Public Employee Press

Unions say bailout must help workers

By GREGORY N. HEIRES

Over 1,000 labor activists gathered in the heart of New York City’s financial district Sept. 25 to protest the Bush administration’s $700 billion bailout plan for Wall Street fat cats.

As PEP went to press, politicians were debating the proposal in Washington with the goal of voting Sept. 26 and protests were held in 12 cities. The New York demonstrators demanded that the financial plan include help to homeowners facing foreclosure, provide greater oversight of financial firms and curb excessive executive pay at firms getting government aid.

Rank-and-file union members joined national, state and local labor leaders at Broad Street and Exchange Place near the Stock Exchange for the rally organized by the New York City Central Labor Council.

“We’re here to tell Congress this bailout must not become a handout to the very folks who got us into this mess in the first place,” said Executive Director Lillian Roberts, who led a contingent of DC 37 members to the protest.

Her comments reflected widespread public outrage that Washington politicians appeared ready to give a blank check to the very people who pushed for and profited from the deregulation and other free-market policies of recent decades that have led to today’s housing crisis, credit crunch and decline in the value of the dollar.

Message to Washington
“The labor movement is here to send a message to Congress,” said CLC Executive Director Ed Ott. “We expect them to stand up for American working families.” The CLC called the protest on short notice as the administration put heavy pressure on Congress to pass the legislation quickly, claiming the massive infusion of capital was needed to avert what President Bush described as a “panic” and severe economic downturn.

“The bailout will not work unless it provides a boost for the real economy that creates wealth,” said AFL-CIO President John Sweeney.

Sweeney and other speakers expressed anger that the plan proposed by Bush would provide “welfare for the rich” but would not help working families in danger of losing their homes and retirement savings as they struggle with stagnant wages, rising health expenses and skyrocketing costs for gasoline and home heating fuel.

Protestors carried placards with messages such as“Protect Our Homes,” “Repeal the Bush Tax Cuts” and “Protect American Workers.” They responded to speakers with spontaneous chants of “No bailout!” and “No more corporate welfare!”

The rally ended with demonstrators chanting “Obama, Obama, Obama,” reflecting their feeling that Republican presidential candidate John McCain would usher in four more years of Bush-like anti-worker policies while Democratic candidate Barack Obama would bring about change that would help working families.