Moratorium NOW! - Detroiters Demand 1 of 2

* END THE BANKS STRANGLEHOLD ON DETROIT * STOP DEBT SERVICE AND INTEREST PAYMENTS NOW * MORATORIUM ON FORECLOSURES, EVICTIONS, UTILITY SHUTOFFS AND SCHOOL CLOSURES * ESTABLISH A PUBLIC JOBS PROGRAM NOW

These figures represent some* of payments to the banks and financial institutions for debt service in Mayor Bings recommendations for the 2010-2011 budget:




$ 74,398,313 Sinking Interest & Redemption




$ 96,145,561 POC Swap Hedge Payment 2009

$164,258,400 Water Bond Interest

$ 5,338,100 Water Bond Fund Series 2007

$207,996,300 Sewage Bond and Interest

$ 46,640,000 Sewerage Bond Fund Series 2

---------------

$594,776,674 - TOTAL




*easiest to find in the budget




While City workers are laid off and asked to take 10% wage cuts and massive benefit cuts while much-needed city services are slashed, the banks and financial institutions are being paid hundreds of millions of dollars from the City budget. Casino tax dollars they go immediately to the banks. State revenue sharing dollars the banks have first claim on them. According to the April 4, 2010 Detroit News, for some months this year 80% of state aid to Detroit schools goes for debt repayment to the banks instead of classrooms.




The same banks and financial institutions that are profiting off the citys financial crisis have destroyed our communities with massive foreclosures based on racist, predatory, sub-prime loans. Groups like the Citizens Research Council, whose report was cited by the mayor, are nothing but fronts for these banks who want to rob Detroit much like they robbed Third World countries in Africa, Latin America and Asia.




The mayor and City Council must stand up to the banks and put the needs of the people before the banks and corporations. We need a declaration of a State of Peoples Emergency and a moratorium on foreclosures, evictions, utility shut-offs and school closings.




Instead of lay-offs and wage cuts for City workers and elimination of vital services to balance the budget, the mayor and City Council should place a moratorium on debt service to the banks. And we demand that the $1.8 billion taken from the people of Detroit to wage war in Iraq and Afghanistan be returned to the City to fund a massive public jobs program to put the unemployed and youth to work rebuilding our homes and communities.




MORATORIUM NOW! COALITION

TO STOP FORECLOSURES, EVICTIONS & UTILITY SHUTOFFS

313-887-4344 www.moratorium-mi.org

Category:

News & Politics

Tags:

• foreclosures
• eviction