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Call 1-888-426-0462 Tell Senator Harry Reid, “NO!” On Wall Street Bailout
Call 1-888-426-0462 Senator Harry Reid. He’s the majority leader in the United States Senate.
Tell him to just say “NO!” to the current proposed bailout for Wall Street. You know the one designed by BushCo and Treasury Secretary Henry “Hank” Paulson.
If the proposed bill does not provide for the taxpayers, aka the government–that’s you and me, that’s us, to have an equity stake in every company we bail out. Reid should reject the proposal.If the taxpayers are shouldering the risk, the taxpayers should reap any eventual benefits.
Plus there’s the clause that reads:
“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.”
Talk about BOHICA
According to Robert Kuttner this is the bailout they got in the 30’s:
“…the Reconstruction Finance Corporation of the 1930s pumped a total of $35 billion into U.S. corporations and financial institutions, there was close government supervision and quid pro quos at every step of the way. Much of the time, the RFC became a preferred shareholder, and often appointed board members.
The Home Owners Loan Corporation, which eventually refinanced one in five mortgage loans, did not operate to bail out banks but to save homeowners.
And the Resolution Trust Corporation of the 1980s, created to mop up the damage of the first speculative mortgage meltdown, the S&L collapse, did not pump in money to rescue bad investments; it sorted out good assets from bad after the fact, and made sure to purge bad executives as well as bad loans. And all three of these historic cases of public recapitalization were done without suspending judicial review…”
Contact Harry Reid 1-888-426-0462. Tell him to flush out the bad decision makers. Tell him we want regulations that make the CEOs give up their bonuses and special multi-million dollar perks when the companies under their guidance fail.
Tell Senator Reid we’re lookin’ for accountability. We’re not lookin’ to give BushCo a blank check for this mess they’ve been in charge of.
When you speak to Harry’s office personnel let them know you agree with former Secretary of Labor Robert Reich’s idea of accountability through regulation.
If we can not get as good a deal as our grandparents got in the 1930s then let those greedy bunglers on Wall Street go door-to-door to private investors to raise the money they need for a bailout.
So call Harry Reid 1-888-426-0462.
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