National Protests Erupt Over Bailout Plan | WHAT REALLY HAPPENED


National Protests Erupt Over Bailout Plan

The George W. Bush administration's plan to spend hundreds of billions of dollars to rescue giant Wall Street firms from their current financial meltdown has unleashed a spontaneous wave of protests across the United States.

Protesters said they want the Congress to protect millions of U.S. citizens who are on the verge of losing their homes due to bad lending practices of creditors instead of doling out public money to big investment firms responsible for ruining the economy.

"People are up in arms about this," Matt Holland of the TrueMajority.org, an advocacy group comprising 700,000 members that played a major role in organising the protests, told IPS. "Our members are livid. They're hitting the streets."

According to the group, thousands of people in more than 190 cities and towns across the country took part in demonstrations against the corporate bailout bill proposed by U.S. Treasury Secretary Henry Paulson last Friday.

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