Emergency Labor mobilization on Bailout this THURSDAY!

From the E-mail, and my friends at METRO Labor communicators

Dear Joseph, This Thursday at noon, AFL-CIO President John Sweeney will join hundreds of members of the New York City Central Labor Council for an emergency mobilization on Wall Street to protest the current bailout package. As written, the package gives a blank check to the Bush administration and bails out corporate executives at the expense of working people. Please join us at Broad and Exchange Place at noon this Thursday. The current bailout package is unacceptable, and we must state our opposition loud and clear. To truly build an economy that works for all, any bailout package must: Be governed by an independent board with transparency and effective public and congressional oversight. Use the full array of financial and legal tools available to the government to stop foreclosures and restructure home mortgage loans for working families. Address the causes of the crisis on Main Street in addition to the symptoms on Wall Street. Congress should pass a second stimulus package in its entirety. Work to address the weaknesses in our financial regulatory system and corporate governance system that allowed this disaster to happen. Say NO to the blank check for the Bush administration. Join President Sweeney and hundreds of union members for an emergency mobilization at Broad and Exchange Place at noon Thursday. In solidarity, Working Families e-Activist Network, AFL-CIO MEDIA ADVISORY for Thursday, September 25, 2008 NEW YORK CITY CENTRAL LABOR COUNCIL EXECUTIVE BOARD URGES CONGRESS TO PROTECT THE AMERICAN WORKER WHEN ACTING ON WALL STREET BAILOUT PLAN New York City's Labor Leaders To Propose "Seven Conditions for $700 Billion" Bush Big Bailout to provide stronger protections for working families and impose aggressive public oversight on financial institutions WHO: New York City Central Labor Council WHAT: Labor Rally Calling on Congress to Protect Workers In Bush Bailout WHEN: Thursday, September 25, 2008 at 12:00 p.m. WHERE: Broad Street and Exchange Place (Wall Street District, Manhattan) CONTACT: Carolyn Daly, NYC Central Labor Council 917-705-4740 For more information, please contact the Central Labor Council at 212-604-9552 or visit www.nycclc.org.

Got This from Talking Union

NEW YORK, SEPTEMBER 25, 2008 — With the country facing the biggest financial crisis of our time, threatening the homes, livelihoods, retirement savings and financial accounts of millions of working people, the labor movement of New York City today called on Congress to put responsible conditions on the risky Bush Administration “Big Bailout” plan before any action is taken to ensure government accountability and financial benefits for the American worker.

The principals and members of the Central Labor Council Executive Board joined the national AFL-CIO and Change to win organizations to call on Congress to apply strict conditions and oversight to any plan that would bailout troubled businesses and risk worker’s hard-earned money. The Bush bailout proposal comes as the FBI announced it will investigate fraud at the companies whose failure led to the financial crisis, including such powerhouses as Fannie Mae, Freddie Mac, Lehman Brothers, and American International Group.

In rising anger, labor leaders proclaimed that “Wall Street’s crisis” has become “Main Street’s problem” as workers struggle to pay their bills, hold on to their jobs and keep their homes. The union delegation urged Congress to approve only a bailout plan that includes a payback and equity investment return strategy for working people who are footing the bill and addresses the concerns of our nation’s health care, education, energy, infrastructure and jobs crisis.

In response to the growing concerns for worker’s needs, the Central Labor Council Executive Board today announced the following “Seven Conditions for $700 Billion Bailout Plan”:

1.Tap Into Financial and Legal Tools to Stop Home Foreclosures. Use the full array of financial and legal tools available to the government to stop home foreclosures and restructure home mortgage loans for working families.
2.Institute Aggressive Public Oversight. Any action of the $700 billion bailout must be governed by an independent board with transparency and effective public and congressional oversight.
3.Stop the CEO Party Train. Restrict executive compensation at any companies that directly benefit from the bailout.
4.Repeal the Bush Tax Cuts. Repeal of Bush tax cuts to finance the bailout; invest money towards national infrastructure investments in highway, bridge and rail maintenance and improvements, and improvements in public educational systems and preservation of public services, mass transit and health care services.
5.Let Wall Street Pay for Wall Street’s Mistakes. Every company that benefits financially from the bailout must present a secure return investment plan.
6.Prey on the predators. Crackdown on predatory lending practices by corrupt financial institutions by using full force of the law.
7.Address Corporate Governance Imbalances. Work to address the disastrous weaknesses in our financial regulatory system and corporate governance structure that allowed our financial future to become so vulnerable.

The Central Labor Council urged Congress and members of the New York Congressional Delegation to act quickly and responsibly, and hold those who caused our national financial crisis accountable.