The subprime mortgage disaster has been picking up speed in the press...as well as it is beginning to hurt the large banks. Thanks to people like Jesse Jackson, the crisis will also remind us that the worst effects are on the people who have had to foreclose on their homes, and those that might have to in the future. Jesse plans to march on Wall Street and bring the spotlight to the industry that has helped bring about this crisis.
From The Daily Politics:
The Rev. Jesse Jackson came to City Hall today to tout his Dec. 10 march/rally on Wall Street in hopes of pressuring big lenders to focus on, as he puts it, “restructuring, not repossession,” in hopes of staving off massive foreclosure crisis he believes could send the national into another Great Depression.
Jackson also announced support of Council resolution 1112 which “denounces” foreclosures precipitated by subprime and predatory lending and in support of federal and state legislation that regulates lenders and assists borrowers.
Denouncing the practice of foreclosing is not enough. We need real change and real regulation to prevent Wall Street from doing so much damage to middle class homeowners here in New York and across the country. With the $38 billion in Christmas bonuses that the industry is receiving this year, it is time to give those billions back and reimburse the all of their victims...at least those that have been foreclosed on.
If you have time on December 10th, put those marching boots on and stand against the corporate banking giants.
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