Home

Economists Against The Paulson Plan

Leave a comment

Economists Against The Paulson Plan

 

To the Speaker of the House of Representatives and the President pro tempore of the Senate:

 

26/09/09 As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:

 

1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense.

Investors who took risks to earn profits must also bear the losses.  Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.

 

2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If  taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.

 

3) Its long-term effects.  If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America’s dynamic and innovative private capital markets have brought the nation unparalleled prosperity.  Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.

 

For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.

 

 

 

Signed (updated at 9/25/2008 8:30AM CT)

 

Acemoglu Daron (Massachussets Institute of Technology) Adler Michael (Columbia University) Admati Anat R. (Stanford University) Alexis Marcus (Northwestern University) Alvarez Fernando (University of Chicago) Andersen Torben (Northwestern University) Baliga Sandeep (Northwestern University) Banerjee Abhijit V. (Massachussets Institute of Technology) Barankay Iwan (University of Pennsylvania) Barry Brian (University of Chicago) Bartkus James R. (Xavier University of Louisiana) Becker Charles M. (Duke University) Becker Robert A. (Indiana University) Beim David (Columbia University) Berk Jonathan (Stanford University) Bisin Alberto (New York University) Bittlingmayer George (University of Kansas) Boldrin Michele (Washington University) Brooks Taggert J. (University of Wisconsin) Brynjolfsson Erik (Massachusetts Institute of Technology) Buera Francisco J. (UCLA) Camp Mary Elizabeth (Indiana University) Carmel Jonathan (University of Michigan) Carroll Christopher (Johns Hopkins University) Cassar Gavin (University of Pennsylvania) Chaney Thomas (University of Chicago) Chari Varadarajan V. (University of Minnesota) Chauvin Keith W. (University of Kansas) Chintagunta Pradeep K. (University of Chicago) Christiano Lawrence J. (Northwestern University) Cochrane John (University of Chicago) Coleman John (Duke University) Constantinides George M. (University of Chicago) Crain Robert (UC Berkeley) Culp Christopher (University of Chicago) Da Zhi (University of Notre Dame) Davis Morris (University of Wisconsin) De Marzo Peter (Stanford University) Dubé Jean-Pierre H. (University of Chicago) Edlin Aaron (UC Berkeley) Eichenbaum Martin (Northwestern University) Ely Jeffrey (Northwestern University) Eraslan Hülya K. K.(Johns Hopkins University) Faulhaber Gerald (University of Pennsylvania) Feldmann Sven (University of Melbourne) Fernandez-Villaverde Jesus (University of Pennsylvania) Fohlin Caroline (Johns Hopkins University) Fox Jeremy T. (University of Chicago) Frank Murray Z.(University of Minnesota) Frenzen Jonathan (University of Chicago) Fuchs William (University of Chicago) Fudenberg Drew (Harvard University) Gabaix Xavier (New York University) Gao Paul (Notre Dame University) Garicano Luis (University of Chicago) Gerakos Joseph J. (University of Chicago) Gibbs Michael (University of Chicago) Glomm Gerhard (Indiana University) Goettler Ron (University of Chicago) Goldin Claudia (Harvard University) Gordon Robert J. (Northwestern University) Greenstone Michael (Massachusetts Institute of Technology) Guadalupe Maria (Columbia University) Guerrieri Veronica (University of Chicago) Hagerty Kathleen (Northwestern University) Hamada Robert S. (University of Chicago) Hansen Lars (University of Chicago) Harris Milton (University of Chicago) Hart Oliver (Harvard University) Hazlett Thomas W. (George Mason University) Heaton John (University of Chicago) Heckman James (University of Chicago – Nobel Laureate) Henderson David R. (Hoover Institution) Henisz, Witold (University of Pennsylvania) Hertzberg Andrew (Columbia University) Hite Gailen (Columbia University) Hitsch Günter J. (University of Chicago) Hodrick Robert J. (Columbia University) Hopenhayn Hugo (UCLA) Hurst Erik (University of Chicago) Imrohoroglu Ayse (University of Southern California) Isakson Hans (University of Northern Iowa) Israel Ronen (London Business School) Jaffee Dwight M. (UC Berkeley) Jagannathan Ravi (Northwestern University) Jenter Dirk (Stanford University) Jones Charles M. (Columbia Business School) Kaboski Joseph P. (Ohio State University) Kahn Matthew (UCLA) Kaplan Ethan (Stockholm University) Karolyi, Andrew (Ohio State University) Kashyap Anil (University of Chicago) Keim Donald B (University of Pennsylvania) Ketkar Suhas L (Vanderbilt University) Kiesling Lynne (Northwestern University) Klenow Pete (Stanford University) Koch Paul (University of Kansas) Kocherlakota Narayana (University of Minnesota) Koijen Ralph S.J. (University of Chicago) Kondo Jiro (Northwestern University) Korteweg Arthur (Stanford University) Kortum Samuel (University of Chicago) Krueger Dirk (University of Pennsylvania) Ledesma Patricia (Northwestern University) Lee Lung-fei (Ohio State University) Leeper Eric M. (Indiana University) Leuz Christian (University of Chicago) Levine David I.(UC Berkeley) Levine David K.(Washington University) Levy David M. (George Mason University) Linnainmaa Juhani (University of Chicago) Lott John R.  Jr. (University of Maryland) Lucas Robert (University of Chicago – Nobel Laureate) Luttmer Erzo G.J. (University of Minnesota) Manski Charles F. (Northwestern University) Martin Ian (Stanford University) Mayer Christopher (Columbia University) Mazzeo Michael (Northwestern University) McDonald Robert (Northwestern University) Meadow Scott F. (University of Chicago) Mehra Rajnish (UC Santa Barbara) Mian Atif (University of Chicago) Middlebrook Art (University of Chicago) Miguel Edward (UC Berkeley) Miravete Eugenio J. (University of Texas at Austin) Miron Jeffrey (Harvard University) Moretti Enrico (UC Berkeley) Moriguchi Chiaki (Northwestern University) Moro Andrea (Vanderbilt University) Morse Adair (University of Chicago) Mortensen Dale T. (Northwestern University) Mortimer Julie Holland (Harvard University) Muralidharan Karthik (UC San Diego) Nanda Dhananjay  (University of Miami) Nevo Aviv (Northwestern University) Ohanian Lee (UCLA) Pagliari Joseph (University of Chicago) Papanikolaou Dimitris (Northwestern University) Parker Jonathan (Northwestern University) Paul Evans (Ohio State University) Pejovich Svetozar (Steve) (Texas A&M University) Peltzman Sam (University of Chicago) Perri Fabrizio (University of Minnesota) Phelan Christopher (University of Minnesota) Piazzesi Monika (Stanford University) Piskorski Tomasz (Columbia University) Rampini Adriano (Duke University) Reagan Patricia (Ohio State University) Reich Michael (UC Berkeley) Reuben Ernesto (Northwestern University) Roberts Michael (University of Pennsylvania) Robinson David (Duke University) Rogers Michele (Northwestern University) Rotella Elyce (Indiana University) Ruud Paul (Vassar College) Safford Sean (University of Chicago) Sandbu Martin E. (University of Pennsylvania) Sapienza Paola (Northwestern University) Savor Pavel (University of Pennsylvania) Scharfstein David (Harvard University) Seim Katja (University of Pennsylvania) Seru Amit (University of Chicago) Shang-Jin Wei (Columbia University) Shimer Robert (University of Chicago) Shore Stephen H. (Johns Hopkins University) Siegel Ron (Northwestern University) Smith David C. (University of Virginia) Smith Vernon L.(Chapman University- Nobel Laureate) Sorensen Morten (Columbia University) Spiegel Matthew (Yale University) Stevenson Betsey (University of Pennsylvania) Stokey Nancy (University of Chicago) Strahan Philip (Boston College) Strebulaev Ilya (Stanford University) Sufi Amir (University of Chicago) Tabarrok Alex (George Mason University) Taylor Alan M. (UC Davis) Thompson Tim (Northwestern University) Tschoegl Adrian E. (University of Pennsylvania) Uhlig Harald (University of Chicago) Ulrich, Maxim (Columbia University) Van Buskirk Andrew (University of Chicago) Veronesi Pietro (University of Chicago) Vissing-Jorgensen Annette (Northwestern University) Wacziarg Romain (UCLA) Weill Pierre-Olivier (UCLA) Williamson Samuel H. (Miami University) Witte Mark (Northwestern University) Wolfers Justin (University of Pennsylvania) Woutersen Tiemen (Johns Hopkins University) Zingales Luigi (University of Chicago) Zitzewitz Eric (Dartmouth College)

 

 

 

 

 

A bailout plan that will really jumpstart the economy!! The “WE Deserve It Dividend”

4 Comments

This was sent to PPJ by several people and after reading it over, I came to the conclusion that this guy is right.  “Birk”….whoever you are, many thanks.  If we are going to blow 700 billion on a bailout…lets bail out American citizens!  Let those markets “work”, and if they fold….tough crunchies!  They have only themselves to blame!    Marti Oakley

PS: this was obviously written during the bailout of AIG, before Paulson demanded that the people’s money be confiscated and used to bailout an additional 700 billion in bad debt.

 This idea sounds just crazy enough to possibly work, so naturally it won’t be given serious consideration.  How great is our bureaucracy!!

Hi Pals,

I’m against the $85,000,000,000.00 bailout of AIG.

Instead, I’m in favor of giving $85,000,000,000 to America in a “We Deserve It” Dividend.

To make the math simple, let’s assume there are 200,000,000 bona-fide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billion that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.

Of course, it would NOT be tax free.

So let’s assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.

A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage –housing crisis solved.

Repay college loans – what a great boost to new grads

Put away money for college – it’ll be there

Save in a bank – create money to loan to entrepreneurs.

Buy a new car – create jobs

Invest in the market – capital drives growth

Pay for your parent’s medical insurance – health care improves

Enable Deadbeat Dads to come clean – or else

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back, and of course, for those serving in our Armed Forces.

If we’re going to re-distribute wealth let’s really do it…instead of trickling out a puny $1000.00 economic incentive that is being proposed by one candidate.


If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!


As for AIG – liquidate it.

Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here’s my rationale. We deserve it and AIG doesn’t.

Sure it’s a crazy idea that can ‘never work.’

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than I do the geniuses at AIG or in
Washington DC

And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

Ahhh…I feel so much better getting that off my chest.

Kindest personal regards,

Birk

T. J . Birkenmeier, A Creative Guy & Citizen of the Republic

PS: Feel free to pass this along to your pals as it’s either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!


 

 

Text of Financial Crisis Legislation

Leave a comment

This text was later expanded to more than 100

pages and failed to pass the house vote. 

Text of Financial Crisis Legislation

Saturday, September 20, 2008

FOX News has obtained a copy of the legislation Congress plans to move next week to avert a meltdown in the U.S. financial system. The following is the text of that legislation:

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.—The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.—The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for—

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.—The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.—The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.—The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.—The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretarys authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

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.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.—The term mortgage-related assets means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.—The term Secretary means the Secretary of the Treasury.

(3) United States.—The term United States means the States, territories, and possessions of the United States and the District of Columbia.

Please note the terminology used in this last sentence….This is a red flag!! This is the federal government establishing clearly and concisely that “The United States meaning the collective states, not the CORPORATION known as THE UNITED STATES, and the District of Columbia which is the known area of existence of the CORPORATION of the UNITED STATES, are two distinctly different entities.

 

This is clearly stated in the differentiation between United States and District of Columbia as being TWO; separate and different from one another.

 

 

Immediate Action Needed to Stop the REAL ID….Michigan fights back!

Leave a comment

 

 

http://www.americanpolicy.org./sledgehammer/dramatic.htm

Immediate Action Needed to Stop the REAL ID

Today, September 23, 2008 the Michigan House of Representatives is considering Real ID legislation. The Stop Real ID Coalition and the Constitutional Alliance have been urgently requested to make the argument against Real ID. The battle will take place in just hours. It is not just a battle for the people of Michigan but also for all citizens of the United States.

Pro-Real ID legislation passed the State Senate in Michigan last Thursday. The deck is stacked against us but we are here to let Michigan lawmakers know the whole country is watching. We are requesting that we of the Coalition and the Alliance be allowed to testify against Real ID. The tide has turned nationally in our favor (Senators Fault DHS Pressure On Real ID) Over 20 states have either passed laws or resolutions in opposition to the Real ID Act 2005. DHS told the country they do not blink and do not bluff, Real ID will be implemented May 11, 2008. Real ID implementation has been postponed from May 11, 2008 until December 31, 2009. We must now insure the beast is dead. A wounded animal is the most dangerous animal.

Whether it be in Michigan or another State, the fact is we must not let up now. We must finish the job at hand and end Real ID. In each State we must continue to fight and bring national attention to each state as legislation is introduced, whether that legislation opposes or supports Real ID.

It is time to put our engines in overdrive. We ask that all concerned citizens who read this document share it with everyone they are in contact with. Our people have been up all night preparing a fifteen minute presentation for Michigan lawmakers. For a copy of the presentation click here or you can visit the ‘Stop Real ID Coalition‘ website. Even in this last hour or so we are working on the presentation. It is truly a work in progress.

Please appreciate Real ID is an assault on every Americans Constitutional rights. The Stop Real ID Coalition and the Constitutional Alliance have been in seven states in the last twenty days. Invitations from state lawmakers and groups are coming in at a phenomenal rate.

We thank each of you. The United States is the greatest country on earth and we intend to keep it such.

http://www.americanpolicy.org./sledgehammer/dramatic.htm

NO FINANCIAL BANK BUYOUT OR BAILOUT!

Leave a comment

NO FINANCIAL BANK BUYOUT OR BAILOUT!

SCREW THOSE DAMN LIARS AND THIEVES!

 

Subject: Text of Financial Crisis Legislation

 

This is an OFFER that you simply can not refuse [because if you do the private Bankers and their MBA’a are going to crash your economy and send this country into another Great Depression] !

In short, you are going to give another 700 BILLION plus to the “private” Federal Reserve Corporation, et alii, and agree not to prosecute anyone involved in this perfidy … and you are told that this impunity will restore “accountability, responsibility and transparency” to the System [of extortion]:

Sec. 8. Review.

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.

Impunity. Not being punished for a crime or misdemeanor committed. The impunity of crimes is one of the most prolific sources whence they arise.

Impunity offers a continual bait to a delinquent {Impunitas continuum affectum tribuit delinquenti; 4 Co. 45, a; 5 Co. 109, a.};

Impunity always invites to greater crimes {Impunitas semper ad deteriora invitat};

It concerns the commonwealth that crimes do not remain unpunished {Interest reipublicæ ne maleficia remaneant impunita; Jenk. Cent. 30, 31};

Evil deeds ought not to remain unpunished, and impunity affords continual incitement to the delinquent {Maleficia non debent remanere impunita, et impunitas continuum affectum tribuit delinquenti};

He who acts badly hates the light {Qui male agit odit lucem};

He who spares the guilty punishes the innocent {Qui parcit nocentibus innocentes punit};

The thing speaks for itself {Res ipsa loquitur};

The hope of impunity holds out a continual temptation to crime {Spes impunitatis continuum affectum tribuit delinquendi};

Rabon v. Rowen Memorial Hospital Inc., 152 S.E. 485 (1967) (Immunity fosters neglect and breeds irresponsibility while liability promotes care and caution, which caution and care is owed by the government to its people);

This was part one of a two part email sent to us annonymously.  If you know where this originated and who actually wrote it, please let us know.

ANOTHER SOLUTION TO ‘THE BAILOUT’

Leave a comment

ANOTHER SOLUTION TO ‘THE BAILOUT’
By Gregory K. Soderberg, Austin, MN.

The other solution to the financial crises that will immediately and
directly help the people and the banking industry is to stop lending all new
money into circulation and start ‘spending’ it into circulation as payment
for labor and materials provided in the building and maintenance of public
roads and bridges, a benefit to all society and critical for commerce. This
simple principle change in how we increase the money supply will provide the
desperately needed increase in money without an increase in indebtedness or
inflation as the money supply increases with productivity gains, greater
employment, high-paying jobs and a list of benefits too long to note here.

‘Monetizing’ public roads and bridges as a wealth brings debt-free money
into circulation in lieu of more taxes and more borrowing. Wealth money is
the only way the interest debt can be paid out of our economy.  Because the
interest debt is compounding so fast, ‘producing’ our way out of debt must
be accompanied by forms of debt repudiation that do not harm citizens.

Secondly, consider all primary home residence mortgages paid. This will
lower the total indebtedness allowing people to live in their homes while
having money to consume other goods and services creating a real economic
stimulus. When mortgages are cancelled, the bank loses the mortgage asset
and the loan liability simultaneously suffering no real loss of asset
because the only thing the bank actually loaned was an electronic number of
no substance whatsoever. Those numbers will remain in the economy available
for consumption of other economic production including payment of other
loans.

Loaning all new money into circulation and the resulting unpayable,
compounding debt it creates got us to where we are now. More borrowing will
only make our financial predicament more severe. One cannot pay debt with
debt and get rid of debt.

Please forward this solution to everyone you can think of!

Gregory K. Soderberg
Austin, MN.
507-440-1015

A country held hostage – Resistance Grows to Banker’s Coup D’etat

Leave a comment

A country held hostage – Resistance Grows to Banker’s Coup D’etat


More than 100,000 letters sent through VoteNoBailout.org to Congress


New Free Web Button Available for VoteNoBailout

 

A VoteNoBailout
To-Do List:

1) Send a letter to Congress
2) Tell a friend about VoteNoBailout
3) Put
this button on your site or blog

 

A grassroots movement of resistance is sweeping the country. More than 100,000 people have used the VoteNoBailout.org website to send a letter to Congress telling them to vote “No” to the bailout legislation.

Tell all of your friends to send a letter to elected officials through VoteNoBailout.org.

The Bush administration and the richest bankers in the country, with support of some of the top leaders in Congress, have put a gun to our head: give us your money, or we will sink your economy. Yesterday, Ben Bernanke, Chairman of the Federal Reserve, threatened the Senate if they failed to pass the $700 billion plan, they would be responsible for causing recession, more joblessness, and pushing more homes into foreclosure.

The bailout package takes our money and gives it to the same bankers and executives who drove the economy into the ground. The pay for chief executives of large U.S. companies is now at 275 times that of the average worker’s salary in 2007. It was 25 times greater in 1965. The same bankers who will be given our hard-earned tax dollars refuse to support even the bailout of their own institutions if their obscene salaries are even slightly compromised. “We support the bill, but we are opposed to provisions on executive pay… It is not appropriate for government to be setting the salaries of executives,” said Scott Talbot, executive for Financial Services Roundtable, a group representing the bankers.

Below is a press release sent out by VoteNoBailout.org. Please send it to your local media and make sure they cover the growing resistance to the proposed bailout legislation.

 VoteNoBailout.org


100,000 letters sent to elected officials in 24 hours opposing bailout legislation

VoteNoBailout.org was launched on September 22, 2008, in response to the Bush Administration’s attempt to rush Bailout legislation through Congress.

In an astonishing response to its appeal, more than 100,000 letters were sent to elected officials within the first 24 hours through the VoteNoBailout.org email advocacy mechanism. People are circulating this appeal all over the internet on web sites, blogs and between individuals.

A sample of the VoteNoBailout.org letter reads:

“Congress has no right to give the White House and its Secretary of the Treasury the power to transfer the people’s money to the richest bankers in the country. Vote No to the Bailout legislation. The Bailout legislation is being rammed through Congress in a matter of days.

“This is an illegal power grab by the White House and their richest friends on Wall Street. The Legislation allows the Treasury Department to appoint the same bankers who created the crisis to administer and dictate the use of trillions of our tax dollars. It is also one of the biggest transfers of wealth from working families to the ultra-rich in the history of the United States.

“Congress should help families stay in their homes. Wealthy executives should be forced to disgorge their obscene profits, fees and bonuses that made them ultra-rich while they ran the economy into the ground.”

VoteNoBailout.org was initiated as a project of ImpeachBush.org. There will be daily updates for the media about the number of people who have sent letters to Congress opposing this unprecedented handover of the people’s money to the richest bankers and the assumptions of vast, new powers by the Executive Branch of government.

Older Entries Newer Entries

%d bloggers like this: