Wallstreet and Bailout Packages

Ben and Margaret

I.

Both candidates agree that there is corruption and greed in Wall Street.  There opinions on how to fix such problem differ greatly.  McCain, partial to less regulation, as Obama favors

 McCain’s plan begins with firing Chris Cox, chairman of the Securities and Exchange Commission (SEC), whose main job is enforcing governing laws for the economy.  McCain feels as though the SEC is not doing its job, and feels that firing Chris Cox would better this issue.  Secondly, McCain woud create an independent agency to handle bailouts.  This agency would deal with businesses and their financial situations, viewing each business equally no matter the size.  Thirdly, McCain would prosecute corrupt CEOs, such as Merrill Lynch and Lehman Brothers’ CEOs.  Fourthly, McCain would increase financial regulations, by strengthening rules on those firms who can access federal loans, and establish a single regulatory agency.  Finally, McCain would cut taxes.  But in McCain’s plan he does not specify who he would cut taxes for.  In 2005 he voted together with Bush to extend tax cuts to only the wealthy Americans.  Why did he not clarify that such cuts only benefit the wealthy in his plan?  With this plan McCain hopes to end the greed on Wall Street.

Obama’s plan begins with punishing those who gave bad loans, the challenge in executing this is identifying those fraudesters.  Secondly, Obama would increase financial regulations, by watching over investment banks more closely.  He would be consistent his in his rules, being sure they are applied to all financial institutions in the same manner.  How is this idea any different than the existing advisory groups who have limited to no power?  We don’t think this will work.  Thirdly, Obama would create an advisory group which would warn Obama if the economy seems to be in danger.  Fourthly, Obama would create a “$50 million stimulus plan,” by giving money to infastructure projects.  Finally, Obama would give a tax cut to the middle class.

II.

 McCain’s promises:

- Fire Chris Cox

- Set up a single agency to handle bailouts

- Prosecute corrupt CEOs

- Increase financial regulations

- Cut taxes

 Obama’s promises:

- Punish banks who made bad loans

- Increase financial regulations

- Make a single financial adivsory group

- “$50 billion stimulus plan”

- Cut taxes for middle class

III.

Both voted for the $700 Billion Bail Out.  Although both were not fully happy with this bail plan, they had to make comprimises to it just to get it passed.  We will see what either would actually do in accordance with their personal plans and this new Bail Out plan in the future.

Sources

http://www.barackobama.com/issues/economy/#home-ownership

usnews.com How McCain, Obama would fix Wall Street

johnmccain.com

The Eighth Amendment

Excessive bail shall not be required,

Nor excessive fines imposed, nor cruel and unusual punishments inflicted. 

Importance

            The eighth amendment ensures us that each citizen will not be treated harshly and has reasonable bail. It keeps us from returning back to the middle ages where people are afraid for their life if they are detained. This amendment also preserves the human dignity of people in prison. It impedes judges from deciding someone is guilty and taking matters into their own hands by setting bail at ten million dollars for example.

Furman vs. Georgia (1972)

            William Henry Furman was in the process of robbing a house, when a person discovered him. While trying to flee, Furman tripped and his gun shot off killing the person who discovered him. Furman was quickly tried and found guilty, even though he was declared mildly retarded by physiologist.  He was sentenced to death. Is an accidental shooting worth receiving the death penalty?

“Furman V. Georgia.” Spiritis Temporis. 2005. 28 Sept. 2008 http://www.spiritus-temporis.com/furman-v.-georgia/.

Supreme Court Ruling

            With a vote of 5 to 4, the Supreme Court found that the death penalty was cruel and unusual for the crime, thus unconstitutional. The New York Times wrote that, “the Supreme Court halted executions in 1972 because it found that judges and juries were imposing death sentences in an ‘arbitrary,’ ‘capricious,’ and ”discriminatory’ fashion.” The Georgia court system was biased on many different leves.  Justice DOUGLAS   claimed that the “discretionary statutes are unconstitutional in their operation. They are pregnant with discrimination, and discrimination is an ingredient not compatible with the idea of equal protection of the laws that is implicit in the ban on “cruel and unusual” punishments.”

Douglas, J. “Furman v.Georgia.” Supreme Court Collection. Cornell University. 28 Sept. 2008 http://www.law.cornell.edu/supct/html/historics/ussc_cr_0408_0238_zc.html.

Noble, Kenneth B. “HIGH COURT TO DECIDE WHETHER DEATH PENALTY DISCRIMINATES AGAINST BLACKS.” The New York Times 23 Mar. 1987.

Opinion

            I agree with the ruling that sentencing Furman to death is cruel and unusual. The man was proven to be mentally handicapped, and shot accidentally through a door, which incidentally killed a person. By sentencing a handicapped man to death you are breaking both the eighth and the fourteenth amendments. The fourteenth amendment guarenteed all rights to African Americans, and the Bill of Rights obviously was not applied to Furman.  Furman could not be fully aware of what he was doing, thus the punishment for the crime was inhumane. Justice Douglas claimed that killing a person for a crime is cruel and unusual punishment.

Hello world!

Welcome to WordPress.com. This is your first post. Edit or delete it and start blogging!