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Taking to the Streets: Peaceful Protest on the Bailout

 

Protesting against the bailout in Tucson, AZ

It was Sunday afternoon, and I was driving home from a child's birthday party.  As I turned the corner by Chase Bank, here was a group of people protesting the way the bailout has gone.  If you subscribe to my blog, you know that I opposed the bill that authorized more than $700 Billion dollars to "rescue" the economy.  Nothing in that bill required the banks who got the money to put it back in circulation.  The result is that while 2,500 mortgage holders (families, investors, speculators--the lot) are being foreclosed each week, the "rescue" money is being used by the banks to gobble each other up.  What a wasted opportunity at your expense, IMHO.

I spoke with the protestors, and none of them own homes that are in foreclosure, so I can't give you a clear motive for the protest.  It didn't make the evening news, so you're seeing it here first. 

I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
Think of me as your Tucson mortgage expert. 
Subscribe to my blog.

19 comments • Mike Jones • October 27 2008 10:52PM

Call To Action: Call Your Congressman and Demand Disclosure with the Bailout Dollars

So you've never called, written or emailed your congressman?  If you want the real estate market to open up again, you'd better change that habit.  Congress responds to pressure at a local level.

So far, the bailout plan lacks the same transparency that sank so many titans on Wall Street.

Demand disclosure.  Demand transparency.  Let them know you're serious about this or it won't happen.  If you want a blueprint, let me refer you to an upstate New York organic farmer named Sandy Lewis.  Sandy worked on Wall Street for 26 years, from '64 to '90.

He's written a fantastic opinion piece this morning on Bloomberg.com.  Here's the link.  Bookmark this if you don't have time right now, but come back and read Sandy's article.  Here's a little of it to wet your whistle.

"A new legislative package should define a threefold mission for this fund, its managers and trustees:

First, using Fannie Mae's resources, direct the fund to research, track and disclose the approximate value of the debt instruments that are out there, one by one, asset by asset, mortgage by mortgage. This also would make mark-to-market accounting what it should be -- the immutable law of the land. Mark-to-market isn't the culprit; it's simply a way of telling it like it is to investors and the public.

Second, create a sales reporting mechanism that offers the needed disclosure for these securities so as to start recycling rather than warehousing the toxic assets. This would ensure accurate, thorough, timely information."

Third?  Click the link and read the article.  Then contact your congressman.  Your voice will count.

I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
Think of me as your Tucson expert.

15 comments • Mike Jones • October 17 2008 07:25AM