E-Alert: House, Senate, we need a real plan!

Editor's note, October 16, 2008: See this post for latest action!

It's still "No Deal!" No bailout for Wall Street--we need to rebuild the economy from the grassroots up!

On Monday, 95 Democrats and 133 Republicans listened to their constituents and said "No Deal" to the House leadership and the Bush administration. Thanks go out to the millions of people who called, wrote, and emailed their legislators demanding a no vote on this toxic bill.

But new legislation is heading back to the House after a Senate vote last night. Before it's too late, call or email Congress and tell them we don't need billion-dollar bandaids. We need a build-up for local economies, strict control of the financial industry, and a progressive tax policy that makes speculators and the corporate elite pay for their greed.

Call 800-473-6711 or 202-224-3121. Call district offices if you can't get through to Washington. Or send an email by clicking here.

We will not back a plan that

• Lacks real oversight;
• Has no firm provisions for limiting executive compensation;
• Has no provisions for holding Wall Street financially accountable;
• And most importantly, does nothing to address the systemic problems that caused this crisis.

Read our call for a public reconstruction and development bank to:

• Make whole the victims of the speculators who have lost homes, pensions, and other assets
• Create jobs at home for the innocent victims of the financial meltdown, not the speculators
• Ensure high quality public education for all
• Establish single payer health care
• Fully fund public radio and TV to eliminate all corporate sponsorship
• Tackle climate change by investing in energy efficiency, public transportation and decentralized solar/wind

Finance the bank by

• Instituting a tax on all investment transactions including on "new financial products"
• Heavily taxing speculator profits
• Establishing progressive income and inheritance taxes
• Eliminating the tax preference for capital gains

There are links to good analysis and alternatives to the bailout on our headlines blog. Check out the latest commentary.

Now, make your voice heard!

Please contact your legislators in both chambers and tell them it's time to come up with an alternative that will rebuild the economy at the grassroots. Read and send an e-mail to your members of Congress--click here to edit the letter and send.

Lastly, tell friends about this post--you can forward it by clicking on the envelope icon below. Thank you!