Banking

As President Obama gets ready for his big jobs speech Thursday, America's nurses have a message for him. "Heal America, Tax Wall Street!" the signs read as nurses rallied in front of 61 Congressional offices this week. The nurses are proposing a bold alternative to the "cut, cut, cut" rhetoric emanating from Washington, D.C.

Their proposal? "It's time for the Wall Street financiers who created this crisis and continue to hold much of the nation's wealth to start contributing to rebuild this country and for the American people to regain their future," explained Rosanne DeMoro, Executive Director of National Nurses Union (NNU), in a press release. The nurses are joining groups across the nation and around the world who are calling for a financial transaction fee on high-volume, high-speed Wall Street trades, to tamp down dangerous speculation and to raise revenue for heath care, jobs and other critical needs.

A new study released today by the Center for Media and Democracy (CMD) shows that, despite rosy statements about the bailout's impending successful conclusion from federal government officials, $1.5 trillion of the $4.8 trillion in federal bailout funds are still outstanding.

The analysis, presented in charts and an online table and program profiles, is based entirely on government records. This comprehensive assessment of the bailout goes beyond the relatively small Troubled Asset Relief Program (TARP) program to look at the rest of the Treasury and Federal Reserve's multi-trillion dollar response to the financial crisis. It shows that while the TARP bailout of Wall Street (not including the bailout of the auto industry) amounted to $330 billion, the government also quietly spent $4.4 trillion more in efforts to stave off the collapse of the financial and mortgage lending sectors. The majority of these funds ($3.9 trillion) came from the Federal Reserve, which undertook the actions citing an obscure section of its charter.

Inside the Wisconsin state Capitol on Monday, June 6, Supreme Court Justices began hearings on the controversial collective bargaining measure proposed by Governor Scott Walker. Outside the Capitol, thousands of community members and employees from across the state rallied against the Walker-sponsored budget, chanting "Recall Walker" and "Walker, we won't back down! This is a union town!"

Former U.S. Senator Russ Feingold led the march from Madison Fire Station 1 toward the Capitol. Feingold was born in Janesville, Wisconsin, and marched up to the Capitol with Rock County AFSCME member past the standing "Walkerville" tent encampment, whose friendly inhabitants set up refreshment tables to help crowds battle the crushing heat. Feingold refused to address speculation that he might oppose Scott Walker in the next election, but signs, T-shirts and chants of "Russ for Governor" indicated mounting support for his candidacy.

By Eric Carlson, Center for Media and Democracy

In July 2008, Florida lawyer Lynn Szymoniak received foreclosure papers on her home. Szymoniak had encountered financial difficulties after spending several years caring for her ailing mother while simultaneously fighting her own health problems, and failed to re-negotiate her adjustable-rate mortgage with her lender.