If Bank of America paid the current corporate tax rate it would have paid $1.7 Billion in taxes instead of getting hundreds of millions in refund.
Our second demand -- Stop
Foreclosures
Bank of America is the biggest owner
of mortgages in the United States -- owning up to 25% of the mortgages in the
United States. The last two years saw nearly 7 million foreclosures, each
year produced record foreclosures and
2011 is likely to break that record with one out of seven houses in the U.S.
currently behind in their mortgage payments. Foreclosures ensure a
downward spiral in the economy, destroy neighborhoods and put families on the
street. Foreclosures continue to increase, pushing housing prices down,
ensuring no real economic recovery. One out of four houses in the United States
is underwater -- the mortgage is more than the value of the house. The housing
market is so bad now that not only are people walking away from their houses,
but there are reports of banks walking away
from houses in foreclosure, leaving problems in
communities. Bank of America needs to:
1. Refinance houses so they are consistent with their post housing bubble values. Why should Bank of America, whose practices helped to create the housing bubble continue to profit from phony housing values?
2. Modify loans when people get behind on their mortgage so they can stay in their homes and stop the avalanche of foreclosures now.
Bank of America may have red, white and blue in their sign, with a mock American flag insignia but they show that is a veil for their lack of patriotism.
Our final demand is Break Up the Big Corporate Banks
If banks are "too big to fail" then they are too big. They dominate the economy and the political system. Ten huge banks now control 60% of the economy . They ensure concentration of capital and concentration of political power. Because of the federal government's protection of the big banks, small and moderate sized banks cannot compete. Failure to break up big corporate banks ensures their dominance of the economy and the government. It is time for the people to take back ownership of government and politics and it begins with breaking up the big banks.
We cannot count on the Congress or president to do this for us. It is our job
to organize and mobilize for ourselves to make this OUR ECONOMY. The
Sound of Resistance was part of the U.S. Uncut tax weekend protests challenging
the banks for avoiding paying taxes. The Sound of Resistance will be the first
of many that ItsOurEconomy.US will sponsor and we will be providing people with
tools to build their own power to challenge the banks and other big business
interests that pay no taxes but have the political power.
We can have the power. The people need to organize to take the economy and make it our own. We need to shift the power of government from big banks and big corporations and demand that the necessities of the people come before corporate profits. Join us -- sign up at www.ItsOurEconomy.US -- get involved and make a difference.
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