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Northeast Ohio group says taxpayers' needs should be put first
By Carl Chancellor
Beacon Journal staff writer
Published on Friday, Sep 26, 2008
Washington lawmakers might be convinced of the need to bail out Wall Street, but the dozen folks who marched Thursday afternoon along Market Street aren't sold on the need for the corporate rescue.
Judging from the enthusiastic honking of horns and ''thumbs-up'' gestures from several passing motorists, the public sentiment — at least for those driving through the Wallhaven area around noon — is with the Market Street crew.
''I'm livid. Congress needs to bail out people losing their homes and not giving taxpayer money to Wall Street billionaires,'' said Joe Mosyjowski from Randolph Township in Portage County.
Mosyjowski pulled his car to the curb and joined the protesters, who initially gathered at Market Street and Wallhaven Circle before moving the demonstration a few hundred feet west to the Hawkins Avenue intersection.
Mosyjowski came prepared. He had a box of apples, which hearkens back to the Great Depression, when the unemployed took to the streets selling the fruit to make ends meet. Mosyjowski was selling his Red Delicious for $1, but he was only accepting gold or silver.
''No paper dollars,'' Mosyjowski quipped.
The lunchtime protest was sponsored by the Northeast Ohio American Friends Service Committee. Greg Coleridge, a director with Friends, said similar protests were being held simultaneously in communities across the country.
''It is the people on Main Street who are suffering, who should be helped by Congress,'' Coleridge said. With bullhorn in hand he chanted: ''No blank check bailout . . . Help Main Street first, not Wall Street.''
Coleridge fired up JoAnn Kist, although her 5-year-old daughter and 21-month-old son seemed unfazed.
''I've had enough. I really feel strongly that they [Congress] need to be fair to all of us,'' said Kist, saying the needs of the financial community are taking precedent over the needs of everyday Americans.
Coleridge urged the group to call their federal lawmakers and demand that any bailout package include tightened oversight and regulation of financial institutions; a package to protect homeowners; limits on CEO compensation; measures to hold Wall Street executives accountable; and an exploration of less risky alternatives, such as providing loans to troubled banks.
''Wall Street shouldn't be given a $700 billion blank check,'' Coleridge said.
Statements of support sent by Rep. Tim Ryan (D-Niles) and Rep. Betty Sutton (D-Copley) were read to the demonstrators.
''Any acceptable plan must make it clear that the days of the 'anything goes/no responsibility' behavior on Wall Street and the refusal to appropriately regulate are over,'' said Coleridge, reading Sutton's statement.
A similar note was struck by Ryan in his statement: ''I will not vote for a blank check to bail out Wall Street bankers. Any legislation must have vastly increased oversight and regulation of the financial services industry, prohibitions on excessive executive compensation, relief for homeowners facing foreclosure and prohibitions on taxpayer money going to foreign banks.''
Carl Chancellor can be reached at 330-996-3725 or cchancellor@thebeaconjournal.com.
Washington lawmakers might be convinced of the need to bail out Wall Street, but the dozen folks who marched Thursday afternoon along Market Street aren't sold on the need for the corporate rescue.
Get the full article here.
Comments
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Anti-Politically Correct & Anti-GOP, OH
Posted 05:28 AM, 09/26/2008
BUSH will bail out anyone he has a vested interest in. I'm surprised he hasn't gotten his big fat paycheck yet from the oil companies.
Posted 08:01 AM, 09/26/2008
You're darn right I oppose a bail out of Wall Street, but then again, our financial institutions collapse and I might as well kiss all of my retirement funds goodbye. I oppose that number they simply came up with ($700 billion). I am all for smaller amounts overtime, but not a blank check. Everybody needs to take their time, but the anger from most American's towards this is rightfully deserved. Executives from Companies that are assisted ON THE TAXPAYER DIME should not receive one cent of compensation/severance. Anything they would have received goes right back to the taxpayer. People on BOTH sides are guilty for allowing this to happen over many years. You might not be a fan of Whoopi Goldberg, but she is very smart and had a good idea earlier this week on "The View". Banks should be mandated to decrease everybody's mortgage by a certain percentage (i.e. 30%), which would benefit everybody -- and actually put money in many people's pockets and they can more easily afford their mortgage.
Posted 10:53 AM, 09/26/2008
Just how would decreasing some blankity-blank's mortgage benefit me?
Portage Lakes, OH
Posted 12:55 PM, 09/26/2008
give the people $700 billion and we'll pay off our mortgages and stimulate the economy.
Stow, OH
Posted 01:14 PM, 09/26/2008
Isn't it funny how 6 months ago you couldn't get Bush to even admit the economy was bad ? Now after we have hit the iceberg he says we are sinking and wall street needs lifeboats .In the mean time we, the middle class ,are left holding the deck chairs .
San Antonio, TX
Posted 01:40 PM, 09/26/2008
Just what does it mean to bail out Wall Street? Not really sure just what exactly is meant and at hand. Does this mean that Wall st investors made wrong choices and the investors have lost money. OR, does it mean that businesses are in trouble. Now if it is just that the industry of making the investments are sinking then I say no-no bail out. Why is this so hard to put in plane English. Just who is being helped here because by saying Wall Street that exsplains nothing. If industry needs money then that is who the President should be addressing to us on and exactly what industries.
