Washington, DC—(ENEWSPF)—October 2, 2011. The New Bottom Line, a new nationwide coalition representing more than 1,000 faith-based and community organizations that seek to hold Wall Street accountable and find solutions for struggling and middle-class families. “Wall Street and the Big Banks are making record profits at the expense of the rest of us, and draining our wealth to pad their bottom line. Banks must pay their fair share of taxes, end the mortgage crisis by reducing principal for underwater homeowners, and create jobs through small business loans. Our bottom line means good jobs, healthy communities, and a government that fights for everyday people,” said LeeAnn Hall, Executive Director of Alliance for a Just Society, an organizational member of The New Bottom Line.
“Three years ago, when the collapse of Wall Street banks pushed our economy to the brink, taxpayers bailed out the guilty. The banks continued to hand out big bonuses, lobbied against financial reform, and foreclosed on millions of families. It’s time for banks like JPMorgan Chase, Bank of America and Wells Fargo to pay US back,” said George Goehl, Executive Director of National People’s Action, an organizational member of The New Bottom Line.
Each city (schedule below) has a local demand or proposal for making that community whole after years of mortgage fraud, predatory lending, and other wealth-stripping practices.
Nationwide, thousands of people are demanding that the banks “Pay US Back” and they must:
- Pay their fair share of taxes: Stop draining government of revenue and pay their statutorily required 35% corporate income tax. Stop gaming the system through off-shore tax shelters and loopholes.
- Stabilize the housing market and revitalize the economy: Reduce principal for all underwater homeowners to current-market value. This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create one million jobs a year.
- Invest in American jobs: Stop sitting on trillions in cash reserves that could be invested in small businesses, the main source of jobs in the U.S., and other job-generating investments.
- Schedule of Direct Actions Demanding that Wall Street “Pay US Back”
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Los Angeles |
October 3-6 |
Mass mobilization on Oct. 6 |
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Chicago |
October 9-14 |
Mass mobilization, escalating actions throughout the week. Focus on revenue, jobs, foreclosure, and TIFs |
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New York City |
October 11-14 |
Range of actions targeting banks, billionaires, state agencies and donors of elected officials against extending millionaires’ tax. Tactics include marches, subway turnstile hopping, using moving trucks as props. |
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Minneapolis |
October 10-15 |
A week of actions by Minnesotans for a Fair Economy partners directed at banks and financial institutions on issues including jobs, budget cuts/revenue, health care, and schools. Joint action in downtown Minneapolis on Friday, Oct. 15 at 3 p.m. |
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Denver |
October 25-29 |
Direct actions targeting Wells Fargo on foreclosures, predatory/payday lending, and private prison divestment. |
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Honolulu |
November 5-7 |
All-day conference kicking off New Bottom Line campaign in Hawaii, clergy leaders speaking at more than dozen Oahu churches. Holding events/actions during Asian Pacific Economic Conference. |
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The New Bottom Line is a new and growing movement fueled by a coalition of community organizations, congregations, labor unions, and individuals working together to challenge established big bank interests on behalf of struggling and middle-class communities. Together, we are working to restructure Wall Street to help American families build wealth, close the country’s growing income gap and advance a vision for how our economy can better serve the many rather than the few. Coalition members include PICO National Network, National People’s Action (NPA), Alliance for a Just Society, Alliance of Californians for Community Empowerment (ACCE), Industrial Areas Foundation of the Southeast (IAF-SE) and dozens of state and local organizations from around the country.
Alliance of Californians for Community Empowerment (ACCE) is a statewide community organization working with thousands of members in eleven counties creating transformative change by helping ordinary citizens to organize and take action. California is host to the world’s eighth largest economy, yet every day more and more Californians are losing their jobs, falling further behind on their rent or mortgage payments and sending their kids to failing schools. ACCE is dedicated to raising the voices of everyday Californians, neighborhood by neighborhood, so that our children have stronger communities and expanded opportunities.
Right to the City Alliance is a national alliance of membership-based organizations and allies organizing to build a united response to gentrification and displacement in our cities. Our goal is to build a national urban movement for housing, education, health, racial justice and democracy. We are building our power through strengthening local organizing; cross-regional collaboration; developing a national platform; and supporting community reclamation in New Orleans and the Gulf Coast.
Source: www.newbottomline.com
