Have we finally reached the tipping point….the point where working Americans have had enough of bailing out corporations whose CEO’s enjoy their private jets, yachts, multi-million dollar homes, visits to prostitutes and golden parachutes while bankrupting their companies and laying off millions of Americans? Everywhere I go I hear people talking angrily about the economy and most of them are laying the blame for the financial crisis squarely on corporate America and politicians. The pain of $4.00 + a gallon for gas is still an unpleasant memory and adding insult to injury is news that the same politicians who glibly voted for a $700 Billion bail out bill for financial markets are nitpicking the bill that would help working class Americans. All of a sudden those politicians are hit with a conscience about the national debt.
Home foreclosures continue to rise and unemployment is at an all time high. It’s my belief that the patience of middle class America has just about played out and anger is seething just under the surface. I seriously doubt that the demonstration at the Gold Coast will be the last such demonstration.
By JENNIFER MILLMAN
Updated 6:13 AM EST, Mon, Feb 9, 2009
Hundreds of people trying to save their homes from foreclosure flocked to Connecticut’s wealthy Gold Coast this weekend to give financial kingpins a piece of their mind.
Stamford sits in the midst of one of the nation’s wealthiest areas, and among the regions particularly hard-hit by the housing market collapse. Nearby Greenwich and other suburbs are home to many of Wall Street’s wealthiest executives and financial managers.
Homeowners are fed up – and many are frustrated that those who lead the companies that gave them their subprime mortgages live in luxury while they struggle so hard to meet their loan payments and not fall behind.
On Sunday, hundreds of angry homeowners and volunteers traveled in vans and minibuses and protested outside Morgan Stanley CEO John Mack’s multi-million-dollar mansion to tell the wealthy finance czar how they really feel.
The group, led by Neighborhood Assistance Corporation of America (NACA), also went to Greenwich Finance CEO William Frey, among others, as part of what NACA calls the “Predator’s Tour.”
Sporting bright yellow shirts that read, “Stop Loan Sharks,” protestors demanded more accountability from the CEOs of the financial institutions responsible for the millions of unaffordable mortgages in the state and across America.