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The Time to Protest Is Now! Rally to Break Up the Banks

By Isaac Fitzgerald, AlterNet. Posted April 10, 2009.


On April 11, people will come out in cities across the country to express their frustration and disapproval. Will you join them?

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It's Time for Action!

AlterNet has been gathering signatures in partnership with A New Way Forward, an incredible grassroots movement demanding that the U.S. government nationalize, reorganize and decentralize the banks as a first step toward building a more just economy.

A New Way Forward states on its Web site: "If it's too big to fail, it's too big to exist. Dismantle the power of the financial elite and make policies that keep a new crop from springing up. We want our economy and politics restored for the public."

NATIONALIZE: Experts agree on the means -- insolvent banks that are too big to fail must incur a temporary FDIC intervention -- no more blank-check taxpayer handouts. (See Paul Krugman on nationalization.)

REORGANIZE: Current CEOs and board members must be removed and bonuses wiped out. The financial elite must share in the cost of what they have caused. (See Simon Johnson on reorganizing.)

DECENTRALIZE: Banks must be broken up and sold back to the private market with strong, new regulatory and antitrust rules in place -- new banks, managed by new people. Any bank that's "too big to fail" means that it's too big for a free market to function. (See Mike Lux on decentralization.)

In an interview, A New Way Forward co-founder Tiffiniy Cheng touched on the buddy-based corruption that is standing in the way of the true financial overhaul that this country needs:

When your friend gives you a $100 as a political contribution to your campaign, you still want to take care of them. And that's what's happening at the highest levels of government right now. We have an ex-lobbyist for Goldman Sachs [Mark Patterson] as chief of staff for Timothy Geithner, and that's actually breaking a restriction that Obama was going to have. He wasn't going to have any lobbyists serve in his cabinet, but they made an exception for the chief of staff of Geithner. [You can read the whole interview here.]

We here at AlterNet are all too happy to support A New Way Forward's efforts for change, and thanks to the overwhelming response from AlterNet readers like you, our petition has been a huge success.

[If you haven't had a chance to pledge to Break Up the Banks, click here and do so right now. All signatures will be delivered to Congress along with those gathered by A New Way Forward.]


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View:
It's Time To Strike Now
Posted by: Revolutionary (Direct) Democracy on Apr 10, 2009 12:09 AM   
Current rating: 1    [1 = poor; 5 = excellent]
It's time to stop funding tyranny now.


FREE AMERICA

REVOLUTIONARY (DIRECT) DEMOCRACY

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

good idea but ...
Posted by: madkitty on Apr 10, 2009 4:12 AM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
i agree with getting people out to protest but ... is this the right weekend to try to make a big statement, is anyone paying attention during passover & easter week-end? I personally don't have any great allegiance to either, just seems all may fall on deaf ears and empty streets.

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

» Tax deadline Posted by: brunowe
» RE: good idea but ... Posted by: Karina
Move to despositor owned Credit Unions
Posted by: marid on Apr 10, 2009 7:00 AM   
Current rating: 5    [1 = poor; 5 = excellent]
It is time for us to look up and realize that many banks, not all, are now criminal organizations, run by crooks. Remember the best way to rob a bank is to own one.

Move out to the banks into Credit Unions. This is not a protest but a mechanism to unfund the criminal organizations that run Wall Street. Check the Credit Union concept out, I started an account this week. A positive step that is easy to take.

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The Tea Parties are ahead of the curve
Posted by: SeattlePackedSnowandCollidedCars on Apr 10, 2009 7:04 AM   
Current rating: 1    [1 = poor; 5 = excellent]
come join one... unless you are an ACORN mole

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Didn't a lot of folks already break the bank...
Posted by: ABetterFuture on Apr 10, 2009 7:43 AM   
Current rating: 1    [1 = poor; 5 = excellent]
...when they bellied up to adjustable rate, ballooning payments with no money down and no prospects to repay their loans? What a great idea it was to take out a home loan for a house they couldn't afford!

You'd think a lot more folks would want to learn from their financial ignorance and stupidity and start rebuilding piggy banks, rather than breaking them...again.

Just a shame our Congresscritters, and two administrations figured it was a good idea to soak responsible folks with the bill for bailing out failed enterprises.

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I just decided to post this out here on the main page.....Its important news...
Posted by: Prophit on Apr 10, 2009 8:42 AM   
Current rating: 1    [1 = poor; 5 = excellent]
SO, IS THIS ANOTHER DISTRACTION article to keep us busy demonstrating for something that has now been taken out of our hands??? READ THE 2ND LINK ABOUT HOW THE SAME BANKS WHO MURDERED US HERE ARE THE SAME CENTRAL BANKS OF EUROPE THAT OBAMA JUST SOLD US OUT TO.....Alternet, your getting worse, not better.. come on... You know us better than that...LOL

I just read that Obama has signed a treaty of sorts with the G-20 that now gives authority over our banking to the central banks of Europe especially Britian which results in us having only one vote against many about our own financial system.

So breaking up the banks is a joke. They have just been globalized and now the same G-20 (including obama) is now considering a global currency.... hmmm gee what a surprise.... LOL

Like we haven't been screaming this for years now... this is the goal and the method was the intentional destruction of our economy!!!


The G20 moves the world a step closer to a global currency

Or how about this one.....which tells us how the european central banks orchestrated this fiasco we are currently in.... its a great article.

Obama's New World Order

Or this one....

The Financial New World Order: Towards a Global Currency and World Government

Gee, my tin foil hat just turned to fact....LOL

Or how about this from Bloomberg on April 3....

G-20 Shapes New World Order With Lesser Role for U.S., Markets

By Rich Miller and Simon Kennedy


April 3 (Bloomberg) -- Global leaders took their biggest steps yet toward a new world order that’s less U.S.-centric with a more heavily regulated financial industry and a greater role for international institutions and emerging markets.

At the end of a summit in London, policy makers from the Group of 20 yesterday delivered a regulatory blueprint that French President Nicholas Sarkozy said turned the page on the Anglo-Saxon model of free markets by placing stricter limits on hedge funds and other financiers. The leaders also pledged to triple the resources of the International Monetary Fund and to hand China and other developing economies a greater say in the management of the world economy.

(Here is my favorite quote from one of those who created our problem in the first place and who will be included in running this new system, FASCISM, remember Paulson, Geithner and Summers??? Goldman sachs, that right!! remember economic hitman both of them for the IMF now mentioned in this article as having more power and resources??? Thats right! Boy are we scammed, and we can thank obama for selling us out).

“It’s the passing of an era,” said Robert Hormats, vice chairman of Goldman Sachs International, who helped prepare summits for presidents Gerald R. Ford, Jimmy Carter and Ronald Reagan. “The U.S. is becoming less dominant while other nations are gaining influence

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Here is what got eliminated on the post above... I am putting it here.
Posted by: Prophit on Apr 10, 2009 9:03 AM   
Current rating: 1    [1 = poor; 5 = excellent]
This is a quote from the G-20 meeting and the major players are the same ones that broke our economy, raped our wealth and left us broken.

They will now be in charge internationally instead of just our system and we will be under them with only one vote. How nice.

Excerpt from Bloomberg article on the G-20 dated April 3, 2009

“It’s the passing of an era,” said Robert Hormats, vice chairman of Goldman Sachs International (HERE IS GOLDMAN SACHS AGAIN, GEE WHAT A SURPRISE), who helped prepare summits for presidents Gerald R. Ford, Jimmy Carter and Ronald Reagan. “The U.S. is becoming less dominant while other nations are gaining influence

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BA
Posted by: mnstra on Apr 10, 2009 2:03 PM   
Current rating: 3    [1 = poor; 5 = excellent]
It never ceases to amaze me how calls for mass protest are absolutely moronic. This guy must be writing a book to make him famous.
If he really wanted to effect change and to generate real rebellion he would organize a mass removal by depositors of all their monies out of all the big banks that got TARP funds and at least put it into Credit unions. The banks around the country would shit dollar signs. Then you will see how effective mass protests are. Also There is no danger of getting you head beat in by a cop.Look what runs on banks did during the depression. Look what a run did to Wa Mu last year.Wake up.
I am moving all savings out of Well Fargo to my credit union.In addition, the new toxic rescue plan will be commandeering the FDIC to back it up. Now just how safe do you think you money will be then. FDIC will be bankrupt.....
Get out.

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Let's Do This!
Posted by: Brenhin on Apr 10, 2009 6:24 PM   
Current rating: 5    [1 = poor; 5 = excellent]
The Peacefull Decentralization Of Economic Power CAN BE DONE!
And the time is now.
I will be there in Phoenix @ Central & Thomas tommorow @ 11:00am sharp!

Everyone bring your video cameras and remember to stay on the Public Sidewalks.

=^D

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Saturday might not be the best day tp protest banks...
Posted by: jeffrey7 on Apr 11, 2009 9:56 AM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
Most of them are closed. But if you want to hurt banking,take your money out of them. If you can, work for cash. It's much harder to trace and outside the system.

Hippies have known for decades you all work together and take care of eachother. Pooling everything together created that 'Feeding the Multitudes' we were taught in Sunday school.
Funny it had to take an economic crisis to make us realize there a lot more things more important.

To take care of the important we need to move away from the 'fee driven' sociecty finance has given us. We need to stop funding international killing with our tax dollars.

Once you take your money out of the banks,you take it our forever. They can no longer use it as they see fit and you can't get screwed by their corrupt handling of our funds. That would have a longer lasting impact than just protesting on a Saturday.

Stop them for the long haul. That's the best way.

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I Was There in San Francisco
Posted by: Raggedrose on Apr 11, 2009 2:40 PM   
Current rating: 5    [1 = poor; 5 = excellent]
Look, we need to do something, anything, and it's pretty counterproductive to say that action taken is useless. This is how the Left always shoots itself in the foot.

The protest was a seed, and we need to make it grow. Other actions we can take will grow out of it if we just take those first steps instead of sitting back and doing nothing.

Saturday was a better day than you'd think. OK, it didn't generate a huge amount of coverage, but what it did do was send a message to a lot of ordinary people. We were marching around with signs in front of the bank, right next to the transit station, with the weekly Farmer's Market going on a block away. We started out covering half the block, we ended up covering the full block. A lot of people who were otherwise sleepwalking through their day joined us. And a lot more we talked to, leafleted, and otherwise exposed to the fact that some of us thought this was wrong and were willing to take an hour out of our day to at least say something. A lot of us--and them--were people who have decent jobs and are considered solid members of society. Who just might take five minutes to call their reps as our signs asked them to do. And maybe show up next time, when it might not be a Saturday protest. It shouldn't matter who you are or what you look like, but sadly, it does.

This is how you grab onto the popular anger that is raging all over this country and turn it to productive use. By standing up, saying what you feel calmly, and nonviolently. We need to seize this moment.

Oh, and there were cops there. A lot of them. On all four sides of us, just waiting for us to do something. We didn't. Except to create email lists and give out info to the public.

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Break up past mergers
Posted by: LeonBNJ on Apr 12, 2009 5:48 AM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
Perhaps the best idea in my opinion would be to break up some of the 100's of banks mergers done over the last 20 years. BoA is the result of at least 12 merger and takeovers of once well run, healthy regional banks. No bank should hold more than 5% (is used to be 10%) of total national deposits each. Chase, BoA, Wells Fargo, US Bank and others should break up into 3, 4 or more regional banks each. Non-consumer or business banking parts, like investment banking, insurance companies and stockbrokers should be divested. This would also mean 1000's in good paying jobs, many more commercial buildings in use for headquartes and regional offices to the benefit of a number of cites that badly need it. More imporantly, there would be more competition for depositors and borrowers, with possibly lower costs and higher interest rates. In such break ups, there would be strict regulation as to how loans are made, as to all fees for services to reflect a sight amount over real costs, compensation caps, limits on use of incentive bonuses and so on.

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Thanks Alternet !!
Posted by: TerryS on Apr 13, 2009 3:12 AM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
Thanks Alternet for promoting this event
and organization.

It's been frustrating to see the huge amounts
of money being given, on a silver platter, to
a bunch of criminals. It's good to *do* something
about it, instead of the usual moaning and
whining too often seen on the Left.

Obama is not perfect, if we want him to do
the politically painful, but necessary actions
to save our economy, then *we* need to put
the necessary political pressure on him.

Remember:

"In a Democracy, the people get the government
they deserve."

- Alexis de Tocqueville

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