Search Results for 'damon'
Economy |
Jan 15 |
Just Transition to Green Economy Would Create Jobs, Profits
A just transition to a green economy is the only path toward building the broad support needed to combat climate change and to creating and retaining quality jobs and decent work, AFL-CIO Policy Director Damon Silvers said.
Speaking yesterday at the U.N.’s Investor Climate Risk Conference in New York City, Silvers said investors, especially those who manage workers’ pension funds, must change their investment strategies and lead the way to a stronger, greener future.
Silvers delivered the speech on behalf of AFL-CIO President Richard Trumka, who was called to meet with President Obama on health care.
Legislation & Politics |
Dec 4 |
Jobs Creation or Deficit Reduction? The Public Has Decided
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Stop by any corner grocery store and ask the people standing in line: What do you worry about most—jobs or the nation’s budget deficit?
If they don’t choke up laughing, chances are real high they’ll give the same response as did the public in two recent polls:
Priority #1: Jobs.
Priority #2: Jobs.
Priority #3: Jobs.
A poll for Democracy Corps published Nov. 30 found that when given a choice, “voters embrace a bold jobs initiative over a long-term deficit reduction program by two-to-one.” A survey taken by the Economic Policy Institute (EPI) earlier this fall revealed the same: The Hart Research Associates poll found that by a margin of 53 percent to 42 percent, the public is more concerned about rising unemployment rates than the rising federal deficit.
Legislation & Politics |
Nov 18 |
Silvers: We Need Comprehensive Financial Reform
AFL-CIO Director of Policy Damon Silvers has a prescription for moving our economy forward: Make the financial sector the servant of the real economy—not its master.
Silvers debated American Bankers Association President Edward Yingling on the need for financial reform in a hard-fought discussion at the Aspen Institute yesterday, and the differences between the two were most apparent when it comes to protecting consumers and applying stronger rules to banks, credit cards and the mortgage industry.
Silvers, who sits on the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP), says we cannot allow the financial industry to drive our economy into the ground again. We must have new, tough regulations that protect consumers and put the financial sector to work for the real economy. And we absolutely can’t bail out the CEOs and stockholders of failed banks.
Economy |
Oct 15 |
Dorgan: Financial Regulation Not a Four-Letter Word
Congress must pass strong, effective financial regulations to prevent another economic meltdown and to protect the American consumer, a leading senator said. Speaking this morning at the New America Foundation, Sen. Byron Dorgan (D-N.D.), said the nation’s economic wreckage can be traced back to the decision a decade ago to deregulate the financial system.
Not only did deregulation open up opportunities and incentives for risky banking behavior, but federal regulators who were supposed to be watching the financial industry weren’t doing their jobs, Dorgan said.
As early as 1994, Dorgan warned of the risks posed by one of the key ingredients in the recent financial collapse: the complex financial packages known as derivatives. In a Washington Monthly magazine cover story, “Very Risky Business,” he predicted the cascading failures of large lending institutions, the collapse of Fannie Mae, taxpayer-funded bailouts.
Economy |
Sep 9 |
‘Too Big to Fail’ Banks Need Tough Regulation
While the rescue of the nation’s top financial institutions was necessary, the rescue must be accompanied by strong action now to rein in the same institutions that caused the global financial crisis in the first place, several experts said today.
During a forum sponsored by the Economic Policy Institute (EPI), panelists pointed out that the nation’s four largest bank holding companies control nearly half of the bank assets in the country—almost double the amount they controlled in 2002—not a good situation for our economy.
The biggest threat: All these banks are carrying billions of dollars in bad debts. Their weak balance sheets make them hesitant to lend—the so-called zombie bank phenomenon. But their financial weakness is paired with political power, power that may not be consistent with our democratic principles, says Damon Silvers, deputy chair of the Congressional Oversight Panel (COP).
Economy |
Aug 11 |
Bailout Oversight Panel: Some Banks Still Vulnerable to Collapse
Nearly a year after the $700 billion bailout of the nation’s financial system began, banks—especially regional and smaller banks—are still threatened by the billions of dollars in bad loans on their balance sheets. More could fail if the economy worsens, according to a new report from the Congressional Oversight Panel (COP), which oversees the spending of the bailout funds.
“The Continued Risk of Troubled Assets,” released today, warns that if unemployment rises sharply or the commercial real estate market collapses, the banking system could again nosedive into a crisis.
In the report, the panel says:
The financial system [remains] vulnerable to the crisis conditions that [the bailout] was meant to fix.
Legislation & Politics |
Jun 9 |
Bailout Oversight Panel: Bank Stress Tests Don’t Go Far Enough
The federal government’s recent stress tests of the nation’s largest banks generally were well designed, but they did not go far enough or raise some serious concerns. The tests may need to be repeated often, according to a congressional panel overseeing the $700 billion financial bailout.
Testifying before the Joint Economic Committee (JEC) this morning, Congressional Oversight Panel (COP) Chairwoman Elizabeth Warren said the stress tests were based on assumptions about the economic downturn that may be too optimistic. The COP released a new report today that calls for more strenuous and transparent testing of the banks until the current economic crisis is over.
Legislation & Politics |
Jun 2 |
Bail Out Average Americans, Not Bankers
Behind all the hype and technical jargon surrounding the nation’s banking and mortgage crises, the bottom line comes down to answering this question: Does the nation want to spend its resources on rich bank stockholders or on roads, bridges, schools and other necessary projects?
Speaking during a workshop at the America’s Future Now conference this morning, several members of a panel on the banking crisis said the financial system is broken and that the Obama administration’s plan to fix it doesn’t address the scope of the problem. The three-day conference is sponsored by the Campaign for America’s Future.
(Click here to read more news and views from the America’s Future Now conference. You also can listen to the conference sessions live on BlogTalk Radio here.)
The administration is holding its breath, hoping big banks will recover the value of some of their assets over time if taxpayers bail them out over the short haul, said Damon Silvers, vice chairman of the Congressional Oversight Panel.
Economy |
Apr 22 |
Educating Timothy Geithner: The Congressional Review Panel on Capitol Hill
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The American people worry about how their $590 billion in taxpayer money is being spent in the big bank bailout—and, on Capitol Hill today, U.S. Treasury Secretary Timothy Geithner was told why. In his first appearance before the Congressional Oversight Panel (COP), which has spent nearly six months reviewing the expenditures of the Troubled Asset Relief Program (TARP), COP chairwoman Elizabeth Warren told Geithner:
People are angry that even if they have paid their bills on time consistently and never missed a payment, their TARP-assisted banks are unilaterally raising their interest rates or slashing their credit lines….People are angry when they read headlines of record foreclosures because even if they aren’t personally facing trouble with their mortgages, they see their own property worth less and their communities declining as a result of the foreclosures all around them.
I appreciate your repeatedly stated commitment to transparency and accountability…but more remains to be done. People need to understand why you are making the choices you are making.
Legislation & Politics |
Apr 15 |
Banks Need Restructuring, Not Bailouts
The Treasury Department’s bank bailout plan is built on the faulty assumption that the financial crisis is the result of a temporary lack of a market for current financial products—and presumes the losses can be made up after confidence in the system is restored. The reality is that the entire financial services industry needs to be restructured and the sooner, the better, two experts said recently.
Writing at the Campaign for America’s Future website, Susan Ozawa points out that during a recent conference, Damon Silvers, vice chairman of the Congressional Oversight Panel (COP), and economist Robert Kuttner said broader and deeper changes need to be made than the Treasury plan envisions. They spoke April 8 at the “Lifting the TARP: Is a Reconstruction Finance Corporation a Better Way to Restore the Banking System?” conference sponsored by Demos in Washington, D.C.
