Tuesday, September 23, 2008

No Blank Check Bailout of Wall St. Financial Corporations

Call, write, vigil, demonstrate this week

- Feel free to use AFSC national toll-free # to contact your congressperson and Senators Sherrod Brown and George Voinovich: 1-800-473-6711.
Call today!
- TrueMajority will have a new website up later today permitting citizens to self-organize local actions at congressional offices, Federal Reserve banks, or other key locations. Organize an event in your own community or join one already planned.

Congress as soon as Friday will likely vote on a massive taxpayer bailout of Wall Street. The Bush administration wants “clean” legislation with few if any strings or conditions — just a $700 BILLION blank check...at least...and a massive transfer of power and authority from the legislative to executive branch. This is a historic moment to ACT!


Groups across the country are demanding that any package to help Wall Street must:
Help Main Street
Help those who have had their homes foreclosed
Provide a stimulus package to taxpayers who will be paying off this massive additional debt for decades
Ensure that bankers and banking institutions are held accountable for their past financial decisions
Stipulate that no CEO of Wall Street corporations to be bailed out receives “Golden Parachutes,” pay raises or bonuses. CEO pay should be capped, if not reduced.
Guarantee that power and authority not be transferred from the legislative to executive branch. Given Wall Street’s financial meltdown and lack of recent Congressional oversight, needed now is greater public control of financial affairs.
Establish that any firm to be bailed out can’t lobby politicians or make political campaign contributions/investments
Include that future profits gained from bailed out companies be returned to the government.
Audit the Federal Reserve Bank, a private corporation, which hasn’t had its books examined.

Below is an excellent letter written by Marian Lupo from Columbus.

NOTE: For those in the Akron area:
Vigil: No Blank Check Corporate Bailout of Wall Street
Thursday, September 25, Noon
1655 W. Market St., Akron
(UFCW building which contains office of US Rep. Betty Sutton)


To: Representative Kucinich, Member, House Committee on Oversight and Government Reform, By Fax: 202-225-5745; 216-228-6465

Please exercise your power and influence to address the below.

To: Senators Dodd, Schumer, Shelby and Representatives Frank and Boehner.
By fax: 202-224-1083; 202-228-3027; 202-224-3416; 202-225-0182; 202-225-0704
Date: Sunday, September 21, 2008

I am writing today to you as a United States citizen regarding a matter of urgent concern. Although I do not reside in your district, I believe my letter captures the sentiments of millions of Americans who cannot write to you.

I strongly oppose bailing out the speculative, greedy, and irresponsible investment banking firms. My neighbors have lost their homes, and no one bailed them out.

I want you to audit the Federal Reserve Bank, which is a private corporation, and which has never produced their financials for audit by Congress.

I also want you to revoke the legislation, passed under President Wilson, which created the Federal Reserve Bank. Congress needs to resume their Constitutional responsibilities for the U.S. currency.

Further, I want Paulson investigated – as well as the investment bankers who, in my opinion, are at a minimum criminally negligent.

My neighborhood averages 3 to 7 foreclosures a week. These are working people. Homes are vacant and not cared for now, because the banks are negligent. The banks do not even bother to mow the lawns, and they are bankrupting the city budget for code enforcement. My whole neighborhood has declined, and now children are getting into trouble because these houses present attractive nuisances.

It is a disgrace what the banks have done to the U.S. people. There is a sign down the street from me that advertises a very nice home for $13,500.

As a taxpayer, I am willing to pay to help everyone stay in their home – but not to salvage institutions that have destroyed my neighborhood and are destroying my country, or in any way whatsoever to compensate the people whose greed led to this debacle: they should be in prison.

Thank You,

Marian Lupo

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