*FOR IMMEDIATE RELEASE – OCTOBER 21, 2011*
occupybostonmedia@gmail.com | Dewey Square | 617.286.6805
FEDERAL RESERVE AGREES TO SAVE BANK OF AMERICA’S WEALTHY MANAGERS AT TAXPAYERS’ EXPENSE. AGAIN.
Occupy Boston learned this week that Bank of America’s holding company (BAC) has moved troubled derivatives from its subsidiary, Merrill Lynch, to Bank of America, which is insured by the FDIC and, ultimately, the US Treasury. Bloomberg News reports that BAC moved the troubled derivatives after having its credit rating downgraded last month. This downgrade was due to its relentless acquisition of failing companies like Countrywide Financial and Merrill Lynch, both of which have massive, hidden losses that will now to be borne by the 99%.
This means that Bank of America’s exposure to the ongoing European debt crisis is now insured by US taxpayers. This direct transfer of risk was completed without approval by regulators and, needless to say, without public input. It was done over the opposition of the FDIC, which objected because it put the insurance fund at risk. It was done with the support of the Federal Reserve, which, now more than ever, clearly represents the interests of the 1%. Bloomberg also reported that other investment banks’ derivatives positions have been placed in insured banks so that taxpayers will bear the risk of those losses as well. Collectively, the insured banks’ derivatives exposure is well over $100 trillion—far larger than the world’s GDP.
US taxpayers are now on the hook for trillions in bad deals made by Bank of America and JP Morgan when the next Systemically Dangerous Institution (SDI)—a term that refers to the supposedly “too big to fail” banks—fails again. A mere three years after taxpayers rescued US banks, the anti-regulators that lead our regulatory agencies are still unable or unwilling to protect the American people from insuring risks generated by investment-banking operations. Bank of America, which got a $45 billion bailout during the financial crisis, had $1.04 trillion in deposits as of midyear, ranking it second among US firms.
When reached by phone, former regulator William Black emphasized that this is precisely the sort of behavior that was prohibited by the Glass-Steagall Act before many of its provisions were repealed in 1999, and that were encouraged by the Commodities Futures Modernization Act of 2000.
“In Ben Bernake we have a quiet, professorial type who nevertheless remains reflexively opposed to any effective regulation, investigation, or prosecution of the fraudulent SDIs that drove this crisis,” Black said. “The Fed serves the 1%. The fact that he, a strong Republican, was reappointed by a Democratic president after a track record of abject failure as the nation’s leading anti-regulator says everything about just how successful international finance has been in capturing our democratic institutions.”
Occupy Boston supports transparency in banking. Those who join us might echo Black’s call for the Federal Reserve to release the name of the individual who approved this action and the exact composition of the assets and liabilities that were transferred. They might further sign this petition calling for the reinstatement of the Glass–Steagall Act and join in the upcoming Bank Transfer Day on November 5.
We are the 99%, and we are no longer silent.
63 Responses to “Press Release: Bailout 2.0”
Keeping the issues on the front page. I like it.
Agreed…
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NOW IS THE TIME TO REEXPLORE COMMUNISM.
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AS ANOTHER POSTER PUT IT, THERE IS A FALSE STIGMA.
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A FALSE SENSE OF ITS HISTORY.
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GIVE US COMMUNISM NOW!!!!!!!!!!!!!!!!!!!
communism would be a great idea. lets take all those greedy bankers and give them government pensions. and lets protect their position at the top by instating them as bank tzars. and then we can appoint one of them to regulate the whole thing.
#sarcasm
Tomorrow on Glenn Beck he will show the leaders of this occupy movement, when it was planned, who took out the permits and who is paying for it. I do hope you have the courage to listen, and either accept his research or put up an argument. i do know how ever that the leaders on the ground know, but many of ‘the useful idiots’ do not know, but this has been a “campaign Obama 2012′ staged event. Glenn beck will provide proof of this tomorrow.
Occupy Boston doesn’t have any permits and is funded by small individual donations.
Can’t believe your touting Glenn beck FFS. He’s a goatboy on the very far and very looney right. Hahahaha, Glenn beck, you can’t be serious. No wait a minute, you are. You truly are in a 1% category. Just maybe not financially. God you have no credibility whatsoever left.
YES! More like this, less about getting arrested!
I think there is some confusion here. The FDIC “insures” deposit accounts. It’s not possible for the FDIC to be on the hook for any losses from these securities.
Sure there is. Counterparties make a collateral call or redeem those securities and the money comes from depositors’ funds. When that 1T is all used up and the bank goes broke, the FDIC is on the hook for the depositors money.
Bet you dollars to donuts that BofA doesn’t have 1T in depositor funds come the next reporting period.
Your version of accounting is exciting, but fictional.
In a First, the Fed Shuts Down a Bank
http://www.americanbanker.com/issues/176_205/federal-reserve-shuts-community-banks-of-colorao-1043442-1.html
Even if the charter remains, the bank’s holdings do not. Bank Midwest agreed to assume all of the failed bank’s $1.33 billion of deposits and acquire essentially all of its assets. The FDIC and the acquirer agreed to share losses on just over $714 million of those assets.
Bernanke to Senate Democrats: Don’t expect more stimulus
http://thehill.com/homenews/senate/188901-bernanke-to-dems-dont-expect-more-stimulus
[snip]
Sens. Dianne Feinstein (D-Calif.) and Barbara Boxer (D-Calif.) quizzed the Fed chief on how to reduce foreclosures, which have left many homeowners under water.
“We also talked with him about how to get more renegotiation of home loans,” said Feinstein, noting that in some California counties as many as 55 percent of homes are worth less than the value of their mortgages.
Bernanke said he would submit to Congress next week a list of legislative recommendations to reverse the tide of foreclosures.
Note: I wonder how many foreclosed properties Dianne’s husband is involved with (CBRE) has purchased/re-sold over the last 5 years?
http://hotair.com/archives/2009/04/22/cb-richard-ellis-internal-denial-on-feinstein-allegations-to-employees/
[snip]
Earlier today, an employee of CB Richard Ellis forwarded me an internal memo distributed to all employees after the Washington Times exclusive on alleged abuse of power and conflict of interest by Senator Dianne Feinstein. The senior Senator from California allegedly pushed $25 billion to the FDIC in unusual federal funding at the same time the agency was granting a bid by CBRE to manage its residential-foreclosure properties and sell them at higher-than market commissions. CBRE’s board chairman is Richard Blum, Feinstein’s husband.
California gets back on board for foreclosure settlement talks
http://www.latimes.com/business/realestate/la-fi-foreclosure-talks-20111022,0,3938060.story
Then there is the infamous Tom Miller, who is running that show.
http://dailybail.com/home/matt-taibbi-on-iowa-ag-tom-miller-the-best-way-to-raise-mass.html
And finally a question for Michael Bloomberg. When are those (you constituents) who stole from US going to see justice?
http://www.crainsnewyork.com/article/20111021/POLITICS/111029978
Russ,
Read what you just wrote. You just provided the response to your own idiotic statement. READ the article before rabidly typing away criticism.
I’ll break it down for you smart guy:
1. Bank of America just moved up to $53 Trillion of derivatives exposure to the DEPOSITORS
2. FDIC insures DEPOSITORS
3. Connect the dots… there you go.. you got it!
By the way, this was all done with the blessing of the Fed… And so, once again, we see just how much more important to the Federal Reserve are interests of US taxpayers and savers, over those of the banks that effectively run the Fed.
http://www.reuters.com/article/2011/10/19/idUS200361147020111019
You nutters realize that Bank of America paid back every penny of the $45 billion bailout money back in December, 2009. You wingnuts should be occupying Washington, where the average salary for a government worker is $126,000 per year.
What don’t you get about the fact that they transferred trillions in liar’s loans to federally insured accounts? This means when it fails, which it will, we pay the bill. Get it? And having “paid back” the bailout loans doesn’t restore the massive downturn in the global economy triggered by the financial crisis that Bank of America had a very significant hand in precipitating. As much as you want everything to be back to normal, it’s not, and thus we occupy public space to bring attention to the problems we face. Problems that the self-delusional like yourself willfully ignore.
Every state must occupy to raise awareness and put pressure on ALL representatives to end the ownership of our government by financial and corporate interests. This is not just about Washington. Get a clue.
The Man,
You are 1/2 right. You ascribe to the “everything is the government’s fault” school of thought. What you have yet to realize is the government + wall street are in bed together. It’s a symbiotic relationship.
Now, onto the facts. Yes most of the banks paid back most of the TARP stimulus, but are they ever going to pay back $trillions of “secret loans” the Fed created for them? This money will NEVER be paid back. Do realize the costs of this? Inflation, devaluing of the dollar, etc?
http://money.cnn.com/2010/12/01/news/economy/fed_reserve_data_release/
http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/overview/?sort=nomPeakValue&group=none&view=peak&position=0&comparelist=&search=
TARP money was only a tiny fraction of the bailouts BoA and others received. I’m sure many people with student loans and underwater mortgages would enjoy the seemingly limitless zero interest loans The Fed gives out to banks. Besides, the fact that the money was paid back is irrelevant. The government saved a bankrupt business from the failure of its own mismanagement. This is favoritism, not free market capitalism.
Oh, and that $126,000 factoid is a misleading statistic.
http://www.bea.gov/faq/index.cfm?faq_id=320&start=0&cat_id=0
have you ever visited the “nutters” down at dewey square? if not, you should check out my video…
http://youtu.be/quAK3PKQUZc
There are 3 blogs that I strongly suggest everyone involved in the Occupy movement check out on a regular basis:
The Big Picture
http://www.ritholtz.com/blog/
Naked Capitalism
http://www.nakedcapitalism.com/
Zero Hedge
http://www.zerohedge.com/
All 3 written by people who actually work in finance so they understand the issues better than us lay people. But all 3 also don’t believe that stealing every last nickel from widows and orphans is part of their job description.
And as all three are blogs, none are responsible for what they say under securities law. Thus they can, and sometimes do write things that prove ultimately to be false or incorrect.
Rarely are they wrong and follow it up with a retraction.
The blog world- helping deliver the truth a mile wide and an inch thick.
Get communications/editing help (third paragraph)–good lord. Press release (eye roll). “U.S. taxpayers are now be on the hook for trillions”.
We’re doing our best, but sometimes multiple revisions and multiple editors make things slip by. Thanks for helping out!
And “Occupy Boston supports transparency in banking”? I thought Occupy Boston wanted to destroy/kill the banks? So, which is it?
You thought wrong.
This is a common misperception shared by people who decide they are against the Occupy movement before they actually understand it. While there are some socialists in the movement, they are not the majority. Many of us have no problem with free-market capitalism, nor with private corporations providing cash warehousing and money lending services. The problem we have is when the government gives away trillions of our tax dollars to the richest, most fraudulent banks, while the victims of the fraud get nothing.
of course, he does have a point that #occupy should protest government, not banks.
the federal reserve building is a good target though.
mega wrong bro.
This type of bailing out will not end until those that have put us in the hole are held to account. The government cannot do this because the government is in the pockets of the rich. Appealing to DC will do no good. Courts cannot help when the crimes are legal. Armed uprising is the only thing that has worked before in situations like this. I am commenting here because you cowards blocked me on Facebook. Your hypocrisy is unbelievable. You lost a real supporter.
Sasha – reportedly your comments on Facebook were threats which by virtue of their suggested target were actually illegal. While we are resolved to be a non-violent movement, discussion of violence is not strictly prohibited. However, we will continue to ban illegal activity on our forums.
Occupy Boston has agreed by consensus on more than one occasion that we are a nonviolent movement. Personally, I find violence morally repugnant. What’s more, it’s use as a medium for social change in the United States would be completely impractical; you cannot possibly hope to outgun the United States government.
plus if you really had violent aims you’d probably shut your fucking mouth. therefore, you are a cop.
this is not a communist revolution
Has anyone read Obama’s jobs plan? – I just did and I am so sorry I ever voted for this man. This bill is nothing but a corporate giveaway – $85 BILLION DOLLARS plus tax shelters if they invest their money (which usually they buy property to shelter it rather than liquidate the money) There is a provision in there for us peasants which says employers will hire us for free as part of the new unemployment extensions – if you read between the lines on this it seems we will have to do voluntary labor to get the benefits. So employers basically get free labor paid for by the taxpayers as a sort of benefactorial “jobs experience and training program”… This is trickle down this is a sham this is absolutely outrageous. ABSOLUTELY NOTHING to reign in competition with slave labor in China and India so employees are in demand again. Republicans will sign this why wouldn’t they – it’s a gift. They’re only playing to be against it to further obfuscate the truth that wealthy business owners are salivating over this bill. How about instead divying out the 85 BILLION to each and every America …we could probably pay off our mortgages !!!!!!!!!!!Hire us and give us raises my ass – they haven’t so far…but I guess Obama is willing to gamble after all it’s only the people’s money.
correction 85 Billion is 257.00 per each American (or 17000 for 5 million businesses) (or $85000 for 1 million businesses) – so I guess if we all pool it together you see we each only only have to donate a little bit of our money on top of our taxes to help cover the fact that this doesn’t do shit to help us – all about tax cuts for the wealthy – which is what this bill is all about – Tax cuts for the rich 1 percent!!! Wait aren’t we standing up against this stuff? I was on the left but I realize I can’t stand with either political party…we’re being hood-winked. Let’s all donate to the wealthy off spring entrepreneur fund anyone with me??? Memo – it takes 200,000 collateral of your own capital in the bank to get a bank to even think about looking at you (I know millionaire business owners who are being turned down for second business loans because the bank won’t take the risk) So how wealthy must you be? Well at least maybe they can afford one new employee – yay more jobs for 8.00 an hour with no benefits part time – whoo hoo aren’t we so lucky to have Obama looking out for us?
Tax Cuts To Help America’s Small Business Hire And Grow
Cutting the payroll tax cut in half for 98 percent of businesses: The President’s plan will cut in half the taxes paid by businesses on their first $5 million in payroll, providing a tax but targeting the benefit to the 98 percent of firms that have payroll below this threshold.
A complete payroll tax holiday for added workers or increased wages: The President’s plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (to ensure that this tax cut is focused on small businesses, the tax relief is capped at $50 million in payroll increases)
Encouraging businesses to make investments by extending 100% business expensing into 2012. This extension would put an additional $85 billion in the hands of businesses next year.
Help entrepreneurs and small businesses get access to capital, grow and hire by expanding Small Business Administration backed loan limits, cutting red tape and reforming our patent system.
The above is from the White House website Um small businesses don’t have a $50 million dollar payroll expense I’ve worked in accounting departments all my life – By they way patenting food and breast cancer genes is now legal corporations have been trying for years to make it easier to patent life forms – THIS causes the monopolization of disease research and seed grain. Do we need less red tape/ Are we for this shit? Also 100% business expensing? We need more write offs? This is all from the White House web-site by the way – I encourage everyone to read his bill before you ever would think of endorsing it!!
Here’s the tid-bit for us peasants we’re we get to work for someone as indentured servants to our paid unemployment benefits (that your taxes paid for by the way and so does the small business employer)
The most innovative reform to the unemployment insurance program in 40 years: As part of an extension of unemployment insurance to prevent 5 million Americans looking for work from losing their benefits, the President’s plan includes innovative work-based reforms to prevent layoffs and give states greater flexibility to use UI funds to best support job-seekers and connect them to work, including:
Work Sharing: UI for workers whose employers choose work-sharing over layoffs
Improved reemployment services for the long-term unemployed through counseling, and eligibility assessments.
A new “Bridge to Work” program: The plan builds on and improves innovative state programs where those displaced take temporary, voluntary work or pursue on-the-job training.
Innovative entrepreneurship and wage insurance programs: States will also be empowered to implement wage insurance to help reemploy older workers and create programs that make it easier for unemployed workers to start their own businesses. (Ha just get past the regulations and requirements first) Just like FHA where you can buy a house at a discount backed by the government with no PMI (IF IF IF – it can pass a twenty page FHA inspection) and guess what the homes you can afford – CAN’T) – I tried it and then after it leaves your sad little palm the investor gets to scoop it up at the discount (It’s only a tease for you-you can’t pass the regulations) That’s what this is full of things that look like a gift to the people until you read the fine print or dare to hope and dream and actually try to do it – then you’ll find out the real truth. Call me cynical…when you’ve been lied to so many times you grow to expect it now…and learn to read between the fine print
In the age of funny money that began when Ronald Reagan became president in 1980 it became respectable to make money, lots of money via questionable financial operations that were either borderline legal or not legal at all. We have therefore had over three decades in which casino capitalism has largely replaced manufacturing and exporting of goods and services with financial manipulations using increasingly arcane financial instruments like derivatives. Since at least the early 90’s this has gotten completely out of control, so that now we find ourselves in our present mess where the financial underpinnings of Europe and the United States are in doubt. In effect we are now in a house of cards situation where if several large european banks go under the entire edifice of western finance could go into a crisis that would make 2008 look mild. Those banks thought that they could extend overly generous loans to the southern tier countries of the euro zone because they thought that those loans would be insured by derivatives. Now they realize that the derivatives are worthless. That is the essence of the problem. There will be defaults on those loans, and the big question now is will those defaults be orderly or disorderly. If they are disorderly the process could get out of control quickly and turn into a mega crisis of western capitalism. That is where we are at right now.
Your statement direct contradicts itself, how was the transfer made without regulatory approval but with the support of the Fed?
http://griid.org/2011/02/11/obama-announces-wireless-plan-in-northern-michigan-gives-away-more-of-the-public-commons/
Great article on more of Obama’s corporate giveaway written into the jobs plan (I voted for the man) but I’m on the anti-corporate side not the political side of this – he’s auctioning of wi-fi space to major telecom this was a great article further analyzing what I picked up in the actual jobs plan on the White House site which is giving away what should belong to the common good all so he can help big business thrive while we continue to shell out and suffer – ps I’m not a Republican either but Obama has left the 99 percent in the dust – it’s clear we can’t trust him
I agree – we need a centrist Independent party, smack in the middle between the Dems and GOP views and all for political representation of the people.
It seems that a lot of OWS supporters are independents according to this study.
http://occupywallst.org/article/70-percent-ows-supporters-independent/
NY Times, 10/22/2011. Encouragement.
http://www.nytimes.com/2011/10/22/opinion/blow-occupy-apalooza-strikes-a-chord.html?_r=1&hp=&adxnnl=1&adxnnlx=1319265783-3urO9WycLEBuqK5pURv3lg
I like this part of the article which should help the organizers state that mission statement:
A Time Magazine/Abt SRBI poll conducted last week found that among those familiar with the protests, 86 percent of respondents believed that “Wall Street and lobbyists have too much influence in Washington”; 79 percent believed that “the gap between the rich and the poor in the U.S. is too large”; 71 percent believed that “executives of financial institutions responsible for the financial meltdown in 2008 should be prosecuted”; and 68 percent believed that “the rich should pay more in taxes.” http://www.srbi.com/Economics_2011_Poll.html
Never trust your government! They are always out for their own power first. The 99 are 15 trillion dollars in debt because we trusted them. Do you now think if a few banks failed others would not be there to take there place and do a better job. The government didn’t want wall street to lose their money so they gave them yours!
Socialism / communism is not the answer because government has to then run everything! Only give the feds taxes for Defense ( let Germany, S. Korea and Japan pay for their own ), National institute of health, border control and the EPA , No foreign aid and no Soc Sec with holdings in your check under age 55. Put a tax on imports and let the Chinese pay for our defense!( this would also make our manufacturing boom! ) If a bridge needs to be fixed in Mississippi let them fix it. Let’s not send our money to Wash. first because they will just blow it and leave us with no bridge and a 15 trillion dollar debt. Imagine… a flat 2% income tax and the Chinese pay for the rest! We need to seize power!!! A third party will lose we must seize one of their parties and take the power back! The TEA PARTY is the answer folks. If you want a revolution folks let’s seize the republican part! They hate us but there is more of us than them. Let’s keep our money in our pocket and let bailed out banks and tossed out politicians be the ones starting over! How about Herman Cain???? hmmmm.
To quote Groucho Marx, “That’s the most ridiculous thing I’ve ever heard!”
How do you feel about Ron Paul?
harman cain is anti-occupy. he doesn’t understand it. i’d look to ron paul. you know, the guy who got the tea party started.
check this part of the debate and see for yourself: http://youtu.be/86CeHq62bJY?t=6m15s
herman cain reduces occupy to a bunch of complainers. also, he approved of the TARP bailouts.
You want the Chinese (communists by the way) to pay for your stuff? And what about say CAL or NJ or some other state wanted to secede or have a communist government. Would that be ok with the tea party. What about federal drug laws or gay marriage states. I think a lot of rebumlickans would have a seizure at the thought of a real free republic. They are sucking you in to a corporatized state. That is the only government they want rid of. The parts that slow them down or prevent them from stealing money etc.
If not us, who? If not now, when?
http://www.youtube.com/watch?v=oAnnZlsOSlY&feature=player_embedded
Elizabeth Warren for Massachusetts Senate!!
We have a 600 billion dollar trade deficit per year! If we tax Chinese imports ( Communist I know ) they will pay for much of our stuff and our manufacturing will come home again! You union guys should love that! If the TEA PARTY can seize the Republican party we can reshape the nation into a real free State. Do you really want some politician taking money from you and giving it to the corporations , union leaders and Wall Street so they can kick half it back to themselves! Communist CA or NJ? Sure, if I can be the supreme leader! Really, who gets to be boss and decide who gets what? Do you really trust government to run anything? You want a Castro? Putin? Hugo? Come on… How about we earn our money, pay State and local tax and 2% for the Feds? That’s a TEA PARTY America. You can be free… We were until the 1913 income tax. We are the 99%! Let’s join forces and kick the crooks out! Down with the American government that robs your money by force and wastes it and your children’s too. Let’s rebuild America!!! How about Herman Cain!!!! The Cain idea is new to me… But listen to him!
The Tea Party had some legit grievances but quickly got bought and morphed into the know-nothing wing of the Republican party. Herman Cain is too confused to be president.
Why are you equating government with dictators? Government should be about rules/regulations that benefit all. That’s what we need to work on: fixing the framework, and getting money interests out of campaigning so that politicians are not beholden to wall street first.
To answer your question, yes I do trust government to run things. But it depends on informed citizens to keep it in check.
As i said weeks ago this “movemen’ would collapse. Now zI see multiple groups claiming leadership at Occupy Wall Street. Around the country we have witnessed occupy people assault police, the press and each other. By even reading this message board we can see the anger has turned to an Obama 2012 election campaign. Most people believe that Obama is a screw up and is greatly responsible for our current situation. We have watched the news, local and national of the drug abuse at the protests, the antisemitism, and now we see the unions are in control of most of the message. i know you are talking amongst yourselves about this because now active occupiers are speaking out against the movement. To those that are really angry at the banks and wallstreet for their corruption please contact your local Tea Party, but to those trying to do what ever to reelect Obama, Nice try, it won’t work, he is a total failure.
Hello Seamus, your back. Why are you continuing with this tea party garbage? That’s over. You couldn’t take over a party – we’re aiming higher. And we’re not all democrats or drug abysses or whatever. We’re people. Do you not get that? And if we are successful the democrats including Obama will be gone and the people will be back in control again. No more corrupt politicians. Of either color. What part of that isn’t clear?
Good to see you guys reacting to timely issues but where’s the grammar? This press release is riddled with grammar errors. I’d recommend an internal review process, which would improve the quality of releases and represent the democratic values of movement.
Everyone here is still arguing party politics what’s right is right what’s wrong is wrong it doesn’t matter what you’re politicians are telling you they will do – you’re all missing the point – they just need you to get them elected and then they will do what they’re going to do for the corporate monopoly conglomerates so they can get rich and set up their own futures and keep giving them your tax money – the goal is to divide us and keep us divided – because they know if we unite they’re in deep trouble. Why can’t we stop arguing politics and start arguing the issues? This is about our freedom – who do you belong to / what party is the question they want you to keep asking – to keep you from realizing that your government no longer belongs to you. Are we going to let corporations keep stealing from us, using us, controlling us and our futures by taking over our government – or are we going to unite on this… when you look at the vast amount of products made in China – how can you not realize you’ve been sold out? Find something made in America start looking – start equating the cost of the product to a day’s wage and you’ll realize you just worked 8 hours to pay for a toaster that will probably break in a week and was made in a slave factory and is carrying a 200 percent mark-up…are we angry yet? Where’s the outrage – what politician is crying foul on trade with China and outsourcing? Can you find any???? There’s your answer – you keep standing with your parties but they’re not standing with you. We need a NEW government that is what this movement should be about. Who’s willing to end outsourcing? Who’s willing to put an end to corporate lobbies, who’s willing to take their money out of stocks and investments while they SERVE we the people?
I agree with all u are saying, but do we need a new government or a new party? I don’t think a complete overhaul of the entire government is realistic, and stretching it that far may be the demise of the movement. Can we call for an Independent party – one that stands for representing the people?
Occupy# is running out of time… Like King Arthur, you need a quest. I suggest you find “Campaign Finance Reform.” The 2012 election process is your opportunity.
Win campaign finance reform and win the holy grail.
Now “go and boil your bottoms, you sons of a silly person. I blow my nose at you, so-called “Arthur King,” you and all your silly English K-nig-hts.”
– Monty Python and the Holy Grail
If you want your press releases to be taken seriously, you have to rid them of blatant bias
Please watch this video by David Icke, which explains just what we are fighting and how we can do it. We’re doing a great job guys!
http://www.youtube.com/watch?v=oAnnZlsOSlY&feature=player_embedded
I also want to encourage those of you who want to see real financial reform to consider looking into Elizabeth Warren for Massachusetts Senate. I found this article on her on the Occupy Wallstreet New York website. http://www.vanityfair.com/politics/features/2011/11/elizabeth-warren-201111
WE can actually VOTE for her here! SO exciting, we can really do something team! Let’s do it!!
In 1789 we had a new government. We had a very limited federal government and no plan for raising any revenue for federal purposes. It was argued as to even if a standing army was required! So the first split into two parties came between the Democrats ( almost no federal power ) and the Whigs ( Federalists who believed in a national bank and a small army and navy ). Sec. of Treasury under Pres. Washington came up with the first tax plan… An import tax on foreign made goods. The thought was it would both raise revenue and jump start American manufacturing which was almost non existant. Hmmm. So, we have huge deficits today and no manufacturing jobs as they have all gone over seas. Why raise our taxes when we can slap import taxes on Chinese made product? The jobs will all flow back here. Yes, new TV’s and the like will cost a little more but you’ll be able to afford one because you and your children will have a good job!!!