Financial Reform Showdown in Chicago: Wanna Go?
Events — Posted on October 20, 2009 at 8:00 amMVOC is sponsoring a bus to Chicago to join thousands of grassroots organizations to call for financial reform, to value people over profits.
They have approximately 10 seats left on the bus… and it is free to go (meals, hotel for one night, and transportation are all included). All you need to do is sign up to come with us by this Friday!
The same financial institutions that caused the economic crisis and took billions in taxpayer bailouts are back to earning incredible profits. Meanwhile, Americans face shrinking pensions, rising foreclosures and unemployment, state budget cuts, predatory lending, outrageous overdraft fees, and sky-high credit card interest rates.
The American people want oversight, accountability and common-sense financial reform NOW. This is the classic David vs. Goliath fight, with Wall Street spending millions and millions on lobbying to defeat reforms that would protect the American people and our economy.
JOIN US on October 25-26 for a series of demonstrations when thousands of Americans – retirees, farmers, workers, homeowners, renters, students, clergy, and small business owners – come together on the streets of Chicago to demand a banking system that puts the American people first and a Congress that makes it happen!
The bus will leave Youngstown at 7:00 AM from the MVOC office, 201 E. Commerce St.
The conference begins at 3:00 PM on Sunday the 25th and ends at 3:00 PM on Monday the 26th. The coach bus will return you to Youngstown around 10:30 PM on Monday.
Accomodations
Hyatt Regency Chicago
151 East Wacker Drive, Chicago, IL 60601
www.chicagoregency.hyatt.com
Agenda
SUNDAY, OCTOBER 25, 2009
3:30pm – Orientation
4:30pm – Welcoming & Kick Off “Put People First: Showdown in Chicago”
Hundreds of everyday Americans come together to launch the Showdown in Chicago. A peoples’ Commission will hear testimony and evidence from everyday Americans, well known public figures, and elected officials on how Wall Street banks created the foreclosure crisis and sent the economy into a tailspin. Commission findings will be shared with the Obama Administration, Members of Congress, and the Angelides Commission.
7:30pm – Dinner
Break bread with community leaaders from all across the country.
MONDAY, OCTOBER 26, 2009
8:00am – What’s Broken and How We Can Fix It
This training and education session will discuss the economic crisis and how the big banks’ greedy behavior led our economy straight into disaster ultimately causing millions of foreclosures, joblessness and decreased pensions. The session will also address common-sense solutions and what ordinary people can do to raise the stakes on financial reform back in their communities.
9:30am – Gathering of all attendees
9:45am – 1:00pm – DAY OF ACTION
We will take our message directly to one of the banks responsible for the economic collapse and continues to use its clout and money in Washington DC to stop needed financial reform.
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Tags: economy, Politics
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8 Comments
I’m not a great fan of the banking system either, but can someone be more specific and provide details on what institution violated us? Is ACORN a part of this demonstration? What type of banking system do these community leaders call for?
Tyler -
Let me throw in my two cents, and thats all that is worth. These will be slightly scattered as my thoughts are popping in my head:
1) I read alot about the huges bonuses and bailouts that all these firms took. Well, there are definitely excesses out there, and that should be reigned in. But the firms that get targeted the most, like Goldman Sachs, didnt ask for bailout money, it only accepted it when the govt told all the firms it was taking money in as a stability measure for the whole system. Second, several firms like Goldman and JP Morgan already paid back the govt (and the govt made a very nice return on that investment). And most importantly, the firms getting targeted the most were the ones that did not actively participate in subprime lending and trading.
2) These meetings that talk about people before profits is not going to be a solutions-based meeting, but more of a rant. I am 100% in support of the elimination of predatory lending (how many ‘cash your check’ places are there in Ytown – I see them everywhere), I am definitely in favor of the removal of all subprime lending and the return to traditional 20% down conventional lending. But instead of “people before profits” I am more in favor of “people and profits” – controlled, sustainable capitalism. And if you look at the ‘large bonuses’ on Wall St for 2009, much of it is driven by the capital markets clearing out past excesses. Debt being converted to equity with small bolt-out IPOs. This is effectively salvaging the American economy when over $700 billion of debt starts coming due in 2012-2015. Right now the banking system has to clear some of this off the books. It shouldnt have happened in the first place, but I’ll pay an I-banker $3 million a year if can save the banking system from a second crisis. That helps the average person, the small business, etc.
3) I do think there was alot of deceipt out there by on the ground mortgage officers that cared only about profit. Many of these people should be in jail. But I also think the average citizen needs to be held accountable for their actions. A gentleman in Cleveland who once gave a lecture at a church hall on getting out of debt took a smoke break before he started speaking. He saw attendees pulling into the parking lot in new BMWs, Saabs, Lincolns, Lexus, etc. When he began by asking who is behind in their mortgage, 3/4 of the audience raised their hands. Is the banking system to blame for some of this? Yes. But is the average person to blame also? Yes. I think education on effective home finance is important. Okay, thats enough for now.
Thanks, Eric. I’ve never been disappointed by your input on an issue. I should say that the MVOC asked for help spreading the word about the event, so I put it up. Yes, it’s more complex than this…
Eric,
I understand you are going to Israel in January. I have been recently working on an aquaculture project in Youngstown, with the support of the Ohio Aquaculture Assn. Their president (OAA) has partnered with Israel under the Negev Foundation. Israel sent aquaculturist to Ohio and visa versa. I spoke with an old friend of mine yesterday who lives in Israel and he confirms that Israel is advanced in aquaculture.
My question is it possible for the Chamber to access technology assistance from Israel to help our foray into aquaculture here in Youngstown? If you can help please call me at the Village Pantry, 330 707 9688.
In the real estate industry, the subprime (CRA) lending was peddled hard only when the quasi-government-secondary mortgage markets (FHA, Freddie mac, and Genemae) were mandated by Washington to suck up the paper. I remember back in the late ninety’s, welfare and babysitting were allowed to be used as income to qualify for a mortgage. Although abuses were present in the private mortgage business, the rule of the day was the poor deserve housing too (a chicken in every pot). My point here, is that the public sector applied pressure on the private sector which only caved when the public sector (Washington) agreed to “hold the bag”. People need to understand that capital is like water, it seeks its own level. And like water, capital has found offshore and friendlier nations, lesser of a risk. So if a check cashing entity can get a better return, let’s say from the Nekkei, than lending to the masses with jobs that may vanish tomorrow, they will only bet if the rate was more lucrative.
Back to the great rally in Chicago; the complexity, is what does community organizing wish to accomplish? Do they want more subprime type of lending? The great depression was full of cries for sharing the wealth, history shows this never was the answer. The danger of community oragnizing can be with the agenda, we learned from Germany that the course they took to get out of the depression 30’s led directly to destruction. As with Germany the majority is not always right if they are organized for the wrong motives.
The complexity of it all can be simplified with revisiting free enterprise with less government. Remember, America was at its greatest when the private sector was free with logical rules and was robust enough to service the smaller public sector. Take a hard look at Youngstown and you will see most of the concerns are the public sector. This is the paradox, can a capitalist nation survive with a shrinking private sector being sucked dried by a bulging public sector? The masses of Germany rallied behind a government that promised redistribution of wealth, once the internal private sector was consumed they needed more juice to keep the public beast alive so they marched on their neighbors private sectors. Alas! the beast was to massive to defend against the free world and was destroyed.
Our America today is seeing the rise of the public sector and if we continue to march on the corporate world, we will continue to drive them to Asia. And despite all the rhetoric, Asia was capitalist much longer than we were. Nonetheless, I see the public sector collapsing soon, there exist no gold in the treasury and China will not fall for the ruse of holding dollars anymore.
Hi Ron –
Thanks for your question. I am not sure what you mean by ‘the Chamber accessing technology assistance from Israel.’ To give you some background, our trip to Israel is to take 3 area companies and engage Israeli companies for B2B opportunities – from finding export partners, to licensing Valley technology in the middle east, to possible technology JV. Are you interested in an Israeli partner to be an equity investor into your firm?
I will be in China until November 17th. If you want to discuss after I return, please let me know.
Thanks,
Eric
Hi Eric,
While in China, if you happen to skip over the China sea to the Philippines, say hi to my mother for me.
Yes, what we may need is Israeli aquaculture technology, we in Ohio are just in the beginning stages. I had to learn from Asian data on shrimp farming since OSU and the Ohio Aquaculture Assn. are in their infancy in regards to shrimp farming. I believe Israel is the leader in recirculation and biofilter technology which we may need. It is not a secret that Ohio is a target area for aquaculture’s shift from offshore facilities to inland facilities because of our water.
In regards to Israeli equity partners, it depends on what they can bring to the table. At this point, my investors and landowners are funded and this new industry seems to be moving faster than I expected, you will see big developments in the media soon. In any event, call me when you get back from Asia and we can brainstorm offline.
Be safe, I don’t miss those 18 hour flights.
Ron 330 707 9688
Hi everyone – I just wanted to add my 2 cents also – and, Eric, I have to admit that it’s a subprime 2 cents! Years ago, when I was freshly divorced, starting my own business and moving to Youngstown, it was impossible to obtain a standard mortgage from a bank – despite the fact that I had more than 20% to put down on a house. My ex had run up incredible debt, and my credit rating was held hostage. As a result, my only option at the time was to obtain a sub-prime mortgage, and I was glad to get it. (and I’ve never defaulted)
Because of the publicized abuses in the subprime field, we forget that there was, and still is, a legitimate use for such loans. The interest rates on these loans is high, reflecting the risk they represent. I’d hate to see the financial fall out if they were eliminated completely.
Certainly, the abuses need to go – but I am concerned that Congress is simply setting us up for more of the same. People are still being urged to buy homes they can’t afford, and programs designed to help them seem designed to just delay the inevitable. And I agree with you, that people need to take personal responsibility for their actions – but will they, while there is government assistance available?