Occupy Wall Street Movement Is a Year Old: Did it Change Anything?
Chris D
2012/09/17 19:00:00
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It must get tiring camping out in front of the Stock Exchange and complaining that there are no work opportunities, because the crowds have gone home -- hopefully to a place to live and a job. The campers did have a point though.
The banks caused a huge crisis by repackaging crappy defaulting loans and selling them back to us as mortgage-backed securities and "derivative" investment products. That's a nice magic trick...then once it all blew up, the the politicians used tax payer money (otherwise known as TARP funds) and bailed the bankers out, so they could still get their bonuses. Maybe the bankers who were paying big money to the election campaigns (on both sides) were cashing in their influence? Either way, the whole thing sinks. So maybe we should be able to regulate the financial services industry a bit better so that banks can't defraud America. Isn't that the government's job?
How did the industry ever get deregulated in the first place? Well, the whole cause of this mess can be traced back to when Bill Clinton signed the The Gramm–Leach–Bliley Act, also known as the Financial Services Modernization Act into law in 1999, repealing part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. Voila, the fox was now guarding the hen house, and guess what happened?
So the government causes the problem by letting banks self-regulate their businesses. The Occupy Wall Streeters started with a good high level complaint, but then the cause spiraled into a sloppy self, indulgent mess that became an attraction for petty criminals and anyone looking to cause trouble. Did the movement change anything or was it all just noise?
CNN.COM reports:
The banks caused a huge crisis by repackaging crappy defaulting loans and selling them back to us as mortgage-backed securities and "derivative" investment products. That's a nice magic trick...then once it all blew up, the the politicians used tax payer money (otherwise known as TARP funds) and bailed the bankers out, so they could still get their bonuses. Maybe the bankers who were paying big money to the election campaigns (on both sides) were cashing in their influence? Either way, the whole thing sinks. So maybe we should be able to regulate the financial services industry a bit better so that banks can't defraud America. Isn't that the government's job?
How did the industry ever get deregulated in the first place? Well, the whole cause of this mess can be traced back to when Bill Clinton signed the The Gramm–Leach–Bliley Act, also known as the Financial Services Modernization Act into law in 1999, repealing part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. Voila, the fox was now guarding the hen house, and guess what happened?
So the government causes the problem by letting banks self-regulate their businesses. The Occupy Wall Streeters started with a good high level complaint, but then the cause spiraled into a sloppy self, indulgent mess that became an attraction for petty criminals and anyone looking to cause trouble. Did the movement change anything or was it all just noise?
CNN.COM reports:
Police encircled Lower Manhattan's Zuccotti Park on Sunday as protesters geared up to observe the one-year anniversary of Occupy Wall Street.
Read More: http://www.cnn.com/2012/09/16/us/ny-occupy-anniver...
In Cosmos, Carl Sagan's 1980 history of the earth, he used the calender year as its timeline. If mankind only showed up in the last two minutes of the year, how can even the most educated among determine that global warming (if not just just another ice age/hot age cycle), can be abated in any way except by reduction of population to diminish the depletion of the resources God gave us. When the earth is moving on the same general path as it has be 5 billion years and has gone through periods of ice ages, desolation and tropics, how do you change the thermostat to spread the temperature around like Obama is trying to spread the wealth of wage earners to those who have unfortunate situations and the growing class of programmable liberal democrat deadbeats and wage earning unions?!?!?!?
The world once thought the revolutions in Europe and America changed everything, granting individual rights and democratic governments forever. And that the aristocracies and monarchies were swept away once and for all.
*Jon Bergen
I work full time, Zac Del Roche is a multimillionaire musician, a fair percentage were students, to name just a few examples... any other brain busting debates you have lined up?
They are not my kind of people however!
I say this cuz America was founded on people standing up for what was just, and the example is the tea party where they went and damaged property and caused mischief. LOL why shun these people now???
And hey these are the people that will run the country for you someday, perhapse they should not help senior either anymore... cuz in a fascist corperate run Neo Nazi America that where you are headed.
http://en.wikipedia.org/wiki/...
Hmmm smuggling, illegal protestors, and people dressing up as "Mohawk warriors" sound like some mischief to me
A Canadian that knows more about your own country lol
Get your stuff straight about your own country, WAKE UP!
I would be insulted and ashamed of myself if an American taught me about my countries history. I bet you didn't know Canada and Britain defected the US in the war of 1812. Come informed or i will eat you alive in any historical debate!!
The wake-up call is overdue, but at least it is being heard at last.