DEMOCRATIC SOCIALISTS
OF AMERICA
 
 
December 10, 2009
 

NEWS FROM DSA 
A REPORT FROM DSA'S NATIONAL OFFICE.


Contents:

Fire Bernanke

Abortion Rights Victory
Join Bernie Sanders' Campaign to Fire
Federal Reserve Bank Chairman Ben Bernanke
 
President Obama is trying to reappoint current Federal Reserve Chairman Ben Bernanke to a second term in office. This appointment continues a string of bad appointments to offices concerned with our economy and the financial sector. Reappointing Bernanke continues the trend of putting Wall Street establishment types in charge of our economy.

While some pundits credit Bernanke with "saving the economy," the fact is that he has a very poor record. He failed to see the crisis coming. He failed to prevent banks and other financial institutions from becoming over-leveraged. He failed to prevent predatory mortgage lending or side with consumers against the credit card companies. Even now he allows banks to jack up credit card rates in advance of new regulations designed to prevent just that. He has not put pressure on banks to adjust mortgages in the face of the foreclosure crisis.
 
The Fed, under his leadership, has followed the neoliberal agenda that favors banks and financial speculation over productive enterprises that generate jobs. In his reappointment hearing, when asked about Social Security, his testimony made clear that he regarded it as an entitlement in need of "fixing" rather than a critical benefit to be preserved and expanded. He continues to oppose legislation to make the Fed more transparent by allowing periodic audits of the Fed's balance sheet.

Sen. Bernie Sanders is leading an effort to prevent Bernanke's confirmation by the Senate. DSA wholeheartedly supports this campaign. Here is what you can do to help:
 
Call both of your Senators and ask them to vote against confirmation of Bernanke. You can be connected to your Senator's office by calling the Capitol Switch Board at 202-224-3121.

Additionally you can sign Bernie's petition calling for a change of leadership at the Fed. More than 7500 have already signed. You can add your name by clicking here.

Abortion Rights Victory
 
The Senate defeated the Nelson/Hatch amendment that attempted to  make the health care bill more restrictive of a women's right to choose to have an abortion. Thank you to everyone who took time to call their Senators.
 
In solidarity,
 
 
 
Frank Llewellyn
National Director
Paid for by the Democratic Socialists of America ,  75 Maiden Lane, Suite 505, New York, NY 10038.