September, 22 2008, 04:02pm EDT
For Immediate Release
Contact:
Michelle Chan, 415-544-0790 ext. 14
Erich Pica, 202-222-0739
Friends of the Earth Opposes Bush's Trillion-Dollar Blank-Check Bailout
Government response to financial crisis must include fundamental structural reforms;
WASHINGTON
Friends of the Earth announced its
opposition to the Bush administration's proposed trillion-dollar bailout
of the financial system today, and called on elected officials to ensure that
any government action related to the financial crisis fixes deep structural
flaws in the financial system that have spawned not only the current financial
crisis but are also jeopardizing our planet's future.
Friends of the Earth President Brent Blackwelder had the
following statement:
"This financial crisis has exposed
the right-wing's anti-regulation philosophy as an abject failure.
This hands-off approach to managing the economy has resulted in greedy
corporate titans getting rich on the backs of working people. This same
philosophy is causing irreparable harm to the planet. And now we face a
trillion-dollar taxpayer-funded bailout. Enough is enough.
"Friends of the
Earth opposes the Bush administration's proposed blank-check bailout for
these wealthy financiers. What is needed is truly fundamental reform, not
this no-strings-attached proposal.
The government must impose oversight and re-regulation on the financial
system. The days of the fox guarding the henhouse, with corporate
lobbyists writing the laws that regulate their industries, must end. And we must consider
environmental impacts to be economic impacts as we move forward. While
the risks posed to the economy by the current financial crisis are indeed dire,
we also face long-term risks posed by the climate crisis. These problems
are intertwined, and reforms of the financial system must take this into
account.
"Reform must be conducted in a
just way that helps people on Main
Street more than it helps corporate fat cats on
Wall Street. Taxpayer funds taken from the treasury to prop up Wall
Street must be replaced so they can be used to fund other
necessary initiatives.
"It's ironic that when many
countries run into financial trouble, the International Monetary Fund imposes
serious economic restructuring, but President Bush and Secretary
Paulson now see no need for restructuring at all. They're
wrong, and their proposal should be rejected."
This unprecedented bailout not only imposes a hefty
monetary cost on taxpayers and future generations, but it represents enormous
opportunity costs. In response, Friends of the Earth is calling on
Congress to consider the following specific reforms, which adhere to the
principles stated above:
Any bailout
package should be just.
-
Financial
institutions should bear the brunt of the losses from this crisis; taxpayer monies
should be used to only cover the bare minimum to keep our banking system
functional.
-
The
government should acquire an ownership stake in the institutions that are
bailed out.
-
Bailing out Wall Street banks
without making proportionate efforts to keep American families in their homes
is unfair. Friends of the Earth supports organizations such as the Center
for Responsible Lending, National Community Reinvestment Coalition and the
National Council on Civil Rights, who are advocating Chapter 13 judicial
modification relief to keep homeowners from losing their homes.
-
In
addition, failing to hold executives accountable for the disastrous
consequences of their actions is unconscionable; those who were responsible
should be persecuted to the full extent of the law. In the future, fines
and penalties for financial and corporate malfeasance must be increased, and
executive compensation must be reigned in at all companies that are being
bailed out.
Any bailout package must be tied to a restoration of regulation and supervision
of the financial services industry.
-
Decades of deregulation have
allowed this industry to "innovate" new financial products,
structures, and vehicles at an astonishing rate without monitoring and
supervision. Friends of the Earth supports the call from Center for
Economic and Policy Research to require tradable instruments, such as credit
default swaps, to be standardized and traded on exchanges, which would subject
them to regulation and transparency.
-
Now is the time to ensure proper
oversight over the financial services sector, and tighten up rules on
accounting and offshore tax havens which allow clever financial engineering to
hide real risks and liabilities. It is time to bring hedge funds under
supervision; and no hedge funds (which have refused to even register with the
SEC) should be bailed out.
-
Congress must also reinstate the
Glass-Stegall Act, which paved the way for massive overleveraging among
financial institutions, increased the risk of conflicts of interest, and put
consumers real savings at risk.
Any bailout package
should include measures to cool down
speculative hot money flows and asset bubbles.
-
The Fed should take on a new role
of proactively preventing asset bubbles, and take measures to cool down overheating
parts of the financial markets.
-
As Friends of the Earth has
proposed since 1995, a Tobin-style tax (for example, 0.25 percent tax on stock
trading, and 0.02 percent tax on options, futures, swaps, and currency trading)
should be introduced to curb excessive speculation and promote longer-term
investing that serves the real economy. Tobin-style tax revenue could be
used to help pay for the bailout and address critical social and environmental
needs.
Government-owned financial institutions have
the ability and responsibility to foster an environmentally sound future.
-
AIG, as it becomes a federally
controlled entity, should cease underwriting fossil fuel energy projects
and focus on facilitating a clean energy transformation. The same principle
should apply to other new federal entities that are created via this bail
out. The National Environmental Policy Act should apply to such
entities.
-
In the future, Fannie and Freddie
Mac should institute a policy to require an increasing percentage of the
mortgages they purchase to be "green" (location efficient, energy
efficient, and/or sustainably designed). It should phase out purchasing
mortgages for development in flood plains and coastal hazard zones.
Friends of the Earth fights for a more healthy and just world. Together we speak truth to power and expose those who endanger the health of people and the planet for corporate profit. We organize to build long-term political power and campaign to change the rules of our economic and political systems that create injustice and destroy nature.
(202) 783-7400LATEST NEWS
Sanders Pushes Amendment to 'Cut Billions in Offensive Military Funding to Israel'
"Enough is enough," said Sen. Bernie Sanders. "We cannot continue to fund this horrific war."
Apr 23, 2024
U.S. Sen. Bernie Sanders said Monday that he would put forth an amendment to remove offensive military funding for Israel from a House-passed aid package that the Senate is set to consider this week.
The amendment would "cut billions in offensive military funding to Israel from the proposed national security supplemental package," Sanders (I-Vt.) said in a statement. The package, approved by the Republican-controlled House over the weekend, includes $17 billion in unconditional military assistance to the Israeli government, which stands accused on the world stage of perpetrating genocide in Gaza.
The senator said he would also offer an amendment to "protect essential humanitarian operations" in the Gaza Strip, where millions of people are facing the possibility of starvation due to Israel's suffocating and illegal blockade. At least 28 children under the age of 12 have starved to death in Gaza in recent weeks.
Sanders' amendment would restore U.S. funding to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), the most important aid agency working in Gaza.
An independent report released Monday found that Israel has not provided any evidence to support its claim that a significant number of UNRWA employees are members of terrorist organizations. The U.S. suspended its UNRWA aid in late January in response to Israel's unsubstantiated allegations against the agency's workers, and the House-passed Israel legislation would prohibit funding for the organization.
Sanders said Monday that the Senate "should have a chance to debate and vote on the key components of such a massive package."
"In poll after poll, Americans have showed their increasing disgust for [Israeli Prime Minister Benjamin] Netanyahu's war machine and the humanitarian disaster it has caused in Gaza," the senator added. "Enough is enough. We cannot continue to fund this horrific war."
I look forward to offering amendments tomorrow to cut billions in offensive military funding to Israel from the proposed national security supplemental package and protect essential humanitarian operations. We cannot continue to fund this horrific war. pic.twitter.com/8JpxpT7IX2
— Bernie Sanders (@SenSanders) April 23, 2024
A Senate vote on final passage of the White House-backed aid package—which also includes aid for Ukraine and Taiwan—is expected before Wednesday night. As Punchbowl reported, "each senator will be limited to just one hour of remarks" following procedural votes on Tuesday, so "it's likely that those who oppose the measure won't be able to drag this out much later than tonight."
The Senate vote on whether to hand Israel billions more in unconditional military aid will come as the country's military appears poised to escalate its devastating assault on the Gaza Strip, which has killed more than 34,000 people so far.
Satellite imagery obtained and analyzed by Al Jazeera shows that Israel has positioned "troops and vehicles at nearby army bases and outposts just outside the enclave."
"The analysis indicates that Israel has deployed more than 800 military vehicles to two bases," the outlet continued. "At least 120 vehicles are stationed at the northern border of the Gaza Strip and 700 are in the Negev desert, to the south. The satellite imagery also reveals that Israel has established nine military outposts just outside the enclave. Three were erected in November and December 2023 and six were set up between January and March of this year. The outposts house soldiers, operational command centers, and military vehicles."
A U.S. State Department report released Monday acknowledges that Israel has been credibly accused of grave human rights abuses in Gaza and the West Bank, including extrajudicial killings and torture. U.S. law prohibits American military assistance for governments violating human rights, but the Biden administration has resisted global calls to cut off arms sales to Israel.
"The widespread nature of the abuses described in the human rights report is overshadowed by the State Department's inaction on these same findings," Raed Jarrar, advocacy director of Democracy for the Arab World Now, said Monday. "The State Department needs to read its own report and take immediate action against all abusive Israeli units."
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Columbia Faculty Walk Out Over Student Suspensions, Arrests for Gaza Protests
While expressing gratitude for solidarity actions, Congresswoman Ilhan Omar—whose daughter was suspended—said that "this about the genocide in Gaza and the attention has to remain on that."
Apr 22, 2024
Over 34,000 Palestinians in Gaza have been killed by U.S.-backed Israeli troops, and Columbia University students have been suspended and arrested by New York Police Department officers in recent days for protesting the slaughter—which led to a walkout by the Ivy League institution's faculty on Monday.
The Guardian reported that "hundreds of members of the teaching cohort at Columbia walked out in solidarity with the students who were arrested" while "students put protest tents back up in the middle of campus on Monday after they were torn down last week when more than 100 arrests were made."
Yonah Lieberman, co-founder of IfNotNow, a Jewish-led U.S. group that organizes against Israel's apartheid, declared: "Solidarity with these faculty members. Shame on establishment politicians and agitators who are smearing the anti-war protest at Columbia as anything other than what it is: a courageous stand for freedom and peace."
Naureen Akhter, a founding member of the New York-based group Muslims for Progress, said: "Thank you to the professors who stood in solidarity with student protestors, who didn't give into instigators who are fanning flames of hate and division. Remember the calls are for transparency, divestment, and amnesty for students!"
Congresswoman Ilhan Omar (D-Minn.)—a critic of Israel's war on Gaza whose own daughter, Isra Hirsi, was suspended from Columbia's Barnard College last week for "standing in solidarity with Palestinians facing a genocide," as the 21-year-old junior put it—also noted the faculty walkout and "nationwide Gaza solidarity movement."
"This is more than the students hoped for and I am glad to see this type of solidarity," said Omar. "But to be clear, this about the genocide in Gaza and the attention has to remain on that."
Summary of events from the last day not related to Columbia:\n\n- Israel has not provided evidence that UNRWA staff are part of Hamas\n- A mass grave, including women/children was discovered\n- Doctors did an emergency c-section, saving a baby after an airstrikes killed her mother— (@)
The walkout in New York City followed 54 Columbia Law School professors sending a letter to administrators that states, "While we as a faculty disagree about the relevant political issues and express no opinion on the merits of the protest, we are writing to urge respect for basic rule-of-law values that ought to govern our university."
"Procedural irregularity, a lack of transparency about the university's decision-making, and the extraordinary involvement of the NYPD all threaten the university's legitimacy within its own community and beyond its gates," they wrote. "We urge the university to conform student discipline to clear and well-established procedures that respect the rule of law."
In a statement early Monday, several hours before the walkout, Columbia University president Minouche Shafik—who last week enabled NYPD arrests of students at the encampment—announced in her first statement since the sweep that all classes would be virtual "to deescalate the rancor and give us all a chance to consider next steps."
"Faculty and staff who can work remotely should do so; essential personnel should report to work according to university policy. Our preference is that students who do not live on campus will not come to campus," Shafik said. "During the coming days, a working group of deans, university administrators, and faculty members will try to bring this crisis to a resolution."
The national group Jewish Voice for Peace (JVP) on Monday accused Columbia of creating "a climate of repression and harm for students peacefully protesting for an end to the Israeli genocide against Palestinians in Gaza" over the past six months.
"Columbia University has actively created a hostile environment for students who are Palestinian or who support Palestinian freedom. Additionally, the administration's actions have made the campus much less safe for Jewish students," JVP said.
According to JVP:
Instead of listening to the calls of Columbia and Barnard students to divest from the genocide perpetrated by the Israeli government, the university has called in the NYPD to arrest students, suspended them, and even expelled them. At present 85 students, 15 of whom are Jewish, are suspended.
Yesterday's statement by the White House, like the administrators of Columbia University, dangerously and inaccurately presumes that all Jewish students support the Israeli government's genocide of Palestinians. This assumption is actively harming Palestinian and Jewish students.
The administration has not only harassed Jewish students and failed to ensure their safety and well-being, it has also obstructed their religious observances during Shabbat and prevented them from accessing their Jewish community on the eve of Passover.
While President Joe Biden's Sunday statement was officially about Passover—a Jewish holiday that begins at sundown on Monday—and not the protests at Columbia and other campuses across the country, it was widely received as a response to the latter.
Biden said in part that "we must speak out against the alarming surge of antisemitism—in our schools, communities, and online. Silence is complicity. Even in recent days, we've seen harassment and calls for violence against Jews. This blatant antisemitism is reprehensible and dangerous—and it has absolutely no place on college campuses, or anywhere in our country."
Jonathan Ben-Menachem, a Ph.D. student at the university, toldCNN that "Columbia students organizing in solidarity with Palestine—including Jewish students—have faced harassment, doxxing, and now arrest by the NYPD. These are the main threats to the safety of Jewish Columbia students."
"On the other hand, student protesters have led interfaith joint prayers for several days now, and Passover Seder will be held at the Gaza solidarity encampment tomorrow," he added. "Saying that student protesters are a threat to Jewish students is a dangerous smear."
Columbia Students for Justice in Palestine said in a lengthy statement that "we are student activists at Columbia calling for divestment from genocide. We are frustrated by media distractions focusing on inflammatory individuals who do not represent us. At universities across the nation, our movement is united in valuing every human life."
"As a diverse group united by love and justice, we demand our voices be heard against the mass slaughter of Palestinians in Gaza," the statement continues. "We've been horrified each day, watching children crying over the bodies of their slain parents, families without food to eat, and doctors operating without anesthesia. Our university is complicit in this violence and this is why we protest."
The Columbia Spectator reported Monday that Columbia College passed a divestment referendum that "asked whether the university should divest financially from Israel, cancel the Tel Aviv Global Center, and end Columbia's dual degree program with Tel Aviv University," with respective votes of 76.55%, 68.36%, and 65.62%. However, a statement from a university spokesperson signaled the referendum would not lead to any shift in campus policies.
Beyond Columbia, there are ongoing demonstrations at institutions including the Massachusetts Institute of Technology, New York University, the University of Michigan, and Yale University, another Ivy League school, where at least 47 peaceful student protesters were arrested on Monday.
Those arrested were "charged with class A misdemeanors, which is the highest class of misdemeanors in Connecticut—the same degree applies to third-degree assault," according to the Yale Daily News. Citing a university spokesperson, the student newspaper added that they "will be referred for Yale disciplinary action—which could include reprimand, probation, or suspension."
Pushing back against some administrators' statements, journalist Thomas Birmingham, who was with the Yale protesters overnight, said on social media: "Here's some things I saw... 1. Repeated and loud calls to remain peaceful. 2. Students locking arms, teaching Arabic and Hebrew, and passing around pizza and water. 3. Lots of singing."
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​Modi Slammed for 'Direct Attack on Muslims of India' in Campaign 'Hate Speech'
"Modi's rhetoric against Muslims is extremely divisive and dangerous," warned one critic. "It would only fuel more hate and violence against the already battered community."
Apr 22, 2024
Critics on Monday condemned far-right Indian Prime Minister Narendra Modi for what one group called a "hateful and dangerous" campaign speech in which he claimed that Muslim "infiltrators" would steal Indians' wealth if the opposition wins parliamentary elections that began last week.
Speaking to supporters at a rally in the western state of Rajasthan on Sunday, Modi said that the manifesto of the opposition Indian National Congress (INC) party details how to calculate "the amount of gold that mothers and sisters have" so that it can be redistributed to Muslims.
"When they were in power, they said Muslims have first right over resources," the prime minister claimed out of context. "They will gather all your wealth and redistribute among those who have more children. They will distribute it among infiltrators. Do you think your hard-earned money should be given to infiltrators? Would you accept this?"
Prime Minister Narendra Modi's rhetoric against Muslims is extremely divisive and dangerous. It would only fuel more hate and violence against the already battered community. pic.twitter.com/KT36FVpS6u
— Raqib Hameed Naik (@raqib_naik) April 21, 2024
Members of Modi's ruling Bharatiya Janata Party (BJP)—which does enjoy the support of a significant number of Indian Muslims—have often portrayed Muslims as outsiders. BJP officials have also pushed a baseless conspiracy narrative roughly analogous to U.S. white supremacists' "great replacement" theory, in this case positing that Muslim migrants and rapidly reproducing Indian Muslims will eventually outnumber Hindus—who make up around 80% of the country's 1.4 billion people.
Modi's remarks came a day after India's seven-step election of 543 members of the Lok Sabha, or lower legislative house, began. Modi is running for a third consecutive term. He's being challenged by INC President Mallikarjun Kharge, leader of the opposition in the Rajya Sabha, the upper legislative house. Results will be announced on June 4.
Kharge responded to Modi's remarks by blasting the "panic-filled" address as "not only a hate speech but also a well-thought-out ploy to divert attention" by the prime minister, the BJP, and Rashtriya Swayamsevak Sangh (RSS)—a fascist-inspired political and paramilitary movement whose brand of Hindu supremacy heavily influenced the rise of the BJP.
"Lying for power, making baseless references to things, and making false accusations on opponents is the specialty of the training of RSS and BJP," Kharge said, adding that Indians "are no longer going to fall prey to this lie."
Indian journalist and
Washington Post opinion columnist Rana Ayyub said on social media that "this is not a dogwhistle, this is a targeted, direct, brazen hate speech against a community."
Thousands of Indians petitioned the country's Election Commission seeking punitive action against Modi.
"The prime minister, while campaigning... made a speech on April 21 in Rajasthan that has disturbed the sentiments of millions of Constitution-respecting citizens of India," one petition states. "The speech is dangerous and a direct attack on the Muslims of India."
Muslim groups around the world also slammed Modi's speech, which the U.S.-based Council on American Islamic Relations (CAIR) called "hateful and dangerous."
"It is unconscionable, but not surprising, that far-right Hindutva leader Narendra Modi would target Indian Muslims with a hateful and dangerous diatribe despite his role as the leader of a nation with such a diverse religious heritage," said CAIR national executive director Nihad Awad.
"We again call on the Biden administration to declare India a 'country of particular croncern' over its discriminatory and violent policies targeting Muslims and other religious minorities," Awad added. "Global Islamophobia is alive and well in India and must be confronted before it escalates to something even worse."
South Asia historian Audrey Truschke, a professor at Rutgers University in New Jersey, accused Modi of "straight-up fascism."
"Modi had a history of encouraging mass violence against Muslims," Truschke added. "So we should all take his words seriously."
Modi was chief minister of the western state of Gujarat in February 2002 when a train full of Hindu pilgrims was set ablaze, killing 58 people. The cause of the disaster remains disputed, but Modi was quick to blame Muslims for the fire. In a three-day paroxysm of intercommunal bloodletting, Hindu mobs murdered at least hundreds—and perhaps thousands—of Muslim men, women, and children. Many women and girls were raped. More than 250 Hindus were also killed during what came to be called the Gujarat riots, during which an estimated 150,000 people were also forcibly displaced.
A team sent by the British government concluded that Modi was "directly responsible for a climate of impunity" that enabled the pogrom. However, a special investigation commissioned by the Indian Supreme Court cleared him of complicity in 2012. Modi's alleged role in the massacre led to a U.S. visa ban during the George W. Bush administration that was lifted during the tenure of former President Barack Obama after Modi became prime minister.
Deadly violence against religious minorities and others has increased during BJP rule. And while the U.S. State Department has perennially criticized the Indian government's human rights record, Modi was courted by both the Trump and Biden administrations. Last year, the White House literally rolled out the red carpet for Modi, who was lavishly feted by President Joe Biden and invited to speak before a rare joint session of Congress. Several progressive lawmakers boycotted the address.
Earlier this year, Progressive International's (PI) executive body used Modi's consecration of a highly controversial Hindu temple on the former site of a 16th-century Muslim mosque destroyed by a Hindu nationalist mob as an opportunity to issue a warning about the accelerating erosion of democracy in India.
"The Modi government has made a decisive move to overthrow India's secular constitution in the name of a new Hindu supremacist nation," PI's statement asserted. "As prime minister, Modi has pushed this Hindu nationalism as India's dominant political force: banning the hijab in schools, introducing 'anti-conversion' laws, abusing municipal forces to demolish Muslim households and shops in cities, and pushing for a 'uniform civil code' in law."
Anti-Muslim speech has also increased dramatically in India, according to a report published earlier this year by the U.S.-based India Hate Lab. The publication detailed 668 incidents in 2023—75% of which occurred in BJP-ruled states.
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