Occupy Wall Street

[JPhishman]

Well it's taken a month but I think some real attention is finally being drawn to this. A lot of people are pissed off, and rightly so. Plenty of people nationwide that harbor these same frustrations but aren't taking to the streets. But what is the endgame? How long can this go on? How far will it escalate?

I honestly don't know what to think right now, but realizing the heights this demonstration is reaching is starting to cause some anxiety for me personally and I'm sure I'm not alone.

People are right to be upset and to let it be known. But where is this headed?

[Superfreakie]

Had this begun at the beginning of summer we might of seen an escalation. But as it gets colder, people will stay home.

On Obama's long list of failures, the failure to reign in (regulate) the banks when he had the entire population on his side has got to be one of his greatest. 

[runawayjimbo]

But what is the endgame?

This is the problem I have with the protests. No one seems can put together a coherent message that explains what they are doing. And because of that, it's morphed into this confused collection of disillusionment with no real purpose. First it's about holding Wall St. accountable for their role in the financial crisis (a very laudable goal, IMO). Then it's about stopping global warming. Down with capitalism! Free healthcare and college education for all! Stop lab testing on animals! $1T in infrastructure spending! Destroy the evil Fox News empire!

I know they kinda pride themselves for this "leaderless" movement, but it's the lack of direction that is ultimately going to make this fizzle out (that or, as Superfreakie very presciently points out, the cold weather). But don't worry, the unions are now going to lend their support. And they've never been one to make a power grab.

On Obama's long list of failures, the failure to reign in (regulate) the banks when he had the entire population on his side has got to be one of his greatest. 

I cannot +k you enough for that. This is probably the main source of my disenfranchisement with Obama. But, is it really that surprising?

Campaign Contributions by Sector - 2008

Industry	Obama	McCain
Commercial Banks	$3.4M	$2.4M
Hedge Funds/Private Equity	$3.5M	$2.0M
Insurance	$2.7M	$2.5M
Real Estate	$11.2M	$9.6M
Securities & Investment	$15.8M	$9.2M

source: OpenSecrets.org

[susep]

the majority of protesters are wearing Made in China or Made in Malaysia, are they protesting their own consumerism? 

[phil]

the majority of protesters are wearing Made in China or Made in Malaysia, are they protesting their own consumerism?

Truth.

[sls.stormyrider]

Had this begun at the beginning of summer we might of seen an escalation. But as it gets colder, people will stay home.

On Obama's long list of failures, the failure to reign in (regulate) the banks when he had the entire population on his side has got to be one of his greatest.

the underlying problem, imo, is that he gave too much latitude to Congress rather than putting his foot down and getting things through.

that, and having advisors tied in to WS establishment.

[Superfreakie]

that, and having advisors tied in to WS establishment.

one in particular, Mr. Geithner.

Complete failure at the NY Fed, and then he finds himself as Secr. Treas. Unbelievable.

[runawayjimbo]

the majority of protesters are wearing Made in China or Made in Malaysia, are they protesting their own consumerism?

What, you mean they don't have cell phones with video cameras in Cuba and Laos?

that, and having advisors tied in to WS establishment.

one in particular, Mr. Geithner.

Complete failure at the NY Fed, and then he finds himself as Secr. Treas. Unbelievable.

Don't forget Larry "I'm smarter than you, asshole!" Summers, who had as much of a hand as Phil Gramm in turning banks into casinos.

[sls.stormyrider]

exactly, I didn't name Geitner and Summers specifically for the simple reason there are too many people, for too many years, to name.

[Superfreakie]

the majority of protesters are wearing Made in China or Made in Malaysia, are they protesting their own consumerism?

While some might be protesting consumerism, most are simply protesting a corporate system that has run wild. That does not mean they want it abolished, but simply reigned in. Because if you thought this bubble was bad, just you wait till the next one. China's housing market is presently heating up big time. Asia will produce the next bubble and when that one bursts, hang on tight.

[gah]

the majority of protesters are wearing Made in China or Made in Malaysia, are they protesting their own consumerism?

While some might be protesting consumerism, most are simply protesting a corporate system that has run wild. That does not mean they want it abolished, but simply reigned in. Because if you thought this bubble was bad, just you wait till the next one. China's housing market is presently heating up big time. Asia will produce the next bubble and when that one bursts, hang on tight.

SF's on point. No one is saying they can't have their yachts, and jets, etc. It's just that the greed has gone too far. Not that it's ok when it comes at the cost of the rest of the world working for pennies to feed America's consumerism, but now it's reached these shores, those very Americans that are funneling the money up the system, and all of a sudden everyone's in a huff. While the corporate elites may be the 1%, if you look at it on a global scale, they're even higher, they're the top .0001% (random# to prove a point).I'm glad they're protesting, and I wish them well. I just wish they were better informed about what and how they're prtesting, because the one thing I can't stand is the media latchin gon to some dumbass and asking what are you protesting, and they resond, "to change the world"  :roll:

[Guyute]

I am asking this because I don't know.  My understanding is that a big part of the protest is the fact that no one has been indicted for what happened.  What I don't know is what law was broken?  Was there one or was there just a huge gap in regulations?

[sls.stormyrider]

Clearly there was a huge gap in regulations.
I don't know if any law was broken.
i have to think that selling credit default swaps when you're buying the other side is unethical unless you disclose that to they buyer. I don't know if that's against the law, my understanding is they did not disclose their conflict of interest.
The bigger issue, imo, is that what happened can easily happen again. The financial industry, through it's surrogates in our nations capitol, have assured that appropriate regs do not and will not exist.

[Guyute]

Gotcha.  It may be and SEC violation, not sure.    I think they were buying the swaps and shorting the other side, not buying the other side. 


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[rowjimmy]

There has been inadequate effort to determine if laws were broken.

Those responsible are still making bonus checks despite the ruination that they have brought to the world.