The Occupy Wall Street protests

[Bill Peckham]

The Occupy Wall Street protests do include some complete idiots, as the many YouTube videos and photos testify, that's going to be a problem any time large groups gather, no matter what side of the aisle they're standing. However, even with those odious kids as part of the package I support the protest.

I support the Occupy Wall Street protesters because they're right: the world was screwed by financiers and a finance system centered on Wall Street. Wall Street failed and they have not paid a commensurate price. The Great Recession was due to their Great Failure. Neither the industry that has caused this global disaster, nor their allies have spent any time reflecting on what the hell they did, they show no interest in giving an accurate account of what happened. I cannot abide the financiers who feel persecuted by the 99%. I do not feel the least bit of sympathy for those who feel the Dodd-Frank Bill is unfair.

Here is the GAO audit of the Fed's actions in 2008 - 2010 (thank you Senator Sanders). Check out the forth page for the GAO report. Those numbers are in billions of dollars and don't include all the loan guarantees and opportunities for 'zero interest' borrowing. As Sanders says "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

This Bailout, the Bailout that isn't called TARP, is unacknowledged by 1% and their allies. Instead they put forward the myth of TARP, that TARP's $800 billion has been repaid, that the whole thing was a Shit Happens situation and we should all be pleased that we have this wonderful financial industry. I'm not buying. The financial industry should be made to be a smaller part of the global economy.

My only complaint is that a sister protest Occupy K Street has not gotten off the ground.

[MooseMom]

Also, Exxon was not a "person", although the Supreme Court would like us to believe otherwise.

Electing our government officials cost too much money.  Our elections are being bought.  The entire process needs to be scrapped.  And this is a bi-partisan complaint!  We have so many people who are unemployed, and the middle class is being dismantled, yet there are still big bucks being spent on getting favored candidates elected.  This is supposed to be "Freedom of Speech".  I don't buy it.

I'm going to Occupy My Couch.

[jbeany]

I'll give the protesters credit for showing up, that's for sure.  I do wish they solidify some concrete demands, though.  Right now, the group seems to still be wandering around, looking for a plan of action to ask for.

[Rerun]

I have my total thrift savings (retirement) on wall street.  I'm scared that it will just be GONE someday with no explanation.  My financial adviser, of course, says that won't happen.  Any other extra money that I may happen to get is going under my mattress.

[Bill Peckham]

I have my total thrift savings (retirement) on wall street.  I'm scared that it will just be GONE someday with no explanation.  My financial adviser, of course, says that won't happen.  Any other extra money that I may happen to get is going under my mattress.

Your involvement with Wall Street finance makes perfect sense and is the traditional role played, matching small (and large) investments with firms that have growth or sound business plans. That's what we need.

What we don't need is for this industry to misrepresent assets (calling mortgage backed securities AAA when any reasonable evaluation would not see them as rock solid) to then originate bets on the misrepresented assets (credit default swaps) and then not even sell the sucker bets! They kept the junk they were making out of thin air - that's the most egregious failure. At least if they had to find people to buy their dreck the market could have limited their malfeasance.

We need the Wall Street you're using Rerun, we don't need the Wall Street the 1% is defending.

[Rerun]

I can just imagine the slime balls that took bets on the bad loans.  They should be in jail.  The Real Estate Agents had a hand in all this too.  Sold homes to people who 'they knew' could not make the payments..... took their 6% all the way to their bank.  And started all over with another prospective home buyer and another 6% of the sale.

It should be that Real Estate Agents are accountable too.  If the house goes into foreclosure they have to pay back their commission.  That would make them think twice about helping a customer.

[willowtreewren]

I not only support OWS, but I marched in support in Knoxville. 

Rerun, we , too have much of our retirement invested in stocks and mutual funds. Investing in companies is one thing; allowing the financial system to line the pockets of a select few while breaking the backs of the rest of us is something else.

Aleta

[rocker]

We've been down to Occupy Orlando and donated some food and first aid supplies.

As for coherent demands, I heard an interesting interview with someone who had been in Tahrir Square (Egypt) in the spring.  He said that there hadn't been a coherent set of demands there in the beginning - it wasn't "Mubarak must go", it started out as "We want justice and we know we're not getting it."  And they ended up changing a nation.

I would say my primary demand is "Corporate money out of politics."  This is what poisons everything.  I'd say I've worked for the majority of Fortune 10 companies, and I well know how corporate aims can be completely at odds with those of their employees.  Even the executives don't often agree, but everyone goes along because, you know, "they" sign our checks.  Politicians largely want corporate money out of politics - a sitting congressperson currently has to raise over ten thousand dollars per day because our elections are so out of control.  Nearly all of their free time is now spent at fundraisers, not listening to the voters of their district. And so you get legislation that 80-90% of people favor, but it fails due to money influence in politics.

I heard a great question on the radio the other day.  A commentator was talking about a very popular proposed law that had failed.  He said "In the House - every single Democrat voted for the law.  Every single Republican voted against it.  Do you really think that the majority of voters in the district of every single Republican were against the law, and the majority of voters in the district of every single Democrat favored it?  I seriously doubt it."

We need a major overhaul in campaign finance, and in "soft" money.  (Those anonymous "issue ads", by groups with names like "Truly Nifty Patriotic Citizens for a Better America!", which can almost always be traced back to a huge corporation.)

  - rocker

[billmoria]

a sign in front of London stock exchange:  "It is not a recession; it is a Robbery
I SUPPORT OCCUPY

[Bill Peckham]

I liked this YouTube video
http://youtu.be/i9zkQcLi4Yo

[willowtreewren]

 

Bill, thanks for the link! I enjoyed listening to several of this guys video blogs! Intelligent and articulate! 

Aleta

[YLGuy]

I liked this YouTube video
http://youtu.be/i9zkQcLi4Yo

I liked it too. I had to share it on facebook. 

[YLGuy]

After visiting my daughter I spent a couple of hours at Occupy Orange County today.

[Bill Peckham]

After visiting my daughter I spent a couple of hours at Occupy Orange County today.