Jesse Jackson. March on Wall Street today
Bob Morris @ Dec 10th 2007 09:48 - Category: Credit crisis
Today, there will be rallies in six cities organized by several organizations including Jesse Jackson’s RainbowPush. The main march will be on Wall Street at noon where protesters will demand Wall Street play a major role in helping those who are losing their homes.
Jackson wants financial leaders to restructure mortgage plans for people who risk losing their homes because they are falling behind in their payments, he said in a statement.
“Two million homes nationwide will be at risk of foreclosure by 2008,” Jackson said in a statement. “Most foreclosures result from shady products that have been offered by subprime lenders ultimately financed by Wall Street.”
This is expected to be just the opening move in a continuing series of protests.
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DJ on 10 Dec 2007 at 3:59 pm #
While I generally support restructuring, especially in the case of loan products that were shady to begin with, I am skeptical of the term “economic rights.” What rights are these, exactly? We have the right to free association and free commerce. We have the right to be protected from fraud– though at the same time, when we are the victim of fraud, in most instances the best we can expect in recomense is a tax deduction, so it pays to use a little common sense to avoid becoming a victim.
When we start talking about home ownership as a “right” beyond the right of every person to own property if they can afford it– which IS a right in our society today, but not in all societies nor indeed was it always so in the U.S.– I begin to hear the sound of unrealistic expectations. Two-thirds of Americans do own their own homes. But to do so, they must act responsibly, plan accordingly, and (in most cases) work diligently. Economic “rights,” if they exist at all, cannot be separated from economic responsibilities.
Bob Morris on 10 Dec 2007 at 5:11 pm #
I think his central point is, Wall Street should help clean up the mess considering they helped create it.