Occupy Wallstreet

Johnny Retro said:

In front of the exchange? This proves to be more idiotic than the people buying houses they couldnt afford that caused this mess...
If your going to protest..do it right at least.

LOL and its on a Saturday!!! omg this keeps getting better and better

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bedspirit said:

http://www.adbusters.org/blogs/adbusters-blog/hey-president-obama-our-one-demand.html

So they've almost figured out what their one demand would be. Here's the top 6:

1. Reinstate Glass-Steagall
2. Outlaw Flash trading (actually, I thought this was already slated to be outlawed)
3. Impose a 1% tax on all financial transaction
4. End corporate personhood
5. demand Obama set up an American Democracy Reform Commission tasked with ending the monied corruption in Washington (because commissions in Washington always lead to good things...)
6. Break up the too big to fail banks

I'm not crazy about 3. 5 is the most impotent thing I've ever heard.

1 and 4 are the ones that are most urgent.

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bedspirit said:

I can't believe you blame poor people for the financial crisis. Don't you find it odd that millions of poor people simultaneously took out loans they couldn't afford? I suppose you blame some government regulation for this sudden stampede? This is the most unregulated part of our economy. There was massive deregulation throughout the 90's for banks and financial firms. The few remaining regulations were barely enforced. Take a look at one my earlier posts on here that explains how the SEC operates. Nobody, not even the government, forced those banks to give out those loans.

The banks didn't give a shit if those people could pay back them back. In many cases they knew they couldn't and even misled them to get them to take out the loans. They were making a fortune bundling and selling them. The Rating Agencies were in on it, as they rated them AAA. It wasn't long ago when a bank couldn't sell your mortgage as an investment because of the obvious conflict of interest. When Glass-Steagall was repealed in 1999, it opened the floodgates for this kind of shit.

I only tell you that for clarification. I think there are many more reasons to protest Wall Street, it doesn't have be about the financial crisis.

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beardo said:

And the counter order will be disperse or face chemical weapons and arrest- Don't think this ones going to get very far...

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deprave said:

I really don't think this is enough clarification, its not just that people couldn't pay for it or read the fine print, its that they raised the interest rates, the FED and the lenders have full responsibillity for the housing bubble. The FED even more so.
The only reason so many people were able to overpay for houses was because of the temporarily low "introductory" rates. Had the Fed not set interest rates so low, these options would not have been available, and house prices would have been held in check. In short, by keeping interest rates too low, the Fed inflated the housing bubble by enabling banks to issue mortgages that made overpriced houses seem affordable.
Bernanke also blames lenders for making the false assumption that real estate prices would always rise. However, he neglects to point out that he made the very same mistake. While it is true that many lenders did make this foolish assumption, they did so under the influence of all the cheap money supplied by the Fed. Had they not made so many trips to the Fed's punch bowl, they would have exercised much better judgment. However, the Fed itself can make no such excuse.

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quartergoat said:

Go get a job you hippies.

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NoDrama said:

100 years ago people who were angry with the Bankers didn't camp out in front of the businesses. What they did was go into the businesses and pull out the bankers and hang them up from the streetlamps.
Which is more effective?

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quartergoat said:

Go get a job you hippies.

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bedspirit said:

At least that would be something. I have a sinking suspicion that very few will show up and the headlines on Monday will be: "America Loves Wall Street! (except for those twenty douche bags arrested on Saturday)"

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grizlbr said:

So the government caused the problem and they are at wallstreet? Would seem they are knocking on wrong door?

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deprave said:

Another day tommorow, thousands of people, people are planning on staying for weeks..

[video=youtube;5jKhT9r1seM]http://www.youtube.com/watch?v=5jKhT9r1seM[/video]

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