When Businesses are Failing... Raise the Minimum Wage?

Governor Corzine, I don't get it. According to the Courier Post Online, your reaction to the current financial crisis includes an increase of the minimum wage.

Among the proposals discussed:

Forming a syndicate of small banks and lenders to extend credit to small and mid-sized businesses and help homeowners fend off foreclosure.

Jump-starting infrastructure projects such as schools.

Luring businesses by touting New Jersey's real estate assets.

Raising the minimum wage and extending unemployment benefits.

Partnering with utility companies to create jobs in energy conservation.

I thought that when the economy is bad, we want to make it easier for businesses to survive. I can see the appeal of extending unemployment benefits, but giving people more money for the same work? Really? How exactly will that help?

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Is it time for Chris Dodd to resign?

We have heard all about Freddie Mae and Freddia Mac. We have heard all about how there is so much greed on Wall Street that clearly we need more regulation. Senator Barack Obama has on multiple occasions in the past few days bemoaned the lack of regulation by the Bush Administration in regard to regulating Wall Street.

However, we theoretically do have oversight on banking and on lending. It is called the US Senate Banking Committee which Senator Dodd is the Chairman. He is also the number one recipient of lobbying funds by the organizations that he was supposed to oversee. But wait, he is not satisfied to just stand on the sidelines now. He expressed his opinion today (Reuters):

U.S. Senate Banking Committee Chairman Christopher Dodd on Friday warned the Bush administration that it must work with Congress this weekend on details of a Wall Street bailout package that has not been fully unveiled to lawmakers.

"None of us have any idea what the details are," said Dodd, adding that the Treasury Department and Federal Reserve should not present a package next week as a "fait accompli."

Why Mr Dodd? So you can make sure your currupt backside is covered? I don't think so. Resign now to reduce the damage to your party. You are now a liability and if you don't resign soon, Senator Barack Obama will have to explain why he is right behind you in lobbyist contributions and an active participant in this massive economic failure.

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