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PRESS RELEASE


Birmingham, Alabama City Council Passes HBPA Resolution

April 16, 2008 (EIRNS)—This release was issued today by the Lyndon LaRouche Political Action Committee (LPAC).

The Birmingham, Alabama City Council passed a resolution endorsing the Homeowners and Bank Protection Act (HBPA) at their meeting on April 15. The resolution, introduced by Carol Smitherman, Council president and wife of one of the Senate cosponsors of the HBPA, took the form of support for Senate Joint Resolution 54, which urges Congress to implement the HBPA.

Birmingham is a city of 242,000 citizens, the largest in Alabama, and has one in 38 households in foreclosure. It is a former leading steel producing city in the country, that has seen all but a handful of the 40,000 people previously employed in the steel industry laid off over the past two decades.

The city is also in the very center of the scandalous JP Morgan derivatives scam, that was foisted on the metro area over the past several years, which scam saddled the area with billions of dollars of unpayable debt under the ruse of financing the sewage system. The county and city have been in intense crisis negotiations with Morgan bank, and are on the verge of bankruptcy and a state-mandated takeover. No measure but the HBPA could actually stem the financial disaster.

Birmingham has been the site of much intense organizing by the LaRouche Pac and LaRouche's presidential campaigns over the past 15 years, including speaking engagements by Mr. LaRouche.