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What's Up with the Bailouts?
The movement against the Wall Street bailout proved that people have power to change the rules of our economy. But we also learned that a spontaneous, reactive, one-time campaign is not very effective.
We need to stay engaged to make fundamental economic changes for the long-term.
January 2009
What's Happening?
- A Sensible Plan for Recovery, by Inequality and the Common Good: Rebuilding Accountability and Trust.
December 2008
What's Happening?
• America's Future's Main Street Economic Recovery Plan signed by UFE and 200 others, December 9, 2008.
Sitdown Strike in Chicago; Bank of America is Targeted
• John Nichols' "Making a New New Deal: Sitdown Strike in Chicago," in The Nation blog, December 7, 2008.
• Jobs with Justice's campaign targeting Bank of America.
• United Electrical Workers' News Coverage, December 7, 2008.
November 2008
What's Next?
• Peter Bernstein's "Put Away The Wish List, And Help Households Bounce Back." in The New York Times, November 9, 2008.
• Robert Schiller's "The Real Mandate Is To Bridge The Wealth Gap." in The New York Times, November 9, 2008.
• Alan Blinder's "Remember That Capitalism Is More Than A Spectator Sport." in The New York Times, November 9, 2008.
• Naomi Klein's "Real Change Depends On Stopping the Bailout Profiteers." in The Huffington Post, November 4, 2008.
• Joseph Stiglitz' "Reversal Of Fortune." in Vanity Fair, November, 2008.
What's Wrong
• "Goldman Sachs Urged Bets Against California Bonds It Helped Sell." in The Los Angeles Times, November 11, 2008.
• Amit Paley's "A Quiet Windfall For U.S. Banks." in The Washington Post, November 10, 2008.
More Resources
• Pro Publica's Bailout Bucks To Banks, is a running tally of banks given preliminary approval for the capital injection program. November 10, 2008.
October 31, 2008
What's Next?
• Chris Hedges' "Populism Arising–but Will It Be the Killer Kind?" in truthdig, October 26, 2008
What's Wrong
• United Steel Workers' letter to Henry Paulson (PDF) criticizing him for paying double what he should have for Goldman Sachs, October 28, 2008.
What's New?
• Kevin G. Hall 39;s "Bailout funds being spent in ways Congress never foresaw," in McClatchy News, October 30, 2008.
• "U.S. mulls up to $600 billion in home loan guarantees," in Reuters, October 29, 2008.
• "Bailout Expands to Insurers; Treasury to Take Stakes in Firms as Distress Spreads Beyond Banks," in Washington Post, October 25, 2008.
What Happened?
• Institute for Policy Studies' "Talking Points on the Economic Meltdown," October 28, 2008.
• Terrance Heath's "Concentrating the Wealth - Part 1," OurFuture.org, October 29, 2008.
October 23, 2008
What's Next?
• Howard Zinn's explanation on the necessity of direct action. October 22,2008.
• Robert Reich's, "No Company Should be Too Big To Fail," on the problematic aspects of companies becoming too big. October 22, 2008.
• Sarah Anderson and Sam Pizzigati's, "Rewrite Bailout Rules On CEO Pay," examines how the bailout lacks reform to executive pay. October 20, 2008.
• Dean Baker's perspective on ephemeral paycuts on Wall Street. October 21, 2008.
• David Lightman and William Douglas' article, which counters claims that Barack Obama's tax plan is Socialist. October 21, 2008.
• David Sirota's "Here Comes The Onslaught," addresses biased media towards the current financial crisis. October 19, 2008.
October 10, 2008
What's Next?
• SmartMeme's Take on What Story We Should Tell
• Alan Jenkins' "Pre-Inventing History," on countering disinformation from the right, October 7, 2008.
What Happened?
• USA Today's Editorial "In Ways Large and Small, Washington Coddles Rich," October 9, 2008.
• Sarah Anderson and Sam Pizzigati's "Truth, Lies, the Bailout and CEO Pay," October 6, 2008.
• Common Cause's Report: "Ask Yourself Why... They Didn’t See This Coming," September 24, 2008.
More Resources:
• Dollars & Sense Financial Crisis Info & Blog
• Extreme Inequality Working Group
October 7, 2008
What's Next?
• "Beyond The Bailout: What We Must Do Now," video interview with William Greider and Robert Borosage, October 4, 2008.
• Howard Zinn's "From Empire to Democracy," October 2, 2008.
• Institute for Policy Studies' "Sensible Plan for Recovery," October 1, 2008.
What Happened?
• David Sirota's "Bailout Is Capitalism Murdering Democracy," October 3, 2008.
• Howard Gleckman's "Brother, Can You Spare a Tax Credit?" October 2, 2008.
The Big Picture
• Garrison Keillor's "They're Stealing from You and Me – Where's the Outrage?" October 6, 2008.
• "The End of American Capitalism? 5 Short Takes on Where the Financial Crisis Might Be Headed," October 7, 2008.
• Herb Boyd's "MELTDOWN! When Economy Sneezes, Black America Gets Pneumonia," September 29, 2009.
Debunking the Criticism of the Community Reinvestment Act
• Sara Robinson's "Firing Back at the CRA Libel," September 30, 2008.
• Ellen Seidman's "No, Larry, CRA Didn't Cause the Sub-Prime Mess," April 15, 2008.
• Robert Gordon's "Did Liberals Cause the Sub-Prime Crisis?" April 7, 2008.
Wall Street Bailout Update:
Now A Major Opportunity to Start Rebuilding a Fair Economy
As we write this, Congress is gearing up for another vote on the bailout - as early as tonight! On Monday, they heard a clear, "No!" But based on the proposals being aired this morning, they didn't get the rest of the message.
We think the message is to scrap the whole idea of a bailout and take the opportunity to put in place an economic recovery plan built around the important progressive rule changes we want to see (for ideas, see below).
Please think about what concrete things you want and call both your Senators and your Rep. And especially today, make sure that Congressional staffers listen to your specific concerns.
Call Congress today: toll-free 800-830-5738 or 202-224-3121.
More Resources:
• John Nichols' article for The Nation, examines the "No Bailouts" Act from Rep. DeFazio (D-OR).
• Find a summary of liberal and conservative objections to the bill: http://www.electoral-vote.com
• See the Common Sense Conditions endorsed by UFE and many of our allies.
• See what the Neighborhood Assistance Corporation of America (NACA) says about the bailout.
• James K. Galbraith's Washington Post article, which examines whether or not a bailout is necessary.
• http://bailoutmainstreet.com
• http://www.buymyshitpile.com/recent_shitpiles (Humor)
September 24, 2008,
updated September 26
The US and world financial markets are in serious crisis, the end result of many years of bad federal deregulation and lax oversight. A bailout costing upwards of $700 billion is being rushed through Congress.
Make your voice heard. Call Congress today (toll-free 800-830-5738 or 202-224-3121) and demand that any bailout plan include:
- mortgage assistance for those most affected by the crisis.
- controls on excessive CEO pay.
- protection for ordinary taxpayers from bearing the costs of the bailout, by returning a portion of any profits made by bailed-out banks to the American people, and increasing taxes on wealthy investors.
Join our allies:
• Campaign For America's Future is asking people to sign a petition to legislators that rejects a bailout for Wall Street.
• Working Assets is asking people to sign a petition that is against a bailout for Wall Street.
• The Coalition on Human Needs is asking people to call legislators and ask them to reject a blank check bailout for Wall Street.
• SEIU is asking people to sign a petition against the $700 billion bailout.
• RESULTS is asking people to send letters to their local newspapers that speak out against the bailout.
• Truemajority.org is asking people to attend or host events that speak out against the Wall Street bailout.
For More Information:
• Inter Press releases an article that examines the implications and details of the Wall Street bailout. Inter Press.
• Working Group On Extreme Inequality coordinator Chuck Collins' proposal on who should pay more taxes, to help pay for the bailout. The Nation.
• Robert Reich's point of view on what conditions should be stipulated for Wall Street to get a bailout funded by taxpayers. TPMCafe.
• Cash For Trash is an Op-Ed written by Paul Krugman, which examines the bailout and what lead to its implementation. The New York Times.
• For info on federal taxes becoming more regressive, see CBPP’s analysis.
Our Related Issues:
• CEO Pay: 2008 Executive Excess Report
• Racial Wealth Divide: UFE's Amaad Rivera's article about how people of color are affected by the financial crisis leading to a potential $700 billion dollar bailout.
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