Bailout
Saturday, 27. September 2008, 17:51:04
A flurry of Web activism is channelling misgivings about the proposed $700 billion Wall Street bailout into political action.
There is NoWallStreetBailout.com, which asks visitors to sign a petition to Congress. It features a quote from Allan Meltzer, a professor at Carnegie Mellon University's business school, saying: "This is scare tactics to try to do something that's in the private but not the public interest. It's terrible."
The cross-town competition comes from VoteNoBailout.org, which says: "We are witnessing a bankers' coup d'etat. In the name of saving the economy from a crisis created by their own greed and immense profits, the biggest bankers have taken a country and a people hostage."
There's also FinancialPetition.org, plus a humorous, off-color Web site that encourages people to "list" items they want the government to buy.
Public pressure in opposition to the bailout, from these sites and from unexpected sources like the AFL-CIO and Republican Newt Gingrich, may have helped to slam the brakes on what had been an unusually fast-moving process in Washington.
By midday Thursday, news articles began appearing saying a "tentative bailout agreement" had been struck between congressional leaders and the White House. But the day ended with the talks in tatters, an intra-party rebellion by House Republicans, and a promise to continue the meetings on Friday.
Read the rest of the article here.
As many of you know, there is an attempt by the Bush Administration to coerce Congress into passing a $700,000,000,000 bailout of Wall Street firms. There has been lots of opposition to the plan which they are no longer calling a "bailout." Instead, they are now calling it a "rescue" plan. No matter what you call it, it is still a plan to protect the profits of big banks while screwing the average American over. The chart at the beginning of the article shows that this proposed bailout will cost every American houshold at least $17,064!
The adminisitration claims that it will only cost $700 Billion, but we all know that the actual price tag will be a lot more than that. Congress is working over the weekend to pass this bill despite the massive opposition by average Americans, economists over it. One of the major reasons to oppose this bill is the following quote:Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
If that is not outrageous, then I don't know what is! This would give the Secretary of the Tresury authority to do what he wants with no way to stop him!
If the Bush Administration is so quick to bailout the big banks, why they don't just bailout the average American instead? There are many Americans that are struggling to make ends meet, but you don't see the governement trying to help them out now, do you? The government has done enough damage already by bailing out certain companies so far. We don't need them to bailout the big banks that were doing things that they should not have been doing in the first place. Now that their profits are in jeopardy, they come to the government asking for the taxpayers to foot the bill so that those profits remain intact. This is wrong. The Bush Administration claims that if this bailout is not passed, then the economy will experience another Great Depression. We are already in a recession and heading towards a depression regardless. Congressman Ron Paul gives the real resons for the financial crisis. There is also a link to a video interview of Congressman Ron Paul on the main article too. Constitution Party Presidential Candidate, Chuck Baldwin also wrote an article opposing the bailout entitled, No Amnesty for Wall Street. Paul Proctor has a good article to read here. Devvy Kidd has an excellent 2-part article you can read here.Last night, I went over to a friend's house to watch the Presidential Debate between Republican Senator John McCain & Democratic Senator Barack Obama. As you know both of these main from the 2 major parties are running against each other for President of the United States. My friend had invited some people over for the debate between these 2 candidates. Both candidates were for the bailout instead of being against it.
America is heading for more financial trouble, as was predicted back in 2004. As I stated earlier, Congress is working over the weekend to pass this bailout. I have sent emails to my representatives in the House and the Senate opposing the bailout. I even called the local office of my Congressman to let them know of my opposition. I urge all Americans to keep up the pressure on your representatives in Congress. You can look up your Congressman here, and your Senators here. We need to send the message to Congress that we don't want to be hoodwinked by the Bush Administration and their banker cronies.
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