Posts Tagged ‘1%’

Publius

Protesters Set to Occupy West Coast Ports

by Publius

OAKLAND, Calif. (AP) – Anti-Wall Street protesters up and down the West Coast are joining an effort to blockade some of the nation’s busiest ports fromAnchorage to San Diego.

Demonstrators are scheduled to gather at 5:30 a.m. to march on the Port of Oakland, which Occupy protesters successfully shut down in November. Marchers expect to descend even earlier on the sprawling port complex spanning Los Angeles and Long Beach as the work day begins. In Portland, Ore., the protest will get under way at 6 a.m.

Occupy groups in Seattle, Tacoma and the Canadian city of Vancouver are also planning blockades.

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MRC TV

Adam Carolla Explains the OWS Generation

by MRC TV

If you feel no one has quite captured how you may feel about the ‘Occupiers’, look no further than this. There are seriously no words for how much awesome is packed into this 9 minute rant. That’s really all that can be said about it.

That and I guess we should warn you there’s some foul language contained throughout.

Enjoy as Adam verbally rips them to shreds, explains the problem, then provides us with a solution. (Language Warning…once again for good measure)

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Publius

#Occupy the Highway: #OWS Plans March to DC

by Publius

From #OccupyWallSt:


On November 23rd, the Congressional Deficit Reduction Super-Committee will meet to decide on whether or not to keep Obama’s extension to the Bush tax-cuts – which only benefit the richest 1% of Americans in any kind of significant way. Luckily, a group of OWS’ers are embarking on a two-week march from Liberty Plaza to the Whitehouse to let the committee know what the 99% think about these cuts. Join the march to make sure these tax cuts for the richest 1% of Americans are allowed to die!

More information:

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Chriss W. Street

Corzine Firm’s Bankruptcy Reminds Us Dems Repealed Glass-Steagall, Opened Derivative Market

by Chriss W. Street

The bankruptcy of MF Global demonstrates that the 1% of crony capitalists in America are now subject to the same risks of economic losses as the other 99% of us. Led by former Goldman Sachs Chairman Jon Corzine, MF Global engaged in speculating on the bonds of Portugal, Italy, Greece, and Spain (PIGS) with shareholder money; they then tried to hedge their bets with derivatives called Credit Default Swaps (CDS). The firm relied on Corzine’s inside expectation that crony politicians in Germany and France would stick taxpayers with the cost of bailing-out bondholders, like MF Global. The bet buckled when voters rebelled and demanded bondholders suffer losses. Once subject to capitalist risks, MF Global collapsed.

Jon Corzine made most of his fortune from developing intimate relationships with politicians and government officials. As Chairman of Goldman Sachs, in 1999 he led the effort to convince the Clinton Administration and Congress to repeal the Glass-Steagall Act of 1933. The Act banned commercial banks that receive insurance from the Federal Deposit Insurance Corporation (FDIC) from engaging in speculation and trading in securities. Historians have blamed the start of the Great Depression on massive leveraged speculation by banks in the stock and bond bubbles of the “Roaring Twenties.” Many of the victims of the 1929 crash turned out to be the proverbial “widows and orphans” whose small deposits were wiped-out when trading losses forced their savings institution into bankruptcy.

Goldman Sachs had been a private-partnership for over 100 years when Corzine joined the firm as a bond trader in 1975. Consequently, the capital of partners in Goldman Sachs and the other investment banking firms were at 100% risk for trading losses by their firms. When Jon Corzine became Chairman and CEO of Goldman in 1994, he understood that stocks were legal to leverage by 100%, but U.S. government bonds could be leveraged by 5,000%. Corzine knew his older partners would never be willing to risk their own capital at very high leverage. Corzine set his sights on repeal of Glass-Steagall Act so his partners could get their money out through a public offering and the firm could take advantage of the leverage risk trading on shareholders’ money. (more…)

Publius

#OccupyOakland Calls for City-wide General Strike on November 2nd

by Publius

From #OccupyWallStreet:


We as fellow occupiers of Oscar Grant Plaza propose that on Wednesday November 2, 2011, we liberate Oakland and shut down the 1%.

We propose a city wide general strike and we propose we invite all students to walk out of school. Instead of workers going to work and students going to school, the people will converge on downtown Oakland to shut down the city.

All banks and corporations should close down for the day or we will march on them.

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