September 21, 2011
September 20, 2011
Since the financial crisis, Bank profits are UP 136%... But Bank lending is down 9%.
Perhaps a more interesting story is that this is featured in a mainstream media article; Time Magazine, September 26, 2011, "After Three Years and Trillions of Dollars, Our Banks Still Don't Work."
I could take issue with the phrase "our banks;" yes, we should "own" them having bailed them out, but frankly, instead of we owning the banks, the banks turned the US Treasury and Federal Reserve into lending institutions for the benefit of the banks and the people reaping profits from those corporations.
But, don't let me tarnish the good news with side issues. Time Magazine deserves credit where it is due.
September 10, 2011
The "We didn't see it coming" thing drives me crazy. My experience in seeing it [the bubble burst] coming is reflected in three clear memories.
First, The Great Unraveling by... some economist from NJ, pretty much had me change my ARM to a fixed rate mortgage a couple years before the bust.
Second, people with good jobs in my solid middle class neighborhood were saying, "If I had to buy my [modest row] house today, I couldn't afford it." I remember exactly where I was, walking my dog.
Third, it was going to by systemic: "Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFEHO," February, 2003, which lost Armamndo Falcon his job. http://www.ofheo.gov/Media/Archive/docs/reports/sysrisk.pdf
September 4, 2011
Actually, there are fifteen "core issues," which were identified by the October2011 Movement steering committee:
1. Corporatism– firmly establish that money is not speech, corporations are not people, only people have Constitutional rights, end corporate influence over the political process, protect people and the environment from damage by corporations.
2. Wars and Militarism – end wars and occupations, end private for-profit military contractors, reduce the national security state and end the weapons export industry. War crimes, crimes against humanity and crimes against peace must be addressed and those responsible held accountable under international law.
3. Human Rights – end exploitation of people in the US and abroad, end discrimination in all forms, equal civil rights and due process for all people.
4. Worker Rights and jobs – all working-age people have the right to safe, just, non-discriminatory and dignified working conditions, a sustainable living wage, paid leave and economic protection.
5. Government – all processes of the three branches of government should be accountable to international law, transparent and follow the rule of law, people have the right to participate in decisions which affect them.
6. Elections – all citizens 18 and older have the right to vote without barriers, all candidates have the right to be heard and to run and all votes should be counted.
7. Criminal justice and prisons –end private for-profit prisons, adopt evidence-based drug policy, prisoners have the right to humane and just conditions with a focus on rehabilitation and reintegration into society.
8. Healthcare – create a national, universal and publicly financed comprehensive health system.
9. Education – all people have the right to a high quality, publicly-funded and broad education from pre-school through vocational training or university.
10. Housing – all people have the right to affordable and safe housing.
11. Environment – adopt policies which effectively create a carbon-free energy economy.
12. Finance and the economy – end policies which foster a wealth divide and move to a localized and democratic financial system, reform taxes so that they are progressive and provide goods, monetary gain and services for the people.
13. Media – airwaves and the internet are public goods, require that media be honest, accurate and accountable to the people.
14. Food and water – create systems that protect the land and water, create local and sustainable food networks and practices.
15. Transportation – provide affordable, clean and convenient public transportation and safe spaces for pedestrian and non-automobile travel.
Source: Octorber2011.org Issues
For Your Convenience:
- Contact the Broadcast Media
- Contact the Newspapers
- Contact the US Senate
- Contact the House of Representatives