National Bailout Day for Taxpayers Without Representation

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LauraB

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Fed Up USA will be holding a “National Bailout Day for Taxpayers Without Representation” to protest the actions of the Federal Reserve and Congress on this Thursday July 31, 2008. http://www.fedupusa.org/

They are the group that made the Stop the Bailouts video I posted last week. If you missed it, the video is on their site.

From their website:
“On July 31st at 8am, FED up USA will once again be in the nation's capital to protest the actions of Ben Bernanke and the Federal Reserve and show congress that we're not going to just roll over and let them reach into out pockets to bail out the bankers.

We are going to meet in front of the Cannon House Office Building on the corner of Independence Ave SE and New Jersey Ave SE and we are going to demonstrate along Independence Ave between New Jersey Ave and 1st Ave.

In order to help the Federal Reserve collect collateral from the banks we will have a toilet on hand. :) We will have signs and fliers available and we will be taping the demonstration so if you'd like to stop by and share with us how you feel or you'd like to help out we've got you covered. “

If I am able to attend, I will post an update with a report on and pictures of the protest.

If you visit their website, click on the Petition to Stop the Bailouts (http://financialpetition.org/). There is a pdf link to a comprehensive analysis of the statements and actions of Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson and a scathing critique of how their policies along with those of Congress have led to our current economic distress. It is very long (14 pages), but well worth the read.

The paper begins with a look at how Fed policies have affected our oil prices and job market. Then, starting on page 6, the paper discusses the current bailout of Freddie and Fannie and how it steals from you and me (up to $20,000 per American) to give money to China, Japan, PIMCO, and others who made bad investments. It continues on to address the expanded role of the FHA and why it is a bad idea. The paper debunks the propaganda being spread by the Congress and the media that this legislation is necessary to repair our economy, explaining that the only way to fix our economy is to take the losses. Taking on more debt will only prolong and deepen the crisis. In the author’s determination, the U.S. losses may end up being $2.5-3 TRILLION and Europe may be in even worse shape. The paper also discusses the Credit Default Swaps mess. It is full of facts, figures, and charts. Finally, on the last two pages the author puts forth a proposal on how we should proceed to handle this economic crisis and return America to prosperity.

For anyone who really wants to understand the reasons behind and magnitude of the economic problems we are currently facing, I highly recommend reading this paper. This paper was faxed to Sec. Paulson, Chmn. Bernanke, Pres. Bush, the presidential candidates, and every member of Congress. You can read it, and, if you agree, sign the petition.

Finally, you’ve probably already heard that the Senate approved the housing bailout bill on Saturday and that President Bush is expected to sign it soon.

http://www.nytimes.com/2008/07/27/washington/26cnd-housing.html?_r=1&ore...

http://www.npr.org/templates/story/story.php?storyId=92971934&ft=1&f=101...

You can find out how your Senator voted here:
http://news.yahoo.com/s/ap/20080726/ap_on_go_co/senate_rollcall_housing

I was surprised to see that Sen. Jim Bunning did not vote on this bill considering that he was one of its most outspoken critics. Does anyone know why he did not vote?