Bailout Backlash: Five Surprising Things That Happened on Thursday
Belief:
What if People Actually Treated Religion as Just a Metaphor (Like Trekkies and Secular Jews)?
Greta Christina
Corporate Accountability and WorkPlace:
15 Signs American Society Is Coming Apart at the Seams
David DeGraw
DrugReporter:
When It’s Crunch Time at College, Students Turn to Adderall
Erik Hayden
Environment:
20 Weird, Crazy Ideas for Helping the Earth
Food:
The War on Soy: Why the 'Miracle Food' May Be a Health Risk and Environmental Nightmare
Tara Lohan
Health and Wellness:
Pharmaceutical Giant Paid $500,000 to Psychiatrist Who Used Chicago's Poor as Guinea Pigs
Christina Jewett and Sam Roe
Immigration:
Dobbs' Resignation Was Long Overdue
Janet Murguía
Media and Technology:
Is Right-Wing Media Hustler Trying to "Blackmail" Obama's Attorney General over ACORN Videos?
David Edwards, Muriel Kane
Movie Mix:
The Yes Men: Pranksters Out to Fix the World
Mark Engler
Politics:
New Right-Wing Craze: Using Bible Quote to Pray That Obama’s 'Days Be Few'
Amanda Terkel
Reproductive Justice and Gender:
Hey Guys, Don't Want Kids? A Vascetomy Is Probably the Way to Go
Anna Clark
Rights and Liberties:
Economic Crisis Is Getting Bloody -- Violent Deaths Are Now Following Evictions, Foreclosures and Job Losses
Nick Turse
Sex and Relationships:
How Abstinence-Only Programs Perpetuate Dangerous Stereotypes
Martha Kempner
Take Action:
G-20 Meetings: Nothing Much Happened in the Suites, and There Was Too Much Punch in the Streets
Laura Flanders
Water:
Poseidon's Financial Shell Game: Why Is a Private Desalination Plant Asking for Public Money?
Peter Gleick
World:
Army Sends Mom to Afghanistan, Infant to Protective Services
Dahr Jamail
A lot of the online rage is channeled in the form of signatures on petitions and electronic letters to members of Congress. Senator Bernie Sanders (Independent-Vt.) is circulating a popular one on the left-wing blog Huffington Post. The 1.9-million member Service Employees International Union is also circulating a sign-on letter to Congress that reads in part: "No deal. No blank check." StopTheHousingBailout.com reasons: "A bailout tells responsible Americans that they are suckers."
The anger is coming from right-leaning groups as well. The National Taxpayers Union's "No More Bailouts!" petition reads: "Bailouts that keep mismanaged organizations afloat delay natural corrections to unsound business practices . Enough is enough. No more bailouts. Not with my tax dollars."
The conservative site townhall.com features a similar petition. Right-wing blogger Patrick Ruffini, meanwhile, urges Republicans to vote against the bailout, since "God Himself couldn't have given rank-and-file Republicans a better opportunity to create political space between themselves and the Administration."And as Steven Wishnia reports for AlterNet, protesters took to New York's financial district:
Enraged by the prospect of $700 billion of their taxes going to reimburse Wall Street speculators for their dubious investments, about 500 protesters paraded through Lower Manhattan's financial district Thursday afternoon, their chants of "You broke it, you bought it" reverberating through the narrow office building canyons and off the flag-draped wall of the New York Stock Exchange.2. White House pow-wow flops
Financial Services Chairman Barney Frank, the feisty Democrat who has been leading negotiations with Paulson, reacted angrily, saying Republicans had waited until the last moment to present their proposal.
McCain, who dramatically announced Wednesday that he was suspending his campaign to deal with the economic crisis, stayed silent for most of the session and spoke only briefly to voice general principles for a rescue plan."If money isn't loosened up, this sucker could go down," Bush apparently warned as the meeting broke up. Republican Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee summed up the White House meeting, saying there was "obviously no agreement."
Democrats accused Boehner of acting on behalf of GOP presidential candidate Sen. John McCain (Ariz.) in trying to disrupt a developing consensus
Democrats say they would not approve the legislation without a significant number of Republican votes to share in any political fallout from the controversial proposal, which comes just weeks before the November election. "We are working to try to get this bill ready, but if House Republicans continue to reject the president's approach, then there's no bill," said Rep. Barney Frank (D-Mass.), an architect of the bailout legislation. "We told Paulson the whole thing is at risk if the president can't get his own party to participate."Marc Ambinder of the Atlantic Monthly reports that there are less than 100 of the 202 GOP house members who would support the Paulson plan.
Across the country, McCain campaign offices are up and running, accepting volunteers, conducting phone banking, literature dropping and other GOTV activities. This held true on a local, state, and even regional level. The Huffington Post called up 15 McCain-Palin and McCain Victory Committee headquarters in various battleground states. Not one said that it was temporarily halting operations because of the supposed "suspension" in the campaign. Several, in fact, enthusiastically declared the continuation of their work. Others hadn't even heard that the candidate for whom they were devoting their time had officially stopped campaigning.
See more stories tagged with: wall street, bailout
Liked this story? Get top stories in your inbox each week from AlterNet! Sign up now »
You've chosen to turn comments off for the entire site. Would you like to turn them back on?
Support AlterNet
Do you value the information you're getting from AlterNet? Please show your support with a tax-deductible donation.
Feedback
Tell us how we're doing.