Occupy the Fed and Wall Street News 10-8-11

9th October 2011

(KGW) – Occupy Portland Protest Largest In U.S. On Thursday – Read More Here

(PressTV) – US protests spread to 1,000 cities – Read More Here

(Metro.us) – Ben & Jerry’s backs the “Occupy” movement

It seems like the whole world is watching and reacting to what the “Occupy” people have to say.

Even the well-known black and white cows that plaster the sides of Ben & Jerry’s ice cream products are holding “Occupy” signs. Read More Here

(TruthDig) – There’s a New Newspaper on Wall Street

Some say the media has done a less-than-stellar job of reporting on the Occupy Wall Street protests these last few weeks, but the 99 percent found a way to circumvent that: They published and distributed their own newspaper Saturday, aptly named The Occupied Wall Street Journal. Read More Here

(WashingtonsBlog) – Conservatives Support Protests, Michael Moore Does Not Represent OWS – Read More Here

(MoralLowGrounds) – U.S. Federal Reserve Secretly Loaned $1,200,000,000,000 in Public Money to Wall Street Firms – Read More Here

(NationalPost) – Occupy Wall Street finds sympathy in the Fed

Dallas Federal Reserve President Richard Fisher surprised a business group in Fort Worth, Texas, on Thursday when he said, “I am somewhat sympathetic — that will shock you.” Read More Here

(HuffPost) – Allen West And Steve King To Occupy Wall Street Protesters: Clean Up, Find A Message – Read More Here

(AJC) – Video: Occupy The Fed Hits Austin: Nightly News on The Street Report – Video Link Here

Occupy San Francisco Oct 7th, 2011 – ^

(DallasObserver) – Dallas Observer Reports On Occupy the Fed Rally – Read More Here

(AsianCorrespondent) – Chinese pensioners join Occupy Wall Street protests – Read More Here

(Examiner) – Why Keith Olbermann read Occupy Wall Street General Assembly Declaration (video) – Read More Here

(ABCNews) – Herman Cain Tells Occupy Wall Street Protesters to ‘Blame Yourself’ – Read More Here

See Also: (WSJ) – Video: Herman Cain on Occupy Wall Street – Extended – Video Link Here

(FinancialTimes) – White House feeds off protest anger

Weeks after taking to the streets in Manhattan, Occupy Wall St demonstrators are camped a block from the White House. Many of them are wondering: do they have a friend inside? Read More Here

(LRCBlog) – Down With Left-Wing Hypocrites of OWS

They take after their hypocrite Marxist Millionaire supporters like Michael Moore and Susan Sarandon.

As David Gordon supporter Julie Borowski says [in video below], if they really want to fight the cause of our economic problems, they should be fighting the “Federal” Reserve. But they are too economically-ignorant to ever realize that. – Source: LRCBlog

(ReaderSupportedNews) – 11 Facts About Biggest Banks

The Occupy Wall Street protests that began in New York City more than three weeks ago have now spread across the country. The choice of Wall Street as the focal point for the protests – as even Federal Reserve Chairman Ben Bernanke said– makes sense due to the big bank malfeasance that led to the Great Recession.

While the Dodd-Frank financial reform law did a lot to ensure that a repeat of the 2008 financial crisis won’t occur – through regulation of derivatives, a new consumer protection agency, and new powers for the government to dismantle failing banks – the biggest banks still have a firm grip on the financial system, even more so than before the 2008 financial crisis. Here are eleven facts that you need to know about the nation’s biggest banks:

  • Bank profits are highest since before the recession …: According to the Federal Deposit Insurance Corp., bank profits in the first quarter of this year were “the best for the industry since the $36.8 billion earned in the second quarter of 2007.” JP Morgan Chase is currently pulling in record profits.
  • Banks make nearly one-third of total corporate profits: The financial sector accounts for about 30 percent of total corporate profits, which is actually down from before the financial crisis, when they made closer to 40 percent.
  • Since 2008, the biggest banks have gotten bigger: Due to the failure of small competitors and mergers facilitated during the 2008 crisis, the nation’s biggest banks – including Bank of America, JP Morgan Chase, and Wells Fargo – are now bigger than they were pre-recession. Pre-crisis, the four biggest banks held 32 percent of total deposits; now they hold nearly 40 percent.
  • The four biggest banks issue 50 percent of mortgages and 66 percent of credit cards: Bank of America, JP Morgan Chase, Wells Fargo and Citigroup issue one out of every two mortgages and nearly two out of every three credit cards in America.
  • The 10 biggest banks hold 60 percent of bank assets: In the 1980s, the 10 biggest banks controlled 22 percent of total bank assets. Today, they control 60 percent.
  • The six biggest banks hold assets equal to 63 percent of the country’s GDP: In 1995, the six biggest banks in the country held assets equal to about 17 percent of the country’s Gross Domestic Product. Now their assets equal 63 percent of GDP.
  • The five biggest banks hold 95 percent of derivatives: Nearly the entire market in derivatives – the credit instruments that helped blow up some of the nation’s biggest banks as well as mega-insurer AIG – is dominated by just five firms: JP Morgan Chase, Goldman Sachs, Bank of America, Citibank, and Wells Fargo.
  • Banks cost households nearly $20 trillion in wealth: Almost $20 trillion in wealth was destroyed by the Great Recession, and total family wealth is still down “$12.8 trillion (in 2011 dollars) from June 2007 – its last peak.”
  • Big banks don’t lend to small businesses: The New Rules Project notes that the country’s 20 biggest banks “devote only 18 percent of their commercial loan portfolios to small business.”
  • Big banks paid 5,000 bonuses of at least $1 million in 2008: According to the New York Attorney General’s office, “nine of the financial firms that were among the largest recipients of federal bailout money paid about 5,000 of their traders and bankers bonuses of more than $1 million apiece for 2008.”

In the last few decades, regulations on the biggest banks have been systematically eliminated, while those banks engineered more and more ways to both rip off customers and turn ever-more complex trading instruments into ever-higher profits. It makes perfect sense, then, that a movement calling for an economy that works for everyone would center its efforts on an industry that exemplifies the opposite. – Source: Reader Supported News

(Qik) – Video: Immortal Technique Occupy Wall Street 2am – Video Link Here

(OccupyPortland) – Official Occupy Portland Website – View Here

See Also: Occupy Together Website – Here

Also: OccupyWallStreet.org

(NBCBayArea) – SJ Occupy Protesters Face Arrest Tonight – Read More Here

(LiveStream) – Live: Occupy Vancouver (BC) – View Here

(WRH) – Photos: Reader Photos from Occupy Los Angelas – View Here


(Vimeo) – Talib Kweli at Occupy Wall Street

Talib Kweli stopped by Liberty Plaza to stand with the people. “This is the end game” Read the rest of this entry »

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