The People's Bailout
Posted on Wed, 10/01/2008 - 7:57pm
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.