Reid: Republicans' Behavior Is "Anti-American"

By Justine Rellosa- Talk Radio News Service

Senate Majority Leader Harry Reid (D-Nev.) described his Republican colleagues' refusal to open up Wall Street reform legislation for formal debate as "anti-American."

"All the talk from the Republicans about wanting to do something about this bill before it gets on the floor is really anti-Senate and anti-American," Reid said during a press conference Wednesday.

Added the majority leader, "They keep stalling and they keep stalling, and it appears that they are more concerned in taking care of the 'fat cats' in Wall Street than they are the people who have been hit so hard."

Sen. Chris Dodd (D-Conn.), who appeared with Reid, stressed that the bill needs to move forward, but also conceded that the bill will not completely rule-out the possibility of a second financial crisis.

"We can't prevent another economic crisis from happening in our country, that will happen someday again," said Dodd. "But we can minimize the impact of that crisis."

Levin Wants Clamp Down On Speculative Actions Of Investment Banks

By Justine Rellosa
Talk Radio News Service

With top executives from investment bank Goldman Sachs set to testify Tuesday in front of a Senate Government and Homeland Security subcommittee, Sen. Carl Levin (D-Mich.) today showcased approximately 500 pages of documents that illustrate how the scandal-riddled investment bank “repeatedly put its own interests and profits ahead of the interest of its clients.”

“For large fees, Goldman helped run the conveyor belt that dumped hundreds of billions of dollars of toxic mortgages into the financial system,” said Levin, who chairs the subcommittee that will host Tuesday's hearing.

The documents the Senator previewed included internal reports and emails that, according to Levin, show Goldman Sachs betting against the mortgage market throughout 2007, despite the fact that the company has denied such accusations.

“Its own documents show that it engaged in what one top executive described as 'the big short,'” said Levin. “Not hedging, but betting heavily against the market.”

"We cannot have this kind of a gambling house...making bets," Levin added. "We cannot allow this to continue."

The Senator announced that the committee will decide after the hearing on Tuesday whether they will refer this matter to the SEC and to the Justice Department for further consideration.

Actress Sigourney Weaver Warns Of Increasing Ocean Acidification

By Justine Rellosa
Talk Radio News Service

On the 40th anniversary of Earth Day, Actress Sigourney Weaver said without climate legislation, the U.S. risks allowing carbon dioxide (CO2) emissions to have monumental negative impacts on ocean acidification.

Weaver and others testified Thursday before a Senate Commerce, Science and Transportation subcommittee.

“The oceans are 30 percent more acidic than they were during pre-industrial times and if we continue burning fossil fuels as we are now, we will double the ocean’s acidity by the end of the century,” said Weaver.

According to Dr. James Barry, Senior Scientist at the Monterey Bay Aquarium Research Institute (MBARI), several studies and workshops have concluded that during the past decade there has been a massive influx of CO2 emissions into our oceans. Such pollution, he said, poses a threat to the livelihood of the ecosystem.

“[CO2 emissions] could have very significant effects on marine ecosystems,” said Barry. “Eventually, over 85 percent of all emissions will reside in the ocean and this CO2 will mix throughout the depths of the ocean.”

Weaver challenged lawmakers to put aside their differences and enact climate and energy legislation that will push America towards a clean energy economy.

“Lawmakers must help ocean ecosystems adapt to the changes brought about by a warming climate and acidifying oceans. To make the oceans more resilient to these changes, we need to do a better job of keeping the oceans healthy.”

National Day Of Prayer Receives Support From Lawmakers Amid Controversy

By Justine Rellosa- Talk Radio News Service

Over a dozen lawmakers held a press conference Wednesday to condemn a ruling from a federal judge in Wisconsin that the National Day of Prayer is unconstitutional.

“We’re here today to encourage the White House to make sure that they appeal this decision and that they fight as vigorously as possible to make sure that this decision does not become the law of the land and the United States,” said Rep. J. Randy Forbes (R-VA), Founder and Co-Chairmen of the Congressional Prayer Caucus.

The National Day of Prayer, held annually since 1952, marks a formal request from Congress to the American people urging them to pray or meditate.

Virginian Republican Rep. Frank Wolf said that hoped the executive branch would utilize all resources to combat the ruling.

“I urge the Obama administration to appeal this decision, to dedicate the best and the brightest minds at the Justice Department to this case and to ensure that the rulings by the U.S District Court ... of Wisconsin does not stand,” said Wolf.

President Obama is still set to acknowledge May 6, 2010 as the National Day of Prayer.

Job Creation Remains Vital In Economic Recovery Says Biden

By Justine Rellosa-Talk Radio News Service

Vice President Joe Biden announced Tuesday that the economy is, in fact, "on the mend" and added that job creation is still at the forefront of change.

According to government figures, the Recovery Act has created 2.5 million jobs so far and it increased the current GDP by as much as three percent last quarter. Biden said that nearly $100 billion of the Recovery Act tax cuts are pulling "double-duty" shifts by helping families gain efficient income through multiplier effects and boosting economic activity.

"The economy is clearly on a mend. In the first quarter of this year we added 54,000 jobs per month. Now, I know, and we all know, that that rate of job growth is too slow to bring down the unemployment rate," Biden said. "Continued weakness in job creation remains a major challenge, one the President and the whole administration is committed to meeting."

The Vice President said that the plan for economic growth includes rules and regulations that protect consumers and tax payers, education reform, sustainable federal spending and energy independence.

"The next expansion is characterized by prosperity that is broadly shared by new economic opportunities for the middle class," Biden said. "By finally tearing down the barriers to health care and education [and] by starting us down a path toward energy independence, we’ll be building the America we need in order to compete... and lead in the 21st century."