I am not a social networker per se, but I see a tremendous opportunity here to use the power of the internet to make a difference. We are at the precipice of history. Without a mass outpouring of support for Barack Obama's rejection of the current bailout plan, this atrocity will be rammed through Congress with the utmost force. Lobbyists currently have all of the leverage. It is time for WE THE PEOPLE to take it back, through organizing.
Barack Obama has preached throughout this campaign that change does not happen from the top down, it occurs from the bottom up. It is time to put this theory into action. Here is how:
We need to start a massive networking group called No Blank Checks for Wall Street on MyBarackObama.com. The time is now to act.
IMPORTANT UPDATE: The goal here is to support our candidate from the bottom up, not to do anything to hurt him. This is a support group, and should not be construed as an opposition group in any form.
In July, the creation of the FISA group on MyBarackObama.com created an incredible stir. It quickly became the one of the largest groups on the site. If we can get the same response as FISA, the media will pick up on it. But this time, we WE WILL BE WITH OBAMA. It will be coordinated, and we can use the energy to positively self organize.
This has to be a movement. A petition does not create action, social networking does.
This is not unprecedented. We are being subjected to massive rush to judgment, and we have seen this movie before. It is time for WE THE PEOPLE to take our government, our rights, and our money back. We can not allow the power brokers of Washington, DC to Privatize Profits, and Socialize losses.
The perceptive expression, "privatizing profits while socializing losses" comes from someone who knows a great deal about the subject. Nouriel Roubini, a former senior advisor to the U.S. Treasury, observed that Washington's rescue plan for Freddie Mac and Fannie Mae is "socialism for the rich, the well connected and Wall Street; it is the continuation of a corrupt system where profits are privatized and losses are socialized."
Let's level with ourselves. The current Democratic Leadership will cave unless they are give ample cover. They will talk a big game until they have to push all of their chips in, at which point they will fold if history is any indicator. The performance of the Sunday Talk Shows was not reassuring to say the least. But this time, instead of yelling and screaming at them over the internet (which I will admit I have been guilty of), let's give them what they need. The exact cover that they need to fight for the next 45 days.
The exact cover that the need to write and send a bill to the President that ensures all of the proper controls are in place and a bill that is constitutional, unlike the current draft. If the President vetoes it, the Democratic party needs to know that they will have the citizens of this country behind them to send it right back to President with no revisions. However, we all know the powder will be kept dry unless they feel like they will not be putting their majority at stake. As ridiculous as that is, it is reality. Thus, we need to act strongly and decisively.
You can read a plethora of diaries on the current recommended list to tell you what is wrong with the current plan, and what Barack Obama's plan entails. But none of them provide any action you can take. Let's stop reading and commenting, and let's take action!!! We have the power, if we use it.
Who runs this government anyway?
We are being told that a disaster is on the horizon, but we the people are not smart enough to understand it or too emotional to hear it. We are being told by Democrats and Republicans that we cannot handle the truth.
That is the problem. The thought that transparency is a bad thing in the market place is exactly the reason we now have this crisis. This is unintelligent, a huge excuse, and the American people should demand information.
I say ENOUGH!!!
There is zero reason that we, as the potential owners of these companies and billions of dollars of bad debt, should not have full disclosure of the risks and balance sheets of these companies, just like any other acquisition. We want the equivalent of a 10K, before we sign up for any of this.
To say, WE CAN'T HANDLE THE TRUTH flies in the face of the basic tenets of democracy.
So what action should we take. This is where you come in. I am not a social networker, nor I am the appropriate person to start this group. This will need massive support, and prominent name with the appropriate inside influence to drive this effort. It will need a great writer to document the charter. And it will all need to be done within 12 hours.
I am requesting that we use this diary to organize and create the groundwork over the evening for a roll-out tomorrow. This would then be followed up with a massive roll-out across the blogosphere in the morning with an organized Congressional call in campaign throughout the day. There is no time to lose.
If you agree, or would like to participate, please join in this conversation. If you would like to volunteer to start the group, please discuss here. Again, I think this should be someone with a well known voice, with a large audience.
This can be done. History is in our hands. We have the technology. We have the energy. We have the power. And the time is NOW to act.
Update [2008-9-21 20:1:24 by justmy2]: Majority Leader Pelosi has come out against the plan:
"Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests. The Administration’s $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.
"We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.
The point of this group will be to ensure support exists throughout the country. This will need to be like the Social Security Effort. We must support this, or else the Democrats will be rolled. I am convinced this would be helpful vehicle. Otherwise, we will get a compromise in the form of capitulation.
Update [2008-9-21 20:1:24 by justmy2]: This is why this is important. Via Matt Stoller:
Here's the industry's play: progressives will approach Nancy with ideas for reform, and she'll agree to push for their proposals, and she'll really mean it. Then industry lobbyists will go to Dennis Moore, Melissa Bean and a few other Democrats, and tell them how dire the consequences of the proposals would be, and that the members who understand how the economy works need to step up to stop Nancy and the crazy liberals from doing something rash. Then those Democrats will go to Steny and tell him how terrible Nancy's crazy ideas would be, and how we can't rush into something like that without much, much more thought. Maybe Barney will try to talk to Dennis or Melissa, but it will become apparent quickly that they have no idea what they're talking about; they're just repeating by rote what the lobbyists told them to say. Melissa may actually be dumber than Sarah Palin.
Barney will realize he might as well talk to the lobbyists directly and save a step. The lobbyists will agree to something inconsequential, but certainly nothing that would really affect the industry's conduct. Then the leadership will do the math and conclude that because the vast majority of Republicans will vote against any bill, we can't get enough votes without the Dennis and Melissa crowd. The only way, our leadership will conclude, to get anything at all passed is to include nothing more than the inconsequential proposals that the lobbyists agreed to. Then we'll all go along because it would be wildly irresponsible not to act when we're staring over the brink of a complete collapse of world financial markets