‘America Can’t Wait for New Jobs’
Creating new and good jobs is the most urgent task facing our nation’s leaders and Americans who are unemployed or whose wages are stagnating cannot afford to wait any longer. Until we fix the jobs crisis, economic growth and fiscal stability will be hard to achieve, AFL-CIO Policy Director Damon Silvers told a congressional hearing today.
On top of the employment crisis, we are living with the consequences of our failure to invest in our nation’s infrastructure or in the technologies we need in the future, Silvers told a Democratic Steering and Policy Committee hearing on “Creating Good Jobs Now.” ”Jobs Now means rising incomes and falling deficits, it means rebuilding America.”
Jobs Now means an America where we make things again, where we export more than we import, where we lead the world toward an environmentally and economically sustainable and prosperous future. That’s the kind of future the American people deserve.
Silvers To Treasury: Can’t Resolve Foreclosure Crisis and Save Banks
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How can a housing advocacy group like the Neighborhood Assistance Corporation of America (NACA) with a budget of less than $20 million, CORRECTLY process 20,000 people seeking mortgage modifications in one week in one city, and the United States government with a budget of $50 billion can only do 20,000 modifications a month across the whole country?
Damon Silvers, policy director of the AFL-CIO and a member of the Congressional Oversight Panel never got a straight answer to that question from U.S. Treasury Department officials at a hearing on Capitol Hill yesterday.
Sweeney: ‘Working People Want Action on Creating New Jobs’
The nation’s political leaders have a choice: They can strike out on a new economic course for America that will turn around the nation’s economy or they can give in to political paralysis and yield to the demands of the financial and corporate elites.
Speaking Friday before a Harvard University study group on “Working Class Revolt,” AFL-CIO President Emeritus and Harvard Fellow John Sweeney and AFL-CIO Policy Director Damon Silvers said policymakers failed to heed the union movement’s warnings against a campaign of radical federal deregulation and corporate empowerment—one that celebrated private greed over public service.
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.
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.
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.
‘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).
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.
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.
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.
