Tuesday, September 30, 2008

Burn, Baby, Burn?

Nina Easton, Washington bureau chief of Fortune Magazine, sees yesterday’s Congressional rejection of the Bush Administration’s “bailout” of Wall Street as a populist backlash (that) is changing America's political climate. Inflamed by the financial crisis and bailouts, a form of class warfare could haunt business leaders for years to come.

The “bail out” debate isn’t over. No matter how many messages Congress receives from us “little people,” the push to “save” Wall Street will continue. It’s inevitable; after all, as that great American President, President Calvin Coolidge, said in the 1920s: The business of American is business. And, when business screws up, it is the American people who have to rescue it.

Do you remember the “bail out” of the late ‘80s and the Keating Five (including John McCain)? If not, click HERE to let Martha Randolph Carr refresh your memory.

Or, do you remember the “bail out” of Chrysler? Listen to Arlo Guthrie’s take on that fiasco:

I’m Changing My Name to Chrysler ~ Arlo Guthrie

If the “bail out” really is inevitable, is there nothing that we “little people” can do? True Majority has an idea and a ready made email that each of us can send to out Congresspersons:

They said it couldn't be done, but it HAS been done, by you and other True Majority members. At 2:05 pm today, the House voted down the taxpayer bailout of Wall Street. The stock market predictably dropped on the news that investment companies won't be getting our money, and the pundits will be getting all exercised about it. Here's what you should do about that:

Take a deep breath.

And then send a message to Congress to start focusing on the real fixes we need.

Wall Street has actually convinced a lot of us that what's good for the Dow Jones Average is good for us real people. But for eight years while bankers raked in billions, ordinary Americans have seen their real wages drop, jobs sent overseas, health insurance rates skyrocket, and now thousands are losing their homes.

We need our government to actively work for US in fixing this mess, so let's tell Congress it's time to start over and pass a New Deal for Main Street.

That means:

  • Putting real regulations back on runaway financial corporations, and taking an ownership stake in exchange for any taxpayer support
  • Providing mortgage relief so ordinary Americans stop losing their homes
  • Putting millions to work by investing in new green jobs and infrastructure
  • Investing in a health care plan to cover everyone

This debate is not over, so jump into it now. At long last it's become obvious what kind of country de-regulation and tax breaks for corporations creates. People are re-considering our priorities as a nation. Speak up for yours.

I sent my email to my Congressperson last night.


  1. Although I am THRILLED that the bailout (as it was written) failed, I won't be sending that letter to my congressman without serious editing. Two of those four "fixes" will only make matters worse (IMHO)

  2. amazing times, it seems every day brings another financial disaster. i went to move some money out of one of our (UK) troubled banks today, they were desperate to keep hold of it but i ain't no sucker! if it wasn't for greedy bankers in the first place, they wouldn't be in this mess.

  3. Dana: Which two?

    Maxxo: True. One must remember that capitalism was created by and is driven by greed.

  4. Perhaps Americans have finally awakened to the failure of "trickle down" economics!

  5. Those bullet points sound just like Obama's economic plan.

  6. These are very difficult times for everyone around the world. I hope people will remain sensible.

    CJ xx

  7. Hi, Nick. I dont know how to make a live link in here, but I have an address so people can read the bill in its entirety. It can be copied and pasted into the address bar.

  8. I am so on the fence with this one. My real job is selling to major banks. So, as you can guess....I am suffering financially right now. But, the little guy inside would love to see Wall Street and all its greed BURN.

    BTW, I would love to invite you over to see my new project: http://www.SlogBite.Com. And bring Alex with you.

    It's been to long since I have been over here.

    Mel (MondayMorningPower)