The People's Bailout

From Grassroots Global Justice Alliance

The U.S. Congress will vote on another bill to bail out Wall Street today. Despite public opposition and a first failed attempt, the bill may pass today. Not only will the bailout fail to help the vast majority of people in the United States, but it will likely deepen the financial crisis. This plan will only add thousands of dollars in additional debt to every person in the U.S. It will not provide relief to the people who need it most - the millions of people who are confronted with losing their homes and savings, the millions who are or who will soon be unemployed, the millions who remain without health insurance. It will not address the rampant speculation and deregulation of the global economy that has deepened poverty throughout the world and displaced entire communities - forcing mass migrations to the U.S. and Europe and who now face racist repression at our borders, in our towns and cities. It will not end the war that has cost thousands of lives and a trillion dollars.

So regardless of the outcome of today's vote in the halls of Capitol Hill, a peoples movement is necessary to respond to the financial crisis. We need a Peoples' Bailout and a new direction for the economy.

Later today, GGJ will launch an online forum - a town hall discussion where we are inviting our members and allies to give your thoughts about the crisis and offer your solutions. Post your organization's analysis, your proposals, the actions that you are taking in your community, and any resources that would be helpful. GGJ will also be hosting nationwide educational calls, to help us understand the crisis, and issuing positions papers and statements based on your feedback.

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Hoy el Congreso estadunidense votará en otra propuesta que rescataría las empresas financieras de Wall Street. Frente a la oposición pública y el fracaso del primer intento, el rescate puede ser aprobado hoy. Este plan no ayudará la gran mayoría de la gente en los Estados Unidos, de hecho pueda profundizar la crisis financiera. Va a añadir miles de dolares en deuda a cada persona en el país. No proveerá ayuda a la gente que la necesesita mas: los que están a punto de perder sus casas y ahorros, los que son o que serán desempleados, los sin acceso a servicios de salúd. No podrá freno a la especulación y deregulación de la economía global que ha profundizado la pobreza por todo el mundo y desplazado comunidades enteras – causando migraciones masivas a los EU y Europa – donde ahora enfrentan represión racista en la frontera, en las ciudades y pueblos. No va a terminar la guerra que ha costado miles de vidas y un trillón de dolares.

Entonces, ni modo el resultado del voto hoy en la sala del Congreso Estadunidense, se necesita una respuesta a la crisis financiera. Necesitamos un Rescate Popular y una nueva dirección por la economía.

GGJ organizará llamadas de conferencia con intención de ayudarnos a entender la crisis. Generaremos declaraciones que reflejan sus contribuciones. Por favor aprovechan de este herramiento y ayudanos en organizar una respuesta popular a la crisis financiera.

RESOURCES AND ANALYSIS

Washington's Wars and Occupations, Max Elbaum, War Times, 9/29/08,

A Nation of Village Idiots: James Moore

Is this the United States Congress or the Board of Directors of Goldman Sachs, Interview with Congressman Dennis Kucinich, Democracy Now, 9/29/08

Subprime Primer:

No Blank Check for Wall Street, Dean Baker, Center for Economic Policy Research, 9/22/08,

Why Bail? The Banks Have a Gun Pointed at Their Head and Are Threatening to Pull the Trigger: Dean Baker, CEPR, 9/29/08

The Bailout Round II: Adult Version: Dean Baker, CEPR, 9/29/08

IPS Plan to Pay for Recovery, Institute for Policy Studies, 9/26/08

Recursos y analysis en español:

Se Cae el Plan Paulson: Oscar Ugarteche, ALAI, America Latina en Movimiento, 29/9/08,

La Biblia por los Suelos, Javier Diez Canseco, La República, 29/09/08,

Larga recesión en EU, prevé el Nobel Stiglitz, La Jornada, 30/09/08,