These days it can seem as though the American economy is caught in a never-ending downward spiral. Many Americans have lost their jobs and their homes, and the number of victims doesn’t seem to be improving. With such a seeming lack of progress, it is common to feel frustration with our banking industry’s apparent lack of control over the situation.
While most Americans just sit at home and complain, a number of foreclosure victims have banded together to bring their complaints out into the open. Street demonstrations are currently planned in ten major cities, organized by The New Bottom Line, a coalition of community groups set to challenge the role of big banks in the current housing crisis.
Protestors Demand Banks Pay Fair Share
Demonstrations are due to begin in Seattle, with subsequent showings to be held in Boston, Chicago, Denver, Los Angeles, New York City, San Francisco, and other locations.
The New Bottom Line says its protests are aimed primarily at big banks that act as some of the nations largest lenders. They are due to involve a variety of actions, both peaceful and active, including prayer vigils, civil disobedience, meetings of corporate officials, and in some extreme cases, the siege of bank buildings.
The New Bottom Line and its members argue that the banks continue to profit while their customers suffer in greater and greater numbers. Their ultimate goals are for the banks to pay their statutorily mandated 35 percent corporate income tax and to help stabilize the American housing market by reducing principals, to current market value, for all current “underwater” homeowners. They also hope that the banks will invest further in small businesses and other avenues that will lead to job creation.