Time to REBEL! 5 Ways We Can Break the Big Banks' Death Grip on the Economy

[xchrom]

http://www.alternet.org/time-rebel-5-ways-we-can-break-big-banks-death-grip-economy



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1. Renegotiate public and housing debt. We need to lift up the demand loud and clear that we want to renegotiate public debt and that it is unfair and illegal to hold local governments and public services hostage to Wall Street’s toxic loans. It is estimated that banks have already sucked more than $50 billion out of local communities through toxic loans, fees and tricky deals that cities are locked into.

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2. Exercise eminent domain. There are 16 million underwater homes, worth $2.8 trillion, that are $1.2 trillion underwater. Resetting those mortgages to fair market value would save the average underwater homeowner $543 per month, pumping

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3. Boycott big banks and move public money. One of the key profit centers for banks is their government business. And it isn’t just LIBOR they cheated on. There are investigations and growing scandals around price fixing on municipal bonds as well. Furthermore, banks are holding cities hostage on Letters of Credit (LOC’s) by ratcheting up the cost knowing if cities refuse to pay they may be forced to pay huge termination fees. If increasing numbers of cities, pension funds and other holders of public capital chose to boycott certain big banks and moved money out of those banks, it could be a huge financial hit for them

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4. Enact resolutions at local governments and pension funds. There is a simple way to get started that will send chills down Wall Street banks’ spines. Let’s start moving resolutions in cities and counties big and small around the country, demanding that local government and pension funds explore suing banks over LIBOR and prepare to use eminent domain to seize underwater mortgages from banks if they won’t renegotiate debt. This sample resolution is a first step in raising the issue locally and starting to build a campaign to force local governments to hold Wall Street accountable.

[HiPointDem]

1. kr

[Sherman A1]

2. A K&R to your K&R