DO NOT PASS GO, DO NOT COLLECT $700,000,000,000!

The following is from Fight Back! News. For more on this see my other posts on political economy, in particular, see Shock and Awe on Wall Street and No Bailouts for Billionaires!.

Wall Street Bailout takes a hit
Keep the heat on Congress!

President Bush and big business were dealt a stunning defeat Monday, Sept. 29, when in a 228 to 205 vote, the House of Representatives rejected the $700 billion bailout bill for Wall Street. This is a tremendous victory for the American people.

The massive giveaway to the biggest banks and corporations has aroused real anger among the working class and others. And rightfully so. There is absolutely no good reason why working people should pay even one cent for a mess that the biggest banks and investors created.

This is the core reason why the bill was defeated. Over the next few days media pundits will wax about ideological Republicans and partisan infighting in their attempt to explain the bill’s defeat. Really, all credit should go to tens of millions of people who told Congress that they were not going to put up with a bailout for billionaires. The offices of every politician in Congress were flooded with calls and emails demanding a rejection of the bailout.

The big capitalists on Wall Street were counting on tax dollars to get them out of a crisis – a crisis that was fueled by their greed and created by the system that brought them their ill-gotten wealth: capitalism. These are the same people who oppose any assistance to the millions who are facing the foreclosures of their homes. The wealthy love to talk about how great the ‘free market’ works, but when it doesn’t work for them, they want still more money from the pockets of the working class.

The House of Representatives is scheduled to reconvene on Oct. 2. There is little doubt that the advocates for the richest of the rich will advance another plan to bail out the elite who run this country. Everyone needs to raise their voices and let Congress know – the bailout of Wall Street is unacceptable.

No bailouts for Wall Street!
Make the rich pay for their crisis!

3 responses to “DO NOT PASS GO, DO NOT COLLECT $700,000,000,000!

  1. Clever title!

    This is a good article on how this bill was really defeated. We need to continue the pressure on the “two-party system” that peddles the ruling class position.

    This also begs the question of what can we do as an alternative so that working people do not suffer. One is demanding that the rich pay for this crisis. The other is opening up community discussion on ways to fight back and envisioning a better society.

    What else can we do?

  2. No Bailouts for Billionaires! calls for a moratorium on home forclosures.

    Other ideas getting tossed around are for a “trickle up” bailout (as opposed to the “trickle down” bullshit bailout for the rich), meaning those billions of dollars would go directly to the people in need, particularly towards buying up home mortgages from people who can’t afford them.

    It is important to remember that this is a crisis of capitalism, and the reality is that all of this is tied to the fundamental contradictions of capitalism, which, in one way or another, will continue to sharpen until it is overthrown.

  3. I really agree with comradezero’s point that, “this is a crisis of capitalism, and the reality is that all of this is tied to the fundamental contradictions of capitalism, which, in one way or another, will continue to sharpen until it is overthrown.” I think we have to take this out broadly, and really talk to people about how this is what capitalism is all about. We’re likely to experience much more willingness among broad sections of people to really listen to a Marxist analysis of capitalism right now than at any time in decades. Because Marxism can explain what’s going on in a way nothing else can.

    As for other things to do..there have been protests in some cities (including on Wall Street in NYC) to demand ‘no bailout’. One website that has info on protests is http://votenobailout.org/

    ANSWER Coalition is building for a protest on Thursday, Oct 2 in DC. Anyone in the area should definitely go to that. The info is here: http://answer.pephost.org/site/News2?abbr=ANS_&page=NewsArticle&id=8845

    Demonstration at the Capitol Building

    Thursday, October 2, 10am
    Independence and New Jersey Ave. SE
    South Side of the U.S. Capitol
    Washington, D.C.

    Initiated by VoteNoBailout.org, supported by the ANSWER Coalition and ImpeachBush

    These are the demands they’re putting forward:

    * An immediate moratorium on foreclosures, evictions and rent hikes.
    * Extend unemployment benefits at full pay for everyone without a job.
    * Open the books of the banks for public inspection
    * Criminal prosecution of banking, finance, insurance and all other executives whose companies have benefited from the foreclosure crisis.
    * An end to the wars on Iraq and Afghanistan, which cost $430 million per day.
    * Hurricane and flood victims must receive full assistance and have the right to return to their homes.
    * Creation and funding of jobs programs throughout the country to eliminate unemployment.

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