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Open letter to readers: Today and tomorrow

By Lynda Waddington | 11.17.11

Wednesday was a difficult day for The American Independent News Network, which is the larger entity that operates The Iowa Independent. Our chief executive and founder announced two of our sister sites would close and their content would be moved to The American Independent.

ACS lockout continues; plan emerges to repeal sugar protections

crystal_sugar_80
By Virginia Chamlee | 11.15.11

A recently introduced bill could have far-reaching impact on the U.S. sugar industry, including American Crystal Sugar, a farmer-owned cooperative that locked out 1,300 Midwest workers on Aug. 1.

Cain campaign: Farmers know more about regulations than EPA

hermancain_80x80
By Andrew Duffelmeyer | 11.15.11

The chairman for Herman Cain’s Iowa effort says the campaign “relied more on the word of farmers than Washington regulators” in deciding to run an ad containing claims the Environmental Protection Agency says are false.

Mathis wins, Democrats maintain Senate control

Liz Mathis
By Lynda Waddington | 11.08.11

The Iowa Senate will remain under the control of a slim 26-25 Democratic majority when it reconvenes in January 2012.

Press Release

PR: Nation should work to address veterans’ challenges

By Press Release Reprints | 11.11.11

BRUCE BRALEY RELEASE — As US involvement in Iraq and Afghanistan ends, it’s more important than ever that our nation works to address the challenges faced by the men and women who fought there.

PR: Honoring veterans, help in hiring

By Press Release Reprints | 11.11.11

CHUCK GRASSLEY RELEASE — A difficult job market is challenging the soldiers, sailors and airmen who have protected America’s interests by serving in the Armed Forces.

PR: In honor of America’s veterans

By Press Release Reprints | 11.11.11

TOM LATHAM RELEASE — No one has done more to secure the freedom enjoyed by every single American than our veterans and those currently serving in the armed services.

PR: Honoring and supporting our nation’s veterans

By Press Release Reprints | 11.11.11

DAVE LOEBSACK RELEASE — Veterans Day is an opportunity to reflect on the service of generations of veterans and to honor the sacrifices they and their families have made so that we may live in peace and freedom here at home.

Grassley, Harkin support bailout bill

By Jason Hancock | 10.02.08 | 11:47 am

Despite shared concerns over the legislation, Iowa Sens. Charles Grassley and Tom Harkin joined with the overwhelming majority in the U.S. Senate last night in passing the $700 billion Wall Street bailout.

In a prepared statement for the Congressional record, Grassley voiced his reservations.

Despite my reluctant support for this bill, I remain concerned about the lack of provisions that will bring about long-term changes to our financial health.  I would have liked to see language to address the underlying problems that led us to this emergency relief bill.  However, I realize this situation calls for an emergency reaction, and we must temporarily forego consideration of provisions that would beef up the securities markets, and toughen regulations for companies that do business on Wall Street.

The New Hartford Republican also said he wants Congress to look more closely at executive compensation, saying the current legislation doesn’t go far enough.

Harkin, who has been critical of the bailout package since it was first announced, said that while he is worried that Congress was rushed into hasty action, something had to be done to avoid financial markets from collapsing.

I also chose to support this bill because of the provisions that are vitally important to my home state, including tax breaks for Iowans and Iowa businesses recovering after the floods and tax benefits that will create new jobs in the wind and biofuels industries.

The bailout passed 74 to 25.

Follow Jason Hancock on Twitter


Comments

  • JKIR

    Time for new blood in Congress. We've been sold down the river.

  • daddysteve

    Our senators say “Put enough pork in my sh%t sandwich and I'll give every Iowan a BIG bite”.

  • votethemout

    Not more than a week ago I heard Grassley on WHO radio saying how he would rather see the chumps on Wall Street jump to their deaths than bail them out of this mess. Well, guess what? He voted aye, against his own moral fiber and against the will of his constituents. In less than 4 days, he completely turned his vote around. I sent his office an email explaining that next election I would do everything in my power to sway the votes of every family member and friend to not vote for his reelection. I see it like this, these guys are working for us. What they've done should be considered an act of insubordination.

    Chuck Grassley, you spineless piece of shit, your days on the hill are numbered, I hope you got enough of a bonus from this bill to save up for the rest of your life, because if the people have their way, you'll never be in a position to vote for anything again.

    Harkin, you've always been a liberal douche, but as far as I'm concerned you can start packing your suitcase now.

  • Bob_Krause

    Bailout – Seeing it as a CitiBank Customer

    I think that many from Main Street and others not close to the epi-center have personal anecdotes of the greed and stupidity that drove this mess. When inflation hits, or when taxes go up, or when pension funds collapse, it is hard to forget those little hard nuggets of truth. That is why all this anger. The bad guys have not been brought to justice.

    My particular anecdote is from a puchase of a small rental property in early 2006, when I applied for a loan from CitiBank. When I called and told the desk loan officers what I wanted, I was encouraged to apply for the loan as a prospective homeowner, even though I made it clear that it was to be a rental property. I was sent an affidavit to sign that would verify my residential intentions. Across the bottom of the affidavit was a clear statement that it was a felony to fib. But from the desk officer's perspective, that little fib evidently occurred quite often, and was encouraged. I suspect there must have been a better commission on the residential loans. In return for signing (which I did not) I would be offered a 2% down 'liar loan' (a loan with no requirement to give an income statement). Instead, with a clear conscience, I purchased a commercial loan at 10% down, mortgage insurance for the 2nd 10% down, and a higher rate. More cost, but I do sleep well now.

    But I doubt that it was the loan officer that was pushing the perjuries alone — that decision had to be made at the top at CitiBank by someone that knew how to game the system. And, there were obviously no internal management controls to catch the fraud – even today. CitiBank, Congress, the Justice Department, and other responsible agencies should do some forensics on this and not just say “everyone had a hand in this.” The hand was clearly at the top, as in my personal episode. Employees will not act irrationally on something like this unless they have been told to act irrrationally. We need to find out, and there needs to be some slammer time.

  • Guardian_of_the_Chicken_Coop

    Bailout – Seeing it as a CitiBank Customer

    I think that many from Main Street and others not close to the epi-center have personal anecdotes of the greed and stupidity that drove this mess. When inflation hits, or when taxes go up, or when pension funds collapse, it is hard to forget those little hard nuggets of truth. That is why all this anger. The bad guys have not been brought to justice.

    My particular anecdote is from a puchase of a small rental property in early 2006, when I applied for a loan from CitiBank. When I called and told the desk loan officers what I wanted, I was encouraged to apply for the loan as a prospective homeowner, even though I made it clear that it was to be a rental property. I was sent an affidavit to sign that would verify my residential intentions. Across the bottom of the affidavit was a clear statement that it was a felony to fib. But from the desk officer's perspective, that little fib evidently occurred quite often, and was encouraged. I suspect there must have been a better commission on the residential loans. In return for signing (which I did not) I would be offered a 2% down 'liar loan' (a loan with no requirement to give an income statement). Instead, with a clear conscience, I purchased a commercial loan at 10% down, mortgage insurance for the 2nd 10% down, and a higher rate. More cost, but I do sleep well now.

    But I doubt that it was the loan officer that was pushing the perjuries alone — that decision had to be made at the top at CitiBank by someone that knew how to game the system. And, there were obviously no internal management controls to catch the fraud – even today. CitiBank, Congress, the Justice Department, and other responsible agencies should do some forensics on this and not just say “everyone had a hand in this.” The hand was clearly at the top, as in my personal episode. Employees will not act irrationally on something like this unless they have been told to act irrrationally. We need to find out, and there needs to be some slammer time.

  • Bob Krause

    Bailout – Seeing it as a CitiBank Customer

    I think that many from Main Street and others not close to the epi-center have personal anecdotes of the greed and stupidity that drove this mess. When inflation hits, or when taxes go up, or when pension funds collapse, it is hard to forget those little hard nuggets of truth. That is why all this anger. The bad guys have not been brought to justice.

    My particular anecdote is from a puchase of a small rental property in early 2006, when I applied for a loan from CitiBank. When I called and told the desk loan officers what I wanted, I was encouraged to apply for the loan as a prospective homeowner, even though I made it clear that it was to be a rental property. I was sent an affidavit to sign that would verify my residential intentions. Across the bottom of the affidavit was a clear statement that it was a felony to fib. But from the desk officer's perspective, that little fib evidently occurred quite often, and was encouraged. I suspect there must have been a better commission on the residential loans. In return for signing (which I did not) I would be offered a 2% down 'liar loan' (a loan with no requirement to give an income statement). Instead, with a clear conscience, I purchased a commercial loan at 10% down, mortgage insurance for the 2nd 10% down, and a higher rate. More cost, but I do sleep well now.

    But I doubt that it was the loan officer that was pushing the perjuries alone — that decision had to be made at the top at CitiBank by someone that knew how to game the system. And, there were obviously no internal management controls to catch the fraud – even today. CitiBank, Congress, the Justice Department, and other responsible agencies should do some forensics on this and not just say “everyone had a hand in this.” The hand was clearly at the top, as in my personal episode. Employees will not act irrationally on something like this unless they have been told to act irrrationally. We need to find out, and there needs to be some slammer time.

Categories & Tags: Blog| Economy/Finance| | | |

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