OCCUPYWALLSTREET REINFORCEMENTS!

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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby unjonharley » Fri Dec 09, 2011 11:21 am

cowboyangel wrote:
unjonharley wrote:

That would be one hell of a stretch To call Occupy a worker picket line..
Are you trying to make funnies? I know I'm laughing at your jokes..


A lot of the Occupy Oakland people I know are workers...like me. It was something similar back in the 80's that caused ILWU to refuse to unload boats from apartheid South Africa.



Now I have question for anyone reading this thread..

Why would Occupy want to shut our ports???

American no longer produce the products that are coming into our ports..

Americans wont even bring in the food crops from the feilds..
A sweet potato farmer offered $120.00 a day for help.. He had a few takers.. Most worked a half a day..

Could it be that you have a degree in fine arts and you should be payed more???
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Ugly Dougly » Fri Dec 09, 2011 11:52 am

unjonharley wrote:American no longer produce the products that are coming into our ports..


If goods are coming in through our ports, aren't they by definition, produced overseas????

Anyway, I don't think the "audience" is intended to be the laborers as much as the big corporations.
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby theCryptofishist » Fri Dec 09, 2011 12:03 pm

Ugly Dougly wrote:
unjonharley wrote:American no longer produce the products that are coming into our ports..


If goods are coming in through our ports, aren't they by definition, produced overseas????

Anyway, I don't think the "audience" is intended to be the laborers as much as the big corporations.

I read unjon's statement as more:
Americans no longer produce the products, so now they are coming into our ports from overseas.
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby unjonharley » Fri Dec 09, 2011 12:52 pm

Ugly Dougly wrote:
unjonharley wrote:American no longer produce the products that are coming into our ports..


If goods are coming in through our ports, aren't they by definition, produced overseas????

Anyway, I don't think the "audience" is intended to be the laborers as much as the big corporations.


My point exactly...Why is Occupy up in laborers face.. Big Corporation is sitting back laughing it's ass off.. Occupy is fueling the drive for higher prices.. Another round of bonuses please..

Occupy needs a new direction..Say, Demand congress get "our" bailout money back. Is the co. you work for putting "your" retirement into wall Street?? Is your union saving tied up in Wall Street??
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Nipple » Fri Dec 09, 2011 2:08 pm

http://gawker.com/5866688/ - Occupy Wall Street Occupies Law and Order Occupy Wall Street Set

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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Ugly Dougly » Fri Dec 09, 2011 3:21 pm

theCryptofishist wrote:
Ugly Dougly wrote:
unjonharley wrote:American no longer produce the products that are coming into our ports..


If goods are coming in through our ports, aren't they by definition, produced overseas????

Anyway, I don't think the "audience" is intended to be the laborers as much as the big corporations.

I read unjon's statement as more:
Americans no longer produce the products, so now they are coming into our ports from overseas.

I guess so, huh?
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Elderberry » Fri Dec 09, 2011 6:56 pm

For those of you that still are under the mistaken idea that taxing the "Job Creators" would prevent them from hiring new employees, you might want to read this article that debunks that myth, hopefully once and for all:

Having their taxes raised isn't even in the top 20 things they would even think about when considering new hiring. Now let's hope the Republicans put this meme to rest already, I'm so sick of hearing it.

http://www.npr.org/blogs/itsallpolitics/2011/12/09/143398685/gop-objects-to-millionaires-surtax-millionaires-we-found-not-so-much
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby unjonharley » Fri Dec 09, 2011 7:29 pm

jkisha wrote:For those of you that still are under the mistaken idea that taxing the "Job Creators" would prevent them from hiring new employees, you might want to read this article that debunks that myth, hopefully once and for all:


Maybe not.. But being forced to take new employees to rise puts a damper on things..A company can no take a 4-600 $ per month hit for each person they hire..It's better for them to pound the employees they have.. Some times over time payed is better than hiring.. It also keeps people in to low income of part time worker..

Some companies just close there door and move to another country under the pressure of health care and retirement..The US Postal Service is on it's knees behind this stuff..They are going to dump 38000 by the first of the year...
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby cowboyangel » Fri Dec 09, 2011 7:32 pm

Nelson Mandela thanked the San Francisco/Oakland ILWUs for helping to bring down apartheid. This was first brought about by human rights pickets at the ports. ILWU respected those anti-apartheid pickets.
If the Occupy folks cause what is referred to as "an unsafe entry situation", the dock workers are obliged to respect the picket and leave the job. They get pay for that day. No one's putting them out of work. The Occupy folks are also tying to support the ILWU 23 in Longview Washington, where a company partially owned by Goldman Sachs is trying its best to bust the union. Globalism and free trade are the guts of the policies brought in by Democrat Bill Clinton, that shipped over a million US jobs overseas. This the part of the corporate agenda for the US that Occupy is fighting. Labor is too. The two are working in consort. The objective is to create an awareness and opening for job growth here, in the US, that puts workers first before anti-human greed based profits.

ILWU is probably the strongest union in the US. Longview supports the Occupy Oakland folks. The first word in ILWU is INTERNATIONAL....that is the way for all workers to go. Read the 10 Guiding Principles of the ILWU:

ILWU: Ten Guiding Principles – From ILWU Local 13 website

1. 1. A union is built on its members. The strength, understanding and unity of membership can determine the union’s course and it’s advancements. The members who work, who make up the union and pay dues, can best determine their own destiny. If the facts are honestly presented to the members in the ranks, they will best judge what should be done and how it should be done. In brief, It is the membership of the union which is the best judge of its own welfare; not the officers, not the employers, not politicians and fair weather friends of labor. Above all, this approach is based on the conviction that given the truth and the opportunity to determine their own course of action, the rank and file in 99 cases out of 100 will take the right path in their interests of all the people.

2. 2. Labor unity is at all times the key for a successful economic advancement. Anything that detracts from labor unity hurts all labor. Any group of workers through craft unionism or through cozy deals at the expense of others will in the long run gain but little and inevitably lose both its substance and its friends. No matter how difficult the going, a union must fight in every possible way to advance the principles of labor unity.

3. 3. Workers are indivisible. There can be no discrimination because of race, color, creed, national origin, religious or political belief. Any division among the workers can help no one but the employers. Discrimination is a weapon of the boss. Its entire history is proof that it has served no other purpose than to pit worker against worker to their own destruction.

4. 4. “To help any worker in distress” must be a daily guide in the life of every trade union and its individual members. Labor solidarity means just that. Unions have to accept the fact that solidarity of labor stands above all else, including even the so-called sanctity of contract. We cannot adopt for ourselves the policies of union leaders who insist that because they have a contract, their members are compelled to perform work, even behind a picket line. Every picket line must be respected as if it were our own.

5. 5. Any union, if it to fulfill its appointed task, must put aside all internal differences and issues to combine for the common cause of advancing the welfare of the membership. No union can successfully fulfill its purpose in life if it allows itself to be distracted by any issue which causes division in its ranks and undermines the unity which all labor must have in the face of the employer.

6. 6. The days are long gone when a union can consider dealing with single employers. The powerful financial interests of the country are bound together in every conceivable type of united organization to promote their own welfare and to resist the demands of labor. Labor can no longer win with the ancient weapons of taking on a single employer in an industry any more than it can hope to win through the worn-out dream of withholding its skill until an employer sues for peace. The employers of this country are part of a well organized, carefully coordinated, effective fighting machine. They can be met only on equal terms which requires industry-wide bargaining and the most extensive economic strength of organized labor.

7. 7. Just as water flows to its lowest level, so do wages if the bulk of the workers are left unorganized. The day of craft unionism-the aristocracy of labor-was over when mass production was introduced. To organize the unorganized must be the cardinal principle of any union worth its salt; and to accomplish this is not merely in the interest of the unorganized, it is for the benefits of the organized as well.

8. 8. The basic aspirations and desires of the workers throughout the world are the same. Workers are workers the world over. International solidarity, particularly among maritime workers, is essential to their protection and a guarantee of reserve economic power in times of strife.

9. 9. A new type of unionism is called for which does not confine its ambitions and demands only to wages. Conditions of work, security of employment and adequate provisions for the workers and their families in times of need are of equal, if not greater importance, than the hourly wage.

10. 10. Jurisdictional warfare and jurisdictional raiding must be outlawed by labor itself. Nothing can do as much damage to the ranks of labor and the principle of labor unity and solidarity as jurisdictional bickering and raiding among unions. Both public support and strike victories are jeopardized by jurisdictional warfare. (Emphasis added.) Labor donated
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Box Burner » Sat Dec 10, 2011 6:01 am

Ugly Dougly wrote:
unjonharley wrote:American no longer produce the products that are coming into our ports..


If goods are coming in through our ports, aren't they by definition, produced overseas????

Anyway, I don't think the "audience" is intended to be the laborers as much as the big corporations.


We should have tariffs protecting our economy, goods and labor. If an item produced over seas costed more than the same product produced at home our jobs would not be going over seas. the same for labor. If Hewlett Packard had to pay a tarrif that made the cost of Hiring someone in India equal to twice what it cost to hire someone in the United States you can bet that they would not be outsourcing their customer service. And when their foreign made computer ends up costing significantly more than what the same computer would cost if produced in the USA, you can also bet that they will not be making them in China. That is one of the things that tariffs are supposed to do. The other thing that tariffs are supposed to do is fund the government.


In 1792 Tariffs were 95% of federal revenue. The average Tariff was 15.1% There was no income or payroll tax. There were some low excise taxes on only a few goods, such as, whiskey, rum, tobacco, snuff and refined sugar. The whiskey excise tax collected so little and was so despised it was abolished by President Thomas Jefferson in 1802.

Year ------------------------ 1792 ----------------------------------- 2010
Tariff Income ------------- 4.4 million --------------------------- 25,298.0 million
Budget % Tariff ----------- 95% ------------------------------------ 1.2%
Federal Reciepts --------- 4.6 million --------------------------- 2,162,700.0 million
Income Tax --------------- $0.0 ----------------------------------- 1,090,000.0 million
Payroll Tax --------------- $0.0 ----------------------------------- 864,800.0 million
Average tariff ------------ 15.1% --------------------------------- 1.3%

I have no problem with Imports as long as they do not undermine our economy. With very few exceptions goods and services imported from over seas should always cost more than those produced in the U.S. because purchasing them is an investment in that foreign country and not an investment in the United States.
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Bob » Sat Dec 10, 2011 10:15 am

You heroes boycotting the Bay Bridge? BART and MUNI trains? Dumping your cars, bikes and smart-ass phones?
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby unjonharley » Sat Dec 10, 2011 11:11 am

Hey cowboy,,

Check out 5.5 again... Not all union menbers are on board with Occupy..

box, Americans will no work production lines.. Middle class are all employed by government fed, state & local,.. Extended unemployment, pie in the sky student loans and welfare keep the poor out of the work force.. Employment is service work, government and the dug trade.. Service trades is being eaten up by illegals.
Government retirerment and perk's are cutting service to the public.. So no money is moving there..Except there retirement that go's to Wall Street to be lost in artifical down turns.. These are design by the group known as speculators.. Trade unions are in the same boat as government employees..

What ever money boils to the top ((Now here is where OWS comes in)) The rich skim off, reinvest and skim again..
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby littleflower » Sat Dec 10, 2011 1:17 pm

jkisha wrote:For those of you that still are under the mistaken idea that taxing the "Job Creators" would prevent them from hiring new employees, you might want to read this article that debunks that myth, hopefully once and for all:

Having their taxes raised isn't even in the top 20 things they would even think about when considering new hiring. Now let's hope the Republicans put this meme to rest already, I'm so sick of hearing it.

http://www.npr.org/blogs/itsallpolitics/2011/12/09/143398685/gop-objects-to-millionaires-surtax-millionaires-we-found-not-so-much


JK ... seriously ... is that little blog really proof of anything? really? lol......

unjohn, most unions have money in wall street, i believe. my money manager friend recently bid for a teacher's union. if you don't have money in the market you risk losing to inflation. while a lot of people lost money a few years ago, those who stayed in the market have it back ... or much of it, depending on who manages it, i s'pose (mine is back to what it was).
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby unjonharley » Sat Dec 10, 2011 2:40 pm

littleflower wrote:
unjohn, most unions have money in wall street, i believe. my money manager friend recently bid for a teacher's union. if you don't have money in the market you risk losing to inflation. while a lot of people lost money a few years ago, those who stayed in the market have it back ... or much of it, depending on who manages it, i s'pose (mine is back to what it was).


Glad you got your money.. Millions of Americans lost all of there retirement and will have to stay in the jobs market until they die in the harness.
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Elderberry » Sat Dec 10, 2011 5:52 pm

littleflower wrote:
jkisha wrote:For those of you that still are under the mistaken idea that taxing the "Job Creators" would prevent them from hiring new employees, you might want to read this article that debunks that myth, hopefully once and for all:

Having their taxes raised isn't even in the top 20 things they would even think about when considering new hiring. Now let's hope the Republicans put this meme to rest already, I'm so sick of hearing it.

http://www.npr.org/blogs/itsallpolitics/2011/12/09/143398685/gop-objects-to-millionaires-surtax-millionaires-we-found-not-so-much


JK ... seriously ... is that little blog really proof of anything? really? lol......

unjohn, most unions have money in wall street, i believe. my money manager friend recently bid for a teacher's union. if you don't have money in the market you risk losing to inflation. while a lot of people lost money a few years ago, those who stayed in the market have it back ... or much of it, depending on who manages it, i s'pose (mine is back to what it was).

It's NPR. Their reporting is beyond reproach, you Dodo.
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Sola Gangsta » Sat Dec 10, 2011 6:47 pm

Coincidentally, I went to Boston to meet with an engineer from Zurich, CH to discuss time zone research (and the recent lawsuit against the UNIX tzdata) this Thursday and Friday. I was struck by how friendly / civil people were. I heard about the occupy protests while there in the Hyatt Place Hotel in Medford and was watching the eviction notice on TV late Thursday night but couldn't stay awake. Friday night I couldn't stay up either because I had to drive my friend back to the airport by 6 am Saturday. I was driving down 93 to Logan airport just as this was happening (but didn't know eviction was actually in progress at that moment) and coincidentally there was a full moon setting (eclipse from what I hear visible on west coast later on) while I drove by Dewey park which was less than a mile away. I didn't see what was happening while I was there but I'm in NY now and just found out.

http://michaelmoore.com/

It was the longest running occupation in the country so far. My friend from Zurich (who has a thick German accent) said we were too peaceful for a real revolt to happen. He is one of the 1% and because he was interested in my work he put me up all expenses paid, best restaurants, etc. It was surreal for me because most of the time I live like a homeless person, but for the short time that I was very close to an occupy protest, I wanted to participate and couldn't due to prior obligation and promises that I made while surrounded by wealth.
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby theCryptofishist » Sat Dec 10, 2011 8:11 pm

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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby cowboyangel » Sat Dec 10, 2011 8:19 pm

jkisha wrote:It's NPR. Their reporting is beyond reproach, you Dodo.



Yeah but she's a nice dodo
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby littleflower » Sat Dec 10, 2011 10:05 pm

unjonharley wrote:
littleflower wrote:
unjohn, most unions have money in wall street, i believe. my money manager friend recently bid for a teacher's union. if you don't have money in the market you risk losing to inflation. while a lot of people lost money a few years ago, those who stayed in the market have it back ... or much of it, depending on who manages it, i s'pose (mine is back to what it was).


Glad you got your money.. Millions of Americans lost all of there retirement and will have to stay in the jobs market until they die in the harness.


my money isn't enough to retire on, unjon .... i'll be working for some time ..... ! dammit

but while many lost their retirement, there are also plenty - far more - who didn't sell and therefore didn't lose it ... it was just low for awhile. i'm not making light of those who got screwed ....... the thing is, i'm just not ready to trash the system yet, even if the rest of youz are.......
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby FIGJAM » Sat Dec 10, 2011 10:13 pm

Don't trash the system, but police the hell out of it, with no breaks for cheaters and thieves!
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby littleflower » Sat Dec 10, 2011 10:27 pm

thieves are thieves, no doubt about it .... but laws are tricky, and there are a lot of clever jerks out there .....

* sticks out tongue at JK and cowboy *
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby unjonharley » Sat Dec 10, 2011 10:38 pm

littleflower wrote:thieves are thieves, no doubt about it .... but laws are tricky, and there are a lot of clever jerks out there .....

* sticks out tongue at JK and cowboy *


The little Bush remove the regulations that let the crook in..

Before the 29 crash there was thing called penny stocks.. It was the smoking gun of the crash.. Regulation were place to stop this practice.. Little Bush dumped this law as a favor to the donors to his election..
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby theCryptofishist » Sun Dec 11, 2011 10:43 am

Let's give credit where credit is due. Bill Clinton also signed things that deregulated banking. And then there was the rehearsal for all this, the Saving and Loan bankruptcies of the 1980s.
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby cowboyangel » Sun Dec 11, 2011 10:49 am

littleflower wrote:thieves are thieves, no doubt about it .... but laws are tricky, and there are a lot of clever jerks out there .....

* sticks out tongue at JK and cowboy *


watch what ya do with that tongue....someone could occupy it....
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby unjonharley » Sun Dec 11, 2011 10:57 am

theCryptofishist wrote:Let's give credit where credit is due. Bill Clinton also signed things that deregulated banking. And then there was the rehearsal for all this, the Saving and Loan bankruptcies of the 1980s.


Now Occupy Walls Street has to demand the cat be put back in the bag..
So far they have not gotten shoulder to shoulder on this subject..
To do this they must bring all Occupy on board for this one..

Occupy other cities have run off in ten different directions..
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby ygmir » Sun Dec 11, 2011 10:59 am

theCryptofishist wrote:Let's give credit where credit is due. Bill Clinton also signed things that deregulated banking. And then there was the rehearsal for all this, the Saving and Loan bankruptcies of the 1980s.


*noting Fishy's "CQ" rising dramatically* well, in my eyes, anyway. Thanks Fishy.
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Elderberry » Sun Dec 11, 2011 11:08 am

Interesting, and short, article explaining OWS and its future.

http://www.time.com/time/nation/article/0,8599,2101802,00.html
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Box Burner » Sun Dec 11, 2011 11:26 am

unjonharley wrote:
box, Americans will no work production lines.. Middle class are all employed by government fed, state & local,.. Extended unemployment, pie in the sky student loans and welfare keep the poor out of the work force.. Employment is service work, government and the dug trade.. Service trades is being eaten up by illegals.
Government retirerment and perk's are cutting service to the public.. So no money is moving there..Except there retirement that go's to Wall Street to be lost in artifical down turns.. These are design by the group known as speculators.. Trade unions are in the same boat as government employees..

What ever money boils to the top ((Now here is where OWS comes in)) The rich skim off, reinvest and skim again..



Americans used to work production lines. They still would if the corporations were not trying to make slaves of them.

One of my first jobs was working for a computer company making circuit boards for mainframe computers. The company was privately owned. A couple of years after I started they merged or were bought out by a corporation and the first thing that they did was to bring an assessment team to determine how long it took to put in each and every little part right down to the last little screw. When the results were released it was clear that what they had was not the average time, but that of the fastest worker for each operation. That was held up as the standard that everyone should reach. If you were only getting 85% of the standard then it was cause for disciplinary action. And so it has gone. After standards then a new more "cost effective" Benefits package is purchased for the employees. The fact that the employees are actually getting less is always glossed over at the benefits meetings. Meetings in which the employee has no say in what they are getting anyway. (There is, of course, a door if you don't like it.) Then they stopped the cost of living raises. (anyone remember those?) Stress went up immediatly and people began to be dissatisfied with their jobs.

The company I last worked for was owned by one family until just a few years ago. They made a nice profit and did not mind paying good wages and benefits to the people that worked for them. People who hired on usually stayed. 85% of the jobs there were line work. The first thing to go away after the company was sold to a corporation was the ability for employees to buy company products at the same cost it was being sold to wally world. Then they started looking for ways to reduce the work force. Then came the new benefits package. This company was already very profitable. But they found a new way to be even more profitable; exploit the employees. This was a god thing for them to do because it followed the business model of every other big corporation.

So all the money flows up. Even some of the money that used to go in the employees pockets. It's all going to the 1% at the top.

So yeah, OWS, the 99%, do have a point.
Dance in the heart of chaos. . . . .

ὁ δὲ ἀνεξέταστος βίος οὐ βιωτὸς ἀνθρώπῳ
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby cowboyangel » Sun Dec 11, 2011 11:52 am

The heart of the matter is banking...always was always is. Ellen Brown again:

Pulling Back the Curtain on the Wall Street Money Machine

By Ellen Brown

December 7, 2011

On November 27, Bloomberg News reported the results of its successful case to force the Federal Reserve to reveal the lending details of its 2008-09 bank bailout. Bloomberg reported that by March 2009, the Fed had committed $7.77 trillion in below-market loans and guarantees to rescuing the financial system; and that these nearly interest-free loans came without strings attached.

The Fed insisted that the loans were repaid and there have been no losses, but the Bloomberg report said the banks reaped a $13 billion windfall in profits; and “details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.”

The revelations provoked shock and outrage among commentators. But in a letter to the leaders of the House and Senate Committees focused on the financial services industry, Fed Chairman Ben Bernanke responded on December 6th that the figures were greatly exaggerated. He said the loans were being double-counted: short-term loans rolled over from day to day were counted as separate cumulative loans rather than as a single extended loan.

The Fed, it seems, was doing only what banks and the money market do for each other every day: making “liquidity” available at very low interest rates. In 2008, bank liquidity dried up after Lehman Brothers collapsed, and the banks could not get the cheap, ready credit on which their lending scheme depends. The Fed then stepped in as “lender of last resort,” doing what it had to do to keep the banking scheme going.

Keeping the banking system afloat is all well and good. What is wrong with the existing scheme is that it allows the Fed to play favorites. As Alan Grayson observed in a December 5th editorial:

The main, if not the sole, qualification for getting help from the Fed was to have lost huge amounts of money. The Fed bailouts rewarded failure, and penalized success. . . .

During all the time that the Fed was stuffing money into the pockets of failed banks, many Americans couldn’t borrow a dime for a home, a car, or anything else. If the Fed had extended $26 trillion in credit to the American people instead of Wall Street, would there be 24 million Americans today who can’t find a full-time job?

All in the Name of Liquidity

What is this need for “liquidity” that justifies such extraordinary measures on behalf of the banks? Why do banks need cheap and ready access to funds? Aren’t they the lenders rather than the borrowers of funds? Don’t they simply take in deposits and lend them out?

The answer is no. Today when banks make loans, they extend credit FIRST, then fund the loans by borrowing from the cheapest available source. If deposits are not available, they borrow from another bank, the money market, or the Federal Reserve.

Rather than loans being created from deposits, loans actually CREATE deposits. They create deposits when checks are drawn on the borrower’s account and deposited in another bank. These deposits can then be borrowed back at the Fed funds rate—currently a very low 0.25%. A bank can thus create money in the form of “bank credit,” lend it to a customer at high interest, and borrow it back at very low interest, pocketing the difference as its profit.

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If all this looks like sleight of hand, it is. The process has been compared to “check kiting,” defined in Barron’s Business Dictionary as:

[An] illegal scheme that establishes a false line of credit by the exchange of worthless checks between two banks. For instance, a check kiter might have empty checking accounts at two different banks, A and B. The kiter writes a check for $50,000 on the bank A account and deposits it in the bank B account. If the kiter has good credit at bank B, he will be able to draw funds against the deposited check before it clears, that is, is forwarded to bank A for payment and paid by bank A. Since the clearing process usually takes a few days, the kiter can use the $50,000 for a few days and then deposit it in the bank A account before the $50,000 check drawn on that account clears.

Setting Things Right

As suspicious as all this appears, the economy actually needs an expandable credit system, and an expandable credit system needs a lender of last resort. What is wrong with the current scheme is that it discriminates against Main Street in favor of Wall Street. Banks can borrow very cheaply, while individuals, corporations and governments pay “whatever the market will bear.” The banker middlemen take their cut in a scheme in which money is actually manufactured in the process of lending it. The profits are siphoned off to the 1% at the expense of the 99%.

To fix the system, the profits need to be returned to the 99%. How that could be done was suggested by Thom Hartmann in a recent editorial:

Have the central bank owned by the US government and run by the Treasury Department, so all the profits . . . go directly into the Treasury and you and I pay less in taxes . . . .

For a model on the local level, he pointed to the Bank of North Dakota:

The good people of North Dakota . . . established something very much like this—the Bank of North Dakota—and it’s kept the state in the black, and kept its farmers, manufacturers and students protected from the predations of New York banksters for nearly a century. It’s time for every state to charter their own state bank, just like North Dakota did, and for the Treasury Department to either buy the Fed from the for-profit banks that own it, or simply nationalize it.

We have been distracted here and in Europe by a sudden panic over our “sovereign debt” crises, when the real crisis is that our debt is NOT sovereign. We are indentured to a Wall Street money machine that creates our money and lends it back to us at interest, money our sovereign government could be creating itself, with full democratic oversight and accountability to the people. We have forgotten our roots, when the American colonists thrived on a system of money created by the people themselves, debt-free and interest-free. The continued dominance of the Wall Street money machine depends on that collective amnesia. The fact that this memory is surfacing again may be the machine’s greatest threat—and our greatest hope as a nation.
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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Re: OCCUPYWALLSTREET REINFORCEMENTS!

Postby Elderberry » Mon Dec 12, 2011 11:20 am

OK So I will be curious to here comments from the people on here that actually think Fox Noise is "fair and balanced" and offers a legitimate conservative perspective. This from a prominent conservative and former speech writer for GWB, David Frum. http://videocafe.crooksandliars.com/david/frum-fox-news-creates-alternative-knowledge-
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