February 2009 - Sfnews

petition link...
by San Francisco News by Rob Arnow 25 Feb '09

25 Feb '09

Sorry folks, for some reason the petition link in the other email wasn't working quite right, but here it is.... http://apps.facebook.com/causes/petitions/75?m=41ea12d9&recruiter_id=127851…

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Obama gives rousing speech – and another trillion to CEOs...
by San Francisco News by Rob Arnow 25 Feb '09

25 Feb '09

Friends ~ If this were Bush-Paulson we would be storming Washington. The Obama giveaways to Wall Street are starting to get ridiculous, and could dwarf the amount of money being put into the stimulus package. And for all this, economists don't even think this will help much. My point is not to denigrate Obama's character, or the many good things he has promised to do, but simply to make sure that we're informed and doing our best to hold him accountable. *Here is the latest example: *A new $1 trillion program would subsidize hedge fund profits with taxpayer dollars. Compare this to the far smaller program to help people avoid foreclosures. In essence, the government will put up almost the money for consumer loans. But instead of loaning it directly, they loan it to an investor at a bargain interest rate, who loans it at a much higher interest rate to consumers. And if the loan defaults, the government would eat the loss! Investors only have to put up and risk 8% of the overall loan. Under this scenario, they're expected to see 20% profits, conservatively! And guess what, you can't participate in this program, only private equity funds can! http://www.nytimes.com/2009/02/20/business/20lend.html?hp In the meantime, while the government continues to seize ("nationalize") smaller bankrupt banks, they refuse to do this for the large banks, even though they're completely bankrupt (BTW, seizing bankrupt banks is not a new idea, it's how our system normally works). So, in order to keep them afloat, the government is continuing to pump tens of billions into them, but because they're so far into debt, the money is just going to pay off debt, rather than to be loaned out. There's no end in sight. The solution is to temporarily nationalize the banks. Not only would this be fair to taxpayers, but it would actually stabilize the economy. Once these banks were put on solid footing, by wiping out the shareholders, the debt, and replacing management, they could resume normal lending operations. Depositors would be protected. http://www.nytimes.com/2009/02/23/opinion/23krugman.html?ref=opinion Can you please sign this petition in favor of nationalizing the banks, pass this around, and/or write Obama and your representatives? This is truly the only workable and fair solution the economic crisis. And it's picking up a lot of steam -- lots of famous economists, powerful Senators, and even Alan Greenspan, came out in favor of this! Unfortunately, Obama, so far, is still listening to the fools who got us into this mess in the first place... http://apps.facebook.com/causes/petitions/75/invite?m=4cd8e387&step=1 Rob

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Obama giving free money to Wall St.? Crackdown on Bay 2 Breakers?
by San Francisco News by Rob Arnow 13 Feb '09

13 Feb '09

Friends ~ a couple of things, one local and one national. Please read up, and please take action. *1. I was extremely disappointed to read in the New York Times today that President Obama is planning to follow the Bush administration course of giving money to Wall Street with NO strings attached. * Please read the article, pass it around, and most of all, please write to Obama at Whitehouse.gov and let him know that you object to this course of action. Not only would this be terrible for the country, as it will rob taxpayers, and diminish the financial resources available to mitigate the financial crisis, but should this go forward, it will tarnish Obama's reputation and make it more difficult for him to pursue a progressive course on other issues. http://www.nytimes.com/2009/02/11/business/economy/11bailout.html?hp "In the end, Mr. Geithner largely prevailed in opposing tougher conditions on financial institutions that were sought by presidential aides, including David Axelrod, a senior adviser to the president, according to administration and Congressional officials... And for all of its boldness, the plan largely repeats the Bush administration's approach of deferring to many of the same companies and executives who had peddled risky loans and investments at the heart of the crisis and failed to foresee many of the problems plaguing the markets." * 2. Crackdown on Bay to Breakers* This one has really got a bee in my bonnet. The City, in particular, the Mayor, along with the complicity of the Board of Supervisors have decided to ban drinking, floats, and nudity from Bay to Breakers. This, because a few dozen neighbors have lodged complaints, even as tens of thousands show their support by attendance at the event. The problem is that cranky neighbors are loud, while fun loving partiers don't often express their opinions. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/11/MN5J15SA27.DTL So, please express your opinion by writing the mayor, the event sponsors, and the board of supervisors. It really will make a difference. info(a)ingbaytobreakers.com gavin.newsom(a)sfgov.org ross.mirkarimi(a)sfgov.org david.chiu(a)sfgov.org bevan.dufty(a)sfgov.org chris.daly(a)sfgov.org david.campos(a)sfgov.org eric.mar(a)sfgov.org Peace, Rob

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