National Day of Protest Against Bank of America - Wednesday May 9th

[ridgeabilly]

Fightback Against the Financial Advisory Board and DPS Emergency Manager
NOT ONE PENNY TO THE BANKS WHO HAVE DESTROYED DETROIT!
NO TO LAY-OFFS, WAGE CUTS, SCHOOL CLOSINGS, PRIVATIZATION & ELIMINATION OF HUMAN SERVICES
NATIONAL DAY OF PROTEST AGAINST BANK OF AMERICA
WEDNESDAY – May 9, 2012 – 4:00 P.M.
500 GRISWOLD ST., DETROIT
The Detroit Mayor and City Council caved in to Gov. Snyder and Wall Street by handing the City over to a Financial Advisory Board. The purpose for the FSA is to guarantee the looting of Detroit by the banks by insuring the “payment in full of the scheduled debt service requirements on all bonds, notes and municipal securities” [[Public Act 4). According to Snyder’s financial review team, Detroit paid $597 million to the banks in 2010 for debt service. The City’s long-term debt to the banks is an amazing $16.9 billion [[$4.9 billion is interest). The same banks that destroyed the neighborhoods of Detroit by their racist, predatory, sub-prime, criminal mortgages will be assured of getting paid from the City’s treasury. City services, city jobs, workers’ wages, benefits and pensions will be slashed to the bone to feed the banksters.

80% of state school aid to Detroit public schools goes to debt service to the banks. The DPS Emergency Manager’s only job is to make sure the banks get their money. To do this schools are closed and teachers are laid off. Students who should be applauded for protesting this robbery of public funds are suspended.
We don’t owe the banks a single penny! The banks owe Detroit billions of dollars for the destruction they caused.
SUSPEND CITY DEBT SERVICE PAYMENTS FUND JOBS AND SERVICES
KEEP THE SCHOOLS OPEN MORATORIUM ON FORECLOSURES AND EVICTIONS BAIL OUT THE PEOPLE NOT THE BANKS!

[Det_ard]

How do you post this shit with a straight face?

[Danny]

It's because the "American Spring" version of the Occupy Detroit [[We Are the 99%) have posted their mantra so that their socialist and proletarian voices will be heard.

[Hermod]

Ummm, most of the Detroit debt is not held by the banks, it is held by individuals and pension funds. The banks merely service the bonds by collecting interest from the city and passing it on to the bond holder. If you default on the bonds, there is only a little bit of pain to the bank [[they have lost a customer) and a lot of pain to the individuals and pension funds [[and life insurance companies) that own the bonds and see their savings wiped out.

[raptor56]

I saw these clowns marching through Campus Martius at lunch the other day. Thought it was humorus that they were protesting a small B of A branch in the Guardian Building. Wouldn't it be more prudent to your cause if you protested infront of banks who have a more significant presence in Detroit, such as Chase and Comerica?