The Bush Administration has proposed that the federal government provide $700 billion to buy bad debt from financial institutions. The financial bailout comes in response to a "credit crisis" largely caused by a drop in housing prices combined with defaults on home loans caused by shady and often illegal lending practices. While the bailout will help financial institutions that own derivatives based on mortgages, it will do little to help the more than 2 million Americans who lost their homes to foreclosure last year.

On Thursday September 25th, protests took place around the United States to oppose the bailout of Wall Street firms. In the Bay Area, protests were held in San Francisco, San Mateo, Palo Alto, and San Jose.
Event Announcements: 1 | 2 | 3 | | SF Protest Photos & Video (1 | 2) | Palo Alto Protest Photos
Fresno Protest Photos | NYC Indymedia Protest Photos | LA Indymedia Protest Photos | Democracy Now: Demonstrators Head to Wall Street to Protest Bailout

The SF Labor Council has also come out strongly against the bailout, stating that the "proposed bailout will fall on the shoulders of the working class, some $2,000.00 for every man, woman and child in America -- on top of the $3 trillion debt imposed on us by the two unending wars." They also point out that "the leaders of this economy oppose even minimal government assistance for the people, but demand it by the billions for themselves when they run into trouble caused by their own greed."

Jail—Mortgage Lenders, brokers, that Knowingly Sold or Made Fraudulent Home Mortgage Loans | Ralph Nader Asks, "Why Is There Need for a Bailout?" | Evasions, half-truths and lies | Daily Kos: What Is This Money Even For? | Bush Admin Faces Congressional Skeptics | Thinking About the Real Socialist Way Out | Retraining the ‘Beast’ | Naomi Klein: Now is the Time to Resist Wall Street's Shock Doctrine | Democrats signal support for Wall Street bailout at Senate hearing | Financial Crisis & Desperate Emergency Measures | The Bailout: Obama’s Biggest Test | Forget the Banks: Bail Out the Poor | Read Messages Delivered In Opposition | Hundreds of Economists Urge Congress Not to Rush on Rescue Plan | Don’t get fooled again: The market is working properly | US Seen Losing Financial Supremacy