700 Leftys Arrested On Brooklyn Bridge

[BlueStreak]

"....financial Gomorrah of America." I like that. Sounds about right.

Dave

[finnbow]

Nick Kristof sorta 'splains the crux of the demonstrators' argument, whether or not they're cognizant of it.

http://www.nytimes.com/2011/10/02/op...tionaries.html

"In effect, the banks socialized risk and privatized profits. Securitizing mortgages, for example, made many bankers wealthy while ultimately leaving governments indebted and citizens homeless.

We’ve seen that inadequately regulated, too-big-to-fail banks can undermine the public interest rather than serve it — and in the last few years, banks got away with murder. It’s infuriating to see bankers who were rescued by taxpayers now moan about regulations intended to prevent the next bail-out. And it’s important that protesters spotlight rising inequality: does it feel right to anyone that the top 1 percent of Americans now possess a greater collective net worth than the entire bottom 90 percent?"

[bhunter]

Originally Posted by finnbow

Nick Kristof sorta 'splains the crux of the demonstrators' argument, whether or not they're cognizant of it.

http://www.nytimes.com/2011/10/02/op...tionaries.html

"In effect, the banks socialized risk and privatized profits. Securitizing mortgages, for example, made many bankers wealthy while ultimately leaving governments indebted and citizens homeless.

We’ve seen that inadequately regulated, too-big-to-fail banks can undermine the public interest rather than serve it — and in the last few years, banks got away with murder. It’s infuriating to see bankers who were rescued by taxpayers now moan about regulations intended to prevent the next bail-out. And it’s important that protesters spotlight rising inequality: does it feel right to anyone that the top 1 percent of Americans now possess a greater collective net worth than the entire bottom 90 percent?"

I read that article. I thought it was well written, but he seems to be pointing out their limited cohesiveness. Also, even suggesting that this has some comparison to protests in Cairo is a stretch. Now, that my bank is going to hit me with a $5.00 monthly charge for ATM purchases, I'm real grateful for Dick Durbin's Amendment. That's the problem, it is impossible to punish a corporation without the cost ultimately being passed to the consumer.

[I]"In effect, the banks socialized risk and privatized profits. Securitizing mortgages, for example, made many bankers wealthy while ultimately leaving governments indebted and citizens homeless."

They didn't socialize the risk in a vacuum.

[merrylander]

Originally Posted by bhunter

That is always a possibility even when you attempt to have a peaceful protest. The police are always going to be on edge and things can escalate rapidly. I do not think I've seen U.S. police beating on protesters since the 1960s.

So using pepper spray on women denotes how manly the NY police are?

[merrylander]

Originally Posted by bhunter

I read that article. I thought it was well written, but he seems to be pointing out their limited cohesiveness. Also, even suggesting that this has some comparison to protests in Cairo is a stretch. Now, that my bank is going to hit me with a $5.00 monthly charge for ATM purchases, I'm real grateful for Dick Durbin's Amendment. That's the problem, it is impossible to punish a corporation without the cost ultimately being passed to the consumer.



They didn't socialize the risk in a vacuum.

Well you can always tell BofA where to put their debit card, don't own one and won't own one. Pay the credit card in full every month, so now they have bumped our limit to $25K hoping we will use it.

As I have noted here many times your mortgage laws were written by thieves for thieves. In fact all of your financial laws were written by thieves, probably Willie Sutton. Are you aware that the commission on a titlle insurance policy is 80% - no bloody wonder they insist on a new policy whenever you re-negotiate.

SandyG (who I miss around here) got it right when he said that the downfall of this country began when we stopped using mony to make things and used it to make money.

I have reached the conclusion the the greatest danger facing America is the GOP.

[finnbow]

Originally Posted by bhunter

I read that article. I thought it was well written, but he seems to be pointing out their limited cohesiveness.

Perhaps, but consider the message of their counterpart on the right, the Tea Party.

Tea Party: "Keep your government hands off my Medicare."

[piece-itpete]

I wonder which big evil financial institution handles Moores' millions?

When I read articles about why the US often has the upper hand at business creation, our 'gold plated financial system' is often mentioned.

Pete

[d-ray657]

Originally Posted by piece-itpete

I wonder which big evil financial institution handles Moores' millions?

Pete

Why in the world is Michael Moore's income relevant to a discussion of banking abuses?

Regards,

D-Ray

[piece-itpete]

The reference that he is funding this 'movement'.

Pete

[d-ray657]

Originally Posted by piece-itpete

The reference that he is funding this 'movement'.

Pete

The fact that he has money in banks makes him complicit in banks' abuses? That makes about as much sense as saying that all of us who get screwed by bank fees and interest rates are complicit because we deal with the banks. I suppose the only doctrinally pure way for him to go is to put all of his money under a mattress.

Regards,

D-Ray