Rally tomorrow against bailout at McDermott's office in Seattle (10/1)

[eridani]

CodePink and other wonderful groups are calling for rallies tomorrow (Wednesday) to stop the Bush Bailout. There is one planned in downtown Seattle at noon at the office of Jim McDermott, our usually-pretty- cool representative who was on the wrong side of the line on Monday when he voted YES on the Bush Bailout.


*What*: Rally to *Bail out Main Street *, not Wall Street
*Where*: Jim McDermott's office, 1809 7th Avenue, Suite 1212 / Seattle, WA 98101 (Olive and 7th)
*When*: Wednesday, Oct. 1, 12 PM (noon)
*RSVP?*: Not necessary, but if you want to:

http://truemajority.wiredforchange.com/event/index.jsp?event_KEY= 803

*Why*:

Jim says, "Speaker Nancy Pelosi and Rep. Barney Frank are two people I trust immeasurably; they tried as hard as they could to put together H.R. 3997 to protect the American people, and in so doing they earned my support. This was a day for leaders to lead in the most difficult of circumstances and they - and I- accepted that responsibility. " <1>

Join your community to tell Jim that Democrats must try harder! Jim, /lead by listening/.

*Background Info*:

/Google "Why 700 Billion?" <1>/
Some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.
"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

/We are winning <2>/
If the public speaks loudly enough, the representatives actually listen. There is youtube proof that this has happened at least once: http://www.youtube.com/watch?v=S27yitK32ds


/Democracy Now Asks the Experts <3>/

AMY GOODMAN: Explain. What would Warren Buffett do now, if it was-if he was representing the taxpayers, and they were shaping this bill?

ROBERT JOHNSON (former chief economist of the Senate Banking Committee): Well, the taxpayers have the strong hand. They've got the money. The Wall Street firms are weak. So he would go in. He would take control of the company, basically diminishing or wiping out the equity. He would probably ask for the resignation of top officials. He might not accept every resignation letter. He would restructure the company. He would sell off some assets. And then, when the company regained its health a few years down the road, he could sell those preferred stock shares back into the market and recoup the money for his investors, meaning, in this case, the US taxpayer.

AMY GOODMAN: In other words, he would restructure Wall Street.
ROBERT JOHNSON: That's correct.

<1> http://www.forbes.com/home/2008/09/23/bailout-paulson-congress-biz-beltway-cx_jz_bw_0923bailout.html
<2> http://www.youtube.com/watch?v=S27yitK32ds
<3> http://www.democracynow.org/2008/9/30/bridge_loan_to_nowhere_ house_rejects