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Urgent Action Alert: No More Bailout Votes Till Congress Hears From Some REAL Economists

Isn't it a miracle what can happen when the people actually speak out. Votes change in Congress. And please take careful note of this fact -- the stock market was down 600 points BEFORE Congress even voted, and reason is that investors KNOW that Paulson's plunder plan does not address any of the real problems, and were as afraid it might pass as not. It was a non-starter, it needs to be torn up and we need to draft a new plan from scratch.

Now it is up to us, we the people, to provide the real leadership that is so lacking in Congress, to push for real and substantial progressive policy change, and the underlying principle must be this, and this is what we need to tell them, with our newfound vocal power.

No More Bailout Votes Until Congress Hears From Some Real Economists.

Action Page: http://www.usalone.net/cindy/ real_economists.php

And here are the tollfree numbers for Congress again, 800 828-0498, 800-473-6711, now that we know that they WILL actually listen, at least enough of them, when we DO actually speak out in greater and greater numbers and loudly enough. They need to hear from us again now, more that EVER, to tell them what they need to do instead. Please make your calls and send your emails. And if your representatives voted for the bailout the first time, lambast them, and if they voted "No", thank them profusely.

And we again thank Cindy Sheehan, who is so seriously challenging Nancy Pelosi for the congressional seat in San Francisco right now, for her own leadership in making this action page happen.

Before Congress does anything else they MUST take the time to hear from some real economists, like Nobel Prize winner Joseph E. Stiglitz, who offers real wisdom in this article from his article last week in the Nation magazine. Here are some excerpts:

With lack of oversight and transparency the cause of the current problem, how could they make a proposal so short in both? If a quick consensus is required, why not include provisions to stop the source of bleeding, to aid the millions of Americans that are losing their homes? Why not spend as much on them as on Wall Street? Do they still believe in trickle-down economics, when for the past eight years money has been trickling up to the wizards of Wall Street? Why not enact bankruptcy reform, to help Americans write down the value of the mortgage on their overvalued home? No one benefits from these costly foreclosures.

The Scandinavian countries showed the way, almost two decades ago. By issuing preferred shares with warrants (options), one reduces the public's downside risk and insures that they participate in some of the upside potential. This approach is not only proven, it provides both incentives and wherewithal to resume lending. It furthermore avoids the hopeless task of trying to value millions of complex mortgages and even more complex products in which they are embedded, and it deals with the "lemons" problem - the government getting stuck with the worst or most overpriced assets.

Finally, we need to impose a special financial sector tax to pay for the bailouts conducted so far. We also need to create a reserve fund so that poor taxpayers won't have to be called upon again to finance Wall Street's foolishness.

-- End Stiglitz Excepts --

We need open, public and TRANSPARENT hearings so the American people can hear from REAL experts like Joseph E. Stiglitz, and decide in the clear light of day what is to be done with OUR economic destiny, and not in secret back rooms like it's been done so far, where they confiscate all the Blackberrys to keep us all in the dark.

And THEN they write the legislation. And they don't leave town until they do it, because we're not going to reelect any of them anyway unless they do.

Here is a donations page for also for Cindy Sheehan. Many of you have donated very generously, but many of you have NOT. And time is so short.

Cindy Sheehan Donations: http://www.usalone.net/cindy/ donations.php

And what if you don't have any money? No excuses. Do you have a telephone? Does it allow you to place outgoing tollfree calls? So after you call Congress, Cindy needs phonebankers, lots of phone bankers, now. NOW, now. Use the link on the page above to volunteer.

What Congress is being stampeded into doing, again, is EXACTLY backwards. Would you buy a "hen protection plan" from one of the foxes? There is a real simple solution to this whole mess. These institutions are in trouble mostly because they were looted by their own corporate executives. We march an army of forensic accountants in there, and tell those Wall Street pigs that if they don't find the money fast they are all going to jail.

And then we file negligence and breach of fiduciary duty lawsuits against them all, to recoup every dime that disappeared. Our dear Secretary of the Treasury Paulson pulled down hundreds of millions all by himself. And now he wants the American people to make up the difference out of OUR pockets? He can practically finance the bailout PERSONALLY. And if there were any justice in the world he would.

And let them all know, that their job description is NOT ignoring the will of the American people.

Paid for by Cindy Sheehan for Congress

Donations to Cindy Sheehan for Congress are not tax-deductible

Please take action NOW, so we can win all victories that are supposed to be ours, and forward this alert as widely as possible.

October 2, 2008 in Current Affairs | Permalink

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