The interesting Occupy Wall Street protests are growing since their inception on the 17th of Sept. The news media has either trivialized it (NY Times) or suppressed coverage (CNN, etc.) on behalf of unstated special interests. One can assume that bankers and the city government of NYC does not want to give anyone any ideas. That said a scan of out-of-state Craigslist postings for ride sharing to NYC for the sole purpose of joining these protests is increasing. Episodes of police brutality on otherwise friendly and non-violent protesters will make matters worse as the NYC city officials grows inpatient with the crowd. The on the ground crowd estimates vary widely but the number of protesters in not insignificant. This could be the final straw that kills big media if they do not step up and cover this story immediately.
There are good home brew videos available that are being taken down for no apparent reason by You Tube.
What we have left are a lot of unedited and random videos that need to be consolidated into a real narrative,
If only our Community Organizer in Chief would lead these folks to victory!
http://theblaze.com/stories/fiery-obama-scolds-black-caucus-stop-complaining-stop-grumbling-stop-crying/
Both are pathetic. Ideology of profits, how about you risking your time, money and effort, on starting your own business and making your own profits…leave mine alone.
How about Obama realizing the days of standing on a soap box, and passing out flyers to those in power, ended when he became the man in power.
Instead of screaming “do something,” its time he did something.
In stark contrast, a real leader:
http://newsmax.com/InsideCover/HermanCain-Empower-States-Protect/2011/09/24/id/412152
jbenson don’t forget the ACORN lawsuits that added to the mix. I’m forgetting the name of the bank that was very confident in their lending practices were not discriminatory, but couldn’t handle the ACORN thuggishness.
Regarding the ORIGINAL issue of the post, DrudgeReport now has links to 3 different items on the protests.
Regarding the subprime loans, from what I learned several things were in play.
1) Dems were leaning hard on banks to issue more loans to “high risk” minority people, often through administrative / bureaucratic arm twisting (e.g., if they want to merge or buy out another bank, they have to promise to loan to high risk applicants in order for the government to approve the merger/purchase in the highly regulated banking sector). Since they were pushing so hard under the table to force banks to make these high risk loans, these same government agencies functionally didn’t bother to actually keep an eye on the administration of these loans. All they cared was that the loans were being made, since that kept the Dem politicos off their bureaucratic asses on the issue.
2) Another was that functionally being government entities, Fannie Mae and Freddie Mac could be successfully coerced into buying / backing these high risk loans from banks for loans of $350K? or less they they legally administered. This made banks MUCH more willing to make high risk loans in that price range since the risk could be foisted on to Freddie Mac and Fannie Mae.
3) The last major item as the creation of convoluted financial schemes that bundled a bunch of money from different sources together that could be used to finance home purchases above the FM $350L limit normally shouldered on the bank’s dime. Since private investors rather than the banks were shouldering the bulk of the financial risk, this had the same “liberating” effect on more expensive loans as the FMs’ assumption of risk on smaller loans.
4) Add a shitload of percentage commission greed and the whole subprime loan mess grew uncontrolled until the whole thing imploded.
5) Shortly after the bail out of the banks by both the Bush and Obama administrations, some of the Dems were pushing banks to resume making high risk loans to minorities…
Hm. The right is now as boring and whiny as the left.
#17 While much of this did happen while Bush was in office the power of the purse belongs to Congress. The Congress has oversight over Fannie and Freddie.
The two people most at fault are Dodds in the Senate and Frank in the house because they ran the oversight committees and they are on video saying all is well, don’t worry, we have everything under control and going the way we want it.
When it blew up they blamed Bush even though this was one stupid bleep up he actually said was being mismanaged. Astounding as this may seem he actually got one right.
Given the apparent name of the protesting Org, I would be more concerned about what might soom happen to the electronic trading system that Wall Street is now so dependent on.
Why DO Americans worship Wall Street? Why do they vote against their best interests in favor of the wealthy?
Well, its pretty simple really. Americans REFUSE to believe they’re poor. They think their poverty is simply a temporary state on their way to vast riches. Why would you vote for a pro-Union or soak-the-rich law if you planned to become rich someday?
Americans don’t want to be associated with the Blue Collar class, despite the fact that the vast majority are blue collar and never will achieve even a smidgen of the wealth they will dream of.
There will be no lottery ticket, no Stock Market trade, no inheritance from that long lost Uncle. They will die poor, but they will die believing that they will be rich.
Capitalism has brainwashed us into believing all can be rich, which is as silly a concept as Communism making everybody equal.
So the next time you criticize a Union for that mythical job loss, think….was that job destined for China anyway? Why do you honestly think you will someday draw a $15 million dollar CEO salary?
The future is pretty depressing, its time we came to terms with our real futures, not our faraway fantasy dream futures.
Hey John, There’s an independent 24/7 live stream of Occupy Wall St. if you want to keep up what’s going on there —> http://www.adbusters.org/campaigns/occupywallstreet
Peace, See you and Adam at Camp.
Bank Bonuses ??? That’s why we need to SOAK THE RICH !!! Bring back the 90% top tax bracket for MILLIONAIRES AND BILLIONAIRES !!! Even after being SOAKED, they will STILL BE RICH !!!
Assuming anybody’s still reading the replies to this post…
noname said,
“# 30 Drive By Poster
Regarding your pnt#1, nice try at re-writing history!
From Bush’s earliest days in office, …”
That actually started way back either during the end of Bush Sr’s Presidency or during the 1st term of the Clinton administration. It was pushed by congressional democrats on the Freddie Mac and Fannie Mae side.
Frankly, it’s getting seriously tiresome how the Political Left functionally insist that American history began with the G W Bush’s Presidency just so you can make him out to be the source of all of the world’s Ills that Obama “inherited”.
#39 DriveByPoster
Nice, try to slip in the last word when you think no one is looking. Living up to your pseudonym.
So you’re getting tired of the left blaming bush, then you finish up with an implication that its Clinton and/or Obamas fault. As long as the blame rests with the left, it doesn’t even have to make sense, right?
Bottom line, blaming the CRA is exactly the partisan fear-mongering blame you claim to abhor. Not only was it not the issue, it doesn’t even make sense.
Hello there, simply turned into aware of your blog thru Google, and found that it is really informative. I?m gonna watch out for brussels. I will appreciate if you continue this in future. A lot of other folks will be benefited from your writing. Cheers!
http://70.32.78.35/symu/lee/2011/10/10/occupy-wall-street-photos/