New Bottom Line’s Campaign

Keep an eye on this group, New Bottom Line (on twitter here). It’s a group that is bringing together national groups like National People’s Action (NPA), People Improving Communities through Organizing (PICO), Alliance for a Just Society and the Main Street Alliance along with regional groups like Alliance of Californians for Community Empowerment (ACCE) – all to deal with the current economic crisis and Wall Street.

As Dave Dayen pointed out a large part of the craziness in the markets is due to the same problems we had in 2008 – problems related to mortgage-backed securities and the unresolved destruction in the housing market.  New Bottom Line’s campaign is to, among other things, link the chaos in the housing and foreclosure markets with the instability in the greater economy with the revenue problem of raising taxes on the banks and the rich with the financial sector calling the shots over the economy.  These are all aspects of the same problem, and trying to deal with one without dealing with any of the others is missing the forest for a tree.  This will become even more important as the administration looks closer at the housing market for recovery – these groups are at the front of the housing market and will have interesting things to say about future proposals.

Their launch event featured economist Robert Pollin speaking about the economic recovery – you can see video of him here.  He pointed out that the Fed should lower what they pay on bank reserves, something we don’t hear enough about and something I think is obvious.

This entry was posted in Uncategorized. Bookmark the permalink.

2 Responses to New Bottom Line’s Campaign

  1. suequeue says:

    Ugh…it’s so frustrating to hear about the banks sitting on all this excess reserve money (1.4 trillion = 10% of GDP!!!!) and the Federal Reserve PAYING THEM to do it! Why don’t people talk about this more? Krugman, Ezra, and Yglesias bring it up occasionally, but isn’t this a huge deal? Is this just too hard to understand, or why hasn’t this gotten more press??? Sweden definitely has the right idea in charging a negative interest rate on excess reserves.

  2. Pingback: Tarp for Main Street – It’s going to have to be a people’s generated movement at Merge Left

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s