News Occupy Wall Street protest in New-York

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The Occupy Wall Street protests in New York have entered their second week, with approximately 5,000 participants initially gathering on September 17. Protesters are voicing their discontent over issues such as bank bailouts, the mortgage crisis, and the execution of Troy Davis, leading to 80 arrests reported by the New York Times. While some view the movement as disorganized, others argue that it highlights significant economic disparities and calls for reforms like reinstating the Glass-Steagall Act. The protests are seen as a response to rising poverty and unemployment rates in the U.S., with many participants expressing frustration over the current economic situation. The ongoing demonstrations reflect a broader sentiment of dissatisfaction with the financial system and government accountability.
  • #61
In the early 1990's I studied maths of finance at university and fees and charges were just starting to appear in Australia. Now Australia's total annual bank profits equal exactly the extra amount that they now take in fees and charges and everything else they did for profits is now cream for the fat cats. Talk about usury making a comeback.

The problem for the rest of the world (and us) is that our Federal Treasurer was voted the best treasurer in the world this year.
 
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  • #62
mheslep said:
If I may, jumping in ...

I agree with all of the above, though I think there's a required piece missing to create the situation we now see. That is the recognition of how the banks are able to re-lend in a "number ways" the money they acquire from Fed: they can buy US treasuries, because $1.6T in treasuries are available annually, and banks have indeed been adding treasuries to the their balance sheets in unprecedented amounts. This kind of lending i) carries no risk as far as the regulators are concerned, and ii) effectively shuts out normal commercial lending. Thus the Federal Reserve and the US Treasury combined are crowding out the private economy of the United States.

You have brought up another important point which is the news that the Federal Reserve is also buying up US debt.

At the moment they can (and are) printing money to buy these products and it looks like they are trying to inflate away the debt (this is a conjecture).

The problem is, every John, Dick, and Harry will feel the consequences of these actions. Also foreigners will (and they are) stop lending money to the US.

After searching I didn't realize that the Federal Reserve bought roughly 80 percent of treasuries which is just mind blowing.
 
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  • #63
DoggerDan said:
The corporation, as an entity, should have no access whatsoever. A corporation is not a person. There is no such thing as a government of/by/for the people when non-person entities have buku bucks and lobbyists accessing Congress while the People do not. While a corporation may represent people in some respects, that is not, should not, and should never be to the government. People must be given unfettered ability to represent themselves, directly, should they choose to do so. If any individual chooses otherwise, so be it - that's their choice to do so.

It turns out that legally, a corporation is a "person".

One thing I think people reading this thread should know is that corporations used to be based on a charter system. Basically the charter had a period of five years and the corporation had a legal obligation as a result of the charter to benefit society. If they did not give a good enough benefit to society their charter would expire and they would no longer be legally able to be a corporation.

Nowadays this is clearly not the case (both legally and through observation), and perhaps if there was some kind of reform based on ideas from the social contract, this charter based system could be re-introduced and the actual mechanics of the charter system could be based on what used to happen based on the old legal doctrine.
 
  • #64
chiro said:
You have brought up another important point which is the news that the Federal Reserve is also buying up US debt.

At the moment they can (and are) printing money to buy these products and it looks like they are trying to inflate away the debt (this is a conjecture).

The problem is, every John, Dick, and Harry will feel the consequences of these actions. Also foreigners will (and they are) stop lending money to the US.

After searching I didn't realize that the Federal Reserve bought roughly 80 percent of treasuries which is just mind blowing.

...
That's another issue. The Fed's purchase of treasuries has been an attempt at monetary expansion, which may well cause inflation in the future, and in that event the Fed can, if it does its job, raise rates and theoretically stem inflation. Raising interest rates will greatly increase federal interest payments on a very large debt, so that will be politically difficult. My concern however about the 0.0 Fed lending rate is that it is impacting small business lending now.
 
  • #65
DoggerDan said:
So in order to arrive at a solution we're to refrain from offering any opinion? How does that work, exactly? Ouija board?

i think we may be missing each other somehow. i would agree that the corps have more access to the political process than the average citizen. the lobbying, or at least the extent of it, is a problem. I'm just pointing out that they have also co-opted the major media. there is a reason that more people are turning to sources like al-jazeera for news - because our media isn't providing it. our media provides infotainment and promotion. so, we've got this great opportunity now to break free from corporate media giants with the internet. but only so long as we can maintain an unfiltered, unrestricted access to information. most of the people in my generation and older (>40's) are probably lost and will go on feeding on the traditional sources. but it's a huge opportunity for the younger generations to not get caught in that trap. sheep have options now. for now.
 
  • #66
I very rarely come to Politics & World Affairs and have only skimmed this thread.

Anyway, all this unrest resembles, IMO, the beginning of unrest during my college days at The Kansas University.

http://kuinfo.ku.edu/vision/"

[PLAIN]http://media.lawrence.com/img/photos/2004/12/19/protest1___t180.jpg?370a03faaa4bde2115f371a02430eb3e6a451be5[PLAIN]http://media.kansan.com/img/videothumbs/2009/12/03/DraftProtest1965__t180.jpg?370a03faaa4bde2115f371a02430eb3e6a451be5[PLAIN]http://media.lawrence.com/img/photos/2010/04/17/1970_Lawrence_025_t180.JPG?370a03faaa4bde2115f371a02430eb3e6a451be5
 
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  • #67
Fascist wannabes is the term that comes to mind the more street videos I see of the "occupiers".
 
  • #68
mheslep said:
Fascist wannabes is the term that comes to mind the more street videos I see of the "occupiers".
:smile: I can tell you were there.
peace-sign-buddy-icon.gif
 
  • #69
I'm glad they're doing it. If I were in NYC I'd be right there too.
 
  • #70
gravenewworld said:
I'm glad they're doing it. If I were in NYC I'd be right there too.

Why?
 
  • #71
mheslep said:
Fascist wannabes is the term that comes to mind the more street videos I see of the "occupiers".

Fascist?
 
  • #72
I would just like to ask a quick question of the supporters of this "protest".

What in your eyes is the difference between a Union with forced membership and dues and a "greedy corporation"?

The reason they gave corporations rights to lobby was to balance Unions rights. Both stay or both go either is fine with me Personally I favor both staying and Right to work laws in every state. As well as dissolving federal level unions for Govt. employees.

State and local is the correct level for employees of the government to negotiate at becaue let's face it a Mail man in LA or NY does not have the same needs or requirments in a contract as one in WY or VT.

Disclaimer: I am a Vet I am on disability 30%. I work 60 hours a week as an engineer in "big oil" My degree is environmental geology. My wife is a music teacher and has her union dues taken out of every pay check for local state and federal teacher unions if she wants to be in them or not.
 
  • #73
Apparently the TEA Party could learn something about image enhancement from the Occupy Wall Street group? my bold
http://abcnews.go.com/Business/occupy-wall-street-declaration-york-protesters/story?id=14656653

"Warren compares Occupy Wall St., at this stage of its life, to the nascent Tea Party, when protesters were seeking a vehicle through which to express frustration with the Obama administration.

What's different here? "The Tea Party seemed to be a movement of older Americans, more conservative, whiter," he says. OWS protesters "are younger, more diverse." They've got a sense of humor and they play better music. Some protesters Monday dressed as zombies so that financial workers could "see us reflecting the metaphor of their actions," according to OWS spokesman Patrick Bruner.

"I was down there yesterday," says Warren, en route to making his second visit to lower Manhattan to observe the goings-on today, "and what surprised me was how festive the atmosphere was. Nobody would describe a Tea Party meeting as festive."

He added: "There's no question, though, that they're angry and frustrated."

Just how frustrated became apparent Sunday, when hundreds of protesters poured onto the roadway of the Brooklyn Bridge, stopping traffic. Some protesters were detained temporarily by police, whom the protesters have accused of using too-aggressive tactics, including pepper spray."


***********

Please label this next comment - IMO - yesterday someone told me Anthony Weiner was the perfect face of this "movement" and they believe he will enter the 2012 race as the OWS Candidate.:smile:

On the other hand - the host (http://www.hollywoodreporter.com/news/erin-burnett-her-new-cnn-242302) of the new CNN show "Erin Burnett OutFront" said the group is looking for the new "messiah" - to replace President Obama.
http://transcripts.cnn.com/TRANSCRIPTS/1110/03/ebo.01.html

"BURNETT: And, Bill, what about this whole idea we were just talking about from the Wall Street protests that there is this kind of need for a messiah or someone to solve all of the problems? Obviously Barack Obama was that guy and it's really hard for anybody to live up to being that person, right? Nobody ever lives up to the hopes and fears of everybody out there. So don't -- do you think that Chris Christie should be worried about the same thing?"
 
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  • #74
IMO - this movement has grown because people continue to be frustrated and angry - the reasons are more diverse than the crowd.

However, once this group finds a single voice - the "membership" will need to decide whether they agree with their leaders, the news media will need to decide how to report what that voice says, and politicians will decide whether or not they want to stand with the leaders of the group.

Right now - apparently - every frustration anyone in the group has ever experienced has been thrown at the wall - some will stick and some won't.
 
  • #75
Galteeth said:
Fascist?
Yes. A precise definition of fascism is illusive but I think the "occupiers" can be safely said to have common cause with traditional fascism.

http://occupywallst.org/forum/proposed-list-of-demands-for-occupy-wall-st-moveme/"
  • 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.
  • Institute a universal single payer healthcare system. To do this all private insurers must be banned from the healthcare market...
  • Guaranteed living wage income regardless of employment.
  • Free college education.
  • Begin a fast track process to bring the fossil fuel economy to an end while at the same bringing the alternative energy economy up to energy demand.
  • One trillion dollars in infrastructure (Water, Sewer, Rail, Roads and Bridges and Electrical Grid) spending now.
  • 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.
  • Racial and gender equal rights amendment.
  • Open borders migration. anyone can travel anywhere to work and live.
  • Bring American elections up to international standards of a paper ballot precinct counted and recounted in front of an independent and party observers system.
  • Immediate across the board debt forgiveness for all. Debt forgiveness of sovereign debt, commercial loans, home mortgages, ... And I don't mean debt that is in default, I mean all debt on the entire planet period.
  • Outlaw all credit reporting agencies.
  • Allow all workers to sign a ballot at any time during a union organizing campaign or at any time that represents their yeah or nay to having a union represent them in collective bargaining or to form a union.


A ~dozen or so of the 25 demands from the 1920 Program of the National-Socialist German Workers Party:
  • We demand land and soil (Colonies) to feed our People and settle our excess population.
  • In view of the tremendous sacrifices in property and blood demanded of the Nation by every war, personal gain from the war must be termed a crime against the Nation. We therefore demand the total confiscation of all war profits.
  • We demand the nationalization of all enterprises (already) converted into corporations (trusts)
  • We demand profit-sharing in large enterprises.
  • We demand the large-scale development of old-age pension schemes.
  • We demand the creation and maintenance of a sound middle class; the immediate communalization of the large department stores, which are to be leased at low rates to small tradesmen. We demand the most careful consideration for the owners of small businesses in orders placed by national, state, or community
    authorities.
  • We demand land reform in accordance with our national needs and a law for expropriation without compensation of land for public purposes. Abolition of ground rent and prevention of all speculation in land.
  • We demand ruthless battle against those who harm the common good by their activities. Persons committing base crimes against the People, usurers, profiteers, etc., are to be punished by death without regard of religion or race.
  • We demand the replacement of Roman Law, which serves a materialistic World Order, by German Law
  • In order to make higher education—and thereby entry into leading positions—available to every able and industrious German, the State must provide a thorough restructuring of our entire public educational system. The courses of study at all educational institutions are to be adjusted to meet the requirements of practical life. Understanding of the concept of the State must be achieved through the schools (teaching of civics) at the earliest age at which it can be grasped. We demand the education at the public expense of specially gifted children of poor parents, without regard to the latter’s position or occupation.
  • The State must raise the level of national health by means of mother-and-child care, the banning of juvenile labor, achievement of physical fitness through legislation for compulsory gymnastics and sports, and maximum support for all organizations providing physical training for young people
http://users.stlcc.edu/rkalfus/PDFs/026.pdf
 
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  • #76
mheslep said:
Yes. A precise definition of fascism is illusive but I think the "occupiers" can be safely said to have common cause with traditional fascism.

http://occupywallst.org/forum/proposed-list-of-demands-for-occupy-wall-st-moveme/"
  • 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.
  • Institute a universal single payer healthcare system. To do this all private insurers must be banned from the healthcare market...
  • Guaranteed living wage income regardless of employment.
  • Free college education.
  • Begin a fast track process to bring the fossil fuel economy to an end while at the same bringing the alternative energy economy up to energy demand.
  • One trillion dollars in infrastructure (Water, Sewer, Rail, Roads and Bridges and Electrical Grid) spending now.
  • 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.
  • Racial and gender equal rights amendment.
  • Open borders migration. anyone can travel anywhere to work and live.
  • Bring American elections up to international standards of a paper ballot precinct counted and recounted in front of an independent and party observers system.
  • Immediate across the board debt forgiveness for all. Debt forgiveness of sovereign debt, commercial loans, home mortgages, ... And I don't mean debt that is in default, I mean all debt on the entire planet period.
  • Outlaw all credit reporting agencies.
  • Allow all workers to sign a ballot at any time during a union organizing campaign or at any time that represents their yeah or nay to having a union represent them in collective bargaining or to form a union.


A ~dozen or so of the 25 demands from the 1920 Program of the National-Socialist German Workers Party:
  • We demand land and soil (Colonies) to feed our People and settle our excess population.
  • In view of the tremendous sacrifices in property and blood demanded of the Nation by every war, personal gain from the war must be termed a crime against the Nation. We therefore demand the total confiscation of all war profits.
  • We demand the nationalization of all enterprises (already) converted into corporations (trusts)
  • We demand profit-sharing in large enterprises.
  • We demand the large-scale development of old-age pension schemes.
  • We demand the creation and maintenance of a sound middle class; the immediate communalization of the large department stores, which are to be leased at low rates to small tradesmen. We demand the most careful consideration for the owners of small businesses in orders placed by national, state, or community
    authorities.
  • We demand land reform in accordance with our national needs and a law for expropriation without compensation of land for public purposes. Abolition of ground rent and prevention of all speculation in land.
  • We demand ruthless battle against those who harm the common good by their activities. Persons committing base crimes against the People, usurers, profiteers, etc., are to be punished by death without regard of religion or race.
  • We demand the replacement of Roman Law, which serves a materialistic World Order, by German Law
  • In order to make higher education—and thereby entry into leading positions—available to every able and industrious German, the State must provide a thorough restructuring of our entire public educational system. The courses of study at all educational institutions are to be adjusted to meet the requirements of practical life. Understanding of the concept of the State must be achieved through the schools (teaching of civics) at the earliest age at which it can be grasped. We demand the education at the public expense of specially gifted children of poor parents, without regard to the latter’s position or occupation.
  • The State must raise the level of national health by means of mother-and-child care, the banning of juvenile labor, achievement of physical fitness through legislation for compulsory gymnastics and sports, and maximum support for all organizations providing physical training for young people
http://users.stlcc.edu/rkalfus/PDFs/026.pdf
Interesting you bring up the '20s. After hearing the latest news on W.W.S., I did a search for the best economic times in the U.S. and came up with this.

Under Republican President Warren G. Harding, who called for normalcy and an end to high wartime taxes, Secretary of the Treasury Andrew Mellon raised the tariff, cut other taxes, and used the large surplus to reduce the federal debt by about a third from 1920 to 1930. Secretary of Commerce Herbert Hoover worked to introduce efficiency, by regulating business practices. This period of prosperity, along with the culture of the time, was known as the Roaring Twenties.

http://en.wikipedia.org/wiki/Economic_history_of_the_United_States"
 
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  • #77
mheslep you do know that is just a list ONE person made on an UNOFFICIAL FORUM for the protest? Seems laughable and VERY misleading to try to use it as their actual list of demands...

and most of the comments on the post seem to be against it
 
  • #78
dlgoff said:
Interesting you bring up the '20s. After hearing the latest news on W.W.S., I did a search for the best economic times in the U.S. and came up with this.

http://en.wikipedia.org/wiki/Economic_history_of_the_United_States"

re-post
"Under Republican President Warren G. Harding, who called for normalcy and an end to high wartime taxes, Secretary of the Treasury Andrew Mellon raised the tariff, cut other taxes, and used the large surplus to reduce the federal debt by about a third from 1920 to 1930. Secretary of Commerce Herbert Hoover worked to introduce efficiency, by regulating business practices. This period of prosperity, along with the culture of the time, was known as the Roaring Twenties."

What is your point?
 
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  • #79
WhoWee said:
re-post
"Under Republican President Warren G. Harding, who called for normalcy and an end to high wartime taxes, Secretary of the Treasury Andrew Mellon raised the tariff, cut other taxes, and used the large surplus to reduce the federal debt by about a third from 1920 to 1930. Secretary of Commerce Herbert Hoover worked to introduce efficiency, by regulating business practices. This period of prosperity, along with the culture of the time, was known as the Roaring Twenties."

What is your point?
Like I said. I very seldom come here, but I thought it was interesting the Harding was a Republican. :biggrin:
 
  • #82
mheslep said:
Yes. A precise definition of fascism is illusive but I think the "occupiers" can be safely said to have common cause with traditional fascism.

You do realize that you cherry picked a set of facts to support your fallacy. The fallacy you used is some variant of Reductio_ad_Hitlerum[/quote]

Anyway, neither the left or right have a monopoly on fascism but I will address each point individually.

http://occupywallst.org/forum/proposed-list-of-demands-for-occupy-wall-st-moveme/"
[*]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.

Small tariffs aren’t a terrible idea anyway, as people should prefer goods from their own country and prices should reflect this. The current situation subsidizes the negative externalities which result from transporting goods over long distances. It also makes any stimulus efforts incredibly difficult. An alternative way to achieve this would be through a negative income tax. Now if everyone didn't fear starvation you might argue that this would kill the incentive to work. However if nations stopped manipulating their currencies world wages would adjust to much more natural levels and this would maintain the incentive to work. I can’t help but believe that a big part of the motivation of free trade is to break organized labor.
[*]Institute a universal single payer healthcare system. To do this all private insurers must be banned from the healthcare market...

I have no opinion on this.

[*]Guaranteed living wage income regardless of employment.

This can be solved with a negative income tax.

[*]Free college education.

A better alternative is to make the access to the means of education free. For instance if I can watch a lecture at home on a video there is no need for me to go to a classroom. Harvard has actually proposed that most learning should be done outside the classroom and the purpose of the classroom should be to discuss what is learned.

[*]Begin a fast track process to bring the fossil fuel economy to an end while at the same bringing the alternative energy economy up to energy demand.

I don’t think the technology is here yet.

[*]One trillion dollars in infrastructure (Water, Sewer, Rail, Roads and Bridges and Electrical Grid) spending now.

Without looking at it further this is sort of an arbitrary number.

[*]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.

This seems like sort of a random request.

[*]Racial and gender equal rights amendment.

Isn’t this already protected?

[*]Open borders migration. anyone can travel anywhere to work and live.

Doesn’t this sort of contradict labor protection?

[*]Bring American elections up to international standards of a paper ballot precinct counted and recounted in front of an independent and party observers system.

Not sure if this would be more or less susceptible to abuse.

[*]Immediate across the board debt forgiveness for all. Debt forgiveness of sovereign debt, commercial loans, home mortgages, ... And I don't mean debt that is in default, I mean all debt on the entire planet period.

This sounds quite extreme. Surely they all can’t be advocating this.

[*]Outlaw all credit reporting agencies.

Interesting proposition.

[*]Allow all workers to sign a ballot at any time during a union organizing campaign or at any time that represents their yeah or nay to having a union represent them in collective bargaining or to form a union.

Not sure the current status of collective bargaining laws.
[/QUOTE]
 
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  • #83
Hepth said:
mheslep you do know that is just a list ONE person made on an UNOFFICIAL FORUM for the protest? Seems laughable and VERY misleading to try to use it as their actual list of demands...

and most of the comments on the post seem to be against it
There's no official anything in connection with the WS protesters, nor did I say there was. And while anybody can post comments on that website, the on the street interviews I'm seeing seem to be mostly inline with the general idea of the demand list posted there, which is 'we use the force of the state to seize wide swaths of the property of others'
 
  • #84
mheslep said:
There's no official anything in connection with the WS protesters, nor did I say there was. And while anybody can post comments on that website, the on the street interviews I'm seeing seem to be mostly inline with the general idea of the demand list posted there, which is 'we use the force of the state to seize wide swaths of the property of others'

Given the absence of any other organized, detailed, or specific list of demands - it appears the one you posted is about as good as it gets (at this point).
 
  • #85
WhoWee said:
Why?
Maybe because I'm sick and tired of my parent's generation pissing away my generation's future. The current recession has his people in my age bracket disproportionately harder. I'm sick of seeing our administrations and almost every single important government institution that is supposed to be regulating Wall Street being run by the cronies and henchman of groups like Goldman Sachs. We only live under a veil of democracy. The people that are really behind the show pulling all of the strings continue to get away with murder while millions of us struggle just to pay our bills and keep roofs over our head. It's time to get pissed off.

Our grandparents didn't let Wall Street get away with what they did after the stock market crash, I don't know why we continue to tolerate it.Firms like Bank of America, Goldman Sachs, etc. represent a far, far greater threat to our democracy and way of life than 'terrorists' 6,000 miles away.
 
  • #86
WhoWee said:
Given the absence of any other organized, detailed, or specific list of demands - it appears the one you posted is about as good as it gets (at this point).

Prior to the post you are referring to I posted an interview of what some protesters would like to see:
https://www.physicsforums.com/showpost.php?p=3535527&postcount=58

Why do you think this list of demands is better?
 
  • #87
gravenewworld said:
Our grandparents didn't let Wall Street get away with what they did after the stock market crash, I don't know why we continue to tolerate it.


Firms like Bank of America, Goldman Sachs, etc. represent a far, far greater threat to our democracy and way of life than 'terrorists' 6,000 miles away.

Care to explain?
 
  • #88
  • #89
WhoWee said:
Care to explain?

This is what our grandparents did about Wall St. malfeasance:

http://www.triplepundit.com/wp-content/uploads/2011/05/glass-steagall-act.jpg And it is this kind of manipulation within our government that is killing our democracy as well as our pocketbooks:

http://seekingalpha.com/article/152438-cftc-the-key-to-market-manipulationWhat's the point of even having a government if it is just loaded up with insiders for big banks, like Goldman Sachs, that end up giving banks exemptions from the rules or even writing the rules to benefit them? This isn't a democracy any more, it's an absolute farce. The letter in that article is absolutely damning. It's time to get mad and take it to the streets. The Baby Boomers continue to decimate the prospects for my generation, why should I sit here and take it?
 
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  • #90
gravenewworld said:
This is what our grandparents did about Wall St. malfeasance:

http://www.triplepundit.com/wp-content/uploads/2011/05/glass-steagall-act.jpg


And it is this kind of manipulation within our government that is killing our democracy as well as our pocketbooks:

http://seekingalpha.com/article/152438-cftc-the-key-to-market-manipulation


What's the point of even having a government if it is just loaded up with insiders for big banks, like Goldman Sachs, that end up giving banks exemptions from the rules or even writing the rules to benefit them? This isn't a democracy any more, it's an absolute farce. The letter in that article is absolutely damning. It's time to get mad and take it to the streets. The Baby Boomers continue to decimate the prospects for my generation, why should I sit here and take it?

I understand your sentiment and I wrote about it previously. (see attached document). I'm not happy with the attached document though because I know in their heart they did what they thought was best and the whole creating of the label: The "Me Generation", is their way of rationalization their decisions. They bought into the market because they thought it was wrong for their parents to run up the nations debt to finance their retirement so instead they bought into a system which created apparent wealth though the rapid expansion of credit (A.K.A debt). What they failed to see is all debt is an obligation to the future.

The simple fact is that the next generation will always have to support the generation of their parents and their will often be a struggle for how much each generation should get out of it. They will in the end get hit by the crisis to because the wealth the thought they saved was an illusion and consequently they will lose most of their savings. They will be faced with the prospect of retiring in a nation which exported most of it's jobs to the third world. The baby boomers are just starting to retire now and things will turn quickly for the next generation even if it means the next generation is further behind then they wanted to be at this stage in their life.
 

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