Tag Archives: Arab String

The Bankers and the Revolutionaries – NYTimes.com

2 Oct

Arab Springs comes to Wall Street:

“This was absolutely inspired by Tahrir Square, by the Arab Spring movement,” said Tyler Combelic, 27, a Web designer from Brooklyn who is a spokesman for the occupiers. “Enough is enough!”

The protesters are dazzling in their Internet skills, and impressive in their organization. The square is divided into a reception area, a media zone, a medical clinic, a library and a cafeteria. The protesters’ Web site includes links allowing supporters anywhere in the world to go online and order pizzas (vegan preferred) from a local pizzeria that delivers them to the square.

This is big (boldface mine):

In effect, the banks socialized risk and privatized profits. Securitizing mortgages, for example, made many bankers wealthy while ultimately leaving governments indebted and citizens homeless.

We’ve seen that inadequately regulated, too-big-to-fail banks can undermine the public interest rather than serve it — and in the last few years, banks got away with murder. It’s infuriating to see bankers who were rescued by taxpayers now moan about regulations intended to prevent the next bail-out. And it’s important that protesters spotlight rising inequality: does it feel right to anyone that the top 1 percent of Americans now possess a greater collective net worth than the entire bottom 90 percent?

via The Bankers and the Revolutionaries – NYTimes.com.