9
A
L
Bailout-
The fact of the ma I er is
large Dumbers of viDg
sand were bar rcsped-,
able or respcasib . They
re/are redless DWly
of tbeac viag and are
grossly in po' ible beca
they choo e to illvelt their
omes in high· ,et rich
quick mea abr r ther
than imat dollars in America
ril, and in distressed
B miDority and pool' �r-
city areas in particular. There·
nothin, withiD the
;. tL- lata..· t f th . govern eat's policies and
- � � illS uee 0 e ·.which prewmts this
'. recklcsa bcbmor.
Hence vinll ad loans
ha� a green 6ght to pour bil­
lions into specula� �es
in foreign lands while de •.
. f pnvmg
America 0 badly needed capi-
tal. Redlining in disper' te, capj­
tal starvcd inner city
communities· COIDJDODplacc.
In fad ita e\'eIl wor than that.
Actually saviDgs and loan ,
other banks and corporatio
arc encour to in abroad
because taxes 0 pro raked
in from f9I'CiP in�Dts e
thaD tues OD profits made
in the U.s.A. In other words
corpOr. get a tax break for
in\Utiaa abroad. It· an iDceD­
tM DOt to inw:st in America.
WeD fate would ba� it,
v It numbers of the rilky
• aDd loans · �rits
ownell hae DOt paaned out.
Indeed tbeae in�t ba�
so t.dIy that the defaults
OIl a DI _.. doDar
pool olloua pole a threat to the
tire' • aDd industry
aDd cw:a sipaled the possible
uy
Ii
the
t in ures
�DUlIa'Upt,
the lituation becalDe so
despeI' • • the
iDdusary Md to act.
The DUlIeI'I
Gcorp
derelulatio d ked the
Federal Government for a
IWJdCMd. The too
P ee quietly. Aftcr all, most
banke - conservatives
ho of teD claim the age of
Public War . OYer - do not
like t be see� in public with
their hats in d eekiDg a
baDlJOUt &om the public.
With hardly a peep of prot
from Media Hooverites like
George Will, BU$h financed the
. . in American his-
tory, pl'CpariDa to transfer $164
u h commi
c-hundred-and-sixty _ bil­
lion is a lot of candy for
Rcpubli - the budget cut­
ters, the social program slashcrs .
'_ topa y.
PresideD Carter DeVer p�
• 'J half that amount. Whcn
the tough guy , like George
Bush, are uddcnly caugl.lt in
cts of mcrcy - with our moncy
- we uld ge a <¥ar ex-
planation, e\a pologies.
We are . beginning to ICC
cr of the U.s. economy.Ob-
VlO y something bad to be
done. Good old respectable and
responsible rich institutions,
and rich individuals could 'Dot
be allowed to ,0 under. After all
the result of their careless and
reckle behavior could spell
disaster for all of us.
The cruel hoax· that the
avings and 10 'mis-calcu­
lated, mis-inYelted, and rail into
mis-fortune. Poor and working
people had DOthiDg to do with
thcir shcnampns. Poor and
working people were the vic­
tims of the viDp and loaDs'
red1inina and -in� in
America. But who is going
to ba� to pay the bill to bail-out
the ailiag viDp and loan in­
dustry. You got it right, the
�Dt, the public, YOU
and your tax dollars will rescue
the vinp aDd loan industry.
1JUs is like sMD8 them a kind of
� handed reward for their
olDU,lbDa·
tiOD aDd pred tory
rellono . . - the peedy
speculation, debt - finuced
mer eta aDa lever eel buy­
out&, quiet profit-takiD& and
tile inevitablc cry for mercy
&om the . the ...
The Rcalan hark-feed
bloodied the walen. The same
.financiers who cheered
deregulation, who railed
against Big Government -inter­
ference in free enterprise", are
DOW begiDg B' Bad Brother
for hclp. .
In the coate of the banking
bailout, Jesse Jackson's ddr
to the Republic national
Committee iD WashiDgton
D.C., far ba as 1978, D
seems prop etic: "Tho who
arpe that there is too much
reckle s, irre ponsible, anti­
American and anti-human
hehavior.
Something is terribly wrong
in a nation. J}lat can routinely
bail out ailing corporations and •
rich enterprises, but cannot find
the resolve and resources to
bail-out the miltitudc of poor
and disadvantaged people in
this land. It would appear that
reverse Robinhood i the order
of the day in America. It' an
order that we must fight to
change!
Ron Daniels served as the
DirectoI' 0/ the National Rain­
bow CooJition and as the Deputy
Campaign MQ1IQgeT for the Jesse
Jackson's Presidential Cam­
paign '88. Oumttly, he seves as
Pnsiunt 0/ the Institute for
Community OrgmaiztU;on and
Development in Youngstown,
Ohio. H� may be contoctea ill
(216) 746-5747.
PalllIDCD( end up h ving their
busineuea subsidized by
governmeat,'ha their ho
DOte insured by govellUDCnl, -
tcading school receiving
am'CI'DIIDelDl monies ... We'�
to be coesisteet. Yo can't
arpe that government ub-
. di and iavestmcnts ould
end just SOOD as your Deeds
are met. Government has been
used to protect the interes of
business and various interests in
society. We can' all of a sudden
degrade government in terven- .
tion when it is used to protect
the interests of the poor.
In a 1987 ddre to the 10
I Bankers Association, Jackson
challenged the growing misu
of funds, warned of the coming
crisis, and appeal to the en-
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