Protesters say ‘bail on financial bailout plan’

Nationwide movement leads to sign-waving across the region

The Portland Tribune, Sep 25, 2008, Updated Oct 30, 2009 (2 Reader comments)

ANNI TRACY / Portland Tribune

A handful of people waved signs at passing drivers Thursday afternoon at the east end of the Hawthorne Bridge protesting the proposed $250 billion financial bailout plan being considered by Congress.

As lawmakers in Washington, D.C., said “no deal” to a proposed $250 billion bailout package for the nation’s financial system, a handful of people were standing on the east end of the Hawthorne Bridge Thursday afternoon, urging residents to bail on the bailout plan.

About a dozen people waved signs at passing drivers in the protest that was part of a nationwide effort to express dissatisfaction at Congress’ efforts to resolve the financial crisis that has seen banks and major institutions tumble like dominoes.

“I don’t like the rushed nature of it, the fear-based generation of the proposal,” said Helen Huntley of Northeast Portland, who helped organize the 5:30 p.m. Hawthorne Bridge protest. “I also don’t like that (GOP presidential candidate Sen. John) McCain is saying that he will not go to the debate (in Mississippi) unless Congress acts on the plan.”

Congressional Republicans stepped in late Thursday afternoon to block what appeared to be the framework of a possible bailout plan that would have spent $250 billion now and set aside another $100 billion if necessary for future action. A White House negotiation session failed to come up with a solution, so the financial crisis is still teetering on the brink.

In the meantime, Seattle’s Washington Mutual was taken over Thursday evening by JPMorgan Chase in a $1.9 billion deal. The bank has 67 branches in Oregon.

Linda Navarro, president and chief executive officer of the Oregon Bankers Association welcomed the news, saying JPMorgan Chase was “a strong reputable bank with a great track record of being engaged in the communities they serve.”

Protests against the bailout plan started on the Internet blogosphere and spread like, well, big bytes. Similar protests were planned in Milwaukie on Southeast McLoughlin Boulevard, on East Baseline Road in Hillsboro, in downtown Estacada and in front of the Southwest Columbia Street offices of Fannie Mae in Portland.

Web sites also listed more than 250 other protests planned in 190 cities.

Huntley, a “green” remodeling consultant through her firm Environs, said she saw the Web site notices and decided to take action, even though she’s not a political activist.

“I’m just a regular person,” she said.

“It’s not that I disagree with the proposal wholeheartedly. It’s probably something that we need to take a closer look at before we do anything.”

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