IGX

What’s going on here? The answer, surely, is that Wall Street’s Masters of the Universe realize, deep down, how morally indefensible their position is. They’re not John Galt; they’re not even Steve Jobs. They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens.

Yet they have paid no price. Their institutions were bailed out by taxpayers, with few strings attached. They continue to benefit from explicit and implicit federal guarantees — basically, they’re still in a game of heads they win, tails taxpayers lose...

Pinky wrote:I have no problem with the above. I'm just waiting for the "occupiers" to propose anything coherent when it comes to addressing the problem. Until then, yelling for people to "wake up" does nothing but make the coffee-shop intelligentsia feel good about themselves.

nafod wrote:

nafod wrote:I'm happy to let the Merkins exercise their right to protest. Krugman's op-ed today has the right insight, and while I think Krugman is a douchebag mostly, he hits a point Tea Partiers can rally around too. My bold.

What’s going on here? The answer, surely, is that Wall Street’s Masters of the Universe realize, deep down, how morally indefensible their position is. They’re not John Galt; they’re not even Steve Jobs. They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens.

Yet they have paid no price. Their institutions were bailed out by taxpayers, with few strings attached. They continue to benefit from explicit and implicit federal guarantees — basically, they’re still in a game of heads they win, tails taxpayers lose...

Hebrew Hammer wrote:The problem is how you regulate the system to curb its excesses. That involves boring topics like capital ratios, scope-of-activity limitations, how to promote solvency and confidence yet commit to the sting of risk, whether we want banks to further social policy (pro-home-ownership, lending in distressed communities), etc.

Hebrew Hammer wrote:What does this miss? That the modern banking system has created worldwide wealth the likes of which were unimaginable 50 years ago. Financial services is a major employer and among our highest gross exports. On the punishment side, many bankers had their savings wiped out, many have been sued to recover FDIC losses, and the lawsuits will grow over the next five years. We want banks to be driven by profit and greed so long as they're honest in transactions.

The problem is how you regulate the system to curb its excesses. That involves boring topics like capital ratios, scope-of-activity limitations, how to promote solvency and confidence yet commit to the sting of risk, whether we want banks to further social policy (pro-home-ownership, lending in distressed communities), etc.

Pinky wrote:The one thing I would add, is that almost no regulation is going to be effective when companies have good reason to believe they'll be bailed out if they get into trouble. Unfortunately, I don't see any way for our government to credibly commit to a policy of no bailouts.

Freki wrote:Demand one: Restoration of the living wage. This demand can only be met by ending "Freetrade" by re-imposing trade tariffs on all imported goods entering the American market to level the playing field for domestic family farming and domestic manufacturing as most nations that are dumping cheap products onto the American market have radical wage and environmental regulation advantages. Another policy that must be instituted is raise the minimum wage to twenty dollars an hr.

Demand three: Guaranteed living wage income regardless of employment.

If they get those two passed, I'm moving to the beach to get my $20/hour.

nafod wrote:

Pinky wrote:The one thing I would add, is that almost no regulation is going to be effective when companies have good reason to believe they'll be bailed out if they get into trouble. Unfortunately, I don't see any way for our government to credibly commit to a policy of no bailouts.

If I was to pick out one soundbite to capture the mood, it'd be "too big to fail = too big", i.e., we have to bail them out. Yet the crisis led to further consolidation in the industry. Doesn't give me a warm and fuzzy.

The Ginger Beard Man wrote:Its a freakshow down there and most of the protesters look unemployable.

nafod wrote:

Pinky wrote:This drivel is not a good start.

Demand four: Free college education.

Demand six: One trillion dollars in infrastructure (Water, Sewer, Rail, Roads and Bridges and Electrical Grid) spending now.

Demand seven: One trillion dollars in ecological restoration planting forests, reestablishing wetlands and the natural flow of river systems and decommissioning of all of America's nuclear power plants.

protobuilder wrote:I'm not a leftist but I'm tired of the pro-business canards you hear from the right about how great our standard of living is, how everything is due to capitalism, how big corporations give us great jobs, etc etc etc.

Business so huge, so powerful, that it controls the law and the lawmakers to such an extent that it overwhelms the people. That does not make a healthy system. People on BOTH sides of the political spectrum are outraged.

Something is wrong.

Things are not working.

The Ginger Beard Man wrote:

protobuilder wrote:I'm not a leftist but I'm tired of the pro-business canards you hear from the right about how great our standard of living is, how everything is due to capitalism, how big corporations give us great jobs, etc etc etc.

Business so huge, so powerful, that it controls the law and the lawmakers to such an extent that it overwhelms the people. That does not make a healthy system. People on BOTH sides of the political spectrum are outraged.

Something is wrong.

Things are not working.

I agree with this but the occupy movement doesn't offer any answers.

Here's a selection of some overnight #OWSPickupLines with a link down below to many others:

@jpodhoretz What time do you get off from not working?

@mdrache Can I have my mom's debit card buy you a drink?

@adamsbaldwin So, do you not work here?

@derekahunter I don't know why I'm here either. We have so much in common!

@DanaPerino I could get lost in your bloodshot, burned out eyes.

@kiradavis422 I luv how u reject the fascistic American standard of beauty by refusing to shave, bathe or wear attractive clothing. Its hot.

@derekahunter Your parent's basement or mine?

@jimgeraghty I know a patch of sidewalk right in front of this great little Italian place.

@chuck_dizzle I bet my degree is more worthless than yours.

@ArsenioOrteza You must be Wall Street, 'cause I'd sure like to occupy you.

@a1776patriot My parents think I'm in class too!!!

@informedblackmn Your eyes are like cesspools in the moonlight.

@DonnaBonnell You remind me of a female Janeane Garafalo.

@brandondarby Seeing you with that Molotov really gets me hot.

@mattysprings Want to help me offset my carbon emissions?

@Aslan444 I just got my Pell Grant & food stamps, let's party!

@CDR My dad would hate you! Let's do it!!

Herv100 wrote:OWS= The rich sicking the poor on the middle class