podesta-emails
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www.americansunitedforchange.org
<http://www.americansunitedforchange.org/>
www.americanfamilyvoices.org <http://www.americanfamilyvoices.org/>
FOR IMMEDIATE RELEASE CONTACT: Lauren Weiner,
202-470-5870
DATE: February 17, 2010
Jeremy Funk, 202-470-5878
National TV Ad 'Casino' Gets Wide Notice, Puts Congress on Notice to
Stop Wall Street From Gambling With Our Money and Pass the President's
Financial Regulatory Reform Plan
Click Here to View: "Casino"
<http://www.americansunitedforchange.org/press/releases/when_wall_street
_gambles_with_our_money_we_all_lose/>
***Broadcast Quality***
<https://rcpt.yousendit.com/819258554/67791513a86fda576103d175a4fb80bb>
'Casino' Follows AUFC Ad 'Pigs at the Trough'
<http://www.americansunitedforchange.org/press/releases/banks_went_hog_w
ild_on_wall_st/>
Americans United For Change Goes After Wall Street Casinos In Latest Ad
<http://www.huffingtonpost.com/2010/02/16/americans-united-for-chan_n_46
3550.html>
Sam Stein <http://www.huffingtonpost.com/the-news/reporting/sam-stein>
[email protected] | HuffPost Reporting
First Posted: 02-16-10 08:45 AM | Updated: 02-16-10 09:20 AM
Groups allied with the Obama White House are going up on air again to
lay the groundwork for comprehensive financial reform legislation using
the political trope of comparing Wall Street CEOs to reckless gamblers.
Titled "Casino," the spot is the latest in a series of regulatory reform
ads put out by Americans United For Change, a progressive organization
that has become the tip of the spear among groups advocating for
Democratic-authored legislation. Joining AUC this time around is
American Family Voices, an organization designed as a lobby of sorts for
working class interests.
"A few years ago, Wall Street created something called 'derivatives' the
ad's announcer says. "They were nothing more than bets - like a casino -
bets that the price of oil, or the value of your mortgage would go up or
down.
"Then they made bets on the value of the bets... and bets on the bets on
the bets. They built a house of cards... that finally came tumbling
down... and their recklessness caused an economic catastrophe that cost
seven million Americans their jobs.
"Now they're doing it again. Don't let them. Tell Congress to hold Big
Wall Street Banks accountable."
Prior AUC ads have referred to the titans
<http://www.huffingtonpost.com/2010/02/01/pro-obama-group-goes-afte_n_44
3871.html> of the banking and financial community as "pigs" who were
"first in line at the trough for their taxpayer bailout." So, in a
sense, this spot is a bit more elevated and policy focused.
The ad, an official with the group says, will run on national cable
(CNN, MSNBC, Fox and CNBC) through the week with $210,000 behind it.
http://www.dailykos.com/storyonly/2010/2/16/837631/-Midday-Open-Thread
* A hat tip to allenjo for pointing out
<http://www.openleft.com/diary/17410/bets-on-bets-on-bets> this
Wall-Street-as-casino ad campaign run by Americans United for Change and
American Family Voices: "Don't Let Wall Street Gamble America's Economy
on a Derivatives Crap Shoot." The $210,000 campaign will run on CNN,
MSNBC, Foxaganda and CNBC.
*As seen on MSNBC's The Dylan Ratigan Show*
<http://www.youtube.com/watch?v=opMud5jJ2v4>
<http://www.youtube.com/watch?v=opMud5jJ2v4>
*Also on CNBC's Street Signs with Erin Burnett*
<http://www.youtube.com/watch?v=sMnkyIoKQgU>
<http://www.youtube.com/watch?v=sMnkyIoKQgU>
White House ally compares Wall Street to casino
<http://www.salon.com/news/politics/war_room/2010/02/16/auc_ad/index.htm
l>
Americans United for Change out with new ad backing President Obama's
proposal for new financial regulations Video
http://www.salon.com/news/politics/war_room/2010/02/16/auc_ad/index.html
By Alex Koppelman
<http://www.salon.com/author/alex_koppelman/index.html>
There's a limit to how far the White House can go in criticizing Wall
Street. Sure, President Obama's team can slam the big banks now and
again as part of their big populist push, but there's a point at which
doing so starts to cost. Fortunately for the White House, there are
outside groups who can do that work for them.
Americans United for Change, joined by American Family Voices, is out
with a new ad supporting Obama's bank reform proposals. The spot is
running on national cable -- meaning it's aimed at opinion makers --
this week; AUC says they've spent more than $200,000 on the buy. It
compares Wall Street banks to casinos, with the narrator saying, "They
built a house of cards that finally came tumbling down and their
recklessness caused an economic catastrophe that cost seveb million
Americans their jobs."
Liberal groups push for new rules for banking 'casinos'
http://thehill.com/blogs/blog-briefing-room/news/81145-liberal-groups-pu
sh-for-new-rules-for-banking-casinos
By Michael O'Brien - 02/16/10 09:45 AM ET
Two liberal action groups are taking to the airwaves, urging lawmakers
to pass President Barack Obama's new financial regulation plan.
Americans United for Change and American Family Voices launched a new TV
ad Tuesday, urging Congress to move on legislation to rein in big banks,
which the ad derides as "casinos."
The $200, 000 ad buy will run on national cable networks -- including
the business networks CNBC and Fox Business -- through this week.
The ad comes as senators work to put together some financial reform plan
after talks had faltered between Senate Banking Committee Chairman Chris
Dodd (D-Conn.) and Sen. Richard Shelby (R-Ala.), the ranking member of
the committee.
Since then, Sen. Bob Corker (R-Tenn.) has stepped forward to reignite
bipartisan talks, though it's not clear what the final Senate bill will
end up containing. The House has already passed its version of the bill.
HILL BRIEFS
'Casino' Ad Calls For Stronger Regs
Finance. A labor and consumer group has made a $210,000 ad buy on
national news and business cable networks in its campaign for greater
regulation of the derivatives industry. In its "Casino" ad aired today,
Americans United For Change compares the financial product to a house of
cards that has resulted in the loss of 7 million American jobs. It was
joined by another group, American Family Voices, in the effort. The ad
comes as the Senate attempts to place more regulation on the products as
part of an overhaul of the financial services industry. The groups back
efforts by Sen. Maria Cantwell, D-Wash., to place greater margin
requirements on commercial firms that use derivatives to hedge against
risk; require all standardized trades to go through a clearinghouse; and
place greater oversight of foreign-exchange swaps and trades.
http://www.politico.com/morningmoney/0210/morningmoney84.html
NEW PRO-FINANCIAL REFORM AD UP THIS WEEK: Entitled "Casino." Airing on
national cable with a "six figure buy," according to Americans United
for Change, which is co-sponsoring the ad with American Family Voices.
VIDEO <http://bit.ly/98HnlZ%20> :
SCRIPT: "A few years ago, Wall Street created something called
'derivatives.' They were nothing more than bets - like a casino - bets
that the price of oil, or the value of our mortgage would go up or down.
Then they made bets on the value of the bets ... and bets on the bets on
the bets. They built a house of cards ... that finally came tumbling
down ... and their recklessness caused an economic catastrophe that cost
7 million Americans their jobs. Now they're doing it again. Don't let
them. Tell Congress to hold Big Wall Street Banks accountable."
http://www.politico.com/blogs/bensmith/0210/Groups_cast_Wall_Street_as_c
asino.html?showall
February 16, 2010
Groups cast Wall Street as 'casino'
<http://www.politico.com/blogs/bensmith/0210/Groups_cast_Wall_Street_as_
casino.html?showall>
The White House-aligned Americans United for Change, along with the
economic populist group American Family Voices, are up with this ad in a
$200,000 cable buy, aiming to set the tone for financial reform
legislation.
Posted by Ben Smith 09:12 AM
New ad out Tuesday <http://bit.ly/9xL3Qm> , from Americans United for
Change and American Family Voices: "They built a house of cards... that
finally came tumbling down... and their recklessness caused an economic
catastrophe that cost 7 million Americans their jobs," the ad says. "Now
they're doing it again. Don't let them. Tell Congress to hold Big Wall
Street Banks accountable."
http://blogs.abcnews.com/thenote/2010/02/soft-center-bayhs-shocker-leave
s-dems-with-few-good-lessons.html
http://theplumline.whorunsgov.com/terrorism/the-morning-plum-70/
* The White House ally Americans United For Change keeps up the populist
assault on Wall Street with a new six-figure spot calling on Congress to
pass Obama's financial regulatory plan and "keep big Wall Street banks
accountable":
Wall St. = Gambling Den
<http://www.nydailynews.com/blogs/dc/2010/02/holding-wall-street-account
abl.html>
http://www.nydailynews.com/blogs/dc/2010/02/holding-wall-street-accounta
bl.html
By Michael McAuliff
Holding Wall Street accountable is one of the things working for
Democrats these days, at least in theory.
So the D-affiliated Americans United for Change is out with an ad today
that aims to push the financial reforms stalled in Congress.
"Wall Street CEOs legalized gambling through something called
'derivatives,' making bets on bets on bets. But when their luck ran out,
it was our money they lost - our homes, our investments," said Tom
McMahon, of Americans United for Change. "President Obama has laid out a
clear path for real financial reform that will protect working families
and small businesses and now it's time the Senate to move the plan
forward."
So while the chatter today will be all about Evan Bayh, and Democrats
abandoning ship, an add like this, with $200,000 behind it, would seem
to be a pretty clear sign of the path the party will take in trying to
turn the tide back its way. It's a strong message, but there's a lot of
noise for it to compete with.
THE WHITE HOUSE BULLETIN
Bulletin News, LLC * 11190 Sunrise Valley Drive, Suite 130 * Reston, VA
20191 * Fax (703) 674-1048 * Tel (703) 483-6100
SUBJECT: TODAY'S BRIEFING
DATE: Tuesday, February 16, 2010
* Financial Reform Groups Sense Action. Advocates for financial
reform, especially new rules to handle credit ratings and derivative
trading, are still predicting action this spring and are pushing anew
for a final vote on the long-planned legislation stemming from the
2008-2009 Wall Street crisis. Senate sources and lobbyists working the
legislation say that Sens. Chris Dodd and Bob Corker are working on
several parts of the evolving bill and that they are working on the
likely eventual draft to be dropped soon. On the side, Sens. Jack Reed
and Judd Gregg are drafting the derivatives and credit ratings pieces
and the source said today that there are still plans to wrap up work in
time for a hearing sometime next month. "This most certainly isn't
dead," said an insider. To promote continued action, groups like
Americans United For Change are stepping up media campaigns to push the
legislation out. The group, for example, has teamed with American Family
Voices to fund a new cable TV ad urging Congress to vote for the
legislation. They said today that they plan to spend over $200,000 to
run the ad on MSNBC, CNN, Fox, Fox Business and CNBC. The ad, titled
"Casino," focuses on derivatives and claims that Wall Street speculation
cost 7 million Americans their job. "Tell Congress: Hold Wall Street
Accountable," says the ad, provided in advance to the Bulletin. --
Bulletin exclusive from U.S. News
Top Clinton Aide John Podesta: Political Climate 'Sucks'
http://www.politicsdaily.com/2010/02/16/top-clinton-aide-john-podesta-po
litical-climate-sucks/
Posted: 02/16/10
Former President Bill Clinton's onetime chief of staff says the current
state of the American political system "sucks" and he blames both sides
-- though more the Republican side -- for the stalemate in Washington.
John Podesta, in an interview with the Financial Times, expressed
frustration with the adamant Republican opposition to virtually all of
President Obama's programs.
"I think the president is trying to re-engage with Republicans, but
quite frankly he is not dealing with the party of Lincoln," said
Podesta, who headed Obama's transition team. "He is dealing with the
party of Palin and the party of McConnell and the party of Boehner. They
have a political strategy, really, which is that fierce opposition,
trying to say no to everything, will endure to their political benefit,
and so far it looks like that is working for them, so I don't see them
changing that much."
But Podesta, now president of the Center for American Progress, a
liberal-leaning think tank, also blamed Obama and his aides for focusing
too narrowly on Washington's "inside game" during the health care
debate, instead of going directly to voters with an explanation of the
plan, CNN.com
<http://politicalticker.blogs.cnn.com/2010/02/16/podesta-american-politi
cal-system-sucks-2/?fbid=eEIgGLCxbTQ#more-90389> said.
On another front, Obama got some help Tuesday from two liberal groups,
Americans United for Change <http://www.americansunitedforchange.org/>
and American Family Voices <http://www.americanfamilyvoices.org/> . The
organizations announced a new television ad, with $200,000 behind it,
that they said would run this week on CNN, MSNBC, Fox, Fox Business and
CNBC, pushing for passage of the president's delayed financial
regulatory reform bill.
The commercial, called "Casino," compares the risky trading of
derivatives on Wall Street to legalized gambling -- ''nothing more than
bets, like a casino, bets that the price of oil, or the value of your
mortgage would go up, or down." Since the government bailout of some
financial institutions, it's "back to business as usual" on Wall Street,
the ad asserts. "Tell Congress to hold Big Wall Street Banks
accountable," a narrator concludes.
Don't Let Wall Street Gamble America's Economy on a Derivatives Crap
Shoot
<http://www.rifuture.org/myblog/dont-let-wall-street-gamble-americas-eco
nomy-on-a-derivatives-crap-shoot.html>
Posted by: Brian Hull
<http://www.rifuture.org/myblog/blogger/Brian%20Hull/> in Banking
<http://www.rifuture.org/myblog/tags/59/> on February 17, 2010
Tagged in: Jack Reed <http://www.rifuture.org/myblog/tags/jack-reed/>
Americans United for Change <http://www.americansunitedforchange.org/>
and American Family Voices <http://www.americanfamilyvoices.org/> have
launched an excellent new national tv ad
<http://www.youtube.com/watch?v=-SSbKYBjuGE> demanding that Congress
pass real derivatives reform legislation. As the ad points out,
derivatives were little more than casino style bets placed by some of
Wall Street's largest firms. And when their bets went bust, Main Street
paid the price with 7 million lost jobs and a $700+ billion taxpayer
funded Wall Street bailout. Heads Wall Street wins, tails we bail them
out?!
It is outrageous that Congress hasn't had the courage to reign in these
"weapons of mass financial destruction" as Warren Buffet famously
described derivatives.
Fortunately, a broad grassroots coalition of Rhode Island community,
consumer, labor, and business organizations have come together to push
Sen. Jack Reed, one of the key members of the Senate Banking Committee,
to support strong derivatives reform legislation:
Ocean State Action <http://www.oceanstateaction.org/> has led the
charge and sent this letter
<http://docspace23.files.wordpress.com/2010/02/ri-organizations-financia
l-reform-joint-letter-with-signers.pdf> co-signed by the Housing Action
Coalition of Rhode Island, AARP-Rhode Island, United Nurses & Allied
Professionals, the Center for Hispanic Advocacy & Policy, the Rhode
Island Coalition for the Homeless, UFCW Local 328, teh Rhode Island
Progressive Democrats, RIPIRG, the Rhode Island Association for Justice,
the National Association of Social Workers - Rhode Island, SEIU District
1199, the American Association of University Professors - RI, the
Women's Health & Education Fund, and UNITE-HERE Local 217.
The Progressive caucus in the House led by Rep. Ed Pacheco has sent this
letter
<http://docspace23.files.wordpress.com/2010/02/ri_state_reps_joint_lette
r.pdf> co-signed by Rep. David Segal, Rep. Art Handy, Rep. Deb
Ruggerio, Rep. Edith Ajello, Rep. Amy Rice, Rep. Scott Slater, Rep.
Grace Diaz, Rep. Ray Sullivan, Rep. Chris Fierro, Rep. Mary Ann
Shallcross, Rep. Mike Marcello.
And the Oil Heat Institute of Rhode Island has sent this letter
<http://docspace23.files.wordpress.com/2010/02/ohi_reed_speculation_lett
er.pdf> noting that speculation in unregulated derivatives is causing
price spikes and extreme volatility that hurts Rhode Island energy
consumers.
It's not often that progressives are united with energy companies, but
the damage caused by out of control derivatives and Wall Street greed
has managed to bring Rhode Islanders together to demand real reform.
As has been noted here
<http://www.rifuture.org/myblog/sen-jack-reed-the-state-of-financial-ref
orm.html> and here
<http://rifuture.org/myblog/sen-reed-stands-up-to-wall-street.html> ,
Sen. Reed deserves major props for standing up to Wall Street
<http://rifuture.org/myblog/sen-reed-stands-up-to-wall-street.html> .
Unfortunately, his Republican colleagues on the Banking Committee are
still blocking common sense reforms
<http://www.washingtonpost.com/wp-dyn/content/article/2010/02/05/AR20100
20502157.html?hpid=topnews> like creating a new Consumer Financial
Protection Agency and derivatives reform legislation that includes the
Lynch Amendment
<http://www.rifuture.org/myblog/does-congress-have-the-couarge-to-implem
ent-real-financial-reform.html> so the same "too big to fail" banks
that got us into this mess can't own new derivatives clearinghouses.
Here's hoping Sen. Reed continues to fight for strong financial services
reform legislation, and shines a light on obstructionist Republicans who
seem more concerned about protecting Wall Street profits than protecting
Main Street consumers from the derivatives crap shoot.
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