A Critical Moment In Banking Reform

A critical moment in banking reform
By Kevin Zeese | Prosperity Agenda US

Last month saw record bankruptcies since the federal personal bankruptcy law was tightened in October 2005, the underemployment rate increased to 20%, and the percentage of borrowers three months behind in mortgage payments is at 6.67% up from 2% in 2005.

People are hurting and the banks are taking advantage of them. Major banks are now part of the pay day loan scam charging up to 120% or higher interest rates. The rich are getting richer - the number of billionaires is increasing, the wealth divide is expanding with 70% of wealth now owned by the top 1%, CEO pay is $500 to every $1 made by the average worker. Wall Street is paying themselves record bonuses and salaries only because the taxpayers have provided them with trillions of dollars of our money.

The financial interests who dominate the Congress are doing a very effective job of preventing real financial reform. Rather than breaking up the big banks whose existence assures another financial collapse, the "reform" actually includes a back door bailout that gives the Fed emergency lending authority. And the Fed, which many criticized as a cause of the collapse, is gaining power under the proposed "reforms" including controlling the consumer protection agency.

It is time for citizens of conscience to take action. To say, no more to the funnel that sends resources to the top while most Americans struggle to survive.

Citizens are getting organized. Some upcoming actions supported by Prosperity Agenda and A New Way Forward include:

• Tax Day, April 15, 2010, support the efforts of TaxWallStreet.org project of Jobs With Justice. Take action at a local branch of a national bank. Organize people to deliver a letter asking the bank (Bank of America, Citibank, Chase, Wells Fargo/Wachovia, Goldman Sachs) to play a constructive role in rebuilding an economy that works for everyone. Request a meeting to discuss your demands. Invite the media. While you're there, close your account! Take action at a local Post Office. Go to the main branch of your town's post office and talk to people mailing their tax returns. Ask them to sign a petition and make a cell phone call to their Congressional Representatives asking them to rein in Wall Street and make the speculators pay for good jobs for all. Visitwww.taxwallstreet.org for more information.

• A Call to Action by National People's Action, the AFL-CIO and others to converge on Wall Street on April 29th at 3:00 M. Everyday people--small business owners, workers, the unemployed, union members, homeowners, tenants and faith leaders--will join together to reclaim America with one simple message: Americans deserve an economy that works for all of us, not just Wall Street! Wall Street and big banks like Bank of America and Wells Fargo crashed our economy leaving millions without housing, work, and critical services. Stay tuned for more event details.

This is a critical moment in banking reform. We need to get control of financial institutions so focused on their profit that they are willing to risk the stability of the economy for short term financial gain and have no qualms about taking tax payer dollars to bail them out when their financial gimmicks blow up.

Thank you for taking action. Please support our efforts -- click here to donate now.

Sincerely,

Kevin Zeese
Executive Director
Prosperity Agenda