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|User Info||Articles of Impeachment? Bear Stearns Buyout Illegal?; entered at 2008-03-25 07:20:31|
Registered: 2007-09-18 varies
Politics is the art of compromise and the possible. Or as you might put it, trade the tape you have, not the one you want.
What worked recently? Both "amnesty for illegals" and "telecom immunity". Both were negations or derailments. And fit well within a soundbite. And were very simple and widely accepted because the inequity was obvious. It wasn't a single site, it was an idea that was so obvious it spread through talk radio and the blogosphere, so it didn't depend on advertising one central site.
Instead of going for impeachment, why not simply <b>stop the bailout</b> for "wall street fatcats". Play fair with Bear!
"While people are losing their homes, the Federal Reserve arranged for the management of Bear Stearns to keep their year end bonuses".
I think it would spread and stick.
If we could derail the $29 billion line of credit, BSC might go bankrupt and we would have transparency in court.
I do not think success would be certain, but it would be more than possible. It isn't some unlikely goal, and all the talking points fit within one post and requires no complex legislation - even the summary header on most RSS feeds/blogs is large enough. I don't think it fits well into a petition - it is too small, but a one page "this is why and here is the link to your representative and senator" might be useful.
Call up your congresscritter and demand a press release today - do you think $29 billion of taxpayer money should be put at risk for rich bankers on wall street (while ordinary people are losing their homes?). If not come out against it publicly. Chrysler went in front of congress, it wasn't a backroom deal in the middle of the night. (feel free to add talking points). They need it? Then let them ask you with C-Span covering it. Bernanke can be invited to explain things. Can you explain to someone losing their home why Bear Stearns executives aren't suffering?
(Yes, I know it's demogogery, but this is the language Congress understands)
It is also bipartisan. Most won't come out for corporate welfare.
As soon as there are a majority of congressmen expressing displeasure, the $29 billion credit line will be threatened, so JPM will either have to immediately dump the toxic waste to the Fed (where we can insist they disclose what is there as taxpayers), or it will be unusable since it might be gone any day congress is in session.
And I think that would be the first step. But then there would be momentum.