Please sign petition

Dear MoveOn member,

Last Friday, Sen. Claire McCaskill took to the Senate floor and said what I imagine a lot of us have been thinking about Wall Street lately:

"They don't get it. These people are idiots. You can't use taxpayer money to pay out $18 billion in bonuses...What planet are these people on?"¹

Sen. McCaskill was reacting to the $18.4 billion in bonuses that Wall Street bankers took home in 2008. $18.4 billion going to the people who crippled our economy with their recklessness and greed and then took $700 billion of our money.²

Yesterday, President Obama took an important first step, limiting pay at companies taking bailouts going forward.³ But Congress is considering going even further, applying the limits retroactively and even taking back some of the most extravagant bonuses at firms that took taxpayer money.⁴

A huge public outcry will give them momentum and push them to real action. Can you sign this petition to Congress, urging them to act now to rein in Wall Street greed? Clicking here will add your name:

http://pol.moveon.org/bonus/o.pl?id=15503-12460663-0.DJbrx&t=3

The petition says: "Congress must place enforceable, common-sense limits on salaries at all the banks that have taken taxpayer dollars."

Wall Street's defenders make all kinds of excuses about why the bonuses were justified. They say that bonuses are an accepted part of compensation packages on Wall Street, that those receiving bonuses weren't the ones who lost their firms billions of dollars, and that they need to pay bonuses to retain top talent.⁵

Those arguments are outrageous.

If automatic bonuses are a part of Wall Street culture, that culture has to change—a firm that's still afloat only because of huge taxpayer bailouts shouldn't be paying bonuses. And while tens of thousands of Wall Street employees are losing their jobs, it's hard to believe that those still employed will go looking for new positions because they didn't get a bonus.

Sen. McCaskill showed courage standing up to the status quo. We've got to show the rest of Congress that this is the kind of leadership we need to get us out of this crisis and make the economy work for all Americans. Limiting pay at companies taking bailouts won't fix our financial system—that will take a lot more hard work—but it's an important first step.

Can you tell Congress to rein in Wall Street's excesses now and then pass this petition on to your friends? Clicking here will add your name:

http://pol.moveon.org/bonus/o.pl?id=15503-12460663-0.DJbrx&t=4

Thanks for all you do.

–Daniel, Peter, Justin, Marika and the rest of the team

Sources:

1. "McCaskill Proposes Compensation Cap For Private Companies Getting Federal Dollars," Senate Newsroom, January 30, 2009
http://mccaskill.senate.gov/newsroom/vid_013009.cfm

2. "What Red Ink? Wall St. Paid Fat Bonuses," The New York Times, January 28, 2009
http://www.nytimes.com/2009/01/29/business/29bonus.html

3. "Obama Outlines Limits on Executive Pay," The Washington Post, February 5, 2009
http://www.moveon.org/r?r=51145&id=15503-12460663-0.DJbrx&t=5

4. "Despite Treasury's New Rule, Senators Aren't Giving Up Their Push to Cap CEO Pay," TPMDC, February 4, 2009
http://www.moveon.org/r?r=51146&id=15503-12460663-0.DJbrx&t=6

5. "'Meet the Press' transcript for Feb. 1, 2009," MSNBC.com, February 1, 2009
http://www.msnbc.msn.com/id/28964188/page/5/

Want to support our work? We're entirely funded by our 5 million members—no corporate contributions, no big checks from CEOs. And our tiny staff ensures that small contributions go a long way. Chip in here.

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PAID FOR BY MOVEON.ORG POLITICAL ACTION, http://pol.moveon.org/. Not authorized by any candidate or candidate's committee.

A Call for Help

Dear MoveOn member,

President Obama's economic stimulus plan is in trouble. Conservative talking points are dominating the media's coverage and there's lots of misinformation around. Here are a few things you may not have heard about it:

1) This is a very, very good bill. As The Nation writes, "If enacted, the economic recovery plan will be one of the biggest and boldest pieces of progressive legislation in the past forty years."¹

Here are some facts about what the bill really does:

• Creates or saves 3 million to 4 million jobs in the next two years.²
• Averts "literally hundreds of thousands of teacher layoffs"—and doubles funding for the Department of Education.³
• Creates 500,000 green jobs and doubles our clean energy production.⁴
• Immediately helps unemployed folks get affordable health insurance.⁵
  

Some folks are arguing that it should be bigger, and they're probably right, but this is the best down payment on economic recovery we have seen, and it needs to be passed.

2) The stuff that's being singled out for criticism amounts to a tiny fraction of the bill—like anti-smoking programs that make up less than one-ten-thousandth of the spending.⁶ They would have you believe this is the centerpiece of the bill. It is not. This kind of nit-picking is pure politics.

3) If it doesn't pass, we're in deep trouble. Even John McCain's economic adviser estimates that without the stimulus, unemployment would top 11% by 2010, the highest level since the Great Depression.⁷

We all urgently need to get these facts out before the public. Can you write a letter to the editor of your local paper about how the stimulus will affect real people? Our tool makes writing a letter really easy. Click here to get started:

http://pol.moveon.org/lte?campaign_id=100&id=15490-12460663-pKvbClx&t=3

Last week alone, 100,000 people lost their jobs in this country.⁸ So we need to make sure the Senate takes action quickly. Nearly 200 economists from across the political spectrum wrote to Congress, agreeing:

"We do not have the luxury of a lengthy debate over the best course of action. This legislation may not be enough to solve all the economy's problems, but it is urgently needed and an important step in the right direction."⁹

But with so much rhetoric and demagoguery surrounding the bill, it won't pass unless we can get the real facts out to a wide audience. And letters to the editor by local MoveOn members are one of the best ways to set the record straight.

Our tool makes it super easy. We'll provide you with talking points to use, some tips on writing your letter, and an easy way to send it in to any newspaper in your area.
You can start writing your letter to the editor by clicking here:

http://pol.moveon.org/lte?campaign_id=100&id=15490-12460663-pKvbClx&t=4

Thanks for all you do.

–Noah, Laura, Patrick S., Anna and the rest of the team

Sources

1. "The Right is Winning Today," The Nation, February 3, 2009
http://www.moveon.org/r?r=51138&id=15490-12460663-pKvbClx&t=5

2. "Senate OKs tax break for new-car buyers," Boston Globe, February 4, 2009
http://www.moveon.org/r?r=51139&id=15490-12460663-pKvbClx&t=6

3. "Stimulus Plan Would Provide Flood of Aid to Education," New York Times, January 27, 2009
http://www.nytimes.com/2009/01/28/education/28educ.html

4. "American Recovery and Reinvestment Act," Speaker Nancy Pelosi, January 28, 2009
http://www.speaker.gov/newsroom/legislation?id=0273

5. "Relief Seen for Jobless and State in Health Care Plan," New York Times, January 27, 2009.
http://www.nytimes.com/2009/01/28/us/28health.html

6. "What GOP Leaders deem wasteful in Senate stimulus bill," CNN, February 3, 2009
http://www.moveon.org/r?r=51140&id=15490-12460663-pKvbClx&t=7

7. "The Economic Impact of the American Recovery and Reinvestment Act," Economy.com, January 21, 2009
http://www.moveon.org/r?r=51141&id=15490-12460663-pKvbClx&t=8

8. "Job cuts exceed 100,000 for the week," CNN, February 2, 2009
http://www.moveon.org/r?r=51142&id=15490-12460663-pKvbClx&t=9

9. "Letter to Congress: Economist Across the Spectrum Endorse Stimulus Package", Center for American Progress Action Fund, January 27, 2009
http://www.moveon.org/r?r=51130&id=15490-12460663-pKvbClx&t=10

Want to support our work? We're entirely funded by our 5 million members—no corporate contributions, no big checks from CEOs. And our tiny staff ensures that small contributions go a long way. Chip in here.

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PAID FOR BY MOVEON.ORG POLITICAL ACTION, http://pol.moveon.org/. Not authorized by any candidate or candidate's committee.