12/2/2011 7:50 PM ET|
What if occupiers aped Wall Street?
If the protesters had wanted to hit the banks where it hurts, they could have given them a dose of their own medicine.
It's a lucky thing these kids tried only to "occupy" Wall Street.
If they'd been really radical they would have done something much more dangerous.
They would have just imitated Wall Street.
Everyone now knows the rules down on America's Street of Shame. These are almost the exact opposite of the rules in the real, normal, moral economy the rest of us inhabit.
On Wall Street, you take every nickel and dime you can get your hands on. If it's not nailed down, it's yours. You take without conscience or shame. If you see a blind man selling pencils on the street, steal the pencils. Steal his pennies. Steal his dog.
On Wall Street, you gamble. You gamble big. But you gamble with other people's money.
Borrow as much as you can. If it doesn't work out, too bad -- for someone else. Heads you win, tails they lose.
MF Global, anyone?
There is no limit to how much money you should take. As P.T. Barnum might have said, if he had had the benefit of an MBA, "there's an investor born every minute."
And "never give a bondholder an even break."
After all, it's not stealing if you get away with it. And because you -- or your cronies -- write the laws, you get away with everything.
You think I'm exaggerating. But reflect that the top 10 people at Bear Stearns and Lehman Brothers walked away with nearly $1 billion before those banks collapsed. A billion dollars. That money went to yachts and mansions and mink coats. The people who ran subprime firms like Countrywide Financial walked away with fortunes. Ditto all those mortgage brokers who got paid to sucker people into dangerous loans.
Do you think they're giving back a nickel or a dime? Do you think they are staying awake at nights? Lehman Brothers creditors lost their shirts. Little old ladies who had been sold Lehman Brothers "principal protection notes" as "safe" investments for their life savings lost everything. They're eating cat food, while the former honchos eat foie gras. Do you think those honchos could care less? And do you think they look at this economy as a "recession"?
You dummy. They're laughing into their martinis. Ha, ha! Yes, let the good times roll.
Reflect, too, that the bonus bonanza has been back on Wall Street for at least two years now.
Meanwhile, if you're waiting for politicians to get tough on the bankers, you will wait in vain. According to the Center for Responsive Politics, which tracks campaign contributions, Big Finance has already given $122 million to the candidates for the 2011-'12 races. That's with a year still to go.
That's more than any other group. It's three times as much as the entire health care industry has given, and six times as much as labor. These candidates are bought and paid for. They know who they work for, and it isn't you.
"The banking lobbyist is on line two, Senator. He says it's urgent."
Which brings us to "Occupy Wall Street," and the protest movement.
Wall Street couldn't care less about this nonsense. The really rich and powerful aren't commuting in to offices every day on the subway. This doesn't affect them at all. They're riding into work in heated limousines, laughing at the cold, damp kids in the park.
There's only one thing that terrifies these people. Only one thing that keeps them up at night.
Riots? Revolution? Nah.
The banks may be greedy. But they are also really, really stupid. They will send out credit cards to anyone, based only on a "credit score" that's easy to manipulate.
(The credit scores are a joke. Mine isn't perfect, a bank told me, because I "haven't borrowed enough." In other words, they'd prefer I owed more money before they lent to me. Really, you couldn't make these clowns up.)
VIDEO ON MSN MONEY
Let's be clear on this...the repeal of Glass-Steagall (enacted in the thirties and cast off in the late 90s) was driven by the banking and financial lobbyists to "free" themselves of those pesky little laws that prevent conflicts of interest.
Combining the commercial banks with investment banks was allowing the foxes to live with the hens. Guess who the chickens are? The win for Wallstreet spawned such wonderfully brilliant financial schemes like derivatives (financial backed securities), collateralized debt obligations, and other too complex to understand instruments of greed to flourish. I'm surprised it took this long for the economy to collapse!
Wow MSN you stiffs are deleting comments now. What's the matter did I strike a nerve? That's fine I'll post what I said again you hacks.
If people want to cripple the Criminal Bankster Crime Bosses do this:
1. Take every penny out of the bank and close your account.
2. Take all of your money out of the stock market.
3. Close out all of your retirement accounts and liquidate.
4. Stop paying all of the debt instruments that have you enslaved for life (mortgages, credit cards, etc.).
5. Put all of your money into PHYSICAL gold and silver and use that as the new interantional currency.
Stop participating in a system that steals from you daily. Screw the Chicago Mafia Enterprise (CME Group), JP Morgue, Goldman Smacks, Bank of Unamerica and the rest of the cronies. I still can't fathom how Jon Corzine is not in jail or even been questioned yet. The entire system is a mess and a complete joke. Go ahead moderator delete this comment too you puppet!!!
It's disgusting that many of us consumers have credit card interest rates over 25%, even though we pay our credit card bills on time every month, all while banks and financial institutions get to borrow at 0.01% interest.
Why are credit cards not subject to USURY laws?!?
Average Joe American.........Let's be clear on this...the repeal of Glass-Steagall (enacted in the thirties and cast off in the late 90s) was driven by the banking and financial lobbyists to "free" themselves of those pesky little laws that prevent conflicts of interest.
AND JOE YOU ARE CORRECT BUT NEED TO KNOW WHO FREED THE BANKERS OF THE PESKY LITTLE LAWS......
During the mid 1990’s The Clinton Administration continued to pursue various means so everyone who wanted to purchase a home could do so; however, because various regulations in the Glass Steagall Act prevented certain incomes and those with passed damaged credit from qualifying. The bill that ultimately repealed the Glass Steagall Act, The Financial Services Modernization Act, Public Law 106-102, was signed into law by President Bill Clinton on November 12, 1999. This removed all regulator safe guards established after the Great Depression, thus allowing depository institutions to operate in “deregulated” financial markets in which distinctions between loans, securities, and deposits are not well drawn. Of particular note is Mr. Robert Rubin, President Clinton’s Treasury Secretary, resigned and joined Citigroup just days after the Glass Steagall Act was passed. Citigroup was created with the supe rmerger of Travelers Group and Citicorp was facilitated by the repeal of the Glass Steagall Act. Mr. Rubin and Citigroup have been implicated in the subprime mortgage crisis.
this country of the 'beat generation' because they protested against
McCarthyism and the loss of out Constitutional guarantees. The police action
in Vietnam purged this country of my generation. Perhaps you remember the
'flower children'. We protested, we occupied, we were shot and killed by our
own government, here in our own country. Each time, the betrayal is greater.
This time, tens of millions of you are out of work, and have lost your homes.
You are a tremendous army of anger, insult and outrage. As Popeye used to
say, when he was black and white,"That's all I can stands, cuz I can't stands
But please, do not speak of revolution. The cost to our children and our
friends, not to mention the destruction of our country, would be unbearable.
Let us, instead, make one more attempt to 'unfix' this twisted system. I
demand that the Votes be printed in a big book at each election. No Names,
just the digits on our voter receipt. And that book is to be published across
the country, held in every library, to be accessed by the public. So that I
can take my voter tag and check to see that my votes registered as I
I want to see totals for everything on the ballot. I want to call my sister,
give her my number, and have her assure me that her book in Omaha reads the
same as mine in Pittsburgh. Then, for the first time in the history of this
country, the will of the people shall be known.
Its not consumer confidence we need, but Voter confidence!
TeaParty folks must be just as enraged as us OWS supporters are about this.
Occupy the FED.
ape wall street.he is correct. the only hope for what used to be americans is to take what is theirs back from the banks who own your goverment. GOLDMAN SACH.chairman of the global board.You are being converted to a bananna republic.import 30 million third world slaves who never heard of rights.divide peoples familys by courts and people with more special rights than others and you are no threat to this crooked economic dictatorship. wait until the baby boomers are gone and no one will even remember the bill of rights. the new bill to have the military be your police inside our own borders without habeus corpus ****s the constitution.If you dont act when they come for your neighbor when they come for you there is no one left to object.IT IS HAPPENING WAKE THE HELL UP.ITS NO ACCIDENT >ITS 20 YEARS OF EXCELLENT PLANNING.YOU ARE A CONSUMER NOT AN AMERICAN AND YOUR COUNTRY IS AN ECONOMY>>EXTREME CAPITALISM IS AS EVIL AS COMMUNISM,.THEY PLAN TO ENSLAVE THE MASSES .READ YOUR FOREFATHERS WARNINGS.THIS ISNT THE MATRIX
I am surprised MSN actually let a writer dispel the truths about corruption in Ameicas boardrooms. Our government is bought & paid for by big business. Almost every large corporation in America is run by way overpaid CEO's, & their good ole boys club directors. The rich keep stiffing it to their employees, & keep adding to their accounts. It's time to sweep house of all the clowns in Washington. OWS, should be broken up into two identities, OWS, & OCH (Occupy Capitol Hill). Until the clowns in Washington, are brought to justice for "crimes against the Constitution", then change will never come for us peons. These crooks make their own pay raises, get pensions for life, if even only serve a 2 year term, & especially important here...allowed to make trades on stocks, from inside information. I thought insider trading was illegal in this country? WRONG!! only politicians have that luxury. This country is sinking like the Titanic.
I hate the banks, & yes, I put my money in my credit union. I told Chase to take a hike. Funny how the banks are trying to show the USA about all their good deeds in commercials now. Chase newest one, is how it focuses on hiring the veterans. What a croc! Their just blowing smoke, & trying to make themselves look all warm & fuzzy to the average Joe. Most people can see right past their smoke & mirrors. Also, how about all the banks, touting what a good deal it is to have their credit cards in your wallet? Hey, their paying you back for using their cards. Another croc! They want you to spend, spend, spend, so they can nail you for 30% interest, & really nail it to you, if your late. The measly 1-2% back is a teaser, since they will hit you up for 15-30-% interest. I slashed up all my CC cards 2 years ago. Live on cash people..it's really not that tough, & your financial well being will thank you for it down the road. A lot more than any bank will.
In conclusion...until the crooks are run out of Washington, our "free market capitalist" society, will never actually be "free". Nothing is free in life, except maybe the air we breathe. Corruption is amok in congress & the boardrooms. Until Americans all across the lands revolt, things will never change.
Two wrongs don't make a right, and imitating the scum only adds to the mess.
Wall Street, and most all of America's financial business, is controlled by a group who religiously believe whatever they do and however they do it, regardless, is perfectly OK and sanctioned by their right to do so as the "Chosen Ones."
As long as we cowardly refuse to stand up to this elephant of our collective living room, life in these United States will continue to get less and less rewarding for those of us "Fellow Americans" who are not in this group.
SOMEONE...you are also 100% correct. Now what we've both concluded (which should be a forgone conclusion by now) is that Wallstreet owns Washington. It makes no difference whether you're a Republican or Democrat. They took the money and ran (for office that is). Does anyone ever bite the hand that feeds it?
Like I've been saying it's a revolving door of S. Manhattan's minions controlling the only ones powerful enough to stop the raping of America. It's tantamount to the mafia placing mob bosses in key congressional and administrative positions. The only thing missing is the daily lasagna and Tiramisu specials.
Best way to fight Wall St. is for the people on Main St. to pull their money OUT..!
Forget the occupy movement crap..
Don't let them use YOUR money for their Monopoly money....
Its a game for Wall St. ... They get rich while you Lose your shirt..
I hope no one follows what this guy wrote. What he's telling the OW people is to commit fraud. While I am upset at the banks just as everyone else, this would put each individual doing such a thing in criminal jeopardy. And also a bankruptcy would not lift a fraud charge like this. That poor 26 year old, would be stuck owing whatever jacked up card limit they put on it, say 20K or 100K for the rest of their life. Because if convicted of credit fraud, that money is forever tied to convicted fraud charge and is not discharged under even chapter 7. Additionally having criminal fraud record and paying penalties on top off what they owe and back interest.
No. It's not just immoral, its very much illegal and can ruin their lives. Not just the credit card companies. OW person reading this article. Don't do this. Would really only hurt yourself.
While I don't agree with the methodology subscribed by the author, I do agree that OWS is going nowhere fast. Like I've said before, they are too splintered and fragmented to have much of an effect. Wallstreet probably is laughing. Still, the fact that they are making an effort and are able to adapt to the establishment's pushback is a good start.
The battle to take back our country from the greedutopia will require the average citizen to take the overwhelming feeling of being bent over financially, to arming themselves with knowledge, and convert that knowledge into power-the power of numbers.
Since we can't rely on D.C. to get it done, we have to establish our own movement. Like what I call the Common Sense Party. Using social networks to mobilize large numbers of people to fight for a cause has proven effective in the Middle East, Europe, and most recently the "Occupy" phenomenon rising across our country. Even Tampa has gotten into the act. Go team!
But thousands have been killed overseas while defending and fighitng for their cause of equal and fair representation of their basic economic and politcal interests. The worst our American movement has experienced is a guy getting hit in the head with a tear gas cannister. Are we too tame and patient? Perhaps.
The real and biggest problem will not be solved by taking aim only at Wallstreet. We need a concerted effort to get folks involved in the legislation process that puts limits on just how far the financial sectors can go to make a buck. Clearly the limits of common sense and reason have been breached, most notably, as evidenced by the rise and proliferation of derivatives, insane leveraging ratios, and plenty of other nonsensical financial constructs.
We have to focus on the bills queuing in Congress. Not enough is being done there.
Our local governments are not really the problem. They are much better run than their Federal counterparts, but are suffering the pains of big brother like the rest of us. Get the local police and governments on the side of the average Joe (because in effect, they are us) and we'll really get somewhere.
But that takes effort. Is America willing to take the time to go from complaining to actually getting involved? Let's hope so! Keep fighting America!
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