I suppose there is no point in being part of the 1% unless you can throw your weight around.
Greg Palast writes in the Guardian of how Goldman took a wee bit of revenge on Occupy Wall Street via the itty bitty credit union ($30 million in assets) that OWS chose for its bank account, Peoples Bank.
Read more...Most readers by now no doubt have heard about the aggressive police crackdown at Occupy Oakland on Tuesday, in which police critically wounded Iraq war vet Scott Olsen while using tear gas, rubber bullets, and flash grenades to clear Frank H. Ogawa Plaza. The footage right before the tear gassing began does not show any signs of provocation by the protestors, but other reports say that a small group which most believe were anarchists rather than OWS members, had engaged in aggressive actions earlier.
Like many of the police efforts to rein in Occupations, this one seems to have backfired.
Read more...By Bill Black, Associate Professor of Economics and Law at the University of Missouri-Kansas City, a former senior financial regulator, and the author of The Best Way to Rob a Bank is to Own One. Cross posted from New Economic Perspectives.
The new mantra of the Republican Party is the old mantra – regulation is a “job killer.” It is certainly possible to have regulations kill jobs, and when I was a financial regulator I was a leader in cutting away many dumb requirements. We have just experienced the epic ability of the anti-regulators to kill well over ten million jobs. Why then is there not a single word from the new House leadership about investigations to determine how the anti-regulators did their damage? Why is there no plan to investigate the fields in which inadequate regulation most endangers jobs?
Read more...By Sell on News, a macro equities analyst. Cross posted from MacroBusiness
It is a measure of how un-self critical modern economics has been, that the Marxists are starting to appear to be making the most sense of the current crises. The supine acceptance that “the market is always right” — a truism only to traders and vested interests — means that there has been precious little understanding developed about how markets can go wrong. Or what is wrong, as well as right, with markets and the modern practices of capitalism. An article in the London Review of Books came to my attention recently by Benjamin Kunkel that shows how Marxist analysis is actually looking quite pertinent to the current mess.
Read more...I’ve been slow to post on a clever initiative, Occupy the Board Room, because there are lots of leftie groups trying to capitalize on Occupy Wall Street when their connection to the Occupy movement is thin at best. But this is a legitimate, well thought out program in the spirit of the great unwashed trying to capture the attention of the largely negligent and complacent elites.
One of the benefits of this approach is that there are people who are sympathetic to Occupy Wall Street but have commitments that limit their ability to participate (read child care) and may be sufficiently stressed financially that they can’t give as much as they’d like. The Occupy the Board Room site provides another outlet.
Read more...By David Graeber, who is currently a Reader in Social Anthropology at Goldsmiths University London. Prior to that he was an associate professor of anthropology at Yale University. He is the author of ‘Debt: The First 5,000 Years’ which is available from Amazon.
Just a few months ago, I wrote a piece for Adbusters that started with a conversation I’d had with an Egyptian activist friend named Dina:
All these years,” she said, “we’ve been organizing marches, rallies… And if only 45 people show up, you’re depressed, if you get 300, you’re happy. Then one day, 200,000 people show up. And you’re incredulous: on some level, even though you didn’t realize it, you’d given up thinking that you could actually win.
As the Occupy Wall Street movement spreads across America, and even the world, I am suddenly beginning to understand a little of how she felt.
Read more...As much as your humble blogger still regards Elizabeth Warren as preferable to Scott Brown in the Massachusetts Senate race, the evidence from her campaign is that she is no progressive, unless you define “progressive” to mean “centrist/Hamilton Project Democrat willing to throw a few extra bones to the average Joe.”
We’ve warned repeatedly that Warren not being all that left leaning was a real possibility.
Read more...Please welcome Carol Smith, who is based in Austin and has considerable experience in financial services industry research and analysis. I’m pretty confident she’s also listened to more analyst conference calls than most Naked Capitalism readers have, and you’ll see her put her experience to good use.
By Carol Smith
A Financial Times article today showcased recent comments by bank executives and politicians (and even Erick Erickson of RedState.com!) sympathizing with the sentiments behind the Occupy Wall Street movement.
Read more...Dylan Ratigan interviews David DeGraw about the political impact of Occupy Wall Street, and Bill Black joins to discuss legal strategies.
Read more...A corollary to Upton Sinclair’s famous saying, “It is difficult to get a man to understand something if his salary depends on his not understanding it” is “People promote ideas that help them secure or preserve a privileged position on the totem pole.”
A glaring example of these observations came in an op ed in the Sunday New York Times by Steve Rattner, former Lazard mergers & acquisition partner, later head of the private equity firm, Quadrangle Partners. He is best known as the chief negotiator in the auto bailouts (and he was criticized for not involving any auto industry experts). He paid $10 million to settle a kickbacks investigation and agreed not to work for a public pension fund in any role for five years. I happened to see Rattner on a panel at a Financial Times conference earlier this week and he elaborated on some of the themes in this piece, “Let’s Admit It: Globalization Has Losers,” which reader Brett asked me to debunk line by line. I’ll spare you and focus just on the most critical and bald-facedly dishonest bits.
Read more...It has become fashionable to criticize unions in the US, when many of their shortcomings result from corrupt or at best unimaginative leadership. The fact that we have child labor laws, restrictions on working hours, workplace safety rules, were all the result of hard fought battles by workers. And as an article in Foreign Affairs stresses (hat tip reader Crocodile Chuck), Europe has much less income inequality than the US, which the author George Packer sees as a serious and difficult to remedy contributor to America’s decline. Strong unions have been a significant contributor to Europe’s less skewed distribution.
This discussion on Real News Network describes how unions have unduly narrowed their focus and gives some ideas and examples for ways they could be more effective on their own behalf and for the broader community
Read more...The police decided to clear out the OccupyBoston crowd overnight.
The video footage shows the police moving in, then about 90 seconds of crowd unhappiness, and then it gets a bit chaotic. It looks like some veterans were forced to the ground with the crowd calling “Shame”.
Read more...By Matt Stoller, the former Senior Policy Advisor to Rep. Alan Grayson and a fellow at the Roosevelt Institute. You can reach him at stoller (at) gmail.com or follow him on Twitter at @matthewstoller.
Journalist Amy Goodman arrested at the 2008 Republican National Convention
What do the people at #OccupyWallStreet actually want? What are their demands? For many people, this is THE question.
So let me answer it. What they want… is to do exactly what they are doing.
Read more...This stunning factoid was reported in DS News last week and appears not to have gotten the attention it deserves. A mid-September survey ascertained that a full one third of Americans were living paycheck to paycheck, and if they lost their job, they would not be able to make their next rent or mortgage payment. And the article stresses this was not a function of being in or near the poverty line (hat tip reader May S):
Read more...Yves here. Police efforts to contain OccupyWallStreet have had the opposite effect to what the officialdom no doubt assumed would happen: that the demonstrators would either become discouraged or become violent, which would make it easy to discredit them. Instead, the macing of a group of women last weekend, followed by the arrest of over 700 people on Brooklyn Bridge on Saturdy, has given the movement legitimacy and media attention. It was the lead item on the BBC website over the weekend.
Press efforts to diminish the potential of this effort are now shifting.
Read more...