by ge0rge on Tue Mar 17, 2009 at 11:54:10 AM PDT

      [ Parent ]

    •  Just a small point (1+ / 0-)
      Recommended by:
      Brooke In Seattle

      but your sig translates "Some Democrat with drawers 2012." Should be "cojones." Unless of course you mean drawers, in which case, never mind.

      It does me no injury for my neighbor to say there are 20 gods or no god. It neither picks my pocket nor breaks my leg. -- Thomas Jefferson

      by AtlantaJan on Tue Mar 17, 2009 at 11:56:37 AM PDT

      [ Parent ]

  •  I went into a Chase bank recently and told them (4+ / 0-)

    now that they took 25 BILLION of taxpayer money it was time to turn the lights off at night.

    Blank looks all around.

    However, the bank manager did say that Dimon never stops looking for ways of saving money.

  •  Madam Congresswoman (9+ / 0-)

    I don't mean to tell you how to do your job, but the American people are done with letter writing.  You have found exactly the kind of behavior that is shaking our confidence in our economic system.

    This needs to be on the floor of congress yesterday.  If they won't let you write a bill, then you need to be on every media outlet letting Americans know that our government is funding Indian stimulus over American workers.

  •  Maybe they want to send a letter asking for (2+ / 0-)
    Recommended by:
    Odysseus, Dems 2008

    the 25 billion back. Pretty please should do it.

  •  too late, they already did. (4+ / 0-)
    Recommended by:
    Chi, FishBiscuit, jonnie rae, Edgewater

    instead of telling us how outraged you are, tell the people who did this!

    After all, you are the congress, we are just the people. We know you are supposed to be outraged, otherwise we will no longer vote for you.

    The next time all you co-signers are in front of a camera, or at a fund-raiser, or one the floor of the House, say something then, because right now honey you are just preaching to the choir.

    "We drink liberally, they prefer a weak tea ..." quoted from ZappoDave

    by MinistryOfTruth on Tue Mar 17, 2009 at 11:31:51 AM PDT

  •  Sadly (2+ / 0-)
    Recommended by:
    phonegery, maxzj05

    Our elite financial tycoons are gaming you, us, and everyone not deemed 'their people'.
    Tie any and all bailout monies to American job growth, reasonable exec compensation, and the ability to pay the money back in a timely manner. If they balk, save the lifeline for people who need it and will appreciate it.

  •  good luck Congressperson (1+ / 0-)
    Recommended by:

    I don't have a glimmer of hope that they'll listen to you, but good luck anyway.  Those people are arrogant beyond belief.

    A learning experience is one of those things that says, 'You know that thing you just did? Don't do that.' Douglas Adams

    by dougymi on Tue Mar 17, 2009 at 11:32:16 AM PDT

  •  Letters fail. (9+ / 0-)

    You can scold someone all you want to, it won't make a bit of difference.  The only way to stop them is to legislate them into compliance.  To me, this is really just fluff to placate the masses.

    Hypocrite: Someone who says black folk need to "get a damn job" and then complain when they have to work with them. (sadly a true story)

    by Mortus on Tue Mar 17, 2009 at 11:32:33 AM PDT

  •  Thank you (19+ / 0-)

    I'm glad you all are as angry as I am. To try and answer some questions:

    -Each signer is a member of Congress. We have members from lots of states and I will have my staff update all of their states if that will help.

    -I agree that we need to think of these things before we keep doling out money. That is why I voted against the 2nd TARP when the Senate dropped our safeguards in the House version.

    -Those of you having trouble with Chase's customer service...please call your representative! we can help.

    •  This is grandstanding b.s. (7+ / 0-)

      a) What is the goal of the bailout, Congresswoman?

      - I've been told we want these institutions to survive because they are important to our banking system.

      b) If offshoring SOME jobs makes it more likely that they will survive, isn't THAT in our long term interests?

      c) Do you have plan to save the jobs of bankers and traders who are also being fired?

      My previous point...

      Unless Rep. Kilroy has a plan to prevent JP Morgan's competitors from outsourcing IT work to India (presumably to cut costs), spare us the useless (and feigned) outrage. Putting JP Morgan at a competitive disadvantage jeopardizes the other 95% of their jobs that aren't being outsourced.

      Now, its fair to argue, as many have, that outsourcing doesn't save all the money. Fine. Make that case. But if the goal of the bailout was preserve these institutions and their jobs, stop asking them to make decisions that don't help them become more competitive.

      Yeah, I'd love to fire the banksers, but I also want this to work. If saving these institutions is important, let them make decisions that improve their chances of survival.

      Some Democrat with Cajones 2012!

      by crazymoloch on Tue Mar 17, 2009 at 11:37:18 AM PDT

      [ Parent ]

      •  This is ridiculous (4+ / 0-)

        The amount of money you can save on wages for whatever isbeing-outsourced PALES IN COMPARISON to what you gain or lose depending on how your investment decisions, your bets -- which are what you as a company ARE REALLY being paid for -- work out.
        The fact that these allegedly "American" banks are able to treat American workers so casually really has NOTHING to do with their "bottom line" or "competitive disadvantage".

        If saving these institutions is important, let them make decisions that improve their chances of survival.

        THIS is grandstanding Darwinian Malthusian CONSERVATIVE B.S.

        The wages being paid for the labor that is being outsourced are NOT significant COMPARED to the losses
        these companies (and we who are bailing them out) have
        been taking.

        The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

        by ge0rge on Tue Mar 17, 2009 at 11:51:06 AM PDT

        [ Parent ]

        •  I agree. (2+ / 0-)
          Recommended by:
          Sparhawk, James Kresnik

          I think its a debatable business decision.

          Now, its fair to argue, as many have, that outsourcing doesn't save all the money. Fine. Make that case.

          So apparently they are offshoring the jobs just to be dicks? They think it will save them money. They are probably wrong in this case, but their ONLY goal should be emerging from this crisis in a robust condition. Not loss-making altruism.

          Some Democrat with Cajones 2012!

          by crazymoloch on Tue Mar 17, 2009 at 11:59:09 AM PDT

          [ Parent ]

      •  This more diary highlights, more than anything, (6+ / 0-)

        .... why I hate Congress.

        We NEED to level with the American people about some harsh realities.

        1. The 'American Dream(TM),' as we sell it to people no longer exists. We're not going to have just one or two jobs that we can comfortably life off of and buy a nice house in the suburbs with a two-car garage. This mythical world doesn't exists. I'm an engineer on my third job and I'm only 29 years old. I've moved from Cleveland, OH to San Diego, CA because that's where the jobs are. I get that its hard to run for Congress and tell people that they need to prepare for a more volatile job market, but that's reality, cruel and simple.
        1. Poorer countries are educating their people to the point where they can compete with us in the information age. They aren't going to stop. They want to enjoy a rising standard of living, like most other people. Protecting jobs that someone else can do for less money (w/o exploitation) just kicks the can down the road. We need to instill in our collective minds that our careers need to lifelong learning experiences.

        Congresswoman, if you want to do something useful, SELL YOUR CONSTITUENTS ON UNIVERSAL HEALTHCARE. MAKE EDUCATION MORE AFFORDABLE.


        Some Democrat with Cajones 2012!

        by crazymoloch on Tue Mar 17, 2009 at 11:54:09 AM PDT

        [ Parent ]

    •  With all due respect (all of it)... (12+ / 0-) have the power of the purse and a vote. Gather your signers together and write a bill stopping the flow of Taxpayer money to other countries AND to those who bet on the failures of others and caused the entire economy to sink. "Anger" doesn't even begin to describe what we're feeling about the idiocy of all of this.

      39 Years Of Yellow-Dogging And Then 1 Year Of WTF

      by Larry Bailey on Tue Mar 17, 2009 at 11:38:28 AM PDT

      [ Parent ]

    •  Madam Congresswoman (16+ / 0-)

      I like to use a acronym FTFP (fix the fucking problem).  The American people do not need our representatives articulating our anger.  We are quite capable of that.  We need someone, who will put ink in front of legislatures that will FTFP.  I don't care if it happens in the state of Ohio legislature or if it is in the halls of congress.  Please do more then write a angry letter, and you will have our support.

      •  Comment of the Diary! ROFLMAO! (2+ / 0-)
        Recommended by:
        Sparhawk, Dr Teeth

        The American people do not need our representatives articulating our anger.  We are quite capable of that.

        I think maybe, just maybe, the Congresswoman will figure that out, if she actually reads the comments herein.  

        "You load 16 tons, what do you get? Another day older and deeper in debt." Tennessee Ernie Ford

        by Jbearlaw on Tue Mar 17, 2009 at 02:50:31 PM PDT

        [ Parent ]

    •  Letters are nice, Legislation is effective... (4+ / 0-)
      Recommended by:
      Larry Bailey, PAbluestater, Dr Teeth, sjr1

      Thank you for attempting to do something to stop Chase from outsourcing American jobs while receiving taxpayer dollars.

      But, letters of outrage, while a great means of venting anger, have no power of enforcement behind them.  Wisely crafted legislation, with explicit conditions and terms spelled out, as well as consequences for noncompliance, is the only effective tool in ensuring proper utilization of taxpayer monies by Corporations.  

      BTW, there are ways for the government to nullify contracts when their is "unconscionable" behavior. These types of legal remedies may be more effective than SWL's.  

      •  utility companies write the legislation (2+ / 0-)
        Recommended by:
        Larry Bailey, kurious

        regulating our utilities. Bankers write the legislation that regulates the banks.

        Maybe some smart people here on kos can write some legislation in defence of the common taxpayer for a sympathetic Congress person to present to Congress.

        They are obviously to busy writing Sternly Worded Letters to do it themselves.

    •  Thanks for stopping by, Cong. Kilroy ... but (11+ / 0-)

      You can see all the cynicism in the responses, many one liners. Please try to read through the anger to see what we're angry about. I will attempt a feeble although admittedly partial explanation, with apologies for my lengthy response. At least it reveals to some degree how outraged I am.

      We've watched famous political figures, national figures, commit crimes in our names and get away with it. Safeguards? Congressional action? Enforcement of subpoenas? What would happen to me if I refused a Congressional subpoena? Would that be OK?

      We have watched our (read that as my or my 87 year old mother in law's) money taken by companies as "necessary for retention" bonuses while the rest of us are or have lost our savings, our homes, our healthcare and our jobs. We are supposed to be satisfied with yet another SWL™, the umpteenth one we've see from Congress? And we're supposed to think something good is going to happen for those of us in the middle and lower classes?

      No, unfortunately. We don't. And I feel very badly for you and your district because, while you might be right that Chase won't "take our money and run," the fact is that they've already pocketed (not "taken") the money. They have already done it. They have already planned to remove those jobs, those critical jobs, from your district.

      Let's really parce those words. Chase has already "taken" the money. It's a done deal. Chase doesn't need to run. They don't even need to walk. They don't even need to show Congress or the taxpayers one iota of information regarding where the money has gone. They are under no requirement to keep jobs in this country.

      So, many/most of us on this site have worked tirelessly over the years to fight against torture, against the Iraq war, for health care, for economic stability, for equal rights. All that time, we've been called unpatriotic, treasonous, terrorist sympathizers, bong-water drinkers, likened to Nazi's and the KKK. Yet we persevered and have been the Democratic Party's best friend. We've "left nothing on the road." We've given tons of money to save our country amidst all the lawlessness of our leaders, to get Democrats elected. As a matter of fact, many of us donated money to you even though you are not our representative or even in our state. You were on the Progressive Patriots' list and I voted for you there too, as well as donated directly to your campaign.

      Now there are corporate bailouts that we have to pay for. But the rightous Congress tells the autoworkers they need to make financial concessions on a middle-class wage when their only crime was working for a backward thinking company. The Wall Street failures? Well, those people need bonuses so we can retain them so they can continue their well-compensated failures. Yet today's CNN news story reveals that 11 of those receiving AIG million dollar bonuses left!

      Your outrage is justified. Your state, particularly your district, will be hurt when Chase moves its jobs overseas. Those jobs will move because nobody, not Congress -- the only ones with the power to do so -- will stop stop them. However, it doesn't match the outrage that is out here where we see the results of economic suffering and injustice perpetrated -- and unfettered by nasty regulations and accountability -- by this past administration. And the unfettered free fall is being allowed to continue -- for the American taxpayer.

      A SWL™ won't do it for us. Too bad we haven't kept count of the number of those that rightously indignant Democrats have sent over the years and the results . . . oh, well, they were good letters at least.

      We want to see real stuff: legislation, investigations, requirements and accountability enforced for these corporate thieves. In other words, show us now!

      You can always count on Americans to do the right thing - after they've tried everything else. -- Sir Winston Churchill

      by bleeding heart on Tue Mar 17, 2009 at 12:26:58 PM PDT

      [ Parent ]

    •  India chose Boeing over Airbus in a $2.1 billion (2+ / 0-)
      Recommended by:
      CornSyrupAwareness, RepTracker
      arms deal.

      U.S. to sell record $2.1 billion arms sale to India

      WASHINGTON (Reuters) - President Barack Obama's administration has cleared a $2.1 billion sale to India of eight Boeing Co P-8I maritime patrol aircraft, the largest U.S. arms transfer to India to date.

      The State Department said in a March 12 notice to the U.S. Congress that it would license the direct commercial sale having factored in "political, military, economic, human rights and arms control considerations."

      The Indian navy was the first international customer for the P-8, a long-range maritime reconnaissance and anti-submarine warfare aircraft.

      Boeing says it can operate effectively over land or water while performing anti-submarine warfare; search and rescue; maritime interdiction; and long-range intelligence, surveillance, target acquisition and reconnaissance.

      India chose it over several rivals, including EADS Airbus A319, according to, an online aviation-trade publication.

      Consider the following: if you push the US towards protectionism against India, what if the Indians respond by switching to Airbus from Boeing/Lockheed-Martin, resulting in loss of $2 billion (and likely many more such deals in the future) and many American jobs that produce those products. This is an example of how myopic demagoguery against India may prove not to be in the best interests of the US. India is also going to buy nuclear fuel for civilian use from the US even though it could probably buy it from Russia if it wanted to.

      Obviously, if we go protectionist against India, they will likely return the favor. Let's keep in mind these facts:

      1. India has a 600 million strong middle class (the largest in the world, by far) which represents a huge market for the US as our economy tries to recover and chart a new course. For example, if Detroit starts producing highly fuel-efficient cars, wouldn't you want to see them sell those cars to the Indian middle/upper class customers? Do we really want to lose that big and important of an emerging market? Do you?

      2. India is an important force in Asia, and could prove invaluable partner for the US in maintaining power balance vis a vis China (consider the South China standoff, for example.)

      3. India is an open liberal democracy (unlike China, which unfortunately has a dictatorship that doesn't allow free access to what goes on inside their country.)

      In light of these, it's in the best interests of the US to build a stronger bilateral trade relationship with India instead of the opposite, i.e. distancing itself from India with unwise and short sighted protectionism.

      Finally, if you're going to insist on protectionism against India, the same should be extended to other foreign countries as well, in the interests of being equitable, which means that these companies like Chase should be prevented from buying any foreign goods or services (outsourcing is a form of trade where we're buying services). Otherwise, how can you justify singling out and demonizing India among all trading partners?

      •  Unfortunately our democracy (3+ / 0-)
        Recommended by:
        Sparhawk, Dems 2008, iceweasel

        has been slowly lobotomized.  Elected officials get traction in the same way they always have:

        1. Identify the other.
        1. Rally supporters to attack the other by voting for you.
        1. Loot the treasury while people are still scared of the other.

        Nobody teaches history or civics.  If you ask us to fill in a bubble, or choose pepsi or coke, we're well trained.

        Protectionism isn't the path most want to travel and I don't think that is the root cause of the outrage.  People are angry because they don't understand the full extent of the damage looming from CDS/CDO counterparty risk.  Any politician trying to explain that in a town hall will sound like a bank apologist and be run out on a rail.

        As long as the vast majority are unaware of macroeconomics, politicians will play to the ignorant.

        •  enlighten me (1+ / 0-)
          Recommended by:

          what is the percentage that the real median income has to drop in order for the US and European economies to realistically become global?

          if we can't accept change, things will never be the same again

          by le sequoit on Tue Mar 17, 2009 at 04:17:39 PM PDT

          [ Parent ]

          •  good question (1+ / 0-)
            Recommended by:

            I honestly have no idea.  My perspective on trade is of an individual agreement for mutual gain.  Subsidies do serve a purpose.  We want to grow a large domestic food supply for security reasons, therefore we subsidize farmers.  Absolute free trade is not something I believe in.

            In the case of iceweasel, he brought up a good point about India being a strategic trade partner, an emerging power of the 21st century.  Boeing is a major job provider in my home town of Seattle. Anytime Boeing books a major purchase, it makes the front page of our formerly 2 newspapers (RIP PI).

            My apologies if I was being negative.  Grandstanding after the fact, strongly worded letters, all have me down.

            One suggestion is to declare CDSs illegal and start again.  What we're doing is political as much as it is financial.  Many banks, including foreign sovereign wealth funds, hit the jackpot by betting against our housing market and now we're paying out via AIG.


    •  Fire Tim Geithner! (4+ / 0-)
      Recommended by:
      Sparhawk, nika7k, Dems 2008, prgsvmama26

      I know you can't do it yourself, but you could, say sponsor a Congressional Resolution of No-Freaking-Confidence in the architect of this whole disaster.  That might get his boss' attention before he really sees his numbers drop.

      I would strongly urge you to review Chris Bowers

      Tim Geithner/AIG Timeline.

      Priceless.  Putting this guy in charge of the Treasury is like setting the wolf to guard the wolves.  

      The AIG bonuses are Geithner's fault. Here is why:

      1.  September 16th, 2008: The Federal Reserve Bank of New York, then headed by Timothy Geithner, provides an $85 billion line of credit to AIG that gives the federal government a 79.9% stake in AIG:
      1.  March 13th, 2009: AIG announces additional employee bonuses valued at $165 million, "as part of a larger total payout reportedly valued at $450 million." Apparently, none of the three AIG bailouts to this point, all of which were engineered under Timothy Geithner's watch, contained restrictions on such bonuses.

      Just a sample for you.  

      "You load 16 tons, what do you get? Another day older and deeper in debt." Tennessee Ernie Ford

      by Jbearlaw on Tue Mar 17, 2009 at 03:02:01 PM PDT

      [ Parent ]

    •  Hmmm - do you think your letter will make it (0+ / 0-)

      through the two mile protest exclusion zone these people like to have?

      Representatives of international financial institutions, private banks and other experts met at the WTO, 12 November 2008, to analyze the shortage of credit to finance trade and discuss possible measures to address the problem.

      Meeting of experts at the WTO 12 November 2008

      In total, 30 people representing 19 international and regional financing institutions, private banks, credit insurance agencies and the WTO Secretariat participated at the meeting.

      Participants at the November 12 meeting:

      ...Private Banks

      Global Trade Department, ING
      Global Trade Transactions, HSBC
      Global Trade Services, JP Morgan Chase
      Global Trade and Chain Supply Financing, Citigroup
      Global Trade Services, Commercerzbank, Frankfurt
      Global Trade Department, Royal Bank of Scotland
      Senior Management, Banco Nacional do Desenvolvimento Econômico e Social, (BNDES), Brazil

      Representatives of international financial institutions, private banks and other experts met at the WTO - 2008

      Global justice activists, environmentalists, union members, farmers, students, anti-capitalist activists and countless others helped shut down the World Trade Organization in Seattle in November of 1999. It was a defining moment for the movement against corporate globalization.


      One thing that’s happened is, since Seattle, because of Seattle’s success, you know, it’s very hard now to actually protest, have real dissent, because there’s two-mile exclusion zones.

      WTO: The whole world is watching

      "The time for justice is always right now!" - Samantha Booke, Wiley College debate team, 1935

      by Edgewater on Tue Mar 17, 2009 at 06:02:38 PM PDT

      [ Parent ]

  •  How about a business tax for stimulus banks? (0+ / 0-)

    Businesses that take stimulus money should be taxed $2 for every $1 they outsource.  

  •  Just what the Fuck is going on in this USofA? nt (1+ / 0-)
    Recommended by:
    Dr Teeth
  •  Chase is working hard to kill the recovery (6+ / 0-)

    Chase raised my interest rate on my card by 7%, no reason given, something about market conditions. That's fewer dollars that I have to spend.

    The bottom line is that they are sending jobs overseas and reducing consumer spending as we give them billions to bail them out from bad investment decisions motivated by greed.  Do you find a problem with this?

    I'd like to suggest that Congress insists that any bank taking public money be forced to lock their credit card rates back to September 2008.

  •  Why I'm outraged, I say ....." (1+ / 0-)
    Recommended by:
    Dr Teeth
  •  Good to see (0+ / 0-)

    both Maine's reps are signatories to this post.

    Obama's campaign just transformed from "Yes, we can" to "You're fuckin'-A right we did!"

    by Eddie in ME on Tue Mar 17, 2009 at 11:37:20 AM PDT

  •  How about some action on H-1B's??? (8+ / 0-)

    Cancel ALL H-1B's this year.. you have less than 2 weeks to do it.

    "Those are my principles, and if you don't like them... well, I have others." - G. Marx

    by Skeptical Bastard on Tue Mar 17, 2009 at 11:39:05 AM PDT

  •  Thanks, Congresswoman (7+ / 0-)

    Unemployment nationwide is 8%.

    There is NO reason for an American company to be outsourcing jobs to offshore centers.  None.


    Enough with the sternly worded letters, please.

  •  personally, I am TIRED of the leaders of ... (5+ / 0-)

    Corporate America whining about the "populist abuse of corporate America". Corporate America has been abusing the middle and working class of this country for 30+ years. Has it not occurred to these people that the American worker can not withstand this treatment anymore? It may very well be that the American economy can no longer withstand this treatment either. When is Congress going to wake up these realities? With all due respect Congresswoman, when is Congress going to stand up as a governing body take some much-needed action?

  •  Here's a thought (7+ / 0-)
    Instead of bailing these obviously inept businesses out, let them fail.  Let them go through the bankrupcy system (which is there for a reason).  Too big to fail?  Chop it up into smaller portions and sell it off to institutions that aren't making piss poor decisions.  I'm sick of seeing business as usual, both from these companies and our government.

    Hypocrite: Someone who says black folk need to "get a damn job" and then complain when they have to work with them. (sadly a true story)

    by Mortus on Tue Mar 17, 2009 at 11:41:24 AM PDT

  •  FWIW Please Rec this diary (0+ / 0-)

    There are several here gonna scroll soon, and IMO they are more important than stupid cat diaries.  Please help keep this in view for at least another hour or two (at least)!

  •  With all due respect: (6+ / 0-)

    These corporations are not going to do the right thing because it is the right thing.  They are going to maximize profits on a short term, market reactive basis; they will continue to put their own interests first.  Time and time again they have proven this to be their modus operandi, and they will not change until forced to do so.  The people making the decisions have proven with their continued bonuses, their lies, and their business decisions to be interested solely in themselves.

    Therefore, I would submit that since they won't do what is right on their own, and refuse to put the interests of our troubled nation before their own avarice and short term gains, that the time has come to remove the choice from their hands.   Government is supposed to be the counter balance in this equation, but it cannot function as such unless it actually stands up and preforms that duty.

    So, please – take the next step.

    Quick to judge, Quick to anger, Slow to understand; Ignorance and prejudice and fear walk hand in hand. -- Neil Peart

    by JRandomPoster on Tue Mar 17, 2009 at 11:41:38 AM PDT

  •  Excellent Sternly Worded Letter! (6+ / 0-)

    But... what will it accomplish?  

    :: Hopeful even still ::

    by Rick Aucoin on Tue Mar 17, 2009 at 11:42:41 AM PDT

  •  you and what army (5+ / 0-)

    will make sure CHASE doesn't take our money and run?

    Unfortunately, President Obama put the wrong person in charge of Treasury. He is not interested in accountability--he is taking care of the Wall Street people who have heaped praise on him for years.

    I appreciate your sentiments, but I see little chance of improvement until the president changes his economic team.

    Join the Iowa progressive community at Bleeding Heartland.

    by desmoinesdem on Tue Mar 17, 2009 at 11:44:21 AM PDT

  •  Legislate it. You have the power! (9+ / 0-)

    pre-emptive war · collective punishment · torture | 21st century values

    by The Dead Man on Tue Mar 17, 2009 at 11:44:25 AM PDT

  •  This is a paradox of nationalization (2+ / 0-)
    Recommended by:
    Sparhawk, theran

    When the government bails out a private company, with or without part ownership, people reasonably expect the company to behave "responsibly" in some moral-economy sense...which includes not outsourcing jobs.  But a public stake means that people also (and equally reasonably) expect to get their money back via a profitable company, and the simple truth is that corporate profitability and moral-economy thinking are usually at odds.

    In this particular case I would by all means side with profitability and dismiss the moral-economy argument, because our financial-services sector is too big.  If cutting it down to size means outsourcing jobs to India, then so be it.  A US society with so many people working in banking is just perverse.

    Al que no le guste el caldo, le dan dos tazas.

    by Rich in PA on Tue Mar 17, 2009 at 11:47:41 AM PDT

    •  No, they're not (0+ / 0-)

      the simple truth is that corporate profitability and moral-economy thinking are usually at odds.

      This is not even the issue in any case.
      Once the government is in charge, the company CAN'T fail, and more to the point, the government does not NEED for the company "to make a profit" in order to "get its money back".  It CONTROLS THE ENTIRE ASSETS of the company.  It can just sell them off if it wants to.
      The government has the power to DICTATE what sorts of behavior will vs. won't be profitable, at least domestically.

      The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

      by ge0rge on Tue Mar 17, 2009 at 12:08:45 PM PDT

      [ Parent ]

      •  Come again? (2+ / 0-)
        Recommended by:
        Sparhawk, CornSyrupAwareness

        and more to the point, the government does not NEED for the company "to make a profit" in order to "get its money back".  It CONTROLS THE ENTIRE ASSETS of the company.  It can just sell them off if it wants to.

        Dude, the assets are substantially worthless.  That's the problem.  Barring a rapid revaluation of those assets, which is especially unlikely since they were overvalued, the only basis for hoping for government to recoup its transfers to the financial sector is via operating profits.

        Al que no le guste el caldo, le dan dos tazas.

        by Rich in PA on Tue Mar 17, 2009 at 01:27:56 PM PDT

        [ Parent ]

      •  Re (1+ / 0-)
        Recommended by:

        The government has the power to DICTATE what sorts of behavior will vs. won't be profitable, at least domestically.

        I can't believe that people actually believe this.

  •  Dimon will laugh at you unless... (10+ / 0-)

    you do the following:

    Amend the bankruptcy reforms of 2005 until they are back to what they were before 2005. This bill was th3e credit card companies wet dream. Lets make it a nightmare.

    1. Further, get through a bill allowing bankruptcy judges to do cram downs on all the crap mortgages they put out and no, the govt won't back them when it reaches that point. If they forced a person into it, they own it.  
    1. Introduce a bill establishing a national max rate for credit cards . Call it 4-7 pts above prime max.
    1. Take away the tax deduction for outsourcing work and reverse it. Look at it the same way as importing a product. Tack a nice size duty on it. Lose the tax deduction , add in the duty and suddenly you have taken all the profit out of outsourcing.
    1. Institute a permanent ban on lobbying for all financial institutions. Lets make this a criminal law. You may not be able to control some of your colleagues, but you sure can put them between a rock and hard place with this bill. Move fast while the wind is at your back on this one.
    1.  A bill should be put through either establishing a US bank with a 500 Billion in initial Capitalization. That way none of them will snicker they are too big to fail.
    1. Start rewarding good behavior. Buy common stock in well run backs with a private placement with paid in capital so they can bid on the bad assets of Chase when they file bankruptcy, and have the capital to expand or take over Chase's branches and it's employees. The US bank can take over the credit card portfolio and sell pieces of it to the good banks.
    1. Make all credit fefault swaps null and void that were purchased and paid out by diosnterested parties. Do a clawback on any funds paid out to anyone who gambled on failure. In Las Vegas, a dealer will never show you the hole card in Black Jack. With Credit default swaps the the hole card was wide open while they were betting. It's time for the US Govt to stop being a bookie that pays bad bookies books off.

    Here's what you get:

    You will save the United States of America by putting a floor on housing and on the stock market in the following manner.

    1. Imagine 500 banks or so leading us out of the destruction of the 401ks by booking cash profits. The stocks would rise 1000% percent or more. The taxpayers would finally get rewarded instead of punished.
    1. You will create a large supply of affordable housing and enough banks to make the loans to people who want to buy a house. Homes reoccupied means more property taxes for the cities and more jobs fixing them up.
    1. You will no longer be required to send one dime to these people who are literally laughing in your face. They will either fail or figure out a way to make it. Look at it as the end of corporate welfare.
    1. The US Govt will then be trusted again. You are losing the trust and faith of the American people by sending sternly worded letters with no follow-up. This needs to stop. Let your actions speak. Forget the words. We've heard it . Forget the outrage speeches. We've heard enough.

    Now is the time for action and change. Change that we can believe in. It's not Yes you can. It's Yes you will. This is a direct order by your employer.

    It's a long way to go , just to get to back to when it was bad.

    by Dburn on Tue Mar 17, 2009 at 11:48:51 AM PDT

  •  stop writing letters and start inacting (3+ / 0-)
    Recommended by:
    Chi, LeftofArizona, PAbluestater


    To sin by silence when they should protest makes cowards of men~~ Abraham Lincoln

    by Tanya on Tue Mar 17, 2009 at 11:49:33 AM PDT

  •  Congresswoman Kilroy, (8+ / 0-)

    I truly hope that something will be done about this unrepentant and unabashedly unrepentant elitism.  

    Some of us in this country are struggling with diseases and disorders that we'll never be able to afford treatment for even under President Obama's vision of heathcare.  Yet, those of us who are raising our voices for single payer national healthcare are being told it's impossible.  If our country can afford to bailout all these institutions to the tune of billions and billions of dollars and excuse their wanton arrogance at dispensing bonuses to their upper tier and raising raising credit card interest across the board (even for those with excellent credit who pay in full and on time), I hope those of us without healthcare are shown understanding when our outrage shows.  These institutions get a free pass for their bad behavior and poor choices, yet penalize their clients for doing nothing wrong in many cases.  How is this allowable?  And is it fair?  Yes, I know - what in this life is fair?

    AIG has just hired security in fear of the public outcry over their shenanigans.  They should all be ashamed and so should whoever in the governenment who allowed this to happen.  You see, everything seems to look very pretty on paper, but seeing it in action is sometimes nauseating in that so many innocents "fall through the cracks" and the upper crust walks away unscathed.  Such seems to be the way of the world or at least of this country.

    With all do respect, who do we see about this when it seems even the people who make policy's hands are tied?

    "Ancora Imparo." ("I am still learning.") - Michelangelo, Age 87

    by Dreaming of Better Days on Tue Mar 17, 2009 at 11:49:36 AM PDT

    •  What a joke. (8+ / 0-)

      A tidal wave of public outrage over bonus payments swamped American International Group yesterday. Hired guards stood watch outside the suburban Connecticut offices of AIG Financial Products, the division whose exotic derivatives brought the insurance giant to the brink of collapse last year. Inside, death threats and angry letters flooded e-mail inboxes. Irate callers lit up the phone lines. Senior managers submitted their resignations. Some employees didn't show up at all.

      "It's a mob effect," one senior executive said. "It's putting people's lives in danger." Washington Post Tuesday, March 17

      I hate to tell them but they haven't seen what a mob effect looks like. Have they ever opened a history book?

    •  Jobs. When are the jobs coming back to the US? (9+ / 0-)

      Then when are laws going to be enacted to controll the financial greed and corruption that has been legalized in our system.  

      Our representatives in DC are not yet listening to us.  What I want is called socialistic -- single payer national health care, more money for public education, increase social security monthly benefit to an amount that covers more than 39% of previous income.  Oh, and get those socialized troops out of Ifaq and Afgnanistan.

      I am done with writing letters.  We have not been listened to yet, even by Democrats. the elites...actually believe that society can be destroyed by anyone except those who lead them? - John Ralston Saul -

      by Silverbird on Tue Mar 17, 2009 at 11:58:31 AM PDT

      [ Parent ]

      •  Your voice is drowned out (5+ / 0-)

        by the reverse hush money paid to our reps NOT to listen to those they nominally represent.

        On top of everything else, they are using our tax money now to bribe give contributions to these wastrels we laughingly call "our representatives".

        "Much law, but little justice": Proverb

        by Dave925 on Tue Mar 17, 2009 at 12:56:33 PM PDT

        [ Parent ]

        •  Yep. (2+ / 0-)
          Recommended by:
          Dave925, Dreaming of Better Days

          Now I think I may join Code Pink or do something that constantly makes fun of their disrespect for us citizens.  I am tired of that gagging feeling in my throat when I think of what our leadership has done and continues to do to the citizens of this country.
          Now I'm looking for way to make them look as rediculous as I think they are.  (Once I thought a Tomatoe Brigade would be nice.  Instead of waiting until some future November or May to vote, one could attend political functions and, if in disagreement with the speach, just toss a tomato, clearly not a lethal weapon.)  

 the elites...actually believe that society can be destroyed by anyone except those who lead them? - John Ralston Saul -

          by Silverbird on Tue Mar 17, 2009 at 01:14:23 PM PDT

          [ Parent ]

  •  Well, I'm paying off my mortgage... (2+ / 0-)
    Recommended by:
    Dave925, PAbluestater

    which will be ~$60K less for Chase to play with...

  •  I might get killed for this but (2+ / 0-)
    Recommended by:
    JMcDonald, Limelite

    Forcing a company to not outsource actually might damage them quite a bit.  Chase has a bunch of work that needs to get done and they've budgeted $400 mil for it.  If we force them to keep this work in the US, they just wont be able to complete the same amount of work with that money. If it's work that is critical to operations, we've in effect created an additional pressure on their operating margin, which isn't good considering that this entire mess comes from bank's balance sheets being out of whack. I understand the intent, but if a business is acting in good faith and trying to run itself efficiently. We just can't force them to operate less efficiently.  Doing that wont get us out of this mess.

    •  then let them fail (6+ / 0-)

      too big to fail = too big to exist.

      I am not too big to fail, why not bail me out, or you?

      "We drink liberally, they prefer a weak tea ..." quoted from ZappoDave

      by MinistryOfTruth on Tue Mar 17, 2009 at 11:56:34 AM PDT

      [ Parent ]

    •  Great, outsource. Just give the 25 billion back. (6+ / 0-)
    •  What do you think "got us into this mess" (3+ / 0-)
      Recommended by:
      Chi, Wilberforce, Brooke In Seattle

      Some of this mess is a direct result of outsourcing.  

    •  $400 million IS CHUMP CHANGE, DUMBASS!! (6+ / 0-)

      I might get killed for this but

      No, the worst that can happen is that you could get an F in Basic Arithmetic .

      Forcing a company to not outsource actually might damage them quite a bit.  Chase has a bunch of work that needs to get done and they've budgeted $400 mil for it.  If we force them to keep this work in the US, they just wont be able to complete the same amount of work with that money.

      The amount of bailout money that this corp. is being offered is in the TENS OF BILLIONS !!  In THAT case, $400 Million
      is an amount THAT SIMPLY DOES NOT MATTER very much!
      The extra cost of keeping the jobs in the US is a SMALL price for THEM to pay IN ORDER TO GET the tens of billions!  As you have ALREADY been rebutted, "fine, outsource -- just give us the $25 billion back".

      If competing according to the Darwinian law of the marketplace is THAT important to them, THEN FINE, LET THEM COMPETE.

      To raise your grade from failing to passing,
      compute the percentage of $25 Billion that $400 million is.  Then compute whether that is a significant percentage of, well, anything.
      The discount the $400 million by noting that
      it would NOT necessarily cost them fully double
      (i.e. another $400M) to have kept the work here (they are already spending the $400M over there, but
      that doesn't make it fully clear how much they are SAVING or gaining by going over there instead of staying here).

      The road to hell has not YET been paved with Republicans, but it SHOULD be -- Corrected BumperSticker

      by ge0rge on Tue Mar 17, 2009 at 12:06:46 PM PDT

      [ Parent ]

    •  They can compete, they jut won't be able to make (3+ / 0-)
      Recommended by:
      Chi, Dave925, KozmoD

      as much money.  That may not be palatable to some, but the outrageous compensation of the banking elite (and other corporations) is not sustainable nor is it necessary.

      Almost all of the "growth" of our economy during the the Bush years was made from nothing. It was produced by creating credit default swaps, and abusing derivatives, etc. Yes, these were legal, but unethical to say the least.  

      Problem is, all these masters of the universe made untold millions or personal wealth.  Some may have lost half or more in recent months, but they are in no way hurting if they managed their money well.
      (I have zero sympathy for any of these assholes who lived as if it would never end and now are in trouble.) The only beneficiaries of this "growth" were the senior execs at these companies while the rest of the country and the world got the shaft.

      If regulating outsourcing makes some industries like banking less profitable, then so be it.  It will be up to us to bring back growth from actual production and innovation than from clever financial tricks.

    •  You're RIght (0+ / 0-)

      Also, it's a global economy.  Bank customers like to complain about the fees they pay (not liking to pay fees, I belong to a credit union).  Because of the labor costs differential in hiring oversees telecom operators, those fees are lower than they would be if American workers were hired.

      Unfortunately our choice is either griping about exorbitant fees (that would be millions of Chase customers) or griping about offshore employment's negative impact on American workers in Ohio.  That would be at least an order of magnitude fewer complaints.

      I imagine the financial industry has taken that into consideration.  For them there's a win choice, for Joe Average on Main Street it's a lose-lose proposition.

      "Give me but one firm spot to stand, and I will move the earth." -- Archimedes

      by Limelite on Tue Mar 17, 2009 at 03:12:00 PM PDT

      [ Parent ]

  •  States are updated (6+ / 0-)

    Hey everyone this is Paul from the Congresswoman's office. She is on her way to vote, but I wanted to make sure you saw the state's were updated.

    Keep posting ideas and I will be sure to show all the suggestions and comments to her. As a freshman we really appreciate your support.

    •  Where did you read "support" in most of... (9+ / 0-)

      ...these comments? What an odd thing to write amid this anger and outrage, Paul.

      39 Years Of Yellow-Dogging And Then 1 Year Of WTF

      by Larry Bailey on Tue Mar 17, 2009 at 12:25:03 PM PDT

      [ Parent ]

      •  I've gone through the whole thread after (3+ / 0-)
        Recommended by:
        Larry Bailey, nika7k, CanyonWren

        coming in pretty late.

        Reading what is posted here as support is laughable - or even worse - deluded.

        I hope Paul chooses to be honest with the Congresswoman about what he's read here even if he isn't honest with us - the vast majority of people who posted here are a lot more angry than they were before they read her "diary".

        They're angry because she obviously plans to do nothing and can't even be bothered to come here and explain why she chooses to take no action.

        "The time for justice is always right now!" - Samantha Booke, Wiley College debate team, 1935

        by Edgewater on Tue Mar 17, 2009 at 05:24:16 PM PDT

        [ Parent ]

    •  If you want to truly see support... (8+ / 0-)

      ... then take the next step and legislate.  The banks, the AIG type companies aren't going to do the right thing on their own; their actions have proven this time and time again.  They will outsource, they will move offices overseas to avoid taxes while enjoying the advantages of being an American company, they will continue to work against unions, they will cut benefits and wages for workers while paying out government sponsored bonuses.  They will not, and will never, do the right thing for the Nation; rather, until stopped, they will continue to loot everything they can, knowing that this may be their last chance to make that big score.

      People are looking for help.  There is a perceived leadership vacuum in Congress right now; many see Congress as being in league with the bank CEO's and AIG folks.

      Right now, the controversial course of taking bold action that may not agree with all (see also, accusations of teh dreaded socialism) may actually be the safest course for a politician.

      What have you got to loose?  Not much.  What have you (and America) have to gain?  Everything.

      Quick to judge, Quick to anger, Slow to understand; Ignorance and prejudice and fear walk hand in hand. -- Neil Peart

      by JRandomPoster on Tue Mar 17, 2009 at 12:32:44 PM PDT

      [ Parent ]

    •  Support? BWAHAHAHAHAH (5+ / 0-)
      Recommended by:
      Chi, nika7k, Dave925, Roadbed Guy, Edgewater

      Are you messing with us, Paul?

      Where oh where did you read the 'support' you speak of? Man, talk about living in a bubble!

      •  On the other hand, it is nice (5+ / 0-)
        Recommended by:
        Chi, nika7k, Jbearlaw, Dems 2008, Edgewater

        to see how seemlessly the skill of reponsding inappropriately or irrelevently to constituents complaints via regular mail is being transferred online in this case . . .

        You know "Let's see, let's go with canned response #3 in this case"

        or as the president in The Simpsons' Movie aptly pointed out "I was elected to lead not to read . . . " when presented with 5 plans of how to deal with Springfield's pollution problems . . .

    •  Support? Srsly? (8+ / 0-)

      To reiterate what another poster has said, I would not exactly construe the majority of the replies to congresswoman Kilroy's diary as "support".

      I would like to reiterate - as a constituent who voted for her in the last election cycle - what many of these posters have written: letters to CEOs are meaningless. What I would prefer to see is legislation with teeth. As far as lost jobs, I'm afraid that horse has already left the barn. I would like to see some legislation put in place that would penalize conglomerates such as Chase mightily for offshoring.

      I will be watching what congresswoman Kilroy does over the next two years very carefully. Considering the closeness of her race against Steve Stivers, she can not afford to take voters such as myself for granted. I  may not vote Republican, but I can certainly sit 2010 out if I feel my vote means nothing.

      Last but not least, this diary has come across as "hit-and-run". If congresswoman Kilroy truly wants to communicate (as opposed to engage in shameless PR), she (or a staffer) would best stick around to respond to at least some of the respondents' replies. It makes her look arrogant to not do so.

    •  Why don't you show this to the Congresswoman (1+ / 0-)
      Recommended by:

      and ask her what she plans to do about it?

      One. Beginning in the spring of 2002 the United States government began to torture prisoners. This torture, approved by the President of the United States and monitored in its daily unfolding by senior officials, including the nation's highest law enforcement officer, clearly violated major treaty obligations of the United States, including the Geneva Conventions and the Convention Against Torture, as well as US law.

      Two. The most senior officers of the US government, President George W. Bush first among them, repeatedly and explicitly lied about this, both in reports to international institutions and directly to the public. The President lied about it in news conferences, interviews, and, most explicitly, in speeches expressly intended to set out the administration's policy on interrogation before the people who had elected him.

      Three. The US Congress, already in possession of a great deal of information about the torture conducted by the administration—which had been covered widely in the press, and had been briefed, at least in part, from the outset to a select few of its members—passed the Military Commissions Act of 2006 and in so doing attempted to protect those responsible from criminal penalty under the War Crimes Act.

      Four. Democrats, who could have filibustered the bill, declined to do so—a decision that had much to do with the proximity of the midterm elections, in the run-up to which, they feared, the President and his Republican allies might gain advantage by accusing them of "coddling terrorists."

      The U.S. Tortured. Now what?

      It's a little off-topic perhaps, but I would really like to know who she plans to send a sternly worded letter to about this issue.

      "The time for justice is always right now!" - Samantha Booke, Wiley College debate team, 1935

      by Edgewater on Tue Mar 17, 2009 at 05:17:03 PM PDT

      [ Parent ]

  •  I spoke to Chase about 29% interest rate (8+ / 0-)

    to get it lowered and the son of the guns had made a "new" rule that deliquencies are measured by how many weeks you are past due on a due date.

    For example, if your payment is due on the 1st, there is a grace period without penalty say until the 15th, but now the measure how many days after the 1st you pay, even if it is before the 15th.

    They told us we were not eligble for a reduction in the 29% interest rate we pay because we had 25 weeks of delinquencies!

    Chase is raping the American people, while sending jobs overseas, impossible.

    Corporations behave with impunity, even with Obama.  I'm for Obama, gave money, but controlling AIG and Chase and the big money ass**** is part of healing the economy.

    I could give shit about his SBA announcement yesterday, previous diaries have plumbed the depths of the level of ridiculousness of SBA loans (the bank and the government own you)... there was absolutely nothing in that gratuitous statement that spells relief for small business owners.

    I am slowly keeping score and find the on the economy Obama is spoon feeding the corporate Wall Street sector and leaving the rest of all Americans with just words.

    I am not a happy camper Obama.

    •  Perhaps you missed this (2+ / 0-)
      Recommended by:
      maynard, IngeniousGirl

      Goldman Sachs $955,473

      Citigroup Inc $653,468

      JPMorgan Chase & Co $646,058

      UBS AG $513,919

      Morgan Stanley $485,823

      All were among the top 10 Obama contributors. I knew this during the campaign and n oone would listen when all seemed to be completely fooled about "no special interest donations".

      Looks pretty special to me.

      Obama looked like another Corporate tool masquerading as a Democrat, a Clinton Re-Visited and that's something we really couldn't afford at this late date.

      I hate to be a doomsayer but as a result, I see the Reich Wing seizing on the spontaneous populist outrage over these larcenous "bailouts" and with that rage will finish off what is left of our Democracy.

      "Much law, but little justice": Proverb

      by Dave925 on Tue Mar 17, 2009 at 12:49:05 PM PDT

      [ Parent ]

  •  You're surprised? (3+ / 0-)
    Recommended by:
    Dave925, FishBiscuit, JRandomPoster

    Why?? Have you had no dealings with very large banks?  The whole "too big to fail" philosophy is their shield, and as long as such constructs are allowed to exist, they will do whatever they want, and make excuses (if any) later.

    Scorpions will always be scorpions.  Bankers will always think of money first, and everything else a lot later, if at all.  Bust the trusts, break up the mega-banks.

    Those who do not study history should not be permitted to make it.

    by trumpeter on Tue Mar 17, 2009 at 11:58:35 AM PDT

  •  Congress people not doing enough for workers (6+ / 0-)

    Especially Dems who didn't try to cut back on H1-B Visa workers - while many US IT workers were losing their jobs.

    Microsoft Corp. was the top U.S.-based recipient of H-1B visas in 2008, receiving approval for 1,037 visas, slightly more than in 2007.

    So thanks for the "sternly worded letter" but we know you are not going to actually write a law - that stops this and saves jobs for US workers.

    S.235 Credit Card Holders' Bill of Rights - Why is the Senate Not Voting on This Bill?

    by PAbluestater on Tue Mar 17, 2009 at 12:03:28 PM PDT

    •  But she's OUTRAGED (in bold, too!!!!) (6+ / 0-)

      That must count for something!

      That outrageously outrageous OUTRAGE will save jobs, and put food on the table, and make the country stronger... I'm talking about India, btw.

      •  In A Quasi-Fascist State (2+ / 0-)
        Recommended by:
        Dems 2008, Edgewater

        The nominal representation is limited to "outrage". In a functioning democracy, we wouldn't be in this mess to begin with but if we were, we might actually have representatives good for more than writing stern letters.

        I wonder what they think they're doing when they trot over here and post up a stern message to any number of miscreants. What do they want? A balloon?

        Just once I'd like to see one of our Reps post up something here regarding the solid action they are taking to secure the peoples' interests.

        They must think we're fools if they think we're going to get all excited about a stern letter. Oh wait, we are!

        "Much law, but little justice": Proverb

        by Dave925 on Tue Mar 17, 2009 at 12:42:18 PM PDT

        [ Parent ]

      •  The use of bold text... (2+ / 0-)
        Recommended by:
        Dems 2008, Edgewater

        makes it a <strong>-ly worded letter.

        I'm bipartisan. I'll hug your elephant if you'll kiss my ass.

        by Turbonerd on Tue Mar 17, 2009 at 01:40:39 PM PDT

        [ Parent ]

  •  OH BOY!!! (6+ / 0-)

    A terse letter from Congress to Chase.

    And if they send jobs oversees against your will, what will happen?

    Wait!  I know.

    Another terse letter from Congress!

    Would it help if I sent Congress a box of spines?

    NARAL and HRC endorsed Lieberman. Therefore, I can no longer endorse them.

    by LeftofArizona on Tue Mar 17, 2009 at 12:03:35 PM PDT

  •  Emasculate Chase & other Fed Primary Dealers (2+ / 0-)
    Recommended by:
    Dave925, FishBiscuit

    Thank you for staying on top of this Congresswoman Kilroy.  Its unconscionable that the Fed’s primary dealers such as JP Morgan Chase, who are essentially bankrupt due to their dealing in the derivatives market are now cutting credit lines to small businesses.  Their actions are completely opposite that of what was intended when the public bailed them out.  

    Almost three-quarters of U.S. companies with fewer than 500 employees are experiencing a deterioration in credit or credit- card terms at a time when half of them depend on credit cards as a primary source of financing, according to a December survey of 250 firms by the National Small Business Association, a trade group with more than 150,000 members.

    "Small businesses in particular are getting squeezed on multiple credit fronts," said Alan Blinder, an economics professor at Princeton University and former vice chairman of the Federal Reserve. "Some businesses are forced to turn to very expensive forms of credit or not get credit at all."

    New York-based Citigroup Inc. may cut credit lines by $600 billion and Charlotte, North Carolina-based Bank of America Corp. by $500 billion, according to Whitney. She estimated New York-based JPMorgan Chase & Co. and American Express would decrease lines by $300 billion and $100 billion, respectively.

    I strongly encourage you to deeply explore the option of using the FDIC to seize bankrupt firms such as Citigroup and JP Morgan Chase.

    While the Treasury busily fills in the gaps in its latest plan to save the banking industry, a former Federal Reserve official says that regulators should instead apply a law enacted in the wake of the savings and loan meltdown.

    The law, the Federal Deposit Insurance Corporation Improvement Act, was signed into law in 1991. In an interview with Financial Week, Bob Eisenbeis, a former research director of the Federal Reserve Bank of Atlanta, said the FDICIA contains more than enough tools for regulators to help stem the current financial crisis.

    If regulators had applied FDICIA’s provisions once the solvency of major banks was first called into question, Mr. Eisenbeis said, many would already have been taken over by Uncle Sam.

    Additionally, we should absolutely not give any regulatory powers to the Fed.  Its primary dealers such as Citigroup and JP Morgan were thickly involved with derivative instruments such as SIVs which were one of the primary causes of the financial crisis.  Barney Frank has said that his panel will begin drafting rules in May for financial regulation which would give regulatory authority to the Fed.  We must keep regulatory authority with public bodies such as the SEC and not put it in stained private hands such the Fed.

    "Chance has put in our way a most singular and whimsical problem, and its solution is its own reward." -Sherlock Holmes

    by The Anomaly on Tue Mar 17, 2009 at 12:04:14 PM PDT

    •  Just Xcl'd (2+ / 0-)
      Recommended by:
      The Anomaly, kimobrother

      My Amex Gold card- not only did they put a ridiculously low limit on what is supposed to be an unlimited card, but I had never been late nor failed to pay the card off every month.

      When they still wanted to dun me a $150 "membership" fee, I dunned them with xcl'ing the damn thing.

      A lot of my accounts did the same thing but without the insult of a fee, luckily and for whatever reason B of A has kept my business card's ample credit line open- of course at 14% I won't be carrying any balance longer than I have to.

      And if it gets really bad? I fully plan to run them up and then default. I won't have a choice if I don't have the business because of what these fucks have done.

      "Much law, but little justice": Proverb

      by Dave925 on Tue Mar 17, 2009 at 12:37:22 PM PDT

      [ Parent ]

  •  Chase - a bad bad bank. (4+ / 0-)

    we've been doing business with these losers for over 20 years, and they refuse to lower our interest rate for any of our several small business accounts.
    if you so much as breathe, they charge a fee. disgusting.
    as soon as this is over, we're moving to a local credit union.

    •  I have several Chase accounts (0+ / 0-)

      I moved all my business debt on to their cards at 2.99% for the duration before the recent unpleasantness. Hahaha. See if they make a dime off me.

      "Much law, but little justice": Proverb

      by Dave925 on Tue Mar 17, 2009 at 12:32:39 PM PDT

      [ Parent ]

      •  Pull 'em. (0+ / 0-)

        And put the money in a credit union.

        Or even a mattress.

        These banks are quite convinced they can laugh at the President of the United States, and maybe they can.

        But we still hold some power as depositors.

        Heard one person starve, I heard many people laughin',
        And it's a hard rain's a-gonna fall

        by goinsouth on Tue Mar 17, 2009 at 12:45:27 PM PDT

        [ Parent ]

  •  sleazy predatory lender (4+ / 0-)

    Sorry to break the news, but I'm a Chase customer and I'm definitely dealing with sleazy, predatory  lending behavior.

    "Not dead ... yet. Still have ... things to do." -Liet Kynes

    by Stranded Wind on Tue Mar 17, 2009 at 12:15:03 PM PDT

    •  Are you really that surprised? (1+ / 0-)
      Recommended by:
      Stranded Wind
      They're going to try to shake out every last cent from their customers before they crash and burn.  Just so long as they can keep stringing the Gov't along, they'll get what they can and "take our money and run".  Seriously, Legislate!

      Hypocrite: Someone who says black folk need to "get a damn job" and then complain when they have to work with them. (sadly a true story)

      by Mortus on Tue Mar 17, 2009 at 12:20:05 PM PDT

      [ Parent ]

  •  I will not support traitors. (4+ / 0-)
    Recommended by:
    maynard, Dave925, PAbluestater, bsmechanic

    I have had a Chase account ever since shortly after moving to Chicago in 1993 (back when it was First Chicago Bank).

    But I will not support a business that's actively working to undermine the US Economy.  I intend to close my accounts as soon as possible, and will tell them why I am doing so.

    Chicago Kossacks, can you recommend a good bank in the Logan Square neighborhood, one that does not send our jobs overseas, or donate heavily to right-wing causes?

    I'm thinking of Liberty Bank, at Fullerton and Milwaukee.  Seems a decent, local, company - but one never knows...  are they as wicked as Chase?

    Graveyards of Chicago:

    by matthucke on Tue Mar 17, 2009 at 12:17:10 PM PDT

    •  Also in Chicago (Uki Village), ready to ditch BOA (0+ / 0-)

      I checked out Liberty Bank online, in looking for a basic checking/savings set-up.  I'm not sure if they contribute to seedy causes, but at this point, I'm shooting for harm reduction.  

      "On the television screen were ballerinas."

      by bsmechanic on Tue Mar 17, 2009 at 07:21:21 PM PDT

      [ Parent ]

      •  Liberty Bank? (0+ / 0-)

        I've been hoping for more information before committing to them, but has been offline all week with a "scheduled maintenance" message.  So I still need to do some research before choosing a new bank - don't want to select one and only later discover they give money to right-wing causes.

        Graveyards of Chicago:

        by matthucke on Fri Mar 20, 2009 at 09:19:19 AM PDT

        [ Parent ]

  •  I'll hold my breath. (1+ / 0-)
    Recommended by:

    "The military industrial complex not only controls our government, lock, stock and barrel, but they control our culture." - Mike Gravel

    by Wilberforce on Tue Mar 17, 2009 at 12:18:07 PM PDT

  •  I voted for you, Mary Jo (1+ / 0-)
    Recommended by:

    So thanks for doing what you can to correct this awful behavior.  We've got your back.

    Dan from Dublin

  •  Too late - they already have (6+ / 0-)

    bank mergers when banks are too big too exist.  bonuses.  stock options.  

    give us student loan relief.  give us universal health care.  don't give us bigger banks.

    "Seeing every side of the argument causes paralysis." - (paraphrased - Abbie Hoffman).

    by angry liberaltarian on Tue Mar 17, 2009 at 12:20:20 PM PDT

  •  Dimon will definitely open this letter (9+ / 0-)

    and wipe his ass with it.

    WHEN ARE YOU PEOPLE GOING TO ACCEPT that people like Dimon and the AIG vultures
    think ??????????????????????????????

    Look at the aount of $$$$ they are making. That kind of dough buys a lot of insulation, private jets, fantsatic getway vacations.

    PUT THE FUCKERS IN FRONT OF CONGRESS. PUT THEM IN JAIL if they don't show (actually, failure to present oneself at congressional hearings when so subpoenaed is in fact a crime).

    We post to blogs because it's our only outlet (that and the ballot box, which comes around all too infrequently).

    DO SOMETHING - stop writing letters. Goddammit

  •  Chase took over WA Mutual when it failed (3+ / 0-)
    Recommended by:
    nika7k, Brooke In Seattle, Mz Kleen

    so my family ended up with Chase.  We'll be leaving for a local credit union.  It was on our list.  This seals it.

  •  oh yeah? (6+ / 0-)

    what are YOU gonna do about it? I mean, other than writing bullshit diaries at dailykos and then not interacting with your readers?  do you have any idea how many "sternly worded letters" we've read, all of them bankrupt of any real action?


  •  Congressman, where's the legislation? (3+ / 0-)
    Recommended by:
    Chi, FishBiscuit, Inky99

    Your letter is a good first step, but we've had our fill of Strongly Worded Letters.  This does not impress.

    Please show us your plan or ideas to lead the way to end this bonus argument once and for all.

    While you're at it, how about taking on outsourcing. Most of the growth in our economy over the last 8 years went straight into these same executives pockets.  We need to create incentives to encouraging innovation and production made in America and make it less attractive or maybe even impossible to send jobs out of the country.

    Certainly, your state has had more than its share.

  •  With all due respect... (2+ / 0-)
    Recommended by:
    SecondComing, FishBiscuit

    you and your compatriots have not inspired much trust given you have collectively let these arrogant a******s run rough shod over you. Dumping our money into their coffers with virtually no provision for accountability, compensation caps, or clawback for corporate misuse reflects on you (Congress), not them. You got p'wned. These people are expert in lining their own pockets and you are enabling them. Knock it off! Pass some serious legislation with some serious penalties for executive misconduct. Ten years without possibility of parole at hard labor for breach of the public trust should be where we start. Any additional prison time should be added to that base - no concurrent sentences allowed.

    I think we need to consider seriously draconian measures to stop the epidemic of greedy misconduct in this country. If you do sponsor strong legislation of this type, I think you will find a great deal of support from this community.

    •  Pass Card Check Now (0+ / 0-)

      Workers need some imput in the whole process. Strong worker protections could have prevented the AIG/Banking fiasco. Ordinary workers can have blunt imput into decisions at the top via union representation.

      I firmly believe,there is a certain rationalism that emerges and a better decision making process when there are organized workers thinking about the consequences for their companies actions.  

      We've lost our public checks and balances system that has worked so well post WWII to about 1980.

      I think. Therefore I O'Bama.

      by MarkMarvin on Tue Mar 17, 2009 at 12:51:26 PM PDT

      [ Parent ]

  •  Why in the world... (2+ / 0-)
    Recommended by:
    FishBiscuit, MarkMarvin
    are they pussyfooting around these companies?  Personally I'd rather they pissed them off than made them feel like "everything will be ok".  These people need a swift kick in the ass and go back to Business Management 101.  All we're doing is coddling these people who obviously don't care that they are screwing over the United States.  I'm going to have to start keeping my money in a jar buried in the backyard soon, because at this rate these people are going to get trillions in free money from the American people.

    Hypocrite: Someone who says black folk need to "get a damn job" and then complain when they have to work with them. (sadly a true story)

    by Mortus on Tue Mar 17, 2009 at 12:38:17 PM PDT

  •  This is what you get when you don't put strings.. (1+ / 0-)
    Recommended by:

    On the money.

    It was obvious that these folks were sociopaths, negligent, or just didn't care from the beginning. Else the wouldn't have behaved in a manner that obviously was a ponzi scheme from the beginning and bound to collapse.

    Yet Congress had to do something. While I'll admit that I didn't know what deal was possible in the last Congress (as GOP votes were needed more to get something done), perhaps no strings was the only way we could get something passed.

    However, I'd say the following:

    1. Those who wanted strings should have pushed a bill out of the house with strings and then made the no strings crowd stand up and say no (GOP or Blue Dog dems, or whomever).
    1. The no strings crowd should be publicly exposed as hypocrites when they sound the populist horn.
    1. This is what you get when greed rules. Our economic system is unsustainable and needs deep and meaningful reform. We have sustainability issues in several areas (health care spending, consumption, global warming). We need reforms and right soon in some cases (species extinction, global warming).

    The growth we need is not economic in nature, but one of personal and social worldviews. We need to come to view ourselves in others and vice versa. And not just other people, but all forms a life. All forms of life are just various incarnations of spirit trying to maximize their potential.

    Once this growth in worldview takes place, meaningful change in every area (political, economic, ecological) becomes easier, because people now have more empathy for those in need, instead of making every decision based on what is best for them (and paradoxically makes them easier to manipulate and leads to policies that are more harmful to their long term interests).

    The entrenched powers know this, so aim to keep people needed to tread water all the time, so they can't worry about the bigger picture (basic hierarchy of needs), and never focus on any meaningful change.

    To deny this continued evolution is to essentially say that the forces of evolution somehow stopped around 1900 after 13.7 billion years. Which makes no sense at all.

    The problems we face and their nature should suggest to all that evolution, not just change, is what is needed. A society that depends on increasing consumption for economic growth will not work. Even Tom Friedman get's this now (and it is dubious to claim it was every working for the majority of humans anyway).

    Yes, I realize you weren't in Congress at the time, and I applaud your effort here. But I'm just saying we have systemic issues, and they won't be solved unless we revise the system. We need systemic evolution to take place.

  •  Negotiating with terrorists. (4+ / 0-)
    Recommended by:
    elfling, ctsteve, Jbearlaw, bsmechanic

    Dear Congresswoman Kilroy,

    Thanks for your stand on this issue.

    We're also concerned about AIG.  It appears that the U. S. government now negotiates with terrorists as long as they are garbed in Armani suits and sport Rolex watches.  Clearly, the U. S. Treasury and the Congress have allowed them to do whatever they wish because of their thinly veiled threats (via their "white paper") that they would bring down the world's financial system unless given free rein.  Just one of the extortionist threats contained in the document they've given to Geithner and Summers:

    Departures also have regulatory ramifications. As an example, the resignation of the senior managers of AIGFP’s Banque AIG subsidiary would allow the Commission Bancaire, the French banking regulator, to appoint its own designee to step in and manage Banque AIG. Such an appointment would constitute an event of default under Banque AIG’s derivative and structured transactions, including the regulatory capital CDS book ($234 billion notional amount as of December 31, 2008), and potentially cost tens of billions of dollars in unwind costs. Although it is difficult to assess the likelihood of such regulatory action, at a minimum the disruption associated with significant departures related to a failure to honor contractual obligations would require intensive interactions with regulators and other constituents (rating agencies, counterparties, etc.) to assure them of the ongoing viability of AIGFP as well its commitment to honoring counterparty contracts and claims.

    Is this how to get your way in Washington--  threaten to destroy the economy if you don't get your way?

    Heard one person starve, I heard many people laughin',
    And it's a hard rain's a-gonna fall

    by goinsouth on Tue Mar 17, 2009 at 12:43:44 PM PDT

  •  Outraged you say? Me too! (5+ / 0-)
    Recommended by:
    Chi, primeq, KozmoD, FishBiscuit, Edgewater

    I'm shocked, shocked I tell you, that when we gave money to irresponsible Wall street firms they spent it irresponsibly!  Oh, and you sent a sternly worded letter!  Good for you!  That will show those mountebanks that the Congress is not to be trifled with!  Now please pardon me, for I must retire to my fainting couch, as I seem to caught the vapors.

    But seriously Congresswoman, why do you bother?  They don't care what you have to say and frankly neither do I.  Congress, and it's inhabitants, have spent the past several years proving how useless you all are.  Why should anyone care what you think or say?  

    You want to impress people, try actually doing something.  Bring forward legislation to clawback the bailout funds from Chase or just nationalize them.  It's way to late in the game for more hollow words.

    This country does not have the luxury to entertain idiocy as if it is reasonable. --Digby

    by Thought Crime on Tue Mar 17, 2009 at 12:47:02 PM PDT

    •  In defense of the Congreswoman . . . (0+ / 0-)

      She is a freshman.  She was just elected last fall, and has only been on the job a couple of months.  

      It's not fair to hold her accountable for the failings of the previous Congress.  Mea Culpa, I've made some unfair remarks to her myself; but I'm willing to admit my error.  

      But at least she's getting a feel for how we all feel about this!  

      Reminds me of a T-shirt I saw the other day:  

      "I don't need sex.  I get fucked by the government every day!"  

      "You load 16 tons, what do you get? Another day older and deeper in debt." Tennessee Ernie Ford

      by Jbearlaw on Tue Mar 17, 2009 at 03:11:46 PM PDT

      [ Parent ]

  •  I'll believe it when I see it n/t (1+ / 0-)
    Recommended by:

    William Casey "We will know that we have succeeded when everything the public believes is false"

    by Inky99 on Tue Mar 17, 2009 at 12:49:20 PM PDT

  •  Not a single Colorado rep (1+ / 0-)
    Recommended by:

    sad, when we've got 5 dems and 2 repubs.

  •  Reg-U-La-Tion!!!!! (3+ / 0-)
    Recommended by:
    Jbearlaw, FishBiscuit, Edgewater

    How difficult is this to grasp? You cannot hope to sober up a drunk unless you are at LEAST willing to pull him away from the bar first.

    Yeah, fine, so the government handed Chase a barge-load of money with no substantial strings attached, and the bastards ran off with it. Why is this outcome anything even vaguely resembling a surprise to anyone, least of all anyone in the government?

    As long as we don't severely restrict the ways in which these banks are allowed by law to make use of the money that the government is giving them (to help them essentially pay off gambling debts that they shouldn't have built up in the first damned place) then we may just as well be piling the money up and setting fire to it for all the good it does.

    I'm getting fed up as hell with all this "We're shocked... SHOCKED, I tell you!" nonsense coming from Congress and the White House and every other government entity that's got their hands in this bailout mess. Congresswoman Kilroy, do you ACTUALLY want these banks to use this money for something other than the same old games that got them (and all of us) into this mess in the first place?


    The usual "sternly worded letter" isn't going to do squat, and you know it. Chase will read that letter, maybe laugh, and then go on about their business.

    Either hold a legislative gun to their heads and force them to do the right thing for once, or stop handing them money. Or else, if you're just going to keep handing them money without putting them on a choke chain, then please stop pretending that you're doing something other than that.

    "Outrage" isn't going to make a bit of difference with Chase or AIG or any of these other financial corporations who are demanding federal bailout money. Strong regulation with massive consequences is the only thing that will.

    Anything less is just another song-and-dance act.

  •  not sternly worded enough (4+ / 0-)
    Recommended by:
    Chi, nika7k, FishBiscuit, bsmechanic

    More stern words should help tremendously.

    Wow, the outrage without action meme worked it's way up to light speed in a hurry, didn't it ?

    big badda boom : GRB 080913

    by squarewheel on Tue Mar 17, 2009 at 12:54:35 PM PDT

  •  Comments (30+ / 1-)


    I agree letters are not enought. We wanted to make sure CHASE didn't start a trend with other financial service companies on outsourcing. The press we are getting is drawing a lot of attention to the issue.

    I am also very concerned about AIG. Here is the statement I sent out yesterday and stay tuned for more on AIG. We have a hearing tomorrow in my subcommittee.

    Looking forward to that.

    "Americans feel like they keep getting slapped in the face by companies that took taxpayer dollars, but continue their Wall St. ways. The financial crisis caused families in central Ohio to make tough decisions and it should have shaken companies like AIG from their outrageous spending. I look forward to questioning the AIG executive on Wednesday to express how the company’s actions offend me and the people I represent."

    •  No offense to you... (11+ / 0-)
      and the other Congressmen and Women, but I don't really see much outrage here.  I see a lot of talking.  If Congress were truly outraged, they would take action to keep this from turning out as it obviously will right now (due to nothing more than a letter being sent).  More hearings, more mindless talking and open lies.  If you have proof that these companies are trying to do this, then stop them.  It's not hard.  You have the power.  

      Until the talking stops and the action begins, there will be no victory in this economic war.

      Hypocrite: Someone who says black folk need to "get a damn job" and then complain when they have to work with them. (sadly a true story)

      by Mortus on Tue Mar 17, 2009 at 01:10:35 PM PDT

      [ Parent ]

    •  You need to ask some tough questions (3+ / 0-)
      Recommended by:
      mataliandy, wader, Nova Land

      like, who are the people who received these bonuses?  Are they still with the company?  What other pay did those persons receive?  Is AIG using taxpayer money to lobby Congress?  On EFCA?  Why are their employment contracts with these individuals incapable of being re-negotiated, when baseball players, football players, even auto-workers, re-negotiate their contracts, or are forced to?  

      Then you need to subpeona documents, and put them on the web for people to go through.  For instance, let's see these impregnable employment contracts.  Let the public see what they are buying.  Let's see the agreements with their major counterparties.  Let's see their books.  

      If we are footing the bill, we have the right to know.  We own 80% of this company.  What right do they have to give us, and you, the finger?

      "You load 16 tons, what do you get? Another day older and deeper in debt." Tennessee Ernie Ford

      by Jbearlaw on Tue Mar 17, 2009 at 01:34:08 PM PDT

      [ Parent ]

      •  Don't hold your breath (5+ / 0-)

        Expect to see lots of outrage... and hear the word repeated by every congresscritter.

        Some might even ask sternly worded, 'tough' questions. Oh the horror!!!!!!!!

        But NOTHING will change. This is just a circus to distract the masses. The money is gone, the crooks are enjoying it, and our congresscritters are already on the phone asking for more donations from the same people they're bailing out.

        Rinse, repeat.

      •  And as far as Chase is concerned . . . (5+ / 0-)

        Didn't mean to get on you about AIG -- although that's another subject that makes me gnash my teeth.  

        But, here's some good questions:  

        for Chase

        and all other credit card companies.  

        We need some basic fairness, Congresswoman.  The financial industry has made it essentially impossible to discharge student loans, even in the face of hardship (read the statutes, and the case law, and ask yourself, why do we need to set the standard as "undue hardship?"), cross-default clauses, unilateral increases in interest rates to usurious levels . . the list goes on.  

        Frankly, I don't expect much from you.  Congress has acted like a whiny child for far too long for me to have any real faith that anything will actually be accomplished until there are millions, instead of merely tens or hundreds of thousands, of families living in tents.  

        There'll be change then, I'd bet.  But it will be ugly for you, and everyone one else on Capitol Hill, who sits idly by while writing Sternly Worded Letters(TM).  

        Why don't you consider sponsoring the STFUADS Act?

        "You load 16 tons, what do you get? Another day older and deeper in debt." Tennessee Ernie Ford

        by Jbearlaw on Tue Mar 17, 2009 at 01:55:50 PM PDT

        [ Parent ]

    •  In other words, CHASE already got away with it (6+ / 0-)

      And this "sternly worded letter" is to scare other companies (unnamed)...

      Hmmm, ok, now THAT is what I call legislative change and results!!

      It's days like today that I feel ashamed of being a Democrat. All this outrage and letters and EXCUSES and blah, blah, blah... Same shit, different party.

      •  And that's not all they're getting away with . . (4+ / 0-)

        Credit card companies, facing an increase in defaults and a decline in consumer spending, are raising some rates, adding fees and cutting credit lines as the Federal Reserve is poised to make the most sweeping changes to the industry in 30 years.

        Recent moves by JPMorgan Chase, Citigroup and other firms to add charges and decrease the amount of money cardholders can borrow at the same time they’re taking taxpayer dollars have angered some customers.

        "People are totally confused," said Mark Zandi, chief economist at Moody’s Corp.’s "The taxpayer is essentially a big owner in JPMorgan, Bank of America and Citigroup, and these are the folks who make credit-card loans. Many are asking, ‘So why is it that my credit-card loan got pulled? Why am I being charged a higher rate?"

        JPMorgan, which received a $25 billion capital infusion from the Treasury Department in October, says its credit-card lending increased by 3 per cent in the third quarter from the previous quarter. CEO Jamie Dimon, 52, said in a December 11 interview that the company was using government money to "do exactly what they want us to do, make more loans, help the economy grow."

        Stephanie Jacobson, a spokeswoman for JPMorgan’s card unit, said in an e-mailed statement that the bank is "working hard to provide consumers affected by these changes with alternatives."

        The changes are angering customers like Craig Marx, who has had a Chase card for 10 years and recently saw his minimum monthly payments climb to 5 per cent from 2 per cent and a monthly $10 service charge added to his bill. The bank also raised his rate from 3.99 per cent above prime to 7.99 per cent for the next two years, after which time it would become variable.

        "I’m incensed," the 52-year-old Palo Alto, California, resident said. "I feel like they’re making a calculated decision to make me go away as a customer."

        Business Standard (Dec. 2008)  

        As I recall, the 3% growth in lending was later proven to be a complete falsehood.  

        They are going to lie to you Congresswoman.  They have no more respect for you than they do their customers.  

        What are you going to do about it?  

        "You load 16 tons, what do you get? Another day older and deeper in debt." Tennessee Ernie Ford

        by Jbearlaw on Tue Mar 17, 2009 at 02:31:10 PM PDT

        [ Parent ]

    •  Thing is... (8+ / 0-)

      ... every day that goes by, we see these folks extracting more taxpayer dollars without transparency.  We see the bonuses, we see the waste, the outsourcing, the tax evasion, the arguments of too big to fail, the threats of what will happen if we allow these companies to fail.  We see those who got us into this mess not being held accountable, but being rewarded for their failure, for their avarice, for their bad judgment.

      And at the same time, we see our savings being wiped out, our mortgages being foreclosed, our schools closed, our jobs shipped overseas or just flat out disappearing, our medical costs going up and up.

      And too often, it seems like we hear a lot of proposals and outrage like you display in your letter without any follow up action.

      So - one last time - I would ask that you and the rest of our elected officials do your duty.  Do what you were elected to do.  Stop these abuses.  Get down to the unpleasant business at hand, get your hands dirty.  Learn to let the term "socialism" slide off your back.  Stop these thieves from stealing not only the wealth of our Nation today, but from putting our nation in hawk for the next few generations.  Bite the bullet, nationalize, strip these extortionists and highway robbers of their ability to continue to plunder our economy.

      The time for words is past.  It is the time for action.

      Quick to judge, Quick to anger, Slow to understand; Ignorance and prejudice and fear walk hand in hand. -- Neil Peart

      by JRandomPoster on Tue Mar 17, 2009 at 01:47:10 PM PDT

      [ Parent ]

    •  The amount of press it gets doesn't matter. (6+ / 0-)

      It's the regulations and restrictions (or, at this point, the lack thereof) that matter.

      I'm not dismissing the importance of public opinion in the general sense, but come on... people are already mightily pissed off at what the financial industry has been pulling (and continues to pull.) They have been for many months now, and gee... it doesn't seem to have prevented crap like what Chase is pulling, now has it?

      You guys have got to lay it on the line for these companies, and start attaching some harsh restrictions to these bail-out payments for once. And then furthermore, Congress has to start passing strong, targeted legislation outlawing a lot of the methods by which the financial industry dug themselves into this hole.

      Otherwise, with the money that they aren't using for the most undeserved, unearned executive bonuses in recent history, they're just going to start playing the derivatives game again and lose even MORE money. People should be rotting in prison for the credit-default swap scam that got pulled with regard to the housing market, but nobody will because the law was tweaked and reworded to allow them to treat CDS's as "foreclosure futures."

      That's exactly the kind of avenues that must be blocked off to the financial industry if we're ever to have any hope of getting out of this hole that they dug us all into.

      Yes, I'm sure it will be fun to grill the guy from AIG. But what is he going to tell you that you and your colleagues don't already know? What cheap lines is he going to feed you that Congress and the American people haven't already been fed many times over?

      And what in the hell do you think that telling this guy how offended you are is going to do to change AIG's business policies? Does your outrage and that of your constituents actually affect AIG's bottom line? Does it put the executive in question into any legal danger? No, it does not.

      You aren't going to appeal to a sense of shame that AIG and its executives have clearly shown over and over and over that they do not possess. It's a noble idea, sure, but it's not going to happen.

      Regulation, regulation, regulation. That's all that's going to change these companies' actions. You know it as well as we do.

    •  And why don't you ask Barney Frank about this? (8+ / 0-)

      Rep. Barney Frank, chairman of the House Financial Services panel, said that Paulson "is being entirely unreasonable" to expect that Congress will pass a bill right away without examining the proposal thoroughly and adding provisions Democrats want, such as the curbs on executive pay.

      "We want to limit those as a condition for giving them aid," Frank, D-Mass., told ABC's "Good Morning America." "If Secretary Paulson would agree to that," he said, "we could move quickly."



      Reversing his position, US Treasury Secretary Henry Paulson has agreed to put some limits on the pay packet of executives of bankrupt financial institutions that will benefit from the $700-billion bailout package, a media report said.

      According to Financial Times, Paulson has abandoned his previous assertion that congressionally-mandated curbs on executive compensation would make the bailout less effective.

      Paulson's previous stance, that fewer executives might join the programme if their pay was limited, was eviscerated by Chairman of the House financial services committee Barney Frank. He had said that any executive who made a decision on the US economy based on their own 'millions' was 'selfish and unpatriotic', the report added.



      That was in September of last year.  

      I remember seeing Rep. Frank on several news interviews, along with Chris Dodd, assuring us all that there would be tough restrictions on executive pay . . .

      So, where are they?  

      Democrats own this problem now.  And so far, the response has been shockingly underwhelming.  

      "You load 16 tons, what do you get? Another day older and deeper in debt." Tennessee Ernie Ford

      by Jbearlaw on Tue Mar 17, 2009 at 02:05:37 PM PDT

      [ Parent ]

    •  A dish best served cold. (3+ / 0-)
      Recommended by:
      Larry Bailey, Jbearlaw, Rick Winrod

      Let them have their bonuses today, but start keeping a list.  Add every single one of the companies that have acted like they have the taxpayers over a barrel.

      Then, later, after they've all had their turn at the trough, bust them up.  Too big to fail is too big, period.  Break them up and then regulate the crap out of them.  Every bonus handed out today is ammunition for the war that needs to be waged tomorrow.

      Fight 'em 'til Hell freezes over, and then fight 'em on the ice. - David Van Os

      by sagra on Tue Mar 17, 2009 at 02:17:55 PM PDT

      [ Parent ]

    •  PLEASE! Legislation for outsourced jobs coming (0+ / 0-)

      home, in bailed out companies.  Do we have votes in stockholder's meetings?  If so, you hold our proxy votes!  

      Outsourcing call centers and back office operations does NOT "save" the companies all that much money.  I know.  I was part of a GE division that did just that, and it was a few percentage points, really. It was still profitable to have American doing those jobs.  It was just done for a short term, over-previous-profit growth, so we could get more of a share of the bonus pool.  Even Jack Welsh is questioning that monster, now.

      People show the differential of US pay vs India employee pay, but there are many other costs involved.  And customer satisfaction goes down.

      Call centers like this mean hundreds of thousands of living wage jobs, and there are many locations that actually have the infrastructure to do it.  For goodness sakes, these jobs used to be done here only 5-7 years ago.

      The multipliers to our economy for these jobs coming back would be tremendous.  So, I hope you will be writing us to say:

      "I have just submitted legislation to ...." very soon.

      Thank you for involving us in the dialog, and you can count on this activist to continue to cross the Ohio River to canvas for progressive Democrats in Ohio!  

      "Render to Caesar the things that are Caesar's, and to God the things that are God's." And they were amazed at Him. Mark 12:17

      by bkamr on Tue Mar 17, 2009 at 08:24:51 PM PDT

      [ Parent ]

    •  Don't feed the Trolls. (0+ / 0-)

      Congresswoman, maybe you and your colleagues should spend less time coming here cranking out bullshit platitudes and more time being a half-ass decent representative of the Republic.

      Until then, I will consider you and your colleges cooling off act as vile, insidious and inflammatory to this site's audience and purpose as the most banal and obvious flame troll.

      From this point forward, the only things I will hide rate are obvious race-batiting and obvious bullshit posted from politicans. I hope this seemingly insigificant gesture from this little, insiginificant citizen reminds every politican that dares to lie that they may, indeed, be eventually held accountable for their slothful inaction and blinding inepitetuide.

      This should never have happened. You, your fellow congresscritters and the President of the Fucking United States need to stop lying and start doing your fucking jobs, before the riots!

      I'm back to lurking. I'll see you at the riots, Congresswoman.

      DC - America's own little Green Zone. -Pescadero Bill

      by James Kresnik on Tue Mar 17, 2009 at 09:02:54 PM PDT

      [ Parent ]

  •  Outsource Dimon (1+ / 0-)
    Recommended by:

    He's sure doing a crappy job. I bet there are folks in India who could run a bank better than he does... and for a LOT less money!


    This ain't no party. This ain't no disco. This ain't no foolin' around!

    by Snud on Tue Mar 17, 2009 at 01:09:15 PM PDT

  •  I'm sorry, but stop with the outrage (6+ / 0-)

    and the strongly worded letters.  START with the action.

    Where is the legislation to recover our funds?  Where are the incentives to get these companies to invest in American workers instead of European and Indian workers?

    PLEASE.  We need to stop being reactive.  These people are crooks, swindlers and cheats.  Treat them as such, and get some pro-active legislation going to stop them.

    What we don't know keeps the contracts alive and movin. They don't gotta burn the books, they just remove em while arms warehouses fill as quick as the cells.

    by Black Leather Rain on Tue Mar 17, 2009 at 01:11:51 PM PDT

  •  JP Morgan Chase (7+ / 0-)

    is one of the big banks that enthusiastically collateralized debt from the mortgage industry and resold it to suckers to get it off its own books.  

      Of course one of the ways the banks got tripped up was the need to hold a portion of the debt themselves, to convince their clients or customers overseas these were really, really excellent bets on the future.

    Then they insured with AIG, a giant company that had not a fraction of the real reserves required, but hey, there was no regulation of that market for default insurance off the books at all, so it was all good. They knew this, too.

    These banks were doing these resales of mortgages many years ago. they just got better at it and greedier, plain and simple.

    It was their own version of the Ponzi/Madoff scheme.

    Here is their exit strategy: "We are too big to fail" and "you must guarantee or bail us out...because otherwise , we lose everything and we might bring all of you down, too!

    Most of America lives paycheck to paycheck, or has enough debt offsetting their resources or personal property to amount to the same thing.

    Why shouldn't a couple of giant (or most of them) "Big 19" banks be allowed to fail and the pieces get divvied up among honest, more prudent and trustworthy local and regional banks and credit unions?

    WHY NOT???? Losing the losers would allow the economy to truly recover.

    cast away illusions, prepare for struggle

    by Pete Rock on Tue Mar 17, 2009 at 01:18:18 PM PDT

  •  Congresswoman, might I make a suggestion? (4+ / 0-)

    Stop with the sternly worded letters. They are a joke. How about instead of finger wagging, because let's be honest, that's all the force a sternly worded letter has, might I suggest that since you work in a legislative body that mayhap when you decide to put together legislation providing for these entities to receive taxpayer dollars you do a little something to ensure asshattery like this does not occur, and negate the need for yet another fully worthless, sternly worded letter.


  •  Why do you need to 'hear more'? Congress can (4+ / 0-)

    prevent Mr. Dimon from doing this by passing a law against outsourcing if there are qualified people in the US to do the job.  Pass the law and make companies come to you to get permission to outsource.  Then, of course, you could be bribed and probably would be with campaign contributions.  I guess there's no way to stop this given the corruption that permeates our society.

  •  Wow! Another in a long line of sternly worded (4+ / 0-)

    letters.  I am impressed.  Kind of reminds me of Pat Leahy, the sternly worded letter writer of Vermont.  He's the gold standard of sternly worded letter writers but no action.

    You people are useless.

  •  Where is the diary police??? (7+ / 0-)

    The title of this diary is misleading at best, outrageously insulting to our intelligence at worst.

    Or was it snark? I can't tell anymore with all the bs coming out of DC these days.

    I've seen diaries taken down for lesser offenses.

    It is a FACT that Chase already took the money. It is a FACT they already spent the money in India. And it is a FACT that the sternly worded letter will change NOTHING.

    So dear congresswoman, you need to either change the title or remove the diary. Have some respect for this community.

  •  With all due respect. (5+ / 0-)

    Enough with the sternly-worded letters. Craft some legislation with teeth that places restrictions on how Our Tax Dollars may be spent.

    Sheesh. I am tired of the cheerleading by the players. It ain't gonna win the game.

    Quit wasting time writing these letters and posting them on Daily Kos and start getting at a real solution.

    People are crazy and times are strange
    I'm locked in tight, I'm out of range

    by wanderindiana on Tue Mar 17, 2009 at 02:01:30 PM PDT

  •  Congresswoman, is this a joke? (5+ / 0-)

    Seriously, am I supposed to be comforted that you're "outraged"? You come here to DKos posting yet another pointless, sternly worded letter and expect to gain points with me? Don't break your arm patting yourself on the back. Tell you what--save your breath for when you actually do something, and then get back to me. (Disclaimer: it's golf, not politics!)

    by My Name on Tue Mar 17, 2009 at 02:10:07 PM PDT

  •  They have to compete: Level the playing field (1+ / 0-)
    Recommended by:
    Larry Bailey

    Gephardt's global minimum wage was the right answer, or at least in the right direction.  If Chase does not offshore in the current climate, they will become like GM and begin to lose....

    If you index Indian wages to American cost of living via tariff or tax (but no more) you make it closer to a net-break even to keep the jobs here, but you still allow India to compete if they can, whilst not driving the cost of human life to subzero.

    Otherwise slave-states will win the capitalist game, one way or another...

    Out of my cold dead hands

    by bluelaser2 on Tue Mar 17, 2009 at 02:43:27 PM PDT

  •  dear members of congress, (0+ / 0-)

    as you may or may not know, the constitution has a convention clause which obligates you to issue the call for a national convention of state delegates.

    most recently it's been discovered that the legislative branch is failing to carry out its constitutional obligation to issue the call based on the fact senate/house records show all fifty states have applied and one congress after the next simply ignores this:

    we know that people often want to believe what is most comfortable for them to believe. this includes you.

    you, as a member of the 111th congress are currently in violation of the u.s. constitution.

    give back the rights and freedoms this nation was founded on to its sovereign people. if you fail to do so, you face federal prison or worse.

    if you think this is a joke, well, you may be right. time will tell.

  •  Can someone help me debunk a rightwing (0+ / 0-)

    myth? I keep on hearing rightwingers saying that we need to return to the Gold Standard.

    What I want to know is if I got my rebuttle statement right. And here it is:

    If we return to the Gold standard we would face massive deflation, a decline in output, the equity markets would crash because credit would have heavy restraints, hence monopolies would form from lack of new competition, the quality of our goods and services would eventually fall behind the rest of the world, and we would become to reliant on the International Monetary Fund.

    So please just tell me if my debunking of the Gold Standard is right or not. If not, then help me correct my statement.

    •  The Gold Standard myth (0+ / 0-)

      is a common refrain of Libertarians who natter on about "fiat money" and how it's all just worthless paper.  It's not just the "rightwing" who are out of touch on this.

      Econ professor Brad DeLong wrote up some "talking points" in 1996 (!) that you might find useful:

      Why Not the Gold Standard?

      He points out that even Milton Friedman was against the Gold Standard!

      A 2005 exploration of the Gold Standard at is also interesting:

      The gold standard and the Great Depression

    •  Megan McArdle argued against the Gold Standard (0+ / 0-)

      Even nominal Libertarian McMegan thinks it's a bad idea

      (which makes me wonder if I shouldn't be for it...)

    •  You're substantially correct (1+ / 0-)
      Recommended by:
      Support Civil Liberty

      If your real economic output increases by 3%, you have to print 3% more money to support the extra economic activity and to have no inflation or deflation.

      If you're on the gold standard, you have no control of this so you end up with wicked deflationary (and inflationary) effects. Fiat money is fine... as long as you don't abuse it (as it has been). The supply needs to be kept under fairly strict control, no matter what political organizations want.

      •  And that's the tricky part (1+ / 0-)
        Recommended by:

        Fiat money can work if the printing can be kept under control and there isn't artifical directing of credit. This is what the Fed did by setting an artificially low interest rate to encourage banks to undertake risky lending, particularly in housing. We are now going to face the choice of paying high interest rates on bonds (inflationary) or printing the money (hyperinflation). Any deflation will cause the Treasury and Fed to devalue the dollar by printing more money (hyperinflation again). A couple of decades of manipulation of fiat money is bringing this country to its knees. How do we protect against the printing presses setting off at the speed of light?  I don't have the answers, but I fear we will see those printing presses rolling pretty fast over the next couple of years.  There's no stomach or spine these days to restrain the federal government from restricting the dollar supply you rightly cite.

  •  Kossacks, if you tire of venting (like me)... (0+ / 0-)

    ...may I recommend a diary providing some good news and true hope.  It's by Brandon Friedman, and worth the read...

    39 Years Of Yellow-Dogging And Then 1 Year Of WTF

    by Larry Bailey on Tue Mar 17, 2009 at 03:13:51 PM PDT

  •  Boycott the bastards! It is time (2+ / 0-)
    Recommended by:
    besseta, eddienutzak

    for us to take action and drive some of these banks out of business.  While I applaud Congresswoman Kilroy for her letter, I think it is time to take it to these shitasses.  I have cancelled my acct. with Chase and joined my local credit union.  F*&% the banks, I have had it with them and their whining and puling for money.  If they can't make it, tough shit.  The economists and money people keep talking about getting these "troubled assets" off the banks balance sheets.  How about getting these "troubled financial instituions" off the face of the f%$(&!@ earth?!

    The only smarts I have are that I'm smart enough to know I can outwork 'em- Woody Hayes

    by Mighty Ike on Tue Mar 17, 2009 at 03:24:26 PM PDT

  •  Thank you Congresswoman Kilroy (1+ / 0-)
    Recommended by:

    and your staff for taking the time to wade through all this anger and outrage.  I feel your reception here was a bit lacking in warmth; I hope you understand that it's because of the dire situation the nation is in, thanks to 8 years of asleep-at-the-switch regulators and a compliant Congress that generally looked the other way when it wasn't outright aiding and abetting the Bush Administration.

    I would echo the calls for speedy and direct legislative action to prevent this kind of thing from happening in the future, and immediate investigations and prosecutions of those who may have broken the law.  Letters are nice but legislation is better, and jail time and fines are best of all.

    It may not be possible to outright legislate against businesses outsourcing American jobs, but it is possible to legislate away tax loopholes and subsidies to those business that actively work against the success of American workers.  If the businesses threaten to move overseas, good riddance; they are only a drain on the nation anyway, if they do not employ American workers yet garner profits from the business of Americans.  It is time to put aside the false choices continually put before us by businesses, and demand that they contribute back their fair share to the society they profit from.

    My Congressman, Pete Sessions, is highly unlikely to be responsive to any requests I make on this or any other issue; so I thank you for helping to represent my beliefs and giving voice to the anger and outrage so plainly felt across the nation, as well as by myself.

    Rob Woodard
    Richardson, TX

  •  That's Chase Bank for you (1+ / 0-)
    Recommended by:

    From funding Nazi Germany to cheating American customers of their credit card and loan services to turning a blind eye to the current crisis, Chase Bank has demonstrated that it does not deserve a single bailout cent from taxpayers.  Rather, it should be allowed to disappear into bankruptcy, along with its abusive Wall Street pals.

  •  Why not? (4+ / 0-)
    Recommended by:
    Sparhawk, nika7k, eddienutzak, Edgewater

    I can't find a single reason in this letter as to why Chase won't take our money and run. Is it because some Democratic members of Congress will be outraged (again)? Because they will be watching?  Because they will be concerned?  Because they might issue them another Sternly Worded Letter?

  •  In closing: (0+ / 0-)

    I realize that some of my above comments may have come across as harsh.  If so, it is probably because times are harsh, myself and many others are loosing patience, and time is short to stop the hemorrhaging.

    While I will stand by my statements, and my belief that Congress must act and not simply talk, I'll add this:  I do appreciate your efforts, and hope that you are successful - not only with your intent to interrogate, but with the logical followup of passing legislation that will prevent such abuses, and to punish those who knowingly and willfully bent and broke the rules at the cost of a nation's wealth to line their own pockets.

    Quick to judge, Quick to anger, Slow to understand; Ignorance and prejudice and fear walk hand in hand. -- Neil Peart

    by JRandomPoster on Tue Mar 17, 2009 at 04:06:35 PM PDT

  •  Dear Congresswoman Kilroy (1+ / 0-)
    Recommended by:

    "SIGH"  another sternly worded letter...

    Which the executives of Chase will promply wipe their ass with then throw away.

    When you and your esteemed fellow Congressfolk actually pass some serious new regulations and laws
    that prohibit that kind of outsourcing, then perhaps I will stand up and cheer you.

    Until then, all the incentives are in place for
    companies like that to  1. Ignore you  and

    1. Continue to whatever they damn well please.

    Bipartisanship: Def; Republicans that give the middle finger to everyone else on a daily basis.

    by Nebraskablue on Tue Mar 17, 2009 at 04:17:29 PM PDT

  •  Chase jacked my credit card to 32 percent! (0+ / 0-)

    J. P. Morgan Chase, which was once Providian, then Washington Mutual, seny countless cardholders a fine-print opt-out, an offer to close their credit card accounts and retain their current interest rates. Those who missed the opt-out period, have seen their credit card interest rates increased to as much as 32 percent. I have spoken to them tens of times to no avail.

    Congressman Kilroy,


  •  I don't trust outrage... (1+ / 0-)
    Recommended by:

    ...from Congresspeople any more than I trust banks, at this point.  Congressional outrage is worth slightly less than a bucket of warm piss without any action behind it.  Besides, I have enough of my own fucking outrage, thank you very much.

    What I want to see is Congress as prosecutor.  Pass some damned laws regulating the types of financial instruments that got us into this mess, and establishing stiff penalties for violating those regs.  Establish an "outsourcing tax" of $10 million per U.S. job shipped oversease.  Make it illegal for a bank receiving TARP funds to ship jobs anywhere outside the US.

    Christ, just do some fucking thing besides writing a goddamn letter some bank executive is going to spit on, crumple up and have his secretary toss in the wastecan.

    I'd rather have a bottle in front of me than a frontal lobotomy.

    by TheOrchid on Tue Mar 17, 2009 at 04:54:40 PM PDT

  •  From one of your constituents (2+ / 0-)
    Recommended by:
    Sparhawk, alisonc

    Congresswoman Kilroy, the answer to whether or not companies use bailout money to stimulate another country's economy is easy, don't give these companies bailout money.  I encourage you to no longer support bailouts of companies that should be allowed to fail. Although you were not in the previous Congress that approved TARP, it should come as no surprise to anyone that the companies receiving money did with it what they pleased because Congress allowed the Executive Branch to give money away with very few conditions.

    As I understand it, Chase was never in danger of failing, but like many banks, it was forced to take TARP money.  The excuse that both Congress and Treasury used was that credit needed to be unfrozen.  Credit did not need to be unfrozen because banks are in the business of lending and they were still lending for creditworthy people and businesses. The TARP money was designed to encourage continued easy credit and malinvestment, the same trouble that got us where we are.

    If a company does not have a business model that can survive, then it should be allowed to leave the market. Subsidizing businesses with bailouts leads to either prolonging the agony or whipping up dangerous populism when they do something that is unwise (such as some of the AIG bonuses or outsourcing).

    I hope that Chase does not send these jobs overseas, nor am I pleased with the AIG bonuses, but Congress is entering dangerous constitutional ground if it tries to pass retroactive rules or bullies a company into changing its practices without having the fortitude to pass a law.

    Please do not support anymore bailouts. Let these companies suffer the fate their own hand has dealt them. Thank you for your service in Congress.  

  •  I hate to paraphrase larry the cable guy, but (2+ / 0-)
    Recommended by:
    Mash, Support Civil Liberty

    ditch the friggin letters and GET IT DONE.

    A is A. Reality is real. Michael Shermer

    by gereiztkind on Tue Mar 17, 2009 at 05:18:14 PM PDT

  •  Kilroy was here... (1+ / 0-)
    Recommended by:

    She just didn't really do much

                                              (o o)

  •  Dear Congresswoman: (1+ / 0-)
    Recommended by:

    You remind me of the grandma that gives her crackhead grandchildren hundreds of dollars so they can get themselves out of trouble and which invariably the crackhead grandchildren spend smoking up out of a glass pipe.

    Your outrage after the fact means little, and if you would simply stop giving them money, you wouldn't even need it.

    In fact, your outrage is even less understandable, for a grandmother that loves her grandchildren even when they fail deserves sympathy. A congresswoman who loves her giant financial corporations deserves none of mine.

    You're doing all of us a disservice. I know they're holding the economy hostage, but please... don't negotiate with these terrorists. Let their economic bomb go off, they'll get squashed by it too, and then we can simply rebuild.

  •  "2 Bowery"??? (2+ / 0-)
    Recommended by:
    shenderson, Loose Fur

    How did you come up with that address? If you'd plug it into Google Maps and click on "Street View," you'd see that it's an obscure branch in Chinatown.


    270 Park Avenue, New York, NY 10017.

    Luv ya, Mary Jo, but, please, do your homework.

  •  the banks (3+ / 0-)
    Recommended by:
    Sparhawk, Hornito, Edgewater

    are crippling or destroying the United States, the globalists moved large swathes of our manufacturing overseas, now the banks want to move there too, the banks want tax dollars to bail them out and funnel it foriegn banks.

    Does congress see a pattern here?  Do they understand we're supposedly at war?  (false war on false pretenses but still war)

    1.  On the morning of 9/11/2001, our multi-trillion dollar military defense system was not to be found.
    1.  During the implosion thousands upon thousands of jobs disappeared over to asia under the cover of the stock market crash and massive layoffs.  Not a peep about it.
    1.  Grover Norquists' stated goal was drown the government in a bathtub (debt).
    1.  Office of Federal Housing Enterprise Oversight was totally ignored in 2003 and 2004 when they repeatedly warned of a systemic crisis in housing markets.
    1.  Today banks are holding government hostage with their bad debts (its called blackmail in the real world).
    1.  US Banks are or have bought shares in foreign banks.
    1.  Our politicians either don't know what is happening around them, don't know who to trust for information, don't know how to react or are complicit.
    1.  Our military is here to protect the US of A and not being utilized against the encroachment of money power, either from foreign or domestic sources,  that threaten the national security of the US and its long term economic viability.
    1.  An estimated $7 trillion in capital has flowed into offshore accounts. No one knows what has been taxed of it.
    1. Glass-Steagall remains repealed.
    1. Futures trading remains unregulated
    1. Millions of Americans are out of jobs.
    1. Foreclosures continue at record paces.
    1. Bush had the worst record of job creation since records began.  Globalism and 'free trade' still rules our politicians.
    1. How much more does America have to take of being run over by the moneychangers, war mongers, war criminals and a virtually useless media?

    Hope. Don't make into another 4 letter word.

    by FreeTradeIsYourEpitaph on Tue Mar 17, 2009 at 06:24:16 PM PDT

  •  Geez (0+ / 0-)

    What a mess!  I think we should nationalize the banks.  Stop giving them money.  If they can't stand on their own, nationalize them.

  •  As sternly-worded letters go, yours is good (3+ / 0-)
    Recommended by:
    Hornito, netgui68, Edgewater

    but as countless others have noted, so what. Listen,

    THEY ARE STEALING MY CHILDREN'S FUTURE, and they are laughing all the way to the bank. These corporate guys care about only one thing, money. You can write all the sternly-worded letters you like, they will just wad them up and use them as sanitary products.

    Take the money. That's the only thing they will understand.

  •  Spare me your OUTRAGE (2+ / 0-)
    Recommended by:
    Support Civil Liberty, Edgewater

    DO SOMETHING instead of writing letters.

    In the future, instead of my VOTE you well get a sternly worded letter.

  •  A minimal, temporary solution (0+ / 0-)

    If the taxpayers and/or the federal government own a substantial or controlling position in any of these financial services and insurance firms, we should implement temporary nationalization and reorganization.

    Many, if not all, have been grossly irresponsible, in every imaginable sense. They need to be restructured. They need new leadership and boards. They need new pay scales. They need to work within a new regulatory framework. Out with the old, in with the new.

    No one will say what is obvious: The capitalists (!!) have virtually destroyed the capitalist economy and they cannot be relied upon to clean up the mess. They are the mess. If later responsible buyers and managers step forward to buy the restructured firms, that is fine--as long as they play by what ought to be the new rules of the game.

    "No nation could preserve its freedom in the midst of continual warfare." -- James Madison

    by besseta on Tue Mar 17, 2009 at 06:44:54 PM PDT

  •  For what it's worth (0+ / 0-)

    I don't think the Obama Administration is yet to fully realize the tsunami of negative public opinion welling up out there. They need to get out ahead of this thing -- and fast -- or they risk their entire agenda.

    One way to reassure people? Appoint a special prosecutor, ASAP, to get to the bottom of this AIG business.

    Josh Marshall is right.

    Of course, if we could replace the hapless Geithner with Paul Krugman, that would be even better.

    I can dream, right?

    "I must create a system or be enslaved by another man's." - William Blake

    by Tod Westlake on Tue Mar 17, 2009 at 06:55:15 PM PDT

  •  Republican looking for a way to save (1+ / 0-)
    Recommended by:
    Loose Fur

    20 dollars an hour by finding someone willing to work for 1.50 dollars an hour.  

    Party of no plans, no solutions and no morals either for the Americans or the Indias people.  Way to keep everyone in poverty as the rake in billions.

  •  You Gave Them Our Money (0+ / 0-)

    I'm outraged too. But I'm not surprised. You gave them our money without strings attached. Why wouldn't a crooked bank that lost $BILLIONS just take the money you gave them, and do more dishonest stuff with it?

    The better question is why did you give them our money without strings attached?

    You're the Congress. You're supposed to protect us, not just give the money away. Where do you get off being outraged at them, when it's your fault?

    "When the going gets weird, the weird turn pro." - HST

    by DocGonzo on Tue Mar 17, 2009 at 07:27:48 PM PDT

  •  Yes they will take it and run. (1+ / 0-)
    Recommended by:
    Loose Fur

    They all are and they all will - you would have to be insane to think otherwise - because it is a huge scam and you all are forcing us to fund it.

    Evidence meet Face - POW!

    Evidence meet Face - POW!

    Evidence meet Face - POW!

    Evidence meet Face - POW!

    Does anyone need the definition of insanity yet? No? Please, fell free to continue.

    Evidence meet Face - POW!

    Evidence meet Face - POW!

  •  Rec'd based on DKOS comments alone. (0+ / 0-)

    Some fine comments throughout.  Fine comments.

  •  Thank you Congresswomen Kilroy (2+ / 0-)
    Recommended by:
    Buckeye Hamburger, Loose Fur

    AIG and Chase are prime examples of EVERYTHING wrong with our country..our American corporations have been double crossing American citizens for years with the outsourcing of our jobs to other countries and as a matter of fact insourcing them too (H1 Visa's program) so they can fluff their bonuses with their labor savings.  I fully believe capitalism with rules and regulations, while not perfect, is the best system in the world.

    In the last many years we have witnessed Raw and pure capitalism and that form of capitalism is cruel, greedy, dishonest, and pure disqusting.  We have allowed companies to merge and coordinate to the point you might as well say we have monopolies everywhere, and these companies are to big to fail or maybe we should say there is so much rot that if we expose it all it would deplete all remaining trust in American Corporations and Capitalism as a philosophy.

    I try not to take a protectionist attitude, however, watching the destruction of the middle class and Corporate greed and entitlement, I am becoming more protectionist everyday...Sorry but we have to take care of Americans first..they are Family, afterwhich, if we can help the rest of the world..we should.  

    Public companies work with your and my 401k, IRA, and retirement investments, the officers have the luxury of playing with house money without any personal skin involved, they are installing zombie board members that cater to their interests, the whole thing is a ponzie scheme....they overleverage companies, export American jobs, lobby for Government handouts and favorable laws (tax and others), at the end of the day they have destroyed the company, sapped investor wealth, caused many workers to suffer unemployment, loss of retirement and dignity.

    The Executives walk away with millions of dollars and golden parachutes...tell me again how these salaries and bonuses are me all public companies should be either capped by a reasonable multiples of average employee pay within the company or all share holders should be able to vote on salaries, bonuses and incentives awarded.

    If they want to make millions they can do it on their dime, take all the risk of failure and then they deserve it, however, on public financing, they should not enjoy the benefit of acting like a sole the way..NOBODY is worth millions of dollars per year, our CEO's are paid more money than corresponding CEO's in Europe for running much smaller companies.

    Final thought, Many of us will never invest another dime in Wall Street until all the problems are fixed...we want American jobs here and we want representation and checks and balances in these corporations that stops the greed factor that is raping the nation and our future. We collectively are watching our officials to see how they handle these corporations and this situation...everyone in congress is on alert that they best be on the side of public interest or else...

    Thank you for listening and hearing.

  •  As one of your constituents, Congresswoman Kilroy (2+ / 0-)

    ...all I can say is, thanks for trying to make a name for yourself by making your best effort at chasing Chase out of central Ohio with this hostility over a rather minor amount of outsourcing.  When Chase purchased Bank One, they could have pulled all their operations out of Central Ohio.  Instead, they've expanded here.  

    •  As another constituent, I join you! (1+ / 0-)
      Recommended by:

      Bullying companies or individuals with the power of the State doesn't help anyone.  It's a horrible abuse of power.  Despite the somewhat paper tiger nature of this letter, I find this letter genuinely terrifying -- not because I am sympathetic to outsourcing -- but because elected officials should not use their power to bully. They are legislators; pass a law if they don't like behavior and allow open debate on a proposed law. Bullying by legislators who threaten legislation if someone doesn't conform to their desires is harmful to the rule of law and creates tremendous instability and fear. If this is the new change for OH-15, I am ready to support with time and money a primary challenger to Congresswoman Kilroy.  Anyone know of anyone?  I'm ready to pitch in and help right now.

  •  Nice "sternly-worded" letter (0+ / 0-)

    I'm sure the Chase execs are shaking in their boots.

    Support green, healthy, US pet suppliers while showing your pooties and woozies some love at The Leash We Can Do!

    by fatherofdragonwagon on Tue Mar 17, 2009 at 09:08:38 PM PDT

  •  Thank you (1+ / 0-)
    Recommended by:

    As a resident of Columbus, I was overjoyed that we finally elected someone who would tackle the problems we all are facing.  While stuck as a member of the 12th district (that is the next problem to solve) I did what i could to make sure that everyone i know voted for you.  

    Thank you for standing up with what is right.


  •  Corporate America is practicing labor genocide... (2+ / 0-)
    Recommended by:
    Hornito, Kristina40

    ...on the American worker.

    The shortsightedness and sociopathy at the helm is akin to a head cutting off its body to replace it with another. I'd rather have the body cut off its head to replace it with a smarter one.

    At this rate Slumdog Millionaire, the Sequel will be filmed in Chicago and not Bombay.; an oasis of truth. Truth that leads to action -1.75 -7.23

    by Shockwave on Tue Mar 17, 2009 at 09:52:43 PM PDT

  •  Congresswoman, please read (0+ / 0-)

    You are new to the game and I understand how difficult it must be.  I have personally spent over 2 thousand hours researching this economic collapse.  I've studied CDS and CDOs extensively, it is my "specialty" if you will, which is saying quite alot considering I am a bartender by trade.  I have always been a "why did this happen" type of person.  I dedicated my every waking moment to understand the problem, and I have learned much.  I would suggest you join with Representative Cummings.  He is the closest to the truth on this issue.  The CDS betting was what caused this.  The deregulation of Senator Phil Gramm is what allowed it.  This was planned, not an accident.  They stole OUR money, several trillion dollars worth.  What will you do to correct this travesty?  Goldman Sachs and JP Morgan are key players in this problem.  They are the beneficiary of countless CDS bets (don't believe me check AIG for a start). Why do Goldman Sachs and JP Morgan keep turning up like bad pennies in this tragic play?  Who runs the Fed?  Which banks are members?  You can always discount my findings as ramblings of the rabble, or you could follow up...The choice is yours Congresswoman. I will provide you with all my research upon request.

    ~War is Peace~Freedom is Slavery~Ignorance is Strength~ George Orwell "1984"

    by Kristina40 on Wed Mar 18, 2009 at 12:13:47 AM PDT

  •  You know, I really liked my Chase/United Airlines (0+ / 0-)

    Credit Card and the frequent flier miles I got with it. However, I am going to cut it up tomorrow and send it to Mr. Dimon.

    All that is necessary for evil to succeed is that good men do nothing. - Edmund Burke

    by MikePhoenix on Wed Mar 18, 2009 at 12:51:38 AM PDT

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