had to take some time with family this evening and am now compiling all that folks have done since our call. I still want to get out something short and sweet, but it is taking me too long and I don't want to hold any of you back any longer.
John's earlier notes and links to bios and stories at the bottom of this email are great resources for action alerts and to augment my compilation o everyone's work with links and references.
Above John's notes I pasted the Code Pink announcement that Desiree shared.
Thank you all.
Bill
206-356-9980
AUDIO TO POST:
Short Preview/Teaser for posting online
http://www.backbonecampaign.org/podcasts/bailout_preview.mp3Great edit of the first section of the call specifically focused on conversation with Dean Baker, Doug Henwood and Stan Sorscher:
http://www.backbonecampaign.org/podcasts/bailout.mp3Conclusions of Sunday's Call
The public has no reason to accept Paulson’s blank-check bailout.
This shock opportunity should work for us and could be a significant turning point in political sentiment on markets, regulations, and taxes
It is time to organize around an alternative plan
Change the narrative - No More "Bubbles, Busts & Bailouts"
This crisis bursts the conventional "bubble" that markets will solve all our problems. For 30 years we were told that markets are good and government is bad. We are now surrounded by market failures in finance, trade, jobs, health care and climate change. Not one of these problems can be solved without strong public policies to intervene and regulate market outcomes to align with the public interest.
Alternative Proposal
Any bailout must be run in the public interest with oversight by a range of interests – no blank check for Henry Paulson, who according to a 2006 Forbes Article on his Compensation at Goldman Sachs, made $46.74 million over 5 years, and had wealth in stock of $632.4 million as of 2006. We will not give this man tax-payer money to save his cronies or his "industry."
The people who caused the problem or profited most should pay for it:
Highly compensated executives’ total compensation should be capped or taxed heavily as a condition for being bailed out.
Tobin tax on all transactions in Finance, Insurance and Real Estate – including currency transactions.
Government takes an equity stake, proportionate to the size of the bailout
Tax hedge fund managers’ income
Accountability - fire executives of failed companies as done in the UK, and abrogate their severance packages.
Impose a five-year, 10 percent surtax on income over $1 million a year for couples and over $500,000 for single taxpayers.
Re-regulate to prevent this from happening again
Direct the Federal Reserve to intervene to prevent asset bubbles.
Extend reserve requirements to new security categories
Regulate the packaging of loans so they can be evaluated, rated, and priced rationally.
Regulate hedge funds and private equity funds in a way comparable to banks
Include Main Street in the bailout & Invest in a new productive economy
Establish a moratorium on foreclosures, renegotiating mortgages or institute a rent-to-own plan to keep people in homes.
Create a major economic recovery package which puts Americans to work at decent wages, in productive jobs that add value to homes and communities.
Invest the taxes on speculation, executive compensation, and the surtax on the wealthy in clean energy, infrastructure, education, and health care.
ACTIONS:
Phone Blockade Website Coming. (See
http://phoneblockade.org/)
Freeway Bannering letter templates, and instructions here:
http://backbonecampaign.org/page.cfm?id=115Online Action Options:
Email Campaign via People's Email Network:
http://www.usalone.com/help_people_instead.phpPetition Against Blank Check Bailout:
http://act.credoaction.com/campaign/no_blank_check/?r_by=912-16693-CZv8rEx&rc=pastePetition to Stop Foreclosures and Eviction:
http://www.stopforeclosuresandevictions.org/moratoriumpetition.shtmlAnother petition based on our phone call is in draft form and attached. Anyone willing to help complete it should contact Annie 201-995-9000 tomorrow afternoon. (ailed to attach) See
http://backbonecampaign.org/media/WETHEPEOPLEBail-OutPETITION.pdfGraphic:
Emily did a sketch of the Treasury taking on water (attached).
Code Pink Action Alert:
Contact: Liz Hourican 202-903-3363
Desiree Fairooz 202-423-3654
We, CODEPINK: Women for Peace, denounce the 800 billion dollar bailout that amounts to government-sponsored welfare for the wealthy while totally ignoring and disenfranchising the rights of working-class people.
Taking our creative messaging to the Treasury Department's Henry Paulsen, we will respond to the Administration's decision to saddle more bad debt onto the backs of the American taxpayers.
What: Bailout for the Billionaires and Pennies for the People Protest
Where: U.S. Treasury Department 1111 20th St NW 20526
Time: 8:30a
Date: Monday, September 22, 2008
While the Democrat and Republican parties' presidential campaigns take turns spewing venomous vitriol at each other, swindled American homeowners are the victims in this economic tragedy.
These victims are being left penniless, weighed down with incredible debt on worthless property, suffering dwindling buying power and facing insurmountable healthcare costs, while this Administration pursues perverted policies to prop up a house of cards, all the faces Jokers. The joke is on the American taxpayers who are losing jobs, homes and health to a government of the billionaires, by the billionaires and for the billionaires!
NO MORE BAILOUTS FOR BILLIONAIRES!! PROTECT MAIN STREET NOT WALL STREET! BUSH'S BAILOUT IS BREAKING US!!
John Grebe wrote:
Dear fellow participants (bailout conference call),
Here's a partial list of resources, articles, web sites and ideas mentioned on
tonight's conference call, organized by Bill Moyer of the Backbone Campaign
http://backbonecampaign.org/Dean Baker & Doug Henwood make crucial points and provided information you can
read in links below.
--John Grebe (on this call, just a note-taker)
Presenters on the call:
Dean Baker (presenter on the call)
of Center for Economic and Policy Research
http://www.cepr.net/bio at
http://www.cepr.net/index.php/dean-baker/Dean Baker's commentaries:
http://www.prospect.org/csnc/blogs/beat_the_pressDoug Henwood (presenter on the call)
of the newsletter and web site "Left Business Observer"
author of "After the New Economy" (2003) and "Wall Street" (1997)
http://www.leftbusinessobserver.com/Articles mentioned during the call (short list, should be expanded):
"Progressive Conditions for a Bailout"
(THIS IS A SOLID DETAILED LIST OF PROPOSALS.
SOMEONE NEEDS TO WRITE LEGISLATION BASED ON THIS. -JG)
By Dean Baker - September 20, 2008 at
http://tpmcafe.talkingpointsmemo.com/2008/09/20/progressive_conditions_for_a_b/index.php
"What Wall Street Should Do To Get Its Blank Check"
By Robert Reich - September 21, 2008
http://tpmcafe.talkingpointsmemo.com/2008/09/21/what_wall_street_should_do_to/index.php
"Mad as hell - taxpayers lash out"
We asked you what you had to say about the bailout, and we heard you loud and
clear: 'No way!'
By David Goldman, CNNMoney.com staff writer - September 21, 2008
http://money.cnn.com/2008/09/21/news/economy/readers_on_bailout/index.htmWeb sites mentioned during the conference call:
United for a Fair Economy
http://www.faireconomy.org/ in Boston
Petition at
http://act.credoaction.com/campaign/no_blank_check/?r_by=912-223246-VYF84vx&rc=paste
Congress switchboard in DC: 1-800-828-0498
http://PhoneBlockade.orgSenate phone numbers at
http://www.senate.gov/general/contact_information/senators_cfm.cfmHouse of Representatives phones at
http://clerk.house.gov/member_info/mcapdir.htmlVery brief brainstorm of tactics, not comprehensive, not in order:
- calls to Congress immediately
- point to a specific web site, e.g., (Mike has one?)
- hanging banners
- starting tomorrow CODEPINK can do small zap actions, inserting good messages
in hearings, press conferences, treasury, etc. we just need good soundbites and
we can flyer the demands. --Gael washington, DC
- General strike, or the threat of it
- alliances & coalitions among unions, churches, justice groups, third parties
- draft breif talking points based on Dean Baker's article above
- draft legislation based on Dean Baker's article above
Short, punchy phrases expressed during call:
No Billions for Bankers
No Blank Check to Bankers
No Blank Check for Wall Street
Make Wall St. pay, not Main St.
Make CEO's pay
Slow Down the Bail Out
Slow Down the Bail Out - $700 Billion is Your Future
Socialized losses & privatized profits
Privatize profits, Socialize losses (ironic)
GENERAL STRIKE - NO EXECUTIVE BAILOUTS
Vote for justice
CEOs, turn in your parachutes!
Broken bootstraps
Reaganomics fails
NO TAXPAYER BAILOUTS FOR EXECUTIVES!
No Bailouts for Corporate Sinking Ships
Punchy sentences expressed:
This is bailing out a bunch of highly paid parasitical characters.
Independent panels should determine & advise for working people on any bailout.
A few thoughts expressed on the conference call, not a thorough list:
Contact unions, churches, economic justice groups, local governments to spread
information, and to seek staff to assist. Specific organizations suggested by
various participants in the call included Code Pink, MoveOn, Common Cause,
Ruckus Society www.ruckus.org . Citizens for Executive Oversight has spent the
last two weeks lobbying in DC - contact Linda Boyd. An opportunity to reach way
beyond our usual progressive circles. CODEPINK DC actions this week please send
any ideas for theater, soundbites, etc to us 202 290 1301 and
Gael@codepinkalert.org . Institutte for Policy Studies ips-dc.org