Freedom Road: An Alternative Coming Into View?

"The Selma of the North": Civil Rights Insurgency in Milwaukee

Between 1958 and 1970, a distinctive movement for racial justice emerged from unique circumstances in Milwaukee. A series of local leaders inspired growing numbers of people to participate in campaigns against employment and housing discrimination, segregated public schools, the membership of public officials in discriminatory organizations, welfare cuts, and police brutality.

The Milwaukee movement culminated in the dramatic—and sometimes violent—1967 open housing campaign. A white Catholic priest, James Groppi, led the NAACP Youth Council and Commandos in a militant struggle that lasted for 200 consecutive nights and provoked the ire of thousands of white residents. After working-class mobs attacked demonstrators, some called Milwaukee “the Selma of the North.” Others believed the housing campaign represented the last stand for a nonviolent, interracial, church-based movement.

Patrick Jones tells a powerful and dramatic story that is important for its insights into civil rights history: the debate over nonviolence and armed self-defense, the meaning of Black Power, the relationship between local and national movements, and the dynamic between southern and northern activism. Jones offers a valuable contribution to movement history in the urban North that also adds a vital piece to the national story.

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Blurbs:

Think you know the full story of the civil rights era? Patrick Jones's masterful study of the movement in Milwaukee will make you think again. Meticulously researched and elegantly written, The Selma of the North provides a devastating rebuttal of many of the conventional narratives of the civil rights movement. Here a vibrant nonviolent movement in the de-industrializing Midwest grows into a Black Power movement led by urban youth and a white Catholic priest who use confrontational direct action to lay bare the fissures of racial inequality in the 'liberal' North.
--Jeanne Theoharis, Brooklyn College, editor of Freedom North and Groundwork

A well-researched, well-written, and important history. Based on a rich array of sources, this book enhances our understanding of civil rights activism in the postwar urban North and establishes a useful foundation for the comparison of similar developments elsewhere in the country.
--Joe William Trotter, Jr., Carnegie Mellon University, author of Black Milwaukee

This book fills a serious gap in the literature of the civil rights revolution, joining studies on other cities in laying the groundwork on race and civil rights in the postwar urban North. Jones tells a good story, capturing events that might otherwise be lost to history.
--Arnold R. Hirsch, University of New Orleans, author of Making the Second Ghetto

The Selma of the North is an insightful and invigorating addition to the growing literature on black freedom struggles outside of the South. Jones's important and informative account writes Milwaukee back into the narrative of the civil rights-Black Power era and in the process expands our understanding of postwar America.
--Peniel E. Joseph, Brandeis University, author of Waiting Till the Midnight Hour

The Selma of the North is a riveting new story of the civil rights movement in America, a tale on par with Selma, Birmingham, and Montgomery in its power and importance. Jones's magisterial research and magnetic prose illuminate the untold story of the battle for the urban north in the 1960s, a battle that shows how race has always been the Achilles heel of white progressives. This story transcends easy dichotomies of black and white, North and South, radical and reformist. How did a group called 'the Commandos' define nonviolence? How did a white Catholic priest become a 'Black Power' leader? If this is not a saga for the age of Obama, I don't know what is.
--Timothy B. Tyson, Duke University, author of Radio Free Dixie and Blood Done Sign My Name

Wednesday, October 01, 2008

An Alternative Coming Into View?

SEIU Endorses DeFazio Bill. In a statement, SEIU President, Andy Stern, said, "We finally have a plan that will restore confidence in the financial markets without writing a blank check to the same Wall Street banks and CEOs who got us into this mess. This is an important, short-term solution that protects taxpayers and their savings accounts. To revive the economy over the long-term, we must address rising unemployment, stagnant wages, the healthcare crisis, and a tax system that is tilted in favor of the wealthy."

Check out the basic parameters of the plan:

DRAFT

No BAILOUTS Act

Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security

1. Require the Securities and Exchange Commission (SEC) to require an economic value standard to measure the capital of financial institutions.

This bill will require SEC to implement a rule to suspend the application of fair value accounting standards to financial institutions, which marks assets to the market value, no matter the conditions of the market. When no meaningful market exists, as is the current market for mortgage backed securities, this standard requires institutions to value assets at fire-sale prices. This creates a capital shortfall on paper. Using the economic value standard as bank examines have traditionally done will immediately correct the capital shortfalls experienced by many institutions.

2. Require the Securities and Exchange Commission to restricting naked short sells permanently

This bill will require SEC to implement a rule that blocks naked selling, selling a stock short without first borrowing the shares or ensuring the shares can be borrowed. Such practices many times harm the companies represented in the sales and hurt their efforts to raise capital. There is no economic value produced by naked short sales, but significant negative effects.

3. Require the Securities and Exchange Commission to restore the up-tick rule permanently.

This bill will require SEC to implement a rule that blocks short sales without an up-tick in the market. On September 19, 2008, the SEC approved a temporary pause of short selling in financial companies "to protect the integrity and quality of the securities market and strengthen investor confidence." This rule prevents market crashes brought on by irrational short term market behavior.

4. "Net Worth Certificate Program"

This bill will require FDIC to implement a net worth certificate program. The FDIC would determine banks with short-term capital needs and the ability to financially recover in the foreseeable future. For those entities that qualify, the FDIC should purchase net worth certificates in these institutions. In exchange, these institutions issue promissory notes to repay the FDIC, counting the amount "borrowed" as capital on their balance sheets. This exchange provides short term capital, with not cash outlay. Interest rates on the certificates and the FDIC notes should be identical so no subsidy is necessary.

Participating banks must be subject to strict oversight by the FDIC including oversight of top executive compensation and if necessary the removal of poor management. Financial records and business plans should be subject to scrutiny while participating in the program.

In 1982, Congress approved a program, known as the Net Worth Certificate Program, that allowed banks and thrifts to apply for immediate capital assistance. From 1982 to 1993, banks with total assets of $40 billion participated in the program. The majority of these banks, 75%, required no further assistance beyond the certificate program.

5. Increase the FDIC Insurance limit from $100,000 to $250,000.

The bill will require the FDIC raise its limit to provide depositors confidence that their money is safe and help eliminate runs on banks which are destabilizing to the industry.

Here is one reaction to this plan. And another.

What do you think?

UPDATE: Another good take on an alternative plan.

UPDATE: Here is another alternative plan put for in The Nation by Nobel-winning economist, Joseph Stiglitz.

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"The Selma of the North": Civil Rights Insurgency in Milwaukee

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Wednesday, October 01, 2008

An Alternative Coming Into View?

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