Press Release

September 25th, 2008 

Contact: Gary Zuckett 304346-5891
Rick Wilson 304-412-1924

WV Groups Urge Congress to put Main Street First

Charleston –WV. As Congress contemplates a $700 billion bailout for Wall Street, West Virginia organizations joined others around the nation today calling for a remedy that puts Main Street first.

This national day of action includes 120 events scheduled in 34 states with press conferences, demonstrations and other public events throughout the nation. Some of the events are being held by local and national organizations; others will be self-organized, spontaneous events involving individual taxpayers angered by the proposed corporate bailout, as introduced in Congress. Already this week, over 100,000 calls have been made by voters to tell their representatives "NO" to the Bush bailout.  See www.truemajority.org/nobailout for details.

Gary Zuckett, director of the West Virginia Citizen Action Group said, “We can’t give Wall Street a blank check—that’s how we got in this mess to begin with. And the last thing we need is for Congress to be stampeded into this bailout the same way it was stampeded into supporting the Iraq war.”

According to the National Priorities Project, the money for the proposed bailout is more than that currently allocated for the Iraq war: “This amount would allow us to repair all of our nation’s 77,000 deteriorated bridges and still have $519 billion to spend; or it could allow us to rebuild all of our nations 33,000 deteriorating schools and still have $664 billion to spend.”

Rick Wilson of the American Friends Service Committee WV Economic Justice Project said, “The proposed bailout would cost West Virginia taxpayers $1.9 billion and unless changes are made, it would do nothing to prevent more of the same or to assist those families who are hurting due to the economic meltdown.”

Evelyn Dortch, representing the Direct Action Welfare Group, noted that, “There’s a huge difference between how quickly this administration is willing to bail out corporations that engaged in irresponsible practices and how slow it is to devote resources to meeting urgent human needs. Tent encampments are springing up on vacant lots because so many families are losing their homes.”

Larry Matheney, Sec/Treas. for WV AFL-CIO commented, “Unfettered greed without government regulation got us into the situation we’re in now. Inaction by regulators to protect homeowners will now double our national debt? This is a travesty.”

While some type of government intervention is required, the groups urged that any response to the Wall Street mess must include more oversight and regulation of financial institutions; limitations on CEO compensation for affected firms; an economic recovery package targeting ordinary Americans facing financial hardship to get the economy moving again; and provisions to protect people facing foreclosures.