Need to visit the barber? Come to Occupy Boston (Dewey Square) for a haircut today!
At Dewey Square today—Monday, November 28—you will see six barber stools representing the six biggest banks: JPMorganChase, Bank of America, Citibank, Wells Fargo, Morgan Stanley, and Goldman Sachs. From 3 pm to 6 pm, skilled barbers will operate at each of these stations, providing free haircuts to occupiers and supporters.
But why?
Occupy Boston is transforming itself into a barbershop to send a message about a financial concept called a “haircut”. In banking, a “haircut” is when a bank or other lender adjusts the terms of a loan to decrease the debt on the borrower. While banks routinely take “haircuts” when dealing with large corporations and wealthy clients, they rarely do the same when dealing with members of the 99% who are paying back mortgage loans, student loans, credit card loans and other debts.
When faced with losses of homeowners and consumers, big banks often play hardball. They threaten homeowners with foreclosure and report the borrower to the credit agencies, damaging their credit rating. But with bigger, richer borrowers like corporations, bankers routinely agree to negotiate haircuts and other changes in loan contracts, since refusing to do so could cause the borrower to file for bankruptcy, causing even bigger losses and jeopardizing future business (and the lucrative fees) from corporate borrowers.
Now, big banks need to take a haircut. Banks can provide immediate relief to American homeowners, families, working people, and students by writing down the value of underwater mortgages and unbearable consumer and student loan debt. Banks agree to haircuts on loans for large corporations because rigid adherence to the terms of the loan will hamstring the prosperity and productivity of the borrower. Banks’ insistence on rigid adherence to the terms of loans is, right now, destroying the prosperity and productivity of American homeowners, students, and workers. By taking haircuts on loans belonging to the 99%, banks would reduce monthly loan payments for millions of Americans, providing immediate relief to household budgets and spurring economic recovery.
Banks need a haircut. Do you?
7 Responses to “Banks Need a Haircut! Today, November 28, from 3 to 6 pm”
on November 28th, 2011 at 8:55 am #
[…] more here: Banks need a haircut! 3-6pm TODAY This entry was posted in Boston and tagged bailout, banks, borrower, credit, […]
6 proffessional barbers operating without a permit on a Monday when professional barbers are supposed to be closed. Hate hate hate.
My barber, the best in Boston, is open Monday through Saturday. Enough with the stereotypes.
By the way, the message is supposed to be, “Wall Street Owns Government And We Won’t Stand For It Any Longer.”
What business is it of yours when a craftsman practices his trade and what relevance does it have to that central message?
Awesome event, very symbolic of economic injustice. Good job OB, keep the focus on this very important topic.
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Very creative, I like it and so true: “But with bigger, richer borrowers like corporations, bankers routinely agree to negotiate haircuts and other changes in loan contracts, since refusing to do so could cause the borrower to file for bankruptcy, causing even bigger losses and jeopardizing future business (and the lucrative fees) from corporate borrowers.”
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Donald Trump declares bankruptcy as a business strategy!
“In 1991, 1992, 2004, and again in 2009, Trump branded companies or properties have sought Chapter 11 protection.
“I’ve used the laws of this country to pare debt. … We’ll have the company. We’ll throw it into a chapter. We’ll negotiate with the banks. We’ll make a fantastic deal. You know, it’s like on ‘The Apprentice.’ It’s not personal. It’s just business,”
http://abcnews.go.com/Politics/donald-trump-filed-bankruptcy-times/story?id=13419250
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(And yeah Trump needs a haircut in the literal sense as well…)
jamarhl crawford occupy the hood cell# 617-297-7721
Yo, there’s nothing illegal about giving free haircuts. Just for them to charge. BTW, why are you in favor of “big government” and the “nanny state” telling you when your barber can cut your hair?
I once asked a hairdresser about this. He told me that the custom of
barber shops closing on Monday dated back to earlier times, when
almost all barbers were members of a trade union. Since Saturday is
the busiest day of the week for barbers, they don’t take Saturday off.
By taking Monday, they can get a two-day weekend (Sunday and Monday).
Union rules required this, and although not all barbers today are
union members, the tradition continues.
I can’t be certain this is true, but it makes sense to me.
Don’t tell me what I’m in favor of you don’t know me sucka. How is your shitty haircut?