Update on the bail out

The $700 billion bailout failed in today's House vote.  Some of the dissent came from Democratic representatives who voted against the bill because it bailed out Wall Street executives but didn't do enough to protect Main Street.  Much of it came from Republican representatives who see the bill as a violation of the "free market."

As many members have pointed out, this is a repulsive situation to find ourselves in: Decades of systematic dismantling of government oversight and regulation on the financial industry have made our families and communities vulnerable.  The question of how to fix the situation is one that the public, by and large, has not been invited to participate in.

With the bill still under negotiation, there is time for you to weigh in.  Here are some suggestions from allied organizations who are keeping their eyes on the bailout.  (Janet Tucker also posted a couple of action steps in the comment section of the bailout post from last week.)

Make your voice heard.  Call Congress today (toll-free 800-830-5738 or 202-224-3121) and demand that any bailout plan include: 

1. mortgage assistance for those most affected by the crisis.


2. controls on excessive CEO pay.


3. 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.

Call your Representative and Senator through the Capitol Hill switchboard  - (202) 224-3121 - to tell them:

 

1)      No Bail-out for Wall Street.  They had their fun, now they deserve the hang-over.

2)      Don’t be panicked by the very people that caused the crisis.  Take the time to develop a REAL recovery plan for our economy that puts people first, by addressing foreclosures, jobs, affordable housing, pensions, infrastructure and health care. 

3)      Restructure our financial systems, with renewed public oversight, to meet the needs of our entire economy, not just the finance sector, and end the excessive political clout of these few firms.

4)      Bring in fair taxation, honoring work over wealth, and stop subsidizing excessive CEO salaries.

These are some options.  What do you think we ought to be telling our representatives?