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We’re not a leaderless movement, we’re a movement of leaders – aaroncynic – Open Salon

15 Oct

“I’ve been telling a lot of people – this movement is bigger than any one of us…for any reason somebody has to leave, someone will step up. We’re not a leaderless movement, we’re a movement of leaders.”

Though the crowd may have amounted to two dozen or so activists the moment I arrived, that soon changed. A stream of marchers poured onto the corner, returning from passing through the Loop spreading their message. Plenty of new faces were among them, but Sarah, a 26-year-old legal secretary, has been there, like Micah, since the beginning. She too, felt that the movement has made strides in the past two weeks and seemed undeterred by the changes.

via We’re not a leaderless movement, we’re a movement of leaders – aaroncynic – Open Salon.

The Bankers Don’t Get It!

15 Oct

The alpha monkeys are playing dumb. If they’d studied evolutionary psychology they’d know that equality is in our blood. The protests are not going to stop.

Writing for The New York Times, Nelson Schwartz and Eric Dash report:

“Most people view it as a ragtag group looking for sex, drugs and rock ’n’ roll,” said one top hedge fund manager.

“It’s not a middle-class uprising,” adds another veteran bank executive. “It’s fringe groups. It’s people who have the time to do this.”

Well of course they have time, you fool, you destroyed their jobs playing king of the hill with their pension fund money, their 401K money, and their mortgages! Here’s another one of these self-deluded buffoons!

“Who do you think pays the taxes?” said one longtime money manager. “Financial services are one of the last things we do in this country and do it well. Let’s embrace it. If you want to keep having jobs outsourced, keep attacking financial services. This is just disgruntled people.”

Well, do YOU pay taxes? Warren Buffett says he pays at a lower rate than his secretary. What about you? And just what do you mean this country does financial services well? You guys just blew up the WELL three years ago! What you do well, very well, is get the government to pay you for all the destruction you’ve wrought!

This Midas goes on to say:

He added that he was disappointed that members of Congress from New York, especially Senator Charles E. Schumer and Senator Kirsten Gillibrand, had not come out swinging for an industry that donates heavily to their campaigns. “They need to understand who their constituency is,” he said.

Yep, that’s it! He bought the government and he wants it to stay bought. And I’ll just bet that Schumer and Gillibrand want to stay bought, too. Maybe that’s why this chump was talking to a Times reporter, so he could get in a shout out to his homies/lackies in Congress, reminding them to keep in their place and mind their betters.

“Wall Street continues to underestimate the degree of anger among citizens and voters,” said Douglas J. Elliott, a former investment banker who is now a fellow at the Brookings Institution. For the most part, bankers say that they see the protests as a reaction to the high unemployment and slow growth that has plagued the American economy since the recession and the financial crisis of 2008. Despite all the placards and chants plainly indicating otherwise, some bankers suggest that deep down, the protesters are not really all that mad at them.

Well, of course they’re mad about not having jobs. But anger over jobs has reminded us of something that goes deeper than that, much much deeper.  These guys are out of touch; they don’t have a clue. Continue reading

John Paulson’s Golden Touch Turns Leaden – NYTimes.com

15 Oct

Paulson  personally made $4.9B in his best year.

No wonder Occupy Wall Street took its protest this week to East 86th Street and the 28,500-square-foot limestone mansion owned by the billionaire hedge fund manager John A. Paulson. What better symbol of the excesses of Wall Street than Mr. Paulson, who made billions betting on the real estate collapse and whose opulent surroundings stand in such contrast to the million of Americans who have lost their homes?…

What’s surprising isn’t that Mr. Paulson’s returns have crashed to earth, or even that his reasoning this year has so far proved so spectacularly and consistently wrong. It’s that in lionizing Mr. Paulson and handing their money over to him, so many people succumbed to the enduring myth of the financial genius, ignoring the boilerplate that appears on every prospectus: “Past results are no guarantee of future returns.”

via John Paulson’s Golden Touch Turns Leaden – NYTimes.com.

Public Support Saves Occupy Wall Street – NYTimes.com

15 Oct

Is this a tipping point in US politics? First the Tea Party, now Occupy Wall Street?

The abrupt and unexpected reversal, loudly cheered by rain-soaked demonstrators in the early morning darkness, averted a dangerous clash at the southern tip of Manhattan and seemed to give the unfolding protests against corporate greed, once dismissed as aimless and ephemeral, a growing air of credibility and endurance.

Behind the scenes, interviews suggested, the change in course was fueled by an intensifying sense of alarm within city government, shared even among some of those who work for Mayor Michael R. Bloomberg, that sending scores of police officers into the park would set off an ugly, public showdown that might damage the reputation of the city as well as its mayor.

via Occupy Wall Street Protesters Remain in Zuccotti Park as Cleanup Is Canceled – NYTimes.com.

Welcome to the food justice movement – Grist – Salon.com

14 Oct

Consciously modeled on the Freedom Rides of the 1960s civil rights movement, the Food Rides aim to shine a light on issues of “food justice” — a catchall term that focuses on “ecological and community revitalization and reorganization” as it relates to diet and agriculture. Julio’s workplace travails represented a kind of food injustice — part of a larger system that deepens racial and class divisions, contributes to surging rates of obesity and diabetes, and weakens the traditional relationship between farmers and the land across the globe.

via Welcome to the food justice movement – Grist – Salon.com.

Percentiles — Crooked Timber

14 Oct

I’m now much more sympathetic to the ‘99 per cent’ analysis. First, a closer look at income growth figures suggests that, while the 19 per cent have enjoyed rising incomes, they’ve only barely maintained their share of national income. The redistribution of the past three decades has gone from the bottom 80 per cent to the top 1 per cent.

That suggests the possibility of a policy response in which the main redistributive thrust would be to reverse this process. This would almost certainly involve higher tax payments, but this would be offset by the restoration of public services, which are in economic terms a ‘superior good’, valued more as income rises. The top 1 per cent can buy their own services, and are largely unaffected by public sector cutbacks, but that’s not true of the 19 per cent.

Another important factor is the growth of economic insecurity. The myth of the US as a land of opportunity for upward mobility has been replaced by Barbara Ehrenreich’s Fear of Falling (another good source on this is High Wire by Peter Gosselin). Even if people in the top 19 per cent are doing well, they are less secure than at any time since the 1930s, and their children face even more uncertain prospects.

via Percentiles — Crooked Timber.

Cleanup of Zuccotti Park Is Postponed – NYTimes.com

14 Oct

“Late last night, we received notice from the owners of Zuccotti Park — Brookfield Properties — that they are postponing their scheduled cleaning of the park, and for the time being withdrawing their request from earlier in the week for police assistance during their cleaning operation,” Deputy Mayor Caswell F. Holloway said in a statement.

“Brookfield believes they can work out an arrangement with the protesters that will ensure the park remains clean, safe, available for public use,” Mr. Holloway said, “and that the situation is respectful of residents and businesses downtown.”

via Cleanup of Zuccotti Park Is Postponed – NYTimes.com.

From Canada to Meetup.com, the Journey of a Protest Meme – NYTimes.com

14 Oct

Two days after the start of the Occupy Wall Street protests and thousands of miles away in Nebraska, the movement began to gain online cohesion independent of the magazine.

A 25-year-old artist and designer in Nebraska, foiled in her attempt to travel to New York and take part in the protest, created a simple digital hub for the proliferating Facebook and Twitter accounts calling for the occupation of central squares in other cities.

“Wow, it would be really great if there was a Web site that collected information about all of these,” the designer, Ella, said she recalled thinking.

via From Canada to Meetup.com, the Journey of a Protest Meme – NYTimes.com.

Told to Leave Park, Wall St. Protesters Talk Strategy – NYTimes.com

13 Oct

Occupy Wall Street faces a major practical/tactical decision, and so does Mayor Bloomberg.

At meetings in the corner of the park, protesters discussed strategy in light of Mayor Michael R. Bloomberg’s announcement Wednesday night that the Occupy Wall Street protesters would have to leave temporarily starting at 7 a.m. Friday so that the park could be cleaned. Many have called the evacuation order a pretext for shutting down the protests permanently.

Some people advocated nonviolent resistance. But the wider consensus seemed to be that if the protesters cleaned up their own sleeping bags and tarps and pieces of cardboard and made the park better than new, the city and the park’s owners, Brookfield Properties, might relent and let them stay.

via Told to Leave Park, Wall St. Protesters Talk Strategy – NYTimes.com.

Rajaratnam Is Sentenced to 11 Years – NYTimes.com

13 Oct

The fallen hedge fund billionaire Raj Rajaratnam received the longest prison sentence on record for insider trading on Thursday, a watershed moment in the government’s aggressive two-year campaign to root out the illegal exchange of confidential information on Wall Street.

via Rajaratnam Is Sentenced to 11 Years – NYTimes.com.