See this website to find the nearest Emergency Rally, or organize one yourself!
Originally an email by Arun Gupta of The Indypendent, September 22, 2008.
Forward widely….
Everyone,
This week the White House is going to try to push through the biggest robbery in world history with nary a stitch of debate to bail out the Wall Street bastards who created this economic apocalypse in the first place.
This is the financial equivalent of September 11. They think, just like with the Patriot Act, they can use the shock to force through the “therapy,” and we’ll just roll over!
Think about it: They said providing healthcare for 9 million children, perhaps costing $6 billion a year, was too expensive, but there’s evidently no sum of money large enough that will sate the Wall Street pigs. If this passes, forget about any money for environmental protection, to counter global warming, for education, for national healthcare, to rebuild our decaying infrastructure, for alternative energy.
This is a historic moment. We need to act now while we can influence the debate. Let’s demonstrate this Thursday at 4pm in Wall Street (see below).
We know the congressional Democrats will peep meekly before caving in like they have on everything else, from FISA to the Iraq War.
With Bear Stearns, Fannie and Freddie, AIG, the money markets and now this omnibus bailout, well in excess of $1 trillion will be distributed from the poor, workers and middle class to the scum floating on top.
This whole mess gives lie to the free market. The Feds are propping up stock prices, directing buyouts, subsidizing crooks and swindlers who already made a killing off the mortgage bubble.
Worst of all, even before any details have been hashed out, The New York Times admits that “Wall Street began looking for ways to profit from it,” and its chief financial correspondent writes that the Bush administration wants “Congress to give them a blank check to do whatever they want, whatever the cost, with no one able to watch them closely.”
It’s socialism for the rich and dog-eat-dog capitalism for the rest of us.
Let’s take it to the heart of the financial district! Gather at 4pm, this Thursday, Sept. 25 in the plaza at the southern end of Bowling Green Park, which is the small triangular park that has the Wall Street bull at the northern tip.
By having it later in the day we can show these thieves, as they leave work, we’re not their suckers. Plus, anyone who can’t get off work can still join us downtown as soon as they are able.
There is no agenda, no leaders, no organizing group, nothing to endorse other than we’re not going to pay! Let the bondholders pay, let the banks pay, let those who brought the “toxic” mortgage-backed securities pay!
On this list are many key organizers and activists. We have a huge amount of connections – we all know many other organizations, activists and community groups. We know P.R. folk who can quickly write up and distribute press releases, those who can contact legal observers, media activists who can spread the word, the videographers who can film the event, etc.
Do whatever you can – make and distribute your own flyers, contact all your groups and friends. This crime is without precedence and we can’t be silent! What’s the point of waiting for someone else to organize a protest two months from now, long after the crime has been perpetrated?
We have everything we need to create a large, peaceful, loud demonstration. Millions of others must feel the same way; they just don’t know what to do. Let’s take the lead and make this the start!
AGAIN:
When: 4pm – ? Thursday, September 25.
Where: Southern end of Bowling Green Park, in the plaza area
What to bring: Banners, noisemakers, signs, leaflets, etc.
Why: To say we won’t pay for the Wall Street bailout
Who: Everyone!
The End of Capitalism 
2 comments
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October 5, 2008 at 2:56 am
slowsmile
Not many people know about this. I’ve never read this in any article or blog.I worked it out because I am in banking.
The reasons given for the coming massive inflation are by no means complete. My own view is that – whether the $700 Paulson Plan is passed or not – Mainstreet America is going to suffer badly any way you look at it. Here’s why.
Most articles which address the effects of the Paulson Bail-Out talk directly about the Economic view, the Wall Street view, the Mainstreet view and the Government view. Funny that no-one ever talks about the Paulson Plan with regard to banking laws and banking mechanisms. If people studied it from this aspect – they would fully realize the perverse affects of The Paulson Plan.
Put simply, The Fed is a Bank – and therefore acts under the normal banking laws and banking mechanisms of the US. One of these legal mechanisms is called ‘Fractional Reserve Lending’(FRL). This mechanism allows any bank to multiply its direct cash holdings by 10 in order to lend out money as loans. Simple and legal.
So when The Fed – a bank – receives the $700 billion – they will simply multiply this amount by 10, so that it has now grown to $7 trillion. And when the Fed ‘lends’ this money to save other financial institutions – these banks can also multiply their amounts received by 10 using the FRL mechanism.
So, now the amount has grown to $70 trillion out of thin air.
My question to you is this – what will happen to the dollar when this $70 trillion suddenly hits the Mainstreet American Economy ? And who will suffer the most ?
It’s a Mainstreet massacre any way you look at it.
October 5, 2008 at 3:12 am
slowsmile
For a full explanation of “Fractional Reserve Lending”, with examples see these articles:
http://slowsmile.hypocrisy.com/2008/10/02/how-700-billion-from-the-paulson-plan-becomes-70-trillion-via-the-treasury-and-fed/
http://slowsmile.hypocrisy.com/2008/09/10/the-ravages-of-ignored-us-debt/
And since the credit mess, the dollar mess and fiscal mess have all been caused by the policies of successive US govts via their Wall Street advisers, here is the only possible solution to these problems. An article called “Menu of Pain”:
http://slowsmile.hypocrisy.com/2008/09/29/menu-of-pain/