March 18, 2011
Deregulation = Financial Disaster + Middle-Class Robbery
Did the 2008 bailout of the financial industry leave a bad taste in your mouth? Do you think it is outrageous that the very people who caused the Great Recession want less oversight of their criminal behavior? Incredibly, some members of Congress are preparing now to go to bat for Wall Street and to gut the financial reform law passed last year.
From Manny Herman at the AFL-CIO:
This is not a drill. This is an emergency.
Our financial system is being attacked in Congress, and if it collapses again because of reckless greed, working people will bear the brunt. CEO-backed politicians will raid our Social Security, our Medicare and our public services to bail out the fat cats. Take action now.
In 2008, Big Banks and Wall Street CEOs created the worst financial crisis since the Great Depression. As a result, 14 million Americans still are unemployed today.
But even though unemployment is high and our economic recovery is pathetically slow and fragile, corporations are lobbying furiously to undo the Wall Street Reform and Consumer Protection Act.
Working Americans cannot afford to keep bailing out Wall Street so bankers and financiers can get rich and stay that way while destroying our retirement plans, shipping our jobs overseas, and robbing the middle class.