This was passed by the Detroit City Council on September 22, 2008
Resolution by Council member JoAnn Watson
Whereas, The Federal Government has bailed out Freddie Mac and Fannie Mae for a
reported 200 billion dollars, 85 billion for AIG; and
Whereas, The United States Congress is in the process of bailing out a number
of
Wallstreet investment banks for a reported 700 billion
dollars; and
Whereas, The Big Three auto companies are seeking federal loans of reportedly
25
billion dollars; and
Whereas , The Chrysler Corporation was bailed out by the federal government in
1979
for billions of dollars; and
Whereas , the State of Michigan has been in a one state economic recession for
several
years , while Detroit has been hit by an economic depression
and an economic
hurricane
Whereas, Massive numbers of foreclosures and predatory lending by firms in
connection with the very Wallstreet firms that are now bailed
out by the US
Government have devastated Detroit and Michigan, yet the US
government has
not included bailout of foreclosed families and citizens in
their great economic
despair , the citizens whose taxes will bailout the Wallstreet
banks;
THEREFORE BE IT
Resolved, That the Detroit City Council calls on the Congress to bailout the
City of
Detroit and the people who are the victims of the housing and
mortgage crisis;
and be it further
Resolved, That the Detroit City Council demands that Congress strictly
re-regulate
Wallstreet and prohibit future, financial ,speculative regimes
as that of the last
ten years or so and be it further
Resolved, That the City Council urge our Congressional delegation to make
sure that any new credit guidelines are not so strict as to
negatively impact urban
centers throughout the country; and be it further
Resolved, That the U.S. Senators from Michigan and Detroit-based Congressional
Representatives be urged to immediately institute earmarks to
demand a
national moratorium on foreclosures for at least two years, a
one billion dollar
economic package to create WPA-style jobs for heads of
households in
Detroit, and tax credits for small businesses; and be it
finally
Resolved, That the City Clerk send copies of this resolution to Michigan’s US
Senators,
Michigan’s Congressional Delegation and The Governor of
Michigan
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