Sirotablog

David Sirota is a political journalist and nationally syndicated newspaper columnist at Creators Syndicate. David writes about political corruption, globalization and working-class economic issues often ignored by both of America's political parties.

  • September 29, 2008 11:33 AM

    HOUSE BAILOUT VOTE: The Uprising Comes to Wall Street and Washington

    I'm scheduled to appear on CNN at 3:30pm EST to discuss the House's extraordinary vote to reject the $700 billion Wall Street bailout. What I'm going to say is pretty simple: it's clear that Congress is facing a full on revolt from both the Right and Left - the very revolt that I predicted in my book, The Uprising. No longer is this a populist revolt merely scaring Wall Street and Washington - this is a populist revolt that has, to quote Markos, crashed the gate, and it represents a real victory for the progressive movement and voices who said Hell No.

    Those who are surprised by this turn of events just haven't been paying attention to what's going on out in the country - they haven't been paying attention to, for instance, the social survey research showing rising rage against both our corrupt government and Corporate America. During my 3 month book tour, I faced a wave of skepticism from the Establishment media about my thesis. This earthquake on the floor of the U.S. House should end that skepticism once and for all.

    Just as I said in the book that it's not clear what is going to come out of the Left-Right grassroots uprising throughout the country, it's not clear what is going to come out of this uprising in Congress. Will Democratic leaders tack to the hard right, load the bill up with corporate tax cuts and pass this bill with only Republican votes? Or will they actually be leaders of the Democratic Party, make this bill a vehicle for the kind of New Deal-style investments and regulations that are necessary to start rebuilding this country, and pass this bill with full Democratic Party support?

    This is the question moving forward. I've laid out the top 5 reasons to vote against this bill and go back to the drawing board. That article outlines what should be the basic conditions for any bailout, including a speculators tax, re-regulation, economic stimulus, bankruptcy law reform and aid to homeowners. No amount of tinkering with Paulson's atrocity is going do the trick. They have to go back and start from scratch.

    Make no mistake about it - this is not a moment of celebration, it is a moment for increasing pressure. The Uprising is waiting for a serious response - will Congress step up to the plate? Contact your member of Congress right now and demand he/she goes back to the drawing board.

    Posted by David Sirota
    Permalink | Comments (3) | del.icio.us | digg
    Tags: wall street

Discussion

  • SlowRiseBaker [TypeKey Profile Page] :

    Yes, yes, yes, and yes ... you're spot on, David. That the cries of "this is the only alternative" were rebuffed is progress, forcing a return to the drawing board so a viable alternative can be agreed upon. Subtitle this stage as "We deserve something better than a crap sandwich."

    Posted on September 29, 2008 12:00 PM
  • FLGibsonJr [TypeKey Profile Page] :

    http://www.youtube.com/watch?v=R3iimehONPc

    Whether you want to vote for him or not, you should take a look at Ralph Nader's interview above. He really knows his stuff, I like how he is able to off the cuff recite the FDR legislation that was put in place to avoid exactly what we are going through today.

    Regards,

    Posted on September 29, 2008 8:11 PM
  • Giacco [TypeKey Profile Page] :

    FLGibson:

    I'm in total agreement. Is it too late to mount a Nader revolt?

    I think so, even though he is, as usual, absolutely spot on. Therefore, Obama needs to incorporate proposals from Nader, Sirota, Kucinich and Rober Reich, if he is to be truly a 21st Century thinker and leader.

    And what's up with this "blame" game. Dems have the majority. I am glad the bill didn't pass because it gives Dems ONE LAST CHANCE, a golden opportunity to pass a bill infused with the ideas of the above-mentioned people, and pass it WITHOUT the republicans! We want a New Deal approach, thoroughly explained in detail to the American public, with precise language concerning what kind of caps on executive compensation would be put in place, what kind of help home owners will get, and how it will address this "credit constriction" from both the bottom up and top down.

    If the Democrats passed such a bill without Republican help, they will be be regarded as bold, fearless, true leaders, and the conviction that the bill truly puts people first, wall street second.

    If Nader gets enough air-time, or had been a part of the debates as he should have been, we would be in a deja vu scenario, in which Obama will lose precious votes because he isn't coming up with the right New Deal bill we are waiting for. And he should lead the Democrats in passing the bill with or without Republican help.

    Posted on September 30, 2008 12:12 PM

Join the Discussion

Post a comment