October 5, 2007 (LPAC)--Here is the resolution, just passed in the Pontiac City Council. Note: this resolution is now passed!

Resolution of the Pontiac City Council

State of Michigan
County of Oakland

WHEREAS, the onrushing financial crisis engulfing home mortgages, debt instruments of all types, and the banking system of the United States threatens to set off an economic depression worse than the 1930's; and

WHEREAS, millions of American citizens are threatened with foreclosure and loss of their homes over the upcoming months, according to studies released by Realty Trac and Moodys Economy.com; and

WHERAS, the financial crisis is now threatening the integrity of both state and federally chartered banks, as typified by the run on deposits of Countrywide Financial in Pontiac, Michigan, Oakland County, during August; and such a banking collapse would wipe out the savings of American citizens, and drastically undermine the economic stability of our states and cities; and

WHEREAS, in similar financial crisis in the 1920's President Franklin D. Roosevelt intervened to protect banks and homeowners; for example in April 1933 he introduced legislation as a declaration of national policy that the broad interests of the Nation require that special safeguards should be thrown around home ownership as a guarantee of social and economic stability, and therefore;

WHEREAS, the State of Michigan is in the midst of an unprecedented economic crisis. It is time for Governor Granholm to take emergency measures to protect the health and welfare of the poor and working people of Michigan in the midst of the economic disaster that has hit our state; and

WHEREAS, in a recent study by University of Michigan economists Joan Crary, George Fulton and Saul Hymans revealed Michigan has lost more than 336,000 jobs in the past six years and is expected to lose another 33,000 in the next two years. That would be the longest stretch of job loss in the state since the 1929 stock market crash. Michigan is among the leaders in the nation in foreclosures. 47,000 households have had their water shutoff in Detroit and tens of thousands of homes statewide are without heat and/or electricity. Child poverty in Michigan has risen statewide to nearly 20%, and almost 50% in Detroit Metropolitan Area. Schools, hospitals, factories are shutting down in unprecedented numbers.

NOW THEREFORE BE IT RESOLVED, three separate Michigan statutes, MCL 10.31 et. seq,. 10.85 et. seq. And 30.401 et. seq. mandate that the Governor declare a State of Emergency during periods of crisis, natural or man-made and provide special powers to meet the crisis. We demand that Governor Granholm utilize these emergency powers to impose and Emergency Moratorium to stop utility shutoff's, evictions, foreclosures, school shutdowns, plant closing and lay-offs.

BE IT FURTHER RESOLVED, that the State of Michigan, City of Pontiac, hereby endorses the Homeowners and Bank Protection Act of 2007, as initiated by economist Lyndon LaRouche, Jr. This crisis is such that it requires emergency action that only the United States Congress has the capability to enact. Congress must move quickly to keep people in their homes and avert social chaos.