Just Say No to Corporate Bailouts

The world financial markets were rocked to their foundation this week by the news of the collapse of one of the oldest Wall Street Investment firms in American history, preceded by two of the largest bailouts in American history. If that was not news enough, the market was then knocked around again in round two when American Insurance Group (AIG) was given a 24 hours notice to raise $85 billion dollars to cover debt tied to the sub-prime mortgage crisis. Once again the federal treasury decided to bail out another corporation in the name of the American people and the stability of the marketplace. Then the mother of all bailouts was announced just before the close of business Thursday when Secretary of the Treasury announced a $700 billion dollar bailout of all remaining investment firms, banks and insurance groups. President Bush proudly proclaimed that the American people had been saved by the quick thinking and decisive actions of the US Treasury and anticipated quick passage of the trillion-dollar bailout by the House and Senate this week.

The reality of the situation is that the American taxpayers are being held responsible for the irresponsible investment decisions and speculative actions of private corporations and private investors. When the economy was booming and Wall Street was raking in record profits on fraudulent business dealings taxpayers saw none of the benefits, but when it is time to save those same corporations and their investors from the brink of irrelevance then the taxpayers are expected to foot the bill. The end result is that the investors reap all of the profits when times are good but when times are bad the American taxpayers pay the bills. This time the price tag is too high. In addition to the $650 billion dollars the federal treasury is paying annually for the defense budget plus the costs of the war in Iraq, the general public is now expected to foot a trillion dollar bill based on speculation.

Americans do not understand what the cost of the proposed bailout is in real terms, and many Americans do not realize the amount of debt that the federal government has already accrued, which is a burden to be passed on to our future generations. In real dollars, the proposal by the treasury department will cost the average taxpayer five thousand dollars and ten thousands dollars for a household of four. That is ten thousand dollars of debt that President Bush and his cabinet will leave as a legacy to compete with the shared cost of the war in Iraq, which will cost the average household nearly an additional ten thousand dollars in debt. That is a total of twenty thousand dollars in debt per household multiplied by millions of Americans equals nearly two trillion dollars that we are deeper in debt as a result of the war in Iraq and the recent proposed bailout which will in all likelihood sail through Congress this week.

It is time to say no to more corporate bailouts. The United States is already almost nine trillion dollars in debt as a result of decades of over spending on the US military combined with twenty-five years of Reagan era tax cuts for the wealthy and private corporations. Now is the time to invest in real priorities for the future by fully funding health care and education. By saying no to corporate bailouts for Wall Street we will ensure real economic opportunity for Main Street. As a candidate for federal office I oppose further corporate bailouts and I support strict regulation of Wall Street and a federal investigation into fraud and abuse of the trading system, which led to the current financial crisis. The results of decades deregulation and tax cuts for the wealthy and privileged has led to the decimation of the middle class and brought us to the edge of ruin for future generations.

There is hope for the future, and it involves electing candidates who will look out for the interest of working people and the middle class, rather than selling out every federal office to the highest bidder. By supporting campaign finance reform, progressive taxation, universal health care, a drastically reduced military budget and by placing the highest priority on funding education we can begin to move this country in the right direction. Through strict regulation of markets and a tough but conservative approach to finance and investment we can begin to regain the trust of both investors and the general public. By withdrawing our troops from the Middle East and reducing the military budget we will gain the trust and good faith of people around the world. It is time for us to invest in the people and we must begin by saying to to any further bailouts for private corporations and Wall Street and insure that our tax dollars go to real human needs and domestic priorities that benefit everyone

Chris Lugo for US Senate
9 Music Sq So #164

Nashville, TN 37203
615-593-0304
chris4senate@gmail.com
www.voteforpeace.info


Upcoming Events:

Meet the Candidates at Vanderbilt University Sept 25th Olin Lawn
US Senate Candidate's Debate September 26th Austin Peay State University
Presidential Candidates Alternative Debate: October 6th - Nashville, Tennessee
Yard Signs Available - Please send an email to chris4senate@gmail.com for a yard sign

The Right to Protest

There is a long and venerable tradition in our culture which has helped to shape the character of this nation. The right to protest and peacefully address grievances to our elected officials, the media, and the general public is a fundamental aspect of American citizenship. The right to peacefully assemble to express concern about all matters of public policy is older than the formation of this country and is the foundation of our Declaration of Independence and Constitution. When colonists felt the burden of excessive taxation during English rule, their first step as subjects of the rule of law of England was to address their concerns to the magistrates and officials of their day. The very act of expressing dissent is a hallmark of an engaged community.

I have just returned from two weeks of expressing dissent to the leadership of the Democratic and Republican parties. My activities, along with those of thousands of other peaceful protesters was aimed at the Democratic National Convention in Denver, Colorado and the Republican National Convention in St. Paul, Minnesota. As a candidate who is committed to peace and ending war, I hold both major parties accountable for the hundreds of billions of our taxpayer dollars which have been wasted on war and the senseless killing which has taken place in the name of my alleged freedom. As a citizen, I am outraged at the continuation of policies which have taken the lives of tens of thousands of Iraqis and I hold the leadership of both major parties responsible for this state of affairs.

What I encountered in Denver and especially in St. Paul has shaken the faith of my belief in government. I have always believed that the role of protest was crucial to the American dialogue, and that dissent was tolerated in this country, although not always supported. I understand the resistance to change and the fear that dissenters create in the general public. We have always been only marginally tolerated, from the times of the American revolution to the abolitionists to the suffragists to the unionists, dissenters have always taken risks, but the rewards of their efforts have been to the benefit of all Americans, whether it be the right to vote, the forty hour work week, the end of slavery or the very creation of this country, dissent has always played a fundamental role in the creation of those rights.

In St. Paul, Minnesota, during the week of September 1st-4th the right to protest and peacefully assemble was greatly impinged upon by local, state and federal officials. It was also greatly diminished in Denver, Colorado but to a lesser extent. At the Republican National Convention protests I personally witnessed peaceful protesters demonstrating against war being beaten by police, nearly trampled by horses, dispersed with tear gas and concussion grenades, and everywhere treated as dangerous criminals and as a threat to the government. I participated in a march led by mothers with children in strollers that was blockaded on several occasions by national guard troops in full paramilitary gear. I witnessed homeless people marching for the right to housing being dispersed by security police in riot gear wearing gas masks and carrying beating sticks that were in excess of two feet long. I witnessed journalists and legal observers rounded up by the police and detained prior to mass arrests of hundreds.

A government that cannot tolerate the dissent of its citizens is a terrible burden upon freedom and democracy. The right to dissent plays a healthy, vital role in the national dialogue. It is only through dissent that we can often see the ugly face of actions which the wealthy and powerful would prefer to remain hidden. The victims of war deserve to be heard and the rights of the people should not be infringed upon by any force to express their dissent from policies which are morally abhorrent. It is my sincere hope that I never again witness state, local and federal police and security officials engaging in violent and intimidating gestures against the citizens they are suppose to be protecting and whose rights it is their responsibility to protect.

As a candidate for federal office I do not and will not support such excessive use of force and the wasteful spending of tens of millions of dollars in order to intimidate and suppress dissent. I will support the active and engaged expression of the concerns of citizens which is the hallmark of the democratic process.

for more information and archival coverage of
the DNC and RNC protests please visit:

http://www.democracynow.org/shows/2008/9
http://www.democracynow.org/shows/2008/8
http://mobilebroadcastnews.com/
http://www.youtube.com/chris4senate