Here in New York, dozens of protesters marched into the corporate headquarters of Bear Stearns on Wednesday to call for federal assistance to homeowners and protest the investment bank’s recent government-backed bailout. Earlier this month, the Federal Reserve put up $30 billion to help JPMorgan Chase purchase Bear Sterns. Meanwhile, homeowners on the verge of foreclosure and those who have already lost their homes have received little government support. Chanting “Help Main Street, not Wall Street,” demonstrators marched into the lobby of the Bear Stearns office building. Neighborhood Assistance Corporation of America head Bruce Marks said protests against investment banks would continue.
Bruce Marks: “We’ve shown them that that’s just the beginning. That’s just the beginning. It’s personal when someone loses their home. Someone has to live with that twenty-four hours a day, seven days a week. We’re going to make the consequences of their actions personal to them. We will go to their country clubs. We will go into their neighborhoods. We will educate their children on what their parents do, because they should be ashamed.”
The protesters are demanding a moratorium on foreclosures and that banks roll back interest rate increases.