Top 5 Reasons to Vote Against Wall Street's $700 Billion Bailout

[pberq]

http://www.ourfuture.org/blog-entry/2008093928/top-5-reasons-vote-against-paulsons-700-billion-bailout

Top 5 Reasons to Vote Against Wall Street's $700 Billion Bailout

By David Sirota

September 28th, 2008 - 4:01pm ET


There's news this Sunday afternoon of a congressional deal to bailout Wall Street fat cats with $700 billion of taxpayer cash (you can read the draft legislation here). Though the deal negotiated between congressional leaders and the White House is better than what Treasury Secretary Henry Paulson originally proposed early last week, it remains an insulting atrocity, having omitted even basic aid to homeowners, bankruptcy reforms and any modicum of future financial industry regulation. Now, the New York Times reports that the Democratic leadership may not have the votes to pass this bailout. So without further ado, here are the top 5 reasons (in no order) why every single member of Congress - Democrat and Republican - should vote this sucker down. Please feel free to copy and paste this post into an email to your congressperson. They are deciding right now - let them hear your voice.

1. BAILOUT'S INHERENT FISCAL INSANITY COULD MAKE PROBLEM WORSE

. . .

2. EXPERTS ON BOTH THE LEFT AND RIGHT SAY THIS BAILOUT COULD MAKE THINGS WORSE

. . .

3. THERE ARE CLEARLY BETTER AND SAFER ALTERNATIVES

. . .

4. ANY INCUMBENT VOTING FOR THIS PUTS THEMSELVES AT RISK OF BEING THROWN OUT OF OFFICE

. . .

5. CORRUPTION AND SLEAZE ARE SWIRLING AROUND THESE BAILOUTS - AND AMERICA KNOWS IT

. . . (see link for details on each reason)

[sandyj999]

1. Oh we get a vote? Yeah right. n/t

[pberq]

2. I think this is directed at Congress members

and this gives us some good talking points when calling our Reps.

[pberq]

3. referendum on the dominance of money over democracy

http://www.ourfuture.org/blog-entry/2008093928/top-5-reasons-vote-against-paulsons-700-billion-bailout

. . .If this bill passes, it will be a profound referendum on the dominance of money over democracy in America. That - and that alone - would be the only thing an objective observer could take away from the whole thing.

Money will have compelled politicians to not only vote for substantively dangerous policy, but vote for that policy even at their own clear electoral peril. Such a vote will confirm that the only people these politicians believe they are responsible for representing are are the fat-cat recipients of the $700 billion - the same fat cats who underwrite their political campaigns, the same fat-cats who engineered this crisis, and want to keep profiteering off it. Any lawmaker who takes that position is selling out the country, as is any issue-based political non-profit group - liberal or conservative - that uses its resources to defend a "yes" vote rather than demand a "no" vote. This is a bill that forces taxpayers to absorb all of the pain, and Wall Street executives to reap all of the gain. It doesn't even force the corporate executives (much less the government leaders) culpable in this free fall to step down - it lets them stay fat and happy in their corner office suites in Manhattan.

[yurbud]

4. crucial reading

[OakCliffDem]

5. It could make it worse (twice), promotes sleaze and incumbents. I think I will support this bailout

:sarcasm: