Wall Street Protest Over Bailout Plan

Aside from lawmaker protest over the government's $700 billion bailout plan, there were a number of protests across the country over the bailout. Labor unions organized a protest on Wall Street yesterday. AFL-CIO president John Sweeney said, "The Bush administration wants us to pay the freight for a Wall Street bailout that does not even begin to address the roots of our crisis. We want our tax dollars used to provide a hand up for the millions of working people who live on Main Street and not a handout to a privileged band of overpaid executives."

United Federation of Teachers head Randi Weingarten said, "We know that he economic situations has to be solved. But we want a a responsible rescue, not an opportunistic bailout." And Reverend Jesse Jackson said afterward, "The homeowners need long-term, low interest rates and the restructuring of loans, not the repossession of homes."

dietrich has a great Flickr set of protest photographs; a few are above. EV Grieve also has photos and some video, including this one (warning, protesters are cursing out fat cats!):

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By Jen Chung in News on September 26, 2008 11:47 AM

Comments [rss]

everyAframe

^I believe we have our new "cupcake dancers". Double bill?

NannyState

Pack up the "You fucked up" crew and send them down to Washington to tour the Treasury, The Federal Reserve Bank, The Capitol, The White House,...and Marion Barry's private residence.

sidenote

Wow, #12, you have got to change your pic, dude.

Tgirl

eat the rich

Dude69

There are blames to be handed out across the entire system, driven by greed and easy credit. But to say the homeowners who shouldn't have been owning a home got subprime loans with no money down are just victims is just ridiculous. I bet you can find a Ford Escalade in the driveways of these "poor" homeowners facing foreclosure.

phastmike

Yea its Wall Streets fault, not my real estate agent for telling me to buy a house I couldn't afford because real estate always goes up and I could flip it, or my mortgage broker who told me not to worry about lying on my loan application because I could refinance it before the ARM reset, and its surely not my fault. PLeeeease someone take some responsibility for their own actions for once.

matty

^meaning it kinda actually isn't that bad of an idea.

matty

"Let's nationalize the credit industry. The whole thing. I mean, we're basically paying for it already. Might as well get some profit out of the deal."

I've heard of worse ideas...

Leon Freilich

TOAST ON WALL STREET

Dump the wine

Gone's our pull

Tank up on

Case of Red Bull

Ditch the champagne

Stocks worth a dime

Made our last gain

Beer market time

soopaman

Show me da money!!!!!!!

ides_of_march

The government has been rewarding corporate failure since they bailed out Chrysler in 1980. Until this culture changes, a bail-out is just throwing good money after bad.

Successful companies that turn a hefty profit, such as the oil companies, for example, ironically are villified by many.

It's a miracle we have any economy at all with this collective schizophrenia regarding business.

joeb

Let's nationalize the credit industry. The whole thing. I mean, we're basically paying for it already. Might as well get some profit out of the deal.

starrygordon

'I too question the merits of Paulson's plan, but if thats whats needed to prevent a catastrophe, so be it....'

Paulson's bailout would not prevent a catastrophe, because it is more of the same thing that brought about the present crisis: inflation of credit. It would defer it for a brief period of time, after which it would return in even more destructive form. By that time, I suppose most of the perpetrators will have obtained a supply of gold or at least euros and departed for undisclosed locations.

dr zippy

Being all angry at Wall St. is all well and good but do any of the protesters a) understand the consequences of having credit dry up? and b) have a better plan?

ides_of_march

Tar and feather time.

babyhitler

French Revolution anyone? let them eat worthless stock options. I hope every fucking CEO gets his eyes impaled with a dull spoon.

Kojak

How come everyone thinks Wall Street has nothing to do with Main Street? Agreed its mostly their fault, but think of the consequences of doing nothing and more banks fail.

I too question the merits of Paulson's plan, but if thats whats needed to prevent a catastrophe, so be it. But they should give more time for economists and the politicians to study the plan in full detail.

riotturtle

hell yeah. these actions are only going to get bigger...

ides_of_march

Strip Henry Paulson of all his own personal assets, put him in hand-cuffs, and maybe then I might agree with some sort of bail-out.

On the other side of the aisle, there are a couple of ex-Fannie Mae crooks on Obama's economic advisory staff now who should be arrested too --- so much for change.