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<small><font face="Arial">in this email:<br>
<br>
<b>1) 9/27 - BAIL OUT PEOPLE - NOT BANKS!<br>
2) 10/6 - Demand a Moratorium on Foreclosures and Evictions, Now!<br>
3) </b></font></small><b><small><font face="Arial">$1,000,000,000,000?
United mass action can <small><small><big><big>STOP giveaway to Wall
Street bankers</big></big></small></small></font></small></b><br>
<hr size="2" width="100%"><small><font face="Arial"><b>1)</b> <b><big><big><font
color="#800000"><br>
</font></big></big></b></font></small>
<div align="center"><font face="Arial"><b><big><big><font
color="#800000">BAIL OUT PEOPLE - NOT BANKS!</font></big></big></b></font><br>
<br>
<small><font face="Arial"><b><big>MASSACHUSETTS is in an ECONOMIC STATE
OF EMERGENCY!</big></b></font></small><br>
<font face="Arial"><i><b>Heat, Housing, Jobs, Food and Fuel are a Human
Right!</b></i></font><br>
<br>
<font face="Arial"><b><font color="#800000"><big><big>Saturday, Sept. 27</big></big></font></b></font><br>
<small><font face="Arial"><b><big><big>8:30 am - 1:00 pm</big></big></b></font></small><br>
<small><font face="Arial"><b>Madison Park High School</b></font></small><br>
<small><font face="Arial">55 Malcolm X Blvd, Roxbury</font></small><br>
<small><font face="Arial">(Orange Line - Roxbury Crossing)</font></small><br>
<br>
<font face="Arial">On Saturday, September 27 the City of Boston, NSTAR,
NationalGrid and others will sponsor a forum on food and fuel
assistance programs. </font><big><br>
</big><font face="Arial">Join us to to demand that Gov. Patrick declare
an Economic State of Emergency and immediately</font><br>
<br>
<ul>
<li><big><b><font color="#800000"><small><font face="Arial">Stop
Utility Shutoffs & Restore Services Immediately!</font></small></font></b></big></li>
<li><big><b><font color="#800000"><small><font face="Arial">Declare a
Moratorium on Foreclosures & Evictions!</font></small></font></b></big></li>
<li><big><b><font color="#800000"><small><font face="Arial">Roll Back
Food & Fuel Prices!</font></small></font></b></big></li>
</ul>
<big><br>
</big><font face="Arial"><font color="#008000"><font color="#000000">download</font>
</font><font color="#008000"><a
href="http://www.iacboston.org//WFN/No_Utility_Shutoffs/SOE_petition.pdf">"Economic
State of Emergency" petition</a></font></font><br>
<br>
<small><font face="Arial"><big><i>Anti-war activists need to address
the latest phase of the war - the war against working people here!</i></big></font></small><br>
<br>
<ul>
<li><big><b><small><font face="Arial">NO Money for Wall Street &
War -</font></small></b></big></li>
<li><big><b><small><font face="Arial">Bail Out the Workers and the
Poor!</font></small></b></big></li>
<li><big><b><small><font face="Arial">Foreclose the War - Not
People's Homes!</font></small></b></big></li>
<li><big><b><small><font face="Arial">Bail Out People - Not Banks!</font></small></b></big></li>
<li><big><b><small><font face="Arial">Money for Human Needs - Not War
and Corporate Greed!</font></small></b></big></li>
</ul>
</div>
<small><font face="Arial"><br>
</font></small>
<div align="center"><font face="Arial">Washington wants:</font><br>
<br>
<b><font face="Arial">$1 Trillion to bail out mortgage bankers </font><big><br>
</big><font face="Arial">$3 Trillion for the War in Iraq &
Afghanistan</font><big><br>
</big><font face="Arial">$ Billions for War against Iran</font></b><br>
<br>
<font face="Arial">We Demand Money for:</font><br>
<br>
<b><font face="Arial">Housing </font><big><br>
</big><font face="Arial">Health Care </font><big><br>
</big><font face="Arial">Jobs with a Living Wage </font><big><br>
</big><font face="Arial">Rebuilding the Gulf Coast </font><big><br>
</big><font face="Arial">Education</font><big><br>
</big><font face="Arial">Youth Programs </font></b><br>
<br>
<font face="Arial">SIGN THE <a
href="http://www.stopforeclosuresandevictions.org/moratoriumpetition.shtml">ONLINE
PETITION</a> demanding the Feds implement an </font><big><br>
</big><a
href="http://www.stopforeclosuresandevictions.org/moratoriumpetition.shtml"><font
face="Arial">IMMEDIATE MORATORIUM ON FORECLOSURES AND EVICTIONS, NOW!</font><br>
</a></div>
<small><font face="Arial"><br>
The same institutions that profit from endless war are now demanding
that the entire U.S. Treasury to be placed at their disposal to bailout
corrupt banks and mortgage institutions, a declaration of endless war
against people at home. Even mainstream media is describing this as
the “financial equivalent of the Patriot Act,” which will give the
banks and their politicians in Washington a license to seize billions
of dollars for the benefit of Wall Street bankers.<br>
<br>
Many have speculated that the Bush Administration might launch an
“October Surprise” - and it has. This is an outright declaration of
war against working people. We’re told there’s no money for health
care, education, infrastructure – but in one swoop – $1 trillion has
been found to prop up banks and financial institutions. This money has
been stolen from working people, who will face massive cuts in every
social program. <br>
<br>
Saturday's Day of Action was originally called by the Stop War on Iran
Campaign to protest the Bush Administration's drive to war against
Iran, and the demand "Stop War On Iran" will remain a central theme of
the demonstration. In light of recent developments - Washington's
declaration of war against working people in order to fund an
unprecedented trillion dollar bailout of Wall Street bankers - anti-war
activists need to address the latest phase of the war - the war against
working people here.<br>
<br>
<b>No Corporate Bailout! - We need immediate moratorium on
foreclosures; health care, education and housing. <br>
<a
href="http://www.stopforeclosuresandevictions.org/moratoriumpetition.shtml">SIGN
THE ONLINE PETITION</a> demanding the Feds implement an <a
href="http://www.stopforeclosuresandevictions.org/moratoriumpetition.shtml">IMMEDIATE
MORATORIUM ON FORECLOSURES AND EVICTIONS, NOW!</a></b><br>
<br>
For more information, call 617-522-6626<br>
<br>
</font></small>
<hr size="2" width="100%"><small><font face="Arial"><br>
<b>2)</b> <font color="#800000"><b><big><big><br>
</big></big></b></font></font></small>
<div align="center"><font face="Arial"><font color="#800000"><b><big><big>Demand
a Moratorium on Foreclosures and Evictions, Now!</big></big></b></font></font><br>
<br>
<font face="Arial"><b><font color="#008000"><big><big>Monday, Oct. 6</big></big></font></b></font><br>
<small><font face="Arial"><b><big><big>11:00 a.m. – 1:30 p.m</big></big></b></font></small><br>
<small><font face="Arial"><b>Colonnade Hotel</b></font></small><br>
<small><font face="Arial">120 Huntington Ave.</font></small><br>
<small><font face="Arial">Boston, MA </font></small><br>
</div>
<small><font face="Arial"><br>
On Monday, Oct. 6 banks, mortgage companies, and insurance companies
such as Bank of America, SBLI, TD Banknorth, The Warren Group, and many
others will be hosting a conference on foreclosures. Speakers will
include Gov. Deval Patrick; Congressman Barney Frank; Director of
Community Affairs, Federal Reserve Bank of Boston; U.S. Department of
Housing and Urban Development and many others who are directly involved
in the financial crisis and forcing people out of their homes.<br>
<br>
</font></small>
<div align="center"><font face="Arial">Join us to demand:</font><big><br>
<br>
</big><i><b><font face="Arial">Governor Deval Patrick, Declare a State
of Emergency, Now!</font></b></i><big><br>
<br>
</big>
<ul>
<li><b><font color="#800000" face="Arial">Declare a Moratorium on
Foreclosures & Evictions!</font></b></li>
<li><b><font color="#800000" face="Arial">Stop Utility Shutoffs &
Restore Services Immediately!</font></b></li>
<li><b><font color="#800000" face="Arial">Roll Back Food & Fuel
Prices!</font></b></li>
</ul>
<big><br>
</big><b><font face="Arial">BAIL OUT PEOPLE - NOT BANKS!</font><big><br>
<br>
</big><font face="Arial">MASSACHUSETTS is in an ECONOMIC STATE OF
EMERGENCY!</font><big><br>
</big><i><font face="Arial">Heat, Housing, Jobs, Food and Fuel are a
Human Right!<br>
</font></i></b>
<div align="left">
<hr size="2" width="100%"><b><small><font face="Arial">3)</font></small></b><br>
<small><font face="Arial">$1,000,000,000,000? United mass action can<br>
<b><big><big>STOP giveaway to Wall Street bankers</big></big></b><br>
By Fred Goldstein<br>
<br>
<br>
Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke
have attempted to stampede Congress into handing them dictatorial
financial authority so they can carry out a $700-billion bailout of
Wall Street.<br>
<br>
The aim of the Paulson plan is for the government to buy up the bad
debts of banks, mortgage brokers, insurance companies and any other
corporation that can be classified as a financial institution.<br>
<br>
These loan sharks are the same institutions that made huge profits
trafficking in subprime and other mortgage loans. Now home prices are
declining, adjustable-rate mortgage payments are going up, the cost of
living is skyrocketing, and the economy is shrinking—leaving workers
with fewer jobs and smaller paychecks. Millions can no longer pay their
mortgages.<br>
<br>
While screaming crisis, the bankers are rushing to the front of the
$700-billion bailout line.<br>
<br>
If approved, the Paulson plan will raise the government’s bailout of
the super-rich to one TRILLION dollars. It has already committed $315
billion to bail out giant insurer AIG as well as Fannie Mae, Freddie
Mac and Bear Stearns banks.<br>
<br>
What could be done with such a princely sum? It could be used to pay
for universal health care, affordable housing, affordable education,
day care, job creation and other basic needs. This money is urgently
needed to deal with the real crisis of the workers and the oppressed.<br>
<br>
The bankers’ books are filled with bad debts. They bought up these
debts thinking to increase their profits through collecting interest
payments from the workers. But now the gravy train of interest payments
is over, so they want the government to come in and take the bad debts
off their books.<br>
<br>
Their front man is Paulson, who spent 32 years at the investment bank
Goldman Sachs and was the biggest single shareholder in the company.
Now secretary of the Treasury, he is coming to their rescue.<br>
<br>
<b>Attempt at a financial coup</b><br>
<br>
Paulson tried to terrorize Congress and the entire population into
quickly giving him unlimited authority to dole out hundreds of billions
to the banks. He threatened that the “credit markets” would seize up,
leaving people’s businesses, jobs and lives in jeopardy. In plain
language, it means that these moneybags, already bloated with hundreds
of billions in assets, will stop lending unless they get their hands on
the Treasury’s money.<br>
<br>
Paulson presented Congress with a paltry three-page proposal to explain
why the Treasury needs to spend the $700 billion! It was virtually
empty of any specifics other than the authoritarian demand in Section 8
that: “Decisions by the Secretary pursuant to the authority of this Act
are non-reviewable and committed to agency discretion, and may not be
reviewed by any court of law or any administrative agency.”<br>
<br>
In this grab for unlimited financial power, Paulson wants to operate
unimpeded by any legal or constitutional restraints. It was an attempt
at a financial coup by the so-called banking fraternity, headed by
Paulson.<br>
<br>
He has around him a whole team of former Goldman Sachs bankers. Bush’s
White House Chief of Staff Joshua Bolten is also from Goldman Sachs.
There’s John J. Mack, head of Morgan Stanley, another giant investment
bank. Paulson called on him for advice on the bailout of Fannie Mae and
Freddie Mac. And he consults with William Gross of PIMCO, a giant bond
fund with $830 billion in assets.<br>
<br>
As the quintessential Wall Street representative, Paulson fielded the
requests of the financial industry as they lobbied to get in on the
act. In an early draft of the proposal, security firms—i.e., stock
brokers—were excluded from the bailout. In the final version, they were
included. In the early version, only banks headquartered in the U.S.
were included. The later version was broadened to include all financial
institutions with operations in the U.S.<br>
<br>
The feeding frenzy could not be hidden. “Even as policy makers worked
on details of the $700 billion bailout of the financial industry, Wall
Street began looking for ways to profit from it.” (New York Times,
Sept. 22) The bankers successfully lobbied to have all manner of
investments covered, not just mortgages.<br>
<br>
They began to jockey for position to manage the same funds that the
Treasury was going to take off the books of the banks. They stand to
earn hundreds of millions of dollars a year in fees as Paulson draws up
plans to hire his fellow bankers—the crooks who brought on the
crisis—to advise on the bailout.<br>
<br>
<b>Trying to sell it to Congress</b><br>
<br>
Paulson and Bernanke had to testify before the Senate Banking Committee
on Sept. 23 to try to sell the bailout. It was clear that they had
overreached. The senators were almost all forced to push back. Partly
it was their usual demagogy and posturing meant for the benefit of the
electorate. But it was also fear that Paulson and Bernanke did not
really have any workable plan.<br>
<br>
Committee members also voiced skepticism on the excessive demand for
totally arbitrary authority and the complete lack of even the slightest
gesture of concrete assistance to the masses. After being pummeled in
view of the television cameras with demands for oversight, Paulson, who
wrote the “non-reviewable” provision, declared himself to be an
advocate of “oversight” and “accountability.”<br>
<br>
Both Bernanke and Paulson stonewalled the committee over any measure to
directly stop or even diminish home foreclosures. When Paulson was
asked about the 10,000 foreclosures a day going on right now, he
double-talked about how the plan would “eventually” lift the housing
market and make it easier for people to stay in their homes—always
predicting that without their plan, things would take an even more
disastrous turn.<br>
<br>
Much time was spent on the need to limit executive bonuses. It has
become well known that in 2007 the bankers at Bear Stearns, Goldman
Sachs, Merrill Lynch, Lehman Brothers and Morgan Stanley gave
themselves a total of $39 billion in bonuses.<br>
<br>
Both Paulson and Bernanke refused to budge on the issue, saying that
the bailout program was voluntary and they did not want to be
“punitive” or the bankers might not participate. The same argument was
used to talk down a proposal made by some senators that the government
have an ownership stake in any company that gets a bailout. Their
reply: The bankers would never submit to such treatment and the whole
program would fail.<br>
<br>
There was endless posturing by the senators, many of whom are
millionaires themselves, about helping Main Street, not Wall Street. As
a popular slogan, this is very appealing and all the politicians used
it. But the question is really not one of “streets.” It is a question
of class.<br>
<br>
It is the financial oligarchy of the capitalist ruling class that is
being bailed out at the expense of the working class and the middle
class. The African-American, Latin@ and other oppressed populations are
suffering the most.<br>
<br>
The working class has debts it cannot pay; the financial rulers have
debts they don’t want to pay.<br>
<br>
The masses face poverty and hardship. Some bankers and investors face
getting down to their last millions.<br>
<br>
<b>Forcing workers to pay bankers’ debts</b><br>
<br>
No matter how much this bailout is “improved” by some minimal
concessions on secondary issues, such as limiting executive pay—if that
ever happens—or any other palliative measure, the fact is that the
working class is going to be forced deeper into debt to pay off the
debts of the bankers who robbed the workers in the first place. This
bailout is a ruling-class solution.<br>
<br>
Paulson’s proposal, in whatever form it emerges from Congress, is
predicated on there being only one choice: bail out the banks or suffer
a Great Depression. There may well be a depression. But it will come as
a result of capitalist overproduction inherent in the profit system. It
cannot be stopped in the long run by a bailout of bankers.<br>
<br>
To fight off the effects of a depression or any economic crisis, the
workers must have their own program and advance their own demands.<br>
<br>
After claiming for a year that the system was fundamentally sound, the
financial bosses are now using the threat of an apocalyptic depression
to terrorize everyone into accepting a bailout of billionaires and
millionaires. This is calculated to promote fear, demoralization and
passivity among the multinational working class, which is already
struggling to survive.<br>
<br>
According to Paulson and company, either the people give over $700
billion or risk losing their homes, jobs and retirement. Pay the
bankers’ debts or the credit markets will “seize up.” This is the logic
of unobstructed capitalism.<br>
<br>
The working class must reject this dire choice. It is a choice posed by
the bosses and their paid propagandists. Every struggling sector of
society—youth and students; Black, Latin@, Native and Asian peoples;
immigrants; women; the lesbian, gay, bi and trans communities; seniors
and the disabled—will be affected and need to mobilize to fight back.<br>
<br>
The bankers and the government can be made to change their tune when
faced with a mass struggle demanding a moratorium on foreclosures and
evictions. They can be pushed back by a movement demanding an end to
layoffs and plant closings and the right to a job for all workers.<br>
<br>
Housing is a right. Education and health care are rights. A job is a
right. The only way to turn back this onslaught of foreclosures,
evictions and layoffs, and stop the bailout at the same time, is to
fight back in an organized, mass, militant way.<br>
<br>
Workers have historically found ways of forcing open the pocketbooks of
the bosses. Eighty years ago, no one thought the law would recognize
the right to organize a union, the right to Social Security, the right
to unemployment insurance, the right to Aid for Families with Dependent
Children. These gains were won by struggles during the Great Depression
of the 1930s.<br>
<br>
Faced with an organized, militant population, the bosses, who had been
crying poverty, finally came up with the money. They can do it again.</font></small><br>
</div>
</div>
<br>
<pre class="moz-signature" cols="72">--
*******************************************
International Action Center
Boston:
617-522-6626
<a class="moz-txt-link-abbreviated"
href="mailto:iacboston@iacboston.org">iacboston@iacboston.org</a>
<a class="moz-txt-link-freetext" href="http://www.iacboston.org">http://www.iacboston.org</a>
National Office:
212-633-6646
<a class="moz-txt-link-freetext" href="http://www.iacenter.org">http://www.iacenter.org</a>
Troops Out Now Coalition
<a class="moz-txt-link-freetext" href="http://troopsoutnow.org">http://troopsoutnow.org</a>
Stop War on Iran
<a class="moz-txt-link-freetext" href="http://stopwaroniran.org">http://stopwaroniran.org</a>
</pre>
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