Amherst Times

Senate roll vote on financial bailout package

(AP) The 74-25 roll call by which the Senate approved a $700 billion rescue package for Wall Street aimed at preventing a credit crisis.The vote was 39 Democrats, 34 Republicans …

Democratic presidential candidate Barack Obama and Republican rival John McCain said the resurrected financial bailout bill isn’t perfect but warned Wednesday that the economic crisis will become a full-fledged disaster if Congress rejects it.”This will not solve all our problems,” Obama said in an evening speech on the Senate floor.

Many in Washington fear that the country is starting to spiral into a terrible downturn.  To their horror they see the public, and many members of Congress, more interested in punishing Wall Street than saving the economy.

“For now, the crisis has had little effect on most Americans, beyond their 401(k) statements. So to them, the specter of a depression can sound alarmist, and the $700 billion bill that Congress voted down this week can seem like a bailout for rich scoundrels.”

“Mr. Bernanke and his fellow worriers need to connect the dots. They need to use their bully pulpits to teach a little lesson on the economics of a credit crisis — how A can lead to B, B to C and C to Depression.”
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It’s either happened to you or someone you know.  You go into the hospital for a procedure and wind up being treated for a mistake that should never have happened.  There are 10 “reasonably preventable” conditions on a list Medicare will not pay for.  They say they will not pay when patients receive incompatible blood transfusions, develop infections after certain surgeries or must undergo a second operation to retrieve a sponge left behind from the first. Serious bed sores, injuries from falls and urinary tract infections caused by catheters are also on the list.

“Officials believe that the regulations could apply to several hundred thousand hospital stays of the 12.5 million covered annually by Medicare. The policy will also prevent hospitals from billing patients directly for costs generated by medical errors.”

“Because Medicare is the largest insurer in the country, its decision to refuse payment for preventable conditions has already influenced others — public and private — to set similar criteria.”
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What effect will the credit crunch have on Amherst?  Are we going to actually feel the pinch on Main St. here?  Yes.  Cities, states and other local governments have been effectively shut out of the bond markets for the last two weeks, raising the cost of day-to-day operations, threatening longer-term projects and dampening a broad source of jobs and stability at a time when other parts of the economy are weakening.

“The sudden loss of credit, one of the ripple effects of the current financial turmoil, is affecting local governments in all parts of the country, rich and poor alike.”

“Billings, Mont., is struggling to come up with $70 million more for a new emergency room. And Maine has been unable to raise $50 million for highway repairs.”
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Congressman Brian Higgins (D-NY) today praised the announcement by Cobham, a global aerospace and defense company, that it will be expanding its Orchard Park facility, Carleton Technologies, Inc.  

“I’m excited that Cobham is making such a significant investment in its Orchard Park operations,” Higgins said. “Cobham’s investment will strengthen the economy and brings good-paying jobs to Western New York.  They make critical equipment for the military and we have the best workforce in the country to support their mission.  This announcement means exciting things for Cobham’s Orchard Park operations and our region.” 

Cobham specializes in developing airborne defense capabilities, including fighter and transport oxygen systems, external fuel tanks, tactical aircraft weapons carriage and release equipment for missile and guided bomb technologies, and air refueling systems. It will be transferring some of its engineering and production operations from California to Orchard Park to form a “weapons release center of excellence.”  The Orchard Park facility currently employs more than 300 people. The move is expected to create dozens of new local jobs in the next year and add significant numbers of additional jobs in the future. 

In a meeting with Congressman Higgins, Ken Kota, GM of Cobham’s Carleton Technologies Inc. business unit, said, “I am excited to have this opportunity to establish the weapons release center of excellence and bring additional jobs to our area. Part of our reason for doing so is the strong level of support we have from our local elected officials and congressional delegation.  I would especially like to thank Congressman Brian Higgins and County Executive Chris Collins for their support throughout this process.”