December 2, 2010
Limbaugh botches Bristol "bailout"
Of course, anyone who knows Bristol understands that the charge is ludicrous. Bristol doesn't have anything to bail out with billions. Millions maybe, but billions? Never.
What happened is that Limbaugh relied on a badly written news story somewhere that lumped Bristol in with those who got bailouts because its pension fund had invested some money in a program to help kick start the economy back when credit had dried up.
The investment in a tiny way helped get the economy moving again during the worst days of the recession and wound up making a profit.
But it was peanuts in the scheme of things.
T.J. Barnes, the city GOP chair and pension guru, said that Bristol didn't get a single dollar in bailout money.
Barnes said that Limbaugh, who apparently repeated his charge a few times during his three hour show, was simply wrong.
He said he tried to call in to let the guy know, but couldn't get through.
I don't even want to begin trying to explain the financial ins and outs of what the pension fund did. Just know that it made a little money and is still among the nation's best funded plans.
So, Rush, if you're seeing this... you should check the facts. You blew it, big guy.
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Copyright 2010. All rights reserved. Contact Steve Collins at scollins@bristolpress.com
April 26, 2010
Dodd hopes for bipartisan financial bill
Dodd said there will be a vote later today on whether to begin debate on the issue. He said he hopes there are 60 votes to let the discussions get underway.
Dodd, who is meeting with Republican counterpart Richard Shelby at 1:30 this afternoon, said that clamping down on the excess of financiers "shouldn't be a partisan issue."
Dodd said that 18 months ago, when Wall Street imploded, the government was left with no option except for the controversial bailouts begun under President George W. Bush.
If it happened again today, he said, the results would be the same.
"We have not changed a thing," Dodd said.
But the regulations proposed in Dodd's bill would change everything, the senator said.
Dodd, the senior Democrat from Connecticut, said that once the measure becomes law, there will be no more bailouts.
"If you fail, you fail" under the new proposed rules, Dodd said.
The regulations set rules for exotic financial transactions such as derivatives swaps, he said.
Dodd said that if the Senate agrees to take up the bill, "then we begin the slog through the legislative process" to fine-tune the measure.
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Copyright 2010. All rights reserved. Contact Steve Collins at scollins@bristolpress.com
March 2, 2010
A look back on the effort to save the Press
We beat on a lot of drums in November and December of 2008 in the hope that by creating a stir, a buyer for The Bristol Press might emerge. That the strategy actually worked is still kind of astounding to me. Michael Schroeder, who bought the paper (and the New Britain Herald, too), entered the picture because he read Dan Barry's brilliant piece about our plight in The New York Times -- a piece that got written because of all the attention we stirred up in Connecticut, Barry's old stomping ground.
A key part of what happened was the effort we made to get state officials involved -- the so-called "newspaper bailout" bid that was never anything like it got portrayed. But we (reporters Jackie Majerus, Adam Benson and yours truly) really couldn't stop the bailout focus -- though we tried. Even so, maybe it was just as well because it helped spread the story across the globe, which meant that it came to the attention of more people.
One thing that we never said at the time was that I wrote a memorandum to the state's commissioner of economic development that became a sort of blueprint for what the state tried to do to help. When state officials and legislators met behind closed doors, they read it -- and acted on it, too, to my great joy. The memo had to be secret then because I ripped into the company that was still paying my salary.
Now, though, there's no reason not to share it, because the memo does capture the truth of what was going on. I'm not sure that journalists would generally agree that writing secret memos to state leaders is fine, but I would counter that watching helplessly as an evil company shutters 13 newspapers surely isn't fine either. So we did what we did. And I think the results make it pretty clear that it was the right thing to do.
I really have no doubt the Press and the Herald would not have survived if we'd just gone along doing nothing more than our daily quota of community journalism.
Anyway, here's the memo:
December 4, 2008
Memorandum about the Bristol Press and New Britain Herald
Contact Steve Collins at scollins@bristolpress.com
February 10, 2009
Larson: Time for greedy Wall Street CEOs to go
New statement issued by U.S. Rep. John Larson, the East Hartford Democrat whose 1st District includes Bristol:LARSON CALLS FOR NEW LEADERSHIP ON WALL STREET
Washington, DC – Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus released the following statement today.
“We need new leadership on Wall Street, leadership of a higher caliber that can be trusted with taxpayer money. We need leadership that understands the value of a dollar to the average American. We need CEO’s that don’t spend obscene amounts of money on personal luxuries and bonuses while their actions have caused millions of Americans to lose their homes, their jobs and their health care.
“To date, few of those who got America into this economic crisis have been required to take responsibility for it. In fact, they have continued to make it absolutely clear that they are incapable of restoring the viability and integrity of our financial system. Therefore, it is time for the CEO’s of Wall Street’s crippled financial institutions to pack their bags and go.
“Because of this financial crisis, Americans are being forced to put their trust in corporate leaders more than ever before. They must trust that these CEO’s and top executives will do the right thing to restore the economy, create new jobs and begin lending again. The current leaders on Wall Street are not the people to do this.
“If Americans are going to invest billions more in public and private funds they must know that money is going to responsible actors who will restore our financial system and not to those who have failed us already.”
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Copyright 2009. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com
January 21, 2009
Larson: Congress taking steps to make bailout recipients more accountable
Contact Steve Collins at scollins@bristolpress.com
October 23, 2008
Visconti takes aim at Larson in Thursday debate
WEST HARTFORD – Republican congressional contender Joe Visconti came out swinging in a one-hour debate Thursday with the 1st District’s long-time incumbent, Democrat John Larson.
Visconti, a West Hartford town councilor, said the $700 billion Wall Street bailout bill that Larson backed recently “a major mistake” that undermines the Constitution with its heavy government intrusion into the private sector.
“It’s what had to be done,” Larson responded, in order to ensure that companies large and small could access the credit they need to function.
At the debate sponsored by the League of Women Voters of Greater Hartford at West Hartford’s town hall, the two men took aim at each other on issues ranging from the war to bridge repairs.
They both agreed, however, that Green Party challenger Stephen Fournier of Hartford should have been included in the televised showdown.
“He deserves a voice,” said Larson, who hails from East Hartford and whose district includes Bristol.
Visconti said the nation is “on the eve” of an economic collapse that “may be even worse” than the Great Depression that tossed a quarter of the country’s workers onto the unemployment rolls.
The solution, he said, is to pare back on government and return more money to taxpayers so they can afford health care, investments and more.
“The federal government needs to get off our backs,” Visconti said.
Larson said the country has “to put people back to work,” in part with a Apollo-style program to create alternative energy sources that would end the nation’s dependency on oil from the Middle East.
“It’s not ‘drill, baby, drill,’” Larson said. “It’s jobs, baby, jobs.”
“We need a bailout for the taxpayers,” Visconti said.
Larson said the middle class is getting squeezed and deserves a break to help compensate for shrinking income and rising costs.
While Larson called for “ a strategic redeployment” of troops from Iraq to Afghanistan and a new focus on diplomacy, Visconti said that Americans need to keep in mind that “we are in a holy war with extreme Islam.”
Visconti said that Islamic extremists are focused on destroying Israel and targeting America.
Larson said that the United States needs to go in “a new direction for the sake of our troops and for the sake of our nation.”
Not every issue carried global ramifications.
Both candidates, for example, said that AT&T’s television service should be required to provide channels for public access.
Visconti said the company wants “to relegate public access to the recycle bin” by putting all of Connecticut’s public access stations on a single channel with a pull-down menu required to pick one.
The election is Nov. 4.
Contact Steve Collins at scollins@bristolpress.com
October 8, 2008
School project may get KO'd by Wall Street mess
Copyright 2008. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com
October 3, 2008
Larson backs Wall Street bailout bill
Copyright 2008. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com
October 1, 2008
Green Party contender blasts Larson for bailout vote
Green Candidate for Congress Stephen Fournier today criticized his opponent, Democratic incumbent John Larson, for the congressman's vote in favor of the Wall Street bailout.
"My question for John Larson," said Fournier, "is which faction of the Democratic caucus--the 140 in favor or the 95 against--abandoned principle to cast this vote? This bailout is a patchwork of political deals and does nothing to address the corruption of the financial system. Voters oppose it overwhelmingly as too radical, too expensive, and un-American. It amounts to the payment of blackmail to crooked bankers, who threaten to cancel further credit if they don't get this money. Credit markets have been stressed for over a year, while Democrats and Republicans sat on their hands. Now, suddenly, it's an emergency requiring an unprecedented transfer of wealth from ordinary people to the rich anti-citizens who finance these same Democrats and Republicans. They inflated the economic bubble, cashing in at every expansion, and now Larson wants to compensate them because it popped."
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Copyright 2008. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com
September 30, 2008
Dodd puts national economy ahead of breakfast in Bristol
Copyright 2008. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com