podesta_email_00013.txt

podesta-emails 3,332 words email

D3 P19 D4 V16 V11

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Hello All, Unfortunately we weren't able to send a tracker to this event. But good neWall Street: we were able to capture the event via online streaming video. Below are the notes from our effort. Big Highlights - Stresses "inaction is not an option." - said he spoke to Bush about 2 things he hasn't done but should ("The Administration can take these actions with the stroke of the pen to help alleviate the crisis gripping our economy") - 1- Treasury should used its Exchange Stabilization Fund "as creatively as possible" to back money market accounts - 2- Treasury should take action / use its $1Tr authority to purchase mortgages - advocates bringing FDIC insurance cap up to $250k - Asked about issues surrounding mark-to-market balance sheets, McCain floats idea of having a freer average (Godlasky follows up that 3-yr rolling average could be good idea) - continues to push bipartisanship, transparency and accountability -- - Says WHEN the economy recovers, taxpayer should be first person paid back. - emphasizes need to restore confidence and convince American people that this affects Main St, not just helping pockets of Wall St - Says that he remembers a time when people were held accountable; Cox should be held accountable Des Moines, IA: McCain Economic Roundtable 09/30/08 (Disclaimer: The following are notes, not direct quotes. If you'd like a quotable transcript or video of any part below, please email us.) Background details - 250-300 people (small area, but at full capacity: 200 ppl seated + 50 ppl standing balcony / on stairs): - combo of EFCO employees and local townspeople - public invitation-only event - Venue: EFCO Co (they make cylinders that pull concrete into) - 8 local press cameras + standard traveling press - Tracker didn't see any demonstrators - More security/ scrutiny of audience than recent events - Prior to McCain's remarks, EFCO employee spoke about what the company did - McCain gave brief prepared remarks on economy and then a business roundtable - Rountable: Miriam Erickson Brown, Richard Jurgers, Tom Godlasky, Larry Zimpleman, Don Lambero *PREPARED REMARKS* We are in the greatest financial crisis of our lifetimes. Congressional inaction has put every American and the entire economy at the gravest risk. Yesterday the country and the world looked to Washington for leadership, and Congress once again came up empty-handed. I am disappointed at the lack of resolve and bipartisan good will among members of both parties to fix this problem. Bipartisanship is a tough thing; never more so when you're trying to take necessary but publicly unpopular action. But inaction is not an option. Businesses all over the country cannot borrow to finance their own operations and pay their bills. If we do nothing, many may fail. Sonic Corporation, a drive-in restaurant chain based in Oklahoma, learned on Thursday that one of its lenders, GE Capital, had stopped extending new loans to the chain's franchisees. That will block plans to rebuild restaurants, add equipment and open new locations. When small businesses like Sonic franchisees can't borrow, contractors don't get the remodeling work, equipment-makers lose sales, and restaurants go out of business. It hurts the entire community. When financing dries up, students can't get loans. In Wisconsin, more than 100 Milwaukee Area Technical College students couldn't access private loans to fund their education. Fortunately the school was able to come up with emergency loans, but this temporary arrangement cannot continue. Markets need to work so that people can get financial help and students can be educated. Again, *inaction is not an option.* In light of the House's failure to act, this morning, I spoke to the President about two things that the administration has not done, but should do following the inaction of Congress: First, the Treasury has already used its Exchange Stabilization Fund to back money market accounts. I encourage it to use it this fund as creatively as possible to provide backstop for accounts across our financial system to maintain confidence on the part of savers and investors. And second, the recent housing bill gave the government nearly $1 trillion in authority to purchase mortgages. Housing and mortgages are at the root of this crisis. I encourage Treasury to take action to shore up mortgage values. The Administration can take these actions with the stroke of the pen to help alleviate the crisis gripping our economy. I urge them to do so. Also, the FDIC should quickly be granted the authority to increase the deposit insurance cap from $100,000 to $250,000 so that families do not have to worry about their money. We cannot allow a crisis in our financial system to become a crisis in confidence. I call on everyone in Washington to come together in a bipartisan way to address this crisis. I know that many of the solutions to this problem may be unpopular, but the dire consequences of inaction will be far more damaging to the economic security of American families and the fault will be all ours. I will continue to do whatever I can to aid in a constructive answer to the challenge before us. - TY all for being here - i planned to be here to discuss challenges to businesses small and large, esp in Midwest - btw i'm happy to be in Des Moines, in IA - My father was born in Council Bluffs. but in full disclosure, my grandparents were travelling at the time. i can't claim too much in that respect, except the pleasure of visiting this great state. I <3 IA state fair, its food and boar. - it's heartalnd of america, where economy rests and values rest-- - interested in hearing from ppl who contribute so much to our economy - this may be and is the greatest financial crisis of our lives -- we have to act and do it together in bipartisan fashion - im committed to that -- plenty of time for blame, and ill talk about that, the failings of Fannie/Freddie, and the failins of Wall St and in DC -- but now we need to hear what ppl have to say - MIRIAM ERICKSON BROWN: many assue that business owners like me will vote GOP and my employees will vote Dem. our employees make $50 - 60k / year. what would you say to them for why they should follow their leadership? - we are facing high fuel costs, 625 employees. 3rd-generation family own. we face high HC-- costs increased 40%. and high milk prices. - MCCAIN: impossible for you to pass all those costs onto the consumer? - ERICKSON BROWN: yes, milk costs, fuel costs (transportation) - MCCAIN: has that caused you not to hire? - ERICKSON BROWN: yes, we've had to pull out of some places of distribution, we can't afford all the places b/c of fuel. we've done less innovation b/c our costs are concentrated elsewhere. - MCCAIN: had to lay off? - ERICKSON BROWN: no, but we aren't hiring. - MCCAIN: i'll address cost of fuel and transportation and price of pkging. it all has to do with cost of energy. there's no doubt we're transferring $700B / yr to buy oil from countries that don't like us very much. our dependence has grown dramatically rather than setting onto energy indep. it's all of the above, all of the ways in which we can generate energy sources within the USA and eliminate this dependence. nuclear pwr is controversial in some minds. but we can store and reprocess. the british, french and japanese all reprocess. it's a security issue that we have spent nuclear fuels stored outside nucl pwr plants - that's a natl security risk. nuclear pwr isnt only answer, but it reduces greenhouse gas emissions. - MCCAIN: despite what may have been said by someone else, we'll have to continue to build clean coal plants so we don't continue polluting and making greenhouse gases. as we achieve energy indep, we'll lower costs of fuel. offshore drilling has to be done now. it can be a bridge as we exploit off our coasts. - MCCAIN: we need to develop flex fuels, hybrid, hydrogen, batteries. the key to american economy rests in part in developing these. we are most innovative. we can do it. it'll create millions of jobs. i want you to have capability to transport your high-bulk product in ways taht are clean, energy-efficient and not foreign-dependent. ppl say we cant, we can do this. id be glad to talk about other problems we face. energy indep is key to reduce costs, american economy and make sure we're not dependent on ppl like Chavez and Mid East - RICHARD JURGERS: fuel costs. our customers see impact of higher gas prices at pump but don't see how that affects other things. we've had unprecedented rises in costs from pkging to transportation, and we have no choice but to pass it on. american consumers hurt - MCCAIN: i don't support subsidies for ethanol. i support ethanol. i don't support tariff on imported sugar. the brazilians have been able to adopt flex fuel policy so that majority of cars are fueled by sugar-based, corn-based ethanol. we have to give ppl choice at pump. the more available, teh lower the cost will be. - MCCAIN: also, if detroit, which is now developing automobiles, e.g. the Volt, that is incredible step fwd in technology -- if they produce these new, and im confident they will, we ought ot give voter credit, incentive to buy it. and i'm confident it'll happen soon. and soon we'll have battery-powered cars. im confident that with right kind of incentives and tech and the smartest, most productive nation in world, we'll regain the lead and create millions of jobs. same question-- what has this done to your ability to have new employees? - JURGERS: we've been blessed, we're employee-owned. we added 2500 jobs last yr and anticipate 200 or so more this yr. we've been able to navigate trouble waters, we're proud. it's caused us to adjust our market strategies - TOM GODLASKY (CEO of Aviva, 5th lgest ins. co in world, HQ'd in London, publicly-owneD). we've been very fortunate that US business growing rapidly. but we've gone from credit crisis to liquidity crisis. if we can get liquidity down to Main St, these businesses will get us out of troubled times. we need govt action, but we also need to have loans available and made. - MCCAIN: we are seeing a dramatic reduction in liquidity and avail. of credit. its reaching now a pt that we're hearing ppl who are applying for loans for new car are being denied or temst too onerous. is that your experience? - GODLASKY: while we've been fortunate to date, the consumer will sit on their hands. and they should. theyre uncertain about their financial futures. times will change but if we can encourage liquidity to flow to Main St, itll make time shorter. - MCCAIN: 1 of the reasons Congress failed to act effectively is b/c it hasnt sunk in that the ppl being hurt are Main St, the engine of our economy, faMain St being able to stay in homes, buy new home, new car; sm businesses. credit drying up. there's a perception that this is just for Wall St. i don't want to give anything to Wall St. i want the exec pay to anyone involved to be at level of highest-paid govt work. we need accountability, transparency. *WHEN the economy recovers, taxpayer should be first person paid back. *i think the american ppl are beginning to understand. unfortunately we are trying to fix the blame rather the problem. the time to put politics aside is certainly long past. - GODLASKY: the mark-to-market balance sheets has been raising questions. but you need 2 sides of a market. if you don't, you have a depressed market, with domino effect. - MCCAIN: many believe that has been difficulties more daunting in getting back to recovery. but we want to avoid errors of past that allows some to have more liquidity than they actually did. *1 idea is a freer avg. what do you think? we don't want to tell americans that somethigns being improperly valued.* - GODLASKY:* even in times of duress now where it's undervalued, so to get some sort of rolling 3-yr avg has some value. we're trying to avoid either/or, inflated avg or more depressed.* - MCCAIN: there has to be greater transparency w/ any measure of this nature b/c ppl will be skeptical. i think it ought to be somethign considered. - LARRY ZIMPLEMAN (CEO of Fortune 250 company): I appreciate all your earlier comments about importance of Washington acting quickly. about making sure Americans connect Wall ST with Main St, we're 1 of leaders in America in 401k plans. and we estimated that yesterday, in midst of Wall Street correction, 401k account lost like $850B in value while debating a $700b value. - MCCAIN: i was told overall $1.3T - ZIMPLEMAN: this are for avg investors, not Wall Street titans. - MCCAIN: Can you give example of avg loss? - ZIMPLEMAN: 5% down. if you had $100k in account yesterday, you had $95k by end. you contributed $5k yesterday (laughs) - MCCAIN: YTD? - ZIMPLEMAN: Since last August, 20-25% decline. Liek you, i'm optimistic. my question is about regulatory structure we have. we happen to be in ins, but also regulated by SEC and banking. what are your thoughts about current structure? natl regulators and state regulators? questions about efficiency and oversight. better ways to reform regulatory oversight? - MCCAIN: *most of these agencies were designed for very different economy. now in global econ @ speed of light. now they're stovepiped while there's been merging of transactions and interests.* so we have alphabet soup of agencies, which has to be reformed and merged. Paulson, when he took over, 1 of first proposals was to streamline and update these agencies, to make them more efficient. i hope we'll be looking carefully at that. also, 1 other aspect: it's time we held ppl accountable, whether in ballot booth or their holding of appointed offices.* theres' a time i recall where ppl were held accountable-- they mightve been good ppl, but if they didnt carry out their responsbilities effectively, then we found someone else to do the job. i believe SEC chair didnt carry out the job well, so as fine a person as he is, we ought to hold ppl accountable. *(applause) voters hold elected officials accountable. we should hold appointees accountable. - ZIMPLEMAN: i wont render my personal opinion on Cox. but voters have been behind trend of where problem was. it actually started with residential mortgages. how can you do a financial crisis when you cant even put a reasonable price on securities. i support the criticisMain St of Cox and i still dont know that theyve gotten up to the curve. - MCCAIN: other factor is the cozy relationship b/t execs at Freddie and Fannie and members of Congress. i did a couple yrs ago speak up and supported legislation that was successfully stymied by special inteersts and we're paying heavy price. - DON LAMBERO: the markets for capital wasnt best when we started but we found a way to get loans to build a chain, always with idea to take it public. that wasnt possible until Reagan became President, and the markets opened and we were able to take our idea to the marketplace. i worry that in today's market, a person will not be able to take their idea to marketplace. can we get thru this such that there will be money for entrepreneur to take their ideas to market place? - MCCAIN: we can and we must b/c they're the american dream adn we don't want to throttle that or restrict. at the same time, we have severe crisis of confidence among Americans that this is system that doesnt take care of fatcats on Wall Street but takes care of ppl like yourself on Main St. we have to go to american ppl and make sure they have the confidence that the changes we make will be to their benefit and not for Wall Street or insiders. thats the key. this is a situation where failure is not an option. b/c the consequences of us not fixing this situation and restoring confidence-- i don't think, if we pass this legislation, which is not perfect, that we would've ever fixed $350B. b/c we wouldve spent money and restored confidence. so - AL JENNINGS: i represent the host of this event. a # of employees represent our jobs, we're private company, more than half our earnings will come from export business this yr. fuel costs up our costs, steel costs also went up dramatically adn that's a major raw material for us. - MCCAIN: who's your major competitor worldwide? - JENNINGS: # of competitors in US. worldwide, germany and europe. - MCCAIN: do you have unfair competition? - JENNINGS: you're talking about china. we literally refuse to go to china. there are 2 major trade shows going to china. we've sent 2 reps, 1 who speaks fluent chinese and 1 who can relay Main Stg back to us. we're afraid of us. - JENNINGS: fiscal YTD we're up more worldwide that in US. our business trails economic cycle. we're in paper as concrete company, we havent poured concrete for 50 yrs. they still don't know what we do. - MCCAIN: they don't appreciate what i do either. - JENNINGS: we're primary supplier of Freedom Towers. and to repair bridge in MN. - MCCAIN: you should be very proud of that. - JENNINGS; nucl pwr is an absolute must and as soon as we can get ppl to recognize, we have companies that are preparing construction of them, but we need that support for this to happen. when you have all these serviceppl in the country but they're not procducing anything worthwhile, we're all out of it. - MCCAIN: energy indep means jobs and econ growth and stopping exodus of $700B of your money per year. i congratulate you JENNINGS, on your success. exports are key to our econ recovery. we shouldnt practice protectionism, we should open global markets and compete all over world. some don't give us a level playing field and we need to prosecute when that happens. but overall we need to understnad importance of free trade. - TY all. ive spent so much time in this state. i read Thunderbolt Kid. It's an LOL read. it gave me some very pleasant moments on trail. this state and these ppl are the heartland of america. and i have great confidence that we'll build stronger and more prosperous america. we have to do it together, above politics. i want you to urge all of us to do it for sake of our kids and grandkids. TY for this great opportunity, i look fwd to coming back here again and again. -- Sara DuBois Tracking / Communications Manager ProgressiveAccountability.org [email protected] 202-609-7681 (office) 410-967-7306 (cell) --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the "big campaign" group. To post to this group, send to [email protected] To unsubscribe, send email to [email protected] E-mail [email protected] with questions or concerns This is a list of individuals. It is not affiliated with any group or organization. -~----------~----~----~----~------~----~------~--~---