What to do now?

March 18th, 2009

0

Hey!!!

Full bassnectar update coming soon i promise! so much cookin in this oven, but i wanna take some time to put into the next update, and for now, this is a small note about WHAT TO DO NOW?

in terms of ….obama is elected, bush is “gone” and the economy is TANKING.

I can’t imagine anything easier after such a push over the past few years to just relax now that “our guy” is in the Whitehouse.

In fact, a politically-themed email seems almost exhausting to read, doesn’t it?

Well anyhow, when i got this latest MoveOn.org email i found myself feeling disinterested…just kind of like “ug! havent i thought about this stuff enough already???!” but sure enough, the answer is no.

NOW MORE THAN EVER is our time to buck-the-fuck-up and get our hands dirty… i think it is finally a time when our voices will be louder, and more necessary than ever. The financial crisis is extremely serious…and in large part is due to policies (and people) of the past, whose residue is still thick.

have a gander at this, i think it is UBER crucial to insist on sme transparency and ACCOUNTABILITY for ANYONE in a place of power/money/media.

this is important in my opinion:

“Congress must place enforceable, common-sense limits on salaries at all the banks that have taken taxpayer dollars.”

Sign the petition

Dear MoveOn member,

Last Friday, Sen. Claire McCaskill took to the Senate floor and said what I imagine a lot of us have been thinking about Wall Street lately:

“They don’t get it. These people are idiots. You can’t use taxpayer money to pay out $18 billion in bonuses…What planet are these people on?”1

Sen. McCaskill was reacting to the $18.4 billion in bonuses that Wall Street bankers took home in 2008. $18.4 billion going to the people who crippled our economy with their recklessness and greed and then took $700 billion of our money.2
Yesterday, President Obama took an important first step, limiting pay at companies taking bailouts going forward.3 But Congress is considering going even further, applying the limits retroactively and even taking back some of the most extravagant bonuses at firms that took taxpayer money.4

A huge public outcry will give them momentum and push them to real action. Can you sign this petition to Congress, urging them to act now to rein in Wall Street greed? Clicking here will add your name.

The petition says: “Congress must place enforceable, common-sense limits on salaries at all the banks that have taken taxpayer dollars.”

Wall Street’s defenders make all kinds of excuses about why the bonuses were justified.  They say that bonuses are an accepted part of compensation packages on Wall Street, that those receiving bonuses weren’t the ones who lost their firms billions of dollars, and that they need to pay bonuses to retain top talent.5

Those arguments are outrageous.

If automatic bonuses are a part of Wall Street culture, that culture has to change—a firm that’s still afloat only because of huge taxpayer bailouts shouldn’t be paying bonuses. And while tens of thousands of Wall Street employees are losing their jobs, it’s hard to believe that those still employed will go looking for new positions because they didn’t get a bonus.
Sen. McCaskill showed courage standing up to the status quo. We’ve got to show the rest of Congress that this is the kind of leadership we need to get us out of this crisis and make the economy work for all Americans. Limiting pay at companies taking bailouts won’t fix our financial system—that will take a lot more hard work—but it’s an important first step.

Can you tell Congress to rein in Wall Street’s excesses now and then pass this petition on to your friends? Clicking here will add your name.

Thanks for all you do.

–Daniel, Peter, Justin, Marika and the rest of the team

Sources:

1. “McCaskill Proposes Compensation Cap For Private Companies Getting Federal Dollars,” Senate Newsroom, January 30, 2009
http://mccaskill.senate.gov/newsroom/vid_013009.cfm

2. “What Red Ink? Wall St. Paid Fat Bonuses,” The New York Times, January 28, 2009
http://www.nytimes.com/2009/01/29/business/29bonus.html

3. “Obama Outlines Limits on Executive Pay,” The Washington Post, February 5, 2009
http://www.moveon.org/r?r=51145&id=15503-6839695-.fzcGrx&t=5

4. “Despite Treasury’s New Rule, Senators Aren’t Giving Up Their Push to Cap CEO Pay,” TPMDC, February 4, 2009
http://www.moveon.org/r?r=51146&id=15503-6839695-.fzcGrx&t=6

5. “‘Meet the Press’ transcript for Feb. 1, 2009,” MSNBC.com, February 1, 2009
http://www.msnbc.msn.com/id/28964188/page/5/

Want to support our work? We’re entirely funded by our 5 million members—no corporate contributions, no big checks from CEOs. And our tiny staff ensures that small contributions go a long way.