Jobs with Justice Week of Action: Demanding Real Economic Recovery
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This week marks the one-year anniversary of the Wall Street bailout, and Jobs with Justice (JwJ) is launching a Week of Action to demand that the banks use our taxpayer dollars to finance the recovery and not their own corporate agenda.
During the Sept. 24-Oct. 1 week of action, working people will join with students, activists, community leaders and others across the country to highlight Big Banks’ misuse of tax dollars. So far, few of the billions in taxpayer money that went to Big Banks have reached Main Street. Instead, executives of banks that were bailed out with taxpayer dollars have lined their pockets with stock options that guarantee them huge windfalls for years. While they get richer, they have laid off more than 160,000 employees since Jan. 1, 2008.
To top it all off, Bank of America, which received $45 billion in taxpayer-funded bailout support, has spent more than $1.5 million lobbying on Capitol Hill against the reforms that would protect consumers from a future financial crisis, such as restrictions on executive compensation, home mortgage lending and credit card fees. The bank also is lobbying on a consumer rights bill, on student lending issues, on a bill that would’ve allowed bankruptcy judges to alter mortgages and on a proposed federal regulatory oversight agency.
Banks Need Restructuring, Not Bailouts
The Treasury Department’s bank bailout plan is built on the faulty assumption that the financial crisis is the result of a temporary lack of a market for current financial products—and presumes the losses can be made up after confidence in the system is restored. The reality is that the entire financial services industry needs to be restructured and the sooner, the better, two experts said recently.
Writing at the Campaign for America’s Future website, Susan Ozawa points out that during a recent conference, Damon Silvers, vice chairman of the Congressional Oversight Panel (COP), and economist Robert Kuttner said broader and deeper changes need to be made than the Treasury plan envisions. They spoke April 8 at the “Lifting the TARP: Is a Reconstruction Finance Corporation a Better Way to Restore the Banking System?” conference sponsored by Demos in Washington, D.C.
AFL-CIO Urges Stricter Bank Bailout Process, Hails NEA Affiliations
The AFL-CIO Executive Council wrapped up its winter meeting in Miami today, calling for stricter regulation and oversight of the financial industry, urging President Obama to ensure that taxpayers get “fair value” for any additional funds used to bail out the nation’s banks, authorizing continuation of discussions on unifying the labor movement and urging adoption of a global charter of rights for working women.
Also today, the AFL-CIO and the National Education Association (NEA) announced that three more NEA local chapters, with more than 3,000 members, have affiliated with the AFL-CIO under the Solidarity Partnership program. The program is supported by AFT, a long-time AFL-CIO affiliate.
Says AFL-CIO President John Sweeney:
These affiliations show that we are unified and committed to fighting for quality education in our nation’s classrooms.
