$38 Billion in Bonuses for Wall Streeters, Home Foreclosures for Regular Folks. Really?
December 25, 2007
While executives at the top five Wall Street firms are getting a record $38 billion in bonuses this Christmas season, millions of working families are worrying whether they will lose their homes in the New Year-in the wake of the nation's mortgage crisis.
The AFL-CIO called today for major mortgage lenders to impose a one-year moratorium on subprime mortgage foreclosures. AFL-CIO President John Sweeney, in a letter to the largest subprime mortgage lenders and underwriters, writes:
Wall Street seems to be giving unprecedented cash rewards to the very people whose conduct threatens to strip millions of Americans of their homes and drive our country into recession, while at the same time refusing to take the actions necessary to address the crisis.Yes, this is the America that has been created by Bush, his Republican cronies and too many corporate Democrats. You want more holiday spirit? Well, our friend Ohdave reminded me of this in the comments:
The Bush administration has thwarted Gov. Ted Strickland's plan to expand Ohio's popular children's health insurance program to cover middle-class youngsters.
"What this means is that thousands of needy Ohio children will be deprived of access to critical health-care coverage," Strickland said.