PETITION CLOSED

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It's Time to Nationalize Insolvent Banks
  1. Signatures
    93 out of 100
  2. Created By
    Dennis Melancon Jr.
    Baton Rouge, LA
About this Petition Pledge

Sign the petition!!!

About this Petition:
When Congress passed the George W. Bush $700 billion bank bailout plan, the goal was to rescue our banking system by propping up the banks that deregulation had allowed to become 'too big to fail.' We now know that the bailed out banks didn't use our money to start lending more - rather they paid out big bonuses to executives and bailed out the banks' shareholders.... (read more)

When Congress passed the George W. Bush $700 billion bank bailout plan, the goal was to rescue our banking system by propping up the banks that deregulation had allowed to become 'too big to fail.' We now know that the bailed out banks didn't use our money to start lending more - rather they paid out big bonuses to executives and bailed out the banks' shareholders. In return for our money the American people got nothing.

We, the people, became majority owners in many of the major banks. But we have no voice in the way the banks are run. If taxpayers are footing the bill for rescuing the banks, why shouldn't we get ownership, at least until private buyers can be found?

Now the Obama economic team is proposing more of the Bush policy: the socialization of risk, the privatization of profits.

Nobel laureate economist Paul Krugman calls this a "a classic exercise in 'lemon socialism': taxpayers bear the cost if things go wrong, but stockholders and executives get the benefits if things go right."

The Desired Outcome of this Petition:
Help President Obama "Do the Right Thing" by showing grassroots support for the bold, creative change Americans voted for.

Sign the petition!!!

Why People Are Signing
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It's Time to Nationalize Insolvent Banks

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<a href="http://apps.facebook.com/causes/petitions/75?m=44a17e70"><em>Sign the petition!!!</em></a><em><b><br /><br />About this Petition:</b></em> <br />When Congress passed the George W. Bush $700 billion bank bailout plan, the goal was to rescue our banking system by propping up the banks that deregulation had allowed to become 'too big to fail.' We now know that the bailed out banks didn't use our money to start lending more - rather they paid out big bonuses to executives and bailed out the banks' shareholders....&nbsp;<a href="http://apps.facebook.com/causes/petitions/75?m=519819db#">(read&nbsp;more)</a><br /><br /> When Congress passed the George W. Bush $700 billion bank bailout plan, the goal was to rescue our banking system by propping up the banks that deregulation had allowed to become 'too big to fail.' We now know that the bailed out banks didn't use our money to start lending more - rather they paid out big bonuses to executives and bailed out the banks' shareholders. In return for our money the American people got nothing. <br /> <br />We, the people, became majority owners in many of the major banks. But we have no voice in the way the banks are run. If taxpayers are footing the bill for rescuing the banks, why shouldn't we get ownership, at least until private buyers can be found? <br /> <br />Now the Obama economic team is proposing more of the Bush policy: the socialization of risk, the privatization of profits. <br /> <br />Nobel laureate economist Paul Krugman calls this a "a classic exercise in 'lemon socialism': taxpayers bear the cost if things go wrong, but stockholders and executives get the benefits if things go right."<br /><br /> <em><b>The Desired Outcome of this Petition: </b></em><br />Help President Obama "Do the Right Thing" by showing grassroots support for the bold, creative change Americans voted for. <br /><br /><a href="http://apps.facebook.com/causes/petitions/75?m=44a17e70"><em>Sign the petition!!!</em></a><br />

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