Bloomberg: Bankers Seek to Debunk Attack on Top 1%.
Everything about this article is perfectly hilaritragic. I especially looooooove the insistence that the richest people in the country are rich exclusively because of hard work and perseverance. "Instead of an attack on the 1%, let's call it an attack on the very productive." Ha ha sure. Let's do that, fucko.
But first, let's you and I see which one of us works harder in a day. Let's see if you or the last waitress who served you works harder in a day. Let's see if you or any one of the hundreds of people in service jobs with whom you come into contact on a daily basis whose humanity you don't even notice, no less acknowledge, works harder in a day. Let's see if you or a homeless person just trying to stay warm, fed, and alive works harder in a day.
Let's do that math, and then let's indeed call the increasing divide between the haves and the have-nots in this richest country in the world "an attack on the very productive."
Productivity isn't the issue. The kind of work we choose to value and the people whom we choose to do that value is.
Showing posts with label Occupy Wall Street. Show all posts
Showing posts with label Occupy Wall Street. Show all posts
This is so the worst thing you're going to read all day.
Economic News Round-Up
Here's some of what I've been reading this morning...
Reuters—Anti-Wall Street activists look to block West Coast ports:
Anti-Wall Street protesters, hoping to briefly cripple a key supply chain of American commerce and re-energize their movement, plan to attempt to block major West Coast ports on Monday.And reminding us why the Occupy Movement exists...
By marching on U.S. ports from California to Alaska, organizers look to call attention to economic inequalities in the country and a financial system they complain is unfairly tilted toward the wealthy.
The planned action comes after the Occupy movement that began in New York in September has seen its tent camps in most big West Coast cities dismantled in police raids, leaving the movement looking for new avenues to voice its discontent.
...Police in several cities were so far not disclosing their plans for handling the protesters or whether they aimed to confront them, risking clashes, or stand back.
The Port of Oakland has mounted a public relations campaign to dissuade protesters from joining the effort, while two of the largest labor unions involved have split -- with the International Longshore and Warehouse Union opposed to the blockade and Teamsters in favor.
But union workers were largely expected to stay on the job, and were contractually barred from joining such a strike. The protest will focus in part on truck drivers who earn low wages and cannot join unions because they are classified as independent truck drivers, and must provide their own trucks.
"It's a group that encapsulates basically everything that is wrong with society," [Mike King, a graduate student who acts as a media liaison for Occupy Oakland] said.
New York Times—With lobbying blitz, for-profit colleges diluted new rules:
Last year, the Obama administration vowed to stop for-profit colleges from luring students with false promises. In an opening volley that shook the $30 billion industry, officials proposed new restrictions to cut off the huge flow of federal aid to unfit programs.I highly recommend reading this whole article. In other reminders of why the Occupy Movement exists...
But after a ferocious response that administration officials called one of the most intense they had seen, the Education Department produced a much-weakened final plan that almost certainly will have far less impact as it goes into effect next year.
The story of how the for-profit colleges survived the threat of a major federal crackdown offers a case study in Washington power brokering. Rattled by the administration's tough talk, the colleges spent more than $16 million on an all-star list of prominent figures, particularly Democrats with close ties to the White House, to plot strategy, mend their battered image and plead their case.
Bloomberg: Bank Credit Highest Since Before Lehman as US Growth Continues.
WaPo: Congress Edges Toward a Bipartisan Compromise on Spending.
CNN Money: Millions of Unemployed Americans to Lose Unemployment Benefits if Congress Doesn't Act.
Paul Krugman in the New York Times—Depression and Democracy: "It's time to start calling the current situation what it is: a depression. True, it's not a full replay of the Great Depression, but that's cold comfort."
Meanwhile, the Eurozone debt crisis is "far from over."
As always, please feel welcome and encouraged to leave links to anything you're reading and/or writing in comments.
Economic News Round-Up
Let's start in Europe, where the history comes from...
CNN Money—European leaders hash out crisis deal:
A majority of European leaders agreed early Friday on a new deal to try to resolve the continent's debt crisis, but some countries including Britain refused to back a broader treaty change.As a result of the news, stocks are up. For now. The rollercoaster continues in the Eurozone.
The 17 members of the eurozone, which share the embattled single currency, reached a deal for a new intergovernmental treaty to deepen the integration of national budgets.
Six other EU nations supported the deal. "We're doing everything we can to save the euro," President Nicolas Sarkozy of France said at a news conference in Brussels following a marathon summit meeting of EU leaders.
Iain and I were talking about the European crisis for a long time last night, and we were both lamenting the push for austerity in Europe, which will be just as ineffectual as it will be in the US, because it's not an economic solution; it's a deflection of accountability. Austerity is just a fancy name for the strategy of making poor people pay for wealthy people's mistakes.
Speaking of which...
The Hill—Dems' payroll tax cut extension goes down again in Senate: "Senate Republicans blocked the latest installment of President Obama's jobs plan—a bill to extend the payroll tax cut—for the second week in a row on Thursday. The bill, titled the Middle Class Tax Cut Act, was shot down 50-48. It would have cut the payroll tax paid by employees to 3.1 percent from the current 4.2 percent while funding itself by imposing a surtax on millionaires."
Paul Krugman in the New York Times—All the GOP's Gekkos:
Almost a quarter of a century has passed since the release of the movie "Wall Street," and the film seems more relevant than ever. The self-righteous screeds of financial tycoons denouncing President Obama all read like variations on Gordon Gekko's famous "greed is good" speech, while the complaints of Occupy Wall Street sound just like what Gekko says in private: "I create nothing. I own," he declares at one point; at another, he asks his protégé, "Now you're not naïve enough to think we're living in a democracy, are you, buddy?"The Hill—GOP seeks to cut unemployment benefits: "GOP leaders hope to build momentum for an end-of-year tax package with sweeping reforms to federal unemployment benefits. The Republican proposal is expected to reduce the total number of weeks unemployed workers are eligible for aid by as much as 40 weeks and tighten rules for eligibility."
...[T]he current orthodoxy among Republicans is that we mustn't even criticize the wealthy, let alone demand that they pay higher taxes, because they're "job creators." Yet the fact is that quite a few of today's wealthy got that way by destroying jobs rather than creating them.
Digby—Next step in our Randian dystopia: stigmatize the unemployed: "[J]ust as you can tell if someone looks like an '"illegal' you can tell if someone's likely to be a drug user. They're just looking for the 'bad people' who are stealing the money from hard working taxpayers."
And in Occupy news...
Greg Sargent: Winning the Argument.
CNN: Midnight deadline passes for Occupy Boston protesters to clear out.
WSJ: NYU to Offer Classes on Occupy Wall Street.
As always, please feel welcome and encouraged to leave links to anything you're reading and/or writing in comments.
Economic News Round-Up
Protesters march on November 30, 2011 in London, United Kingdom. More than 2 million public sector workers are staging a nationwide strike over cuts to their public sector pensions. The strike began at midnight leading to the closure of most state schools, disruption to rail and tunnel services, delays at border areas inside airports and ferry terminals and the postponement of thousands of non-emergency hospital operations. The TUC has said it is the biggest stoppage in more than 30 years, with hundreds of marches and rallies due to take place in cities and towns across the UK. [Getty Images]Here's some of what I've been reading this morning...
Politicker NY—Mayor Bloomberg: 'I Have My Own Army': "In a speech at MIT last night to discuss the packed sweepstakes to build a tech campus in New York City, Mayor Bloomberg said he prefers City Hall to the White House. ... 'I have my own army in the NYPD, which is the seventh biggest army in the world. I have my own State Department, much to Foggy Bottom's annoyance. We have the United Nations in New York, and so we have an entree into the diplomatic world that Washington does not have,' Mayor Bloomberg said." Yikes.
On the other side of the country, Fox's local affiliate hits a new low as its reporter implies exiled Occupy LA protesters left behind jars of human waste and were keeping mysterious jars of white liquid—which Tina at Crooks & Liars notes is likely an antacid of some sort, which helps to neutralize the effects of pepper spray and teargas. Of course, not identifying what it is and ominously saying a protestor reportedly kicked a bottle of the white stuff at police is not only a great way to discredit the protesters, but also to imply that they're the violent ones, as opposed to the government representatives using chemical weaponry on them that necessitates the existence of the bottles of white stuff in the first place.
Nicholas Kristof speaks to a regretful banker for his latest column, and reports on the inherent unfairness that it was the irresponsible banks who were bailed out by the Federal Reserve to the tune of "$7.8 trillion, equivalent to more than $25,000 per American," instead of the people on whom those banks preyed to reap the rewards of high-risk mortgages.
Meanwhile, in Washington, the GOP will "support extending the payroll-tax cut," but only if it's "paid for." Funny how the Bush tax cuts to the wealthy never seem to generate such intense interest in budgeting.
Also in the Beltway: Congressional incumbents start attracting 'super PACs:' The Influence Industry.
Each of the top presidential candidates already has at least one super PAC raising unlimited funds to support his or her campaign. Now some members of Congress are getting in on the action, too.Perfect. If there's one thing that we needed in this country, it was a way to make it easier for corporations to own members of Congress. Democracy is so messy. This will be much easier for all of us.
Several new super PACs have sprung up in recent months with the explicit aim of helping a particular lawmaker... But the boldest proposal comes from Sen. Mike Lee (Utah), a freshman Republican who wants to add a super PAC component to his leadership PAC, the Constitutional Conservatives Fund. The Federal Election Commission is set to consider the request during a meeting Thursday.
The idea would allow Lee to raise unlimited funds from corporations and wealthy individuals as head of the super PAC, then spend the funds to help other Republicans. It would mark another step toward unraveling campaign-finance restrictions that generally require outside groups to act independently of candidates.
I can't wait until Congressmembers get their matching jumpsuits and start attaching the sponsorship patches. Hey, if it's good enough for NASCAR, it's good enough for Congress! USA! USA! USA!
Economic News Round-Up
The password is: Shrinkage.
Businessweek—Ireland's Economic Growth Rate to Halve in 2012, ESRI Says: "Ireland's economic growth rate will more than halve next year as exports slow amid a deepening euro-region debt crisis, the Economic & Social Research Institute said. ... 'There has been a significant deterioration in the outlook for the world economy in recent months stemming from the uncertainty about the euro zone debt crisis,' the ESRI said."
Reuters—Brazil Poised for 3rd Rate Cut as Inflation Slows: "Brazil is seen likely to cut interest rates a third straight time on Wednesday, ramping up a bet that the euro zone debt crisis and a fragile world economy will brake inflation in Latin America's biggest country. ... A worsening debt crisis in Europe is clouding the global economy, inflation has begun to ease in Brazil, and recent indicators show the country's economy may have contracted in the third quarter."
AFP—China Eases Credit Controls Amid Slowing Growth: "China said Wednesday it will cut the bank reserve requirement ratio by 50 basis points, as it seeks to boost lending and spur growth in the world's second largest economy. The move, which takes effect on December 5, is the strongest signal yet that the government wants to ease tight credit restrictions put in place to curb surging inflation and property prices."
Bloomberg—South Africa Economy Expands Less Than Forecast at 1.4% as Exports Slump: "South Africa's economy, the biggest in Africa, expanded at an annualized 1.4 percent in the third quarter, less than economists forecast, as manufacturing and mining output slumped. ... South Africa is struggling to meet employment and economic growth targets as the debt crisis in Europe, which buys about a third of South African manufactured goods, pushes that region close to recession."
Businessweek—Egypt's Rulers Face Unrest, Crumbling Economy as Vote Begins: "The unrest in Egypt has hurt the economy, as tourists have shunned the country and industrial production has been hit by strikes. Gross domestic product grew 1.8 percent in the fiscal year through June, the slowest in at least a decade. The country's long-term foreign sovereign credit rating was cut one level to B+, four levels below investment grade, at Standard & Poor's on Nov. 24."
Reuters—India's Economy Slows to Weakest Pace in More Than Two Years: "India's economy grew at its weakest pace in more than two years in the quarter that ended in September, revealing the heavy toll that stubborn inflation, rising interest rates and crisis-hit global capital markets are having on Asia's third-biggest economy. ... The economy has been hit by a confluence of factors. Inflation has been persistently high all year, policy inertia has hurt investment and industrial output and, now, capital outflows have pushed the rupee to new lows."
Bloomberg—Denmark's Economy Shrank More Than Estimated Last Quarter: "Denmark's economy contracted in the third quarter, after households spent less and the government cut expenditure, threatening to delay the nation's recovery as twin housing and bank crises persist."
Businessweek—German Economy to Shrink 0.2% in Fourth Quarter, Institute Says: "The German economy, Europe's biggest, may slide into a 'technical' recession at the end of the year as domestic and foreign orders drop, the DIW economic institute said. The economy will shrink 0.2 percent this quarter, led by a slump in industrial production, and may contract again in the first three months of 2012, the Berlin-based institute said today in an e-mailed statement. 'The euro crisis is affecting the German economy more and more,' DIW economist Ferdinand Fichtner said in the statement."
Bloomberg—Slovenian Economy Unexpectedly Contracted in the Third Quarter: "Slovenia's economy unexpectedly contracted in the third quarter from a year earlier as industrial output and export growth lost pace."
Etc. Shockingly, European confidence in the economic outlook has fallen to a two-year low. Huh. Go figure.
In good news, Poland, Canada, and Sweden have done slightly better than expected. And USians are inexplicably more confident about their economy, up 15 points to 56.0 from October's low of 40.9. Well aren't we the eternal optimists!
In other economic news...
CNN Money—Fed, ECB Offer Aid for Global Financial System: "The Federal Reserve, acting with five other central banks, took further steps Wednesday to make it cheaper for banks around the world to trade in U.S. dollars. The Fed—along with central banks of the eurozone, England, Japan, Switzerland and Canada—announced a coordinated plan to lower prices on dollar liquidity swaps beginning on December 5, and extending these swap arrangements to February 1, 2013. The effort is meant to 'ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity,' the Federal Reserve said in a press release."
The Guardian—World Central Banks Launch Co-Ordinated Action to Fight Financial Crisis: "Federal Reserve, ECB, Bank of England, the Bank of Japan, the Bank of Canada and the Swiss Central Bank act to prevent liquidity drying up in the financial system." Live coverage will continue throughout the day at the link.
CNN—Study: Cyber Monday Was Biggest Online Shopping Day Ever in US: "Analysts have begun providing their final tallies for Cyber Monday sales, which found that people piled more in their virtual shopping carts than ever before. Monday was the highest-grossing online shopping day in U.S. history, with spending reaching $1.25 billion, according to market research firm comScore. That's up 22% from the previous record, which was last year's Cyber Monday."
The Guardian—Occupy Protests: Police Clear Activists from LA and Philadelphia Camps: "Hundreds of police officers are clearing protesters from Los Angeles and Philadelphia, arresting those refusing to leave and dismantling tents. ... [T]here were 200 arrests in Los Angeles alone, according to police. In Los Angeles around 1,400 officers wearing riot gear and biohazard suits were moving members of Occupy Los Angeles after they ignored a Monday deadline to leave the area. ... In Philadelphia, police began pulling down tents at about 1:20am (EST) after giving demonstrators three warnings that they would have to leave, which nearly all of the protesters followed. Dozens of demonstrators then marched through the street until they were stopped by police."
As always, please feel welcome and encouraged to leave links to anything you're reading and/or writing in comments.
Once More, With Feeling
Again: If your revolution doesn't implicitly and explicitly include a rejection of misogyny and other intersectional marginalizations, then you're not staging a revolution: You're staging a change in management.
I dedicate this to you, OccupyChicago.
Occupy Everywhere & Economic News Round-Up
Occupy Wall Street (OWS) supporters witness an arrest of one of their fellow at Zuccotti Park decorated with Christmas lights, in New York, November 21, 2011. OWS said 32,500 gathered last week to mark the anti-capitalist movement's two-month anniversary at Foley Square in lower Manhattan before many marched across the Brooklyn Bridge. [Getty Images]Here's some of what I've been reading this morning...
Tina Dupuy has an interesting piece in The Atlantic about the gender disparity at Occupy encampments. See also Echidne's take on Dupuy's piece.
Gallup finds that US support for the Occupy Movement remains unchanged from a month ago at about 25% in favor, about 20% opposed, and about 55% conflicted or indifferent. Respondents, however, are now slightly more critical of "the way the protests are being conducted."
In Supercommittee Failure news...
Greg Sargent plainly (and correctly) states that "both sides" are not equally to blame for the breakdown in negotiations: "This is the primary difference in a nutshell: The Dem offer involved both sides making roughly equivalent concessions; the GOP offer didn't. The main GOP concession—the additional revenues—would have come in exchange for Dems giving ground on two major fronts: On cuts to entitlements, and on making the Bush tax cuts permanent. Putting aside whether the supercommittee failure matters at all, it's plainly true that one side was willing to concede far more than the other to make a deal possible. And anyone who pretends otherwise is just part of the problem."
And because our political system is irrevocably broken, both parties will look to exploit that failure for political gain: "[W]ith the [Bush tax cuts] due to expire at the end of 2012 and their fate left unresolved by the supercommittee, both parties are already positioning themselves to exploit the issue for maximum electoral advantage. President Obama, who campaigned on repealing the breaks for the wealthy, angered his base last year when he agreed to extend all the tax cuts beyond their original expiration, at the end of 2010. This time, the president has vowed to veto any effort to extend the tax breaks on upper-income Americans. ... Republicans vying to challenge Obama argue the tax cuts should be made permanent, not just for the wealthy but for middle-income Americans as well. And GOP strategists say the White House's position makes the president vulnerable to charges that he would impose what many Republicans are already calling the 'biggest tax increase in American history' if reelected."
Aside from political gamespersonship, what now? "Failure by the committee, evenly split between six Democrats and six Republicans from the House and Senate, sets in motion an alternative timetable for $1.2 trillion in spending reductions starting in January 2013. Leaders on both sides of the aisle are unhappy with the nature of the fallback plan, which cuts evenly from domestic and defense programs." Senate Minority Leader Mitch McConnell tries to hang the president with the responsibility for preventing the cuts: "Now it falls on the president to ensure that the defense cuts he insisted upon do not undermine national security." President Obama hangs the responsibility on Congress: "The only way these spending cuts will not take place is if Congress gets back to work and agrees on a balanced plan to reduce the deficit by at least $1.2 trillion. That's exactly what they need to do. That's the job they promised to do. And they've still got a year to figure it out."
The only thing that Democrats and Republicans can agree on anymore is that it's not their fault and it's definitely the OTHER party's responsibility to fix everything.
In related news, trying to prove he is NOT BORING and can be, in fact, just as loathsomely incendiary and irresponsible as all the best Republicans, Mitt Romney [trigger warning for violent rhetoric] described the automatic defense spending cuts initiated by the supercommittee's failure would be "like holding a gun to your own head."
In other US domestic economic news...
Reuters: Third-quarter growth revised down to 2.0 percent.
Forbes: The Top 0.1% of the nation earn half of all capital gains.
CNN Money: Next congressional battle: Payroll taxes.
Reuters: MF Global trustee doubles estimates of shortfall: Says shortfall could be about $1.2 billion.
CNN Money: Gingrich: CBO a 'reactionary socialist institution'.
And in Eurozone news, The Guardian's live coverage is here. Also: The head of the Financial Services Authority, Adair Turner, warns that "the global economy is at risk of a deflationary spiral as the private sector and governments seek to pay off their debts at the same time." Huzzah for austerity!
Occupy Everywhere & Economic News Round-Up
In this Friday, Nov. 18, 2011, photo University of California, Davis Police Lt. John Pike uses pepper spray to move Occupy UC Davis protesters while blocking their exit from the school's quad Friday in Davis, Calif. Two University of California, Davis police officers involved in pepper spraying seated protesters were placed on administrative leave Sunday, Nov. 20, 2011, as the chancellor of the school accelerates the investigation into the incident. [AP Photo]Related and Recommended Reading on the UD Davis incident:
Matt Wells in The Guardian: UC Davis Police Placed on Leave After Pepper Spray Video Outrage.
Garance Franke-Ruta in The Atlantic: Too Much Violence and Pepper Spray at the OWS Protests: The Videos and Pictures.
CNN: California Campus Police on Leave After Pepper-Spraying.
In other Occupy News...
The Guardian crunches the numbers and finds it more like the 99.99% [via Andy]:
[Related article here. Video transcript is available here.]
In sweet news, Occupy Wall Street activists Jonathan Lopez, 19, and Ivan Cabrera, 18, exchanged vows, marking the first same-sex marriage at Zuccotti Park.
In shitty news, powerful DC lobbying firm Clark Lytle Geduldig & Cranford "has proposed an $850,000 plan to take on Occupy Wall Street and politicians who might express sympathy for the protests. ... CLGC's memo proposes that the [their client, the American Bankers Association] pay CLGC $850,000 to conduct 'opposition research' on Occupy Wall Street in order to construct 'negative narratives' about the protests and allied politicians. The memo also asserts that Democratic victories in 2012 would be detrimental for Wall Street and targets specific races in which it says Wall Street would benefit by electing Republicans instead."
Speaking of Republicans, GOP presidential candidate Newt Gingrich believes that secularism is responsible for the US' economic problems (of course he does): "A country that has been now since 1963 relentlessly in the courts driving God out of public life shouldn't be surprised at all the problems we have. Because we've in fact attempted to create a secular country, which I think is frankly a nightmare." Previously: Gingrich blames same-sex marriage for the country's economic woes.
Meanwhile, at Supercommittee Headquarters...
New York Times—The Deficit Deal That Wasn't: Hopes Are Dashed: "On Sunday, just one week after both sides had begun to feel hope, several members of the bipartisan panel conceded that their weeks of negotiations had failed. In the end the two sides could not agree on a mix of tax increases and spending cuts and—perhaps above all—on the fate of the tax cuts originally signed by President George W. Bush, which are now scheduled to expire at the end of 2012. While the panel's failure was in many ways foretold—President Obama and the House speaker, John A. Boehner, failed to reach a similar deal only this past summer—the deadlock offers fresh evidence for everyone frustrated with Congress, including its own members. ... Democrats and Republicans, as has been their wont throughout the process, could not even agree on what led the talks to slide into failure."
Washington Post—Debt supercommittee members brace for failure: "The congressional 'supercommittee' stumbled its way toward failure Sunday, with final staff-level discussions focusing mostly on how the panel should publicly admit that lawmakers could not meet their mandate of shaving $1.2 trillion from the federal debt. Rather than making a final effort at compromise, members of the special deficit-reduction committee spent their final hours casting blame and pointing fingers, bracing for the reaction from financial markets that are already jittery over the European debt crisis."
Speaking of the Eurozone...
The Guardian's live coverage is here.
New York Times—Europe Fears a Credit Squeeze as Investors Sell Bond Holdings: "Nervous investors around the globe are accelerating their exit from the debt of European governments and banks, increasing the risk of a credit squeeze that could set off a downward spiral. Financial institutions are dumping their vast holdings of European government debt and spurning new bond issues by countries like Spain and Italy. And many have decided not to renew short-term loans to European banks, which are needed to finance day-to-day operations. If this trend continues, it risks creating a vicious cycle of rising borrowing costs, deeper spending cuts and slowing growth, which is hard to get out of, especially as some European banks are having trouble meeting their financing needs."
Reuters—Warren Buffett: Euro zone not working, words alone won't fix it: "Buffett, dubbed the 'Oracle of Omaha' for his long track record as a value investor, said he had no idea how Europe's sovereign debt crisis, which started in Greece two years ago and rages on, would end, though he noted there were good valuations among companies in Europe. 'Not in the debt space, but in the equity space there are opportunities,' he said."
Brad DeLong—Yet Another New York Times Fail: Ross Douthat Department:"Does Ross Douthat really believe that there ought to be a law saying that lenders must lend to a country's government whenever that country wants to borrow on terms that the country's government sets? He simply has not thought any of this through."
As always, please feel welcome and encouraged to leave links to what you've been reading/writing in comments.
Occupy Everywhere & Economic News Round-Up
An Occupy Wall Street demonstrator is pushed out of the way by police officers as they make an arrest during what protest organizers called a day of action in New York November 17, 2011. New York police prevented protesters from shutting down Wall Street on Thursday, arresting more than 200 people in repeated clashes with an unexpectedly small but spirited Occupy Wall Street rally. [Reuters Pictures]Here's some of what I've been reading this morning...
New York Times—200 Are Arrested as Protesters Clash With the Police:
Thousands of protesters across the country flooded streets, squares, bridges and banks on Thursday, snarling traffic and often clashing with the police in a show of support for the Occupy Wall Street movement, two months to the day after the demonstration began.Reuters—Authorities foil NY protest bid to shut Wall Street:
In Lower Manhattan, protesters tossed aside metal barricades to converge again on Zuccotti Park after failing in an attempt to shut down the New York Stock Exchange. In Los Angeles, more than 20 protesters were arrested after ignoring orders to vacate streets. In Denver, 100 protesters marched by government buildings and intersections, bringing traffic to a standstill.
Organized weeks ago, the so-called day of action came two days after the police cleared the Occupy Wall Street encampment from Zuccotti Park in Manhattan in an early morning raid. After the protesters were ousted from the park that had become their de facto headquarters, a judge agreed that they could return later that day, albeit without their camping gear. They looked to Thursday to gauge the support and mettle that the movement had retained.
"We failed to close the stock exchange, but we took back our park," said Adam Farooqui, 25, of Queens. "That was a real victory."
After tempers among police and protesters flared throughout the day, crowds grew larger and more festive after dark.Democracy Now!—Paramilitary Policing of Occupy Wall Street: Excessive Use of Force amidst the New Military Urbanism: Video with transcript at link.
"This is a great night for a revolution. I've never seen anything like this in my entire life," said Daniel Reynolds, 34, a financial analyst at a venture capital firm, who joined the protests for the first time on Thursday.
Aren't you just DESPERATE to know what Herman Cain and Newt Gingrich think of Occupy Wall Street?! Of course you are! Aren't you just SHOCKED to hear that they don't like it?! What a surprisey-surprise! Herman Cain naturally thinks that the Occupy Wall Street protestors are "trying to destroy the greatest nation in the world," and Newt Gingrich, professional hater of democracy, obviously took the familiar route of demonizing citizen action, suggesting protestors should be jailed, and echoing Cain's sentiment by accusing OWS protestors of wanting "to tear down our country." What a thrilling exhibition of cutting-edge conservative thought!
Speaking of which...
CNN—Bachmann gives students a 101 on issues, then gets lectured:
With the air of a college instructor, Michele Bachmann essentially gave college students a Conservative 101 on the economy, national and foreign affairs and other important issues on Thursday in Iowa. But when the Republican presidential candidate took questions, some students turned the tables on their lecturer, peppering her with tough questions.BOOTSTRAPS!!!
...As she criticized specifics of the nation's health care law, one student shouted: "So screw the sick and homeless?"
"Who said that?" Bachmann asked.
"You have," the student said.
"You could not be further from the truth," Bachmann shot back. "You're looking at someone who lived below poverty. Have you ever lived at that?"
Bachmann continued: "I know what I had to do. I got a job. That's what you need to do. You need to figure out how to get a job and make your way."
Paul Krugman checks in with SuperCongress.
Sarah Palin talks nonsense.
Newt Gingrich is a corporate shill. Who knew!
As always, please feel welcome and encouraged to leave links to stuff you're reading/writing in comments.
Occupy Wall Street Open Thread
Daily Kos is reporting that mashed potatoes and accordions (see above) are being denied entrance into Zuccotti Park by police. I don't even know what is going on with our country anymore.
Occupy Wall Street Open Thread
[TW for violence.]
Police in Seattle cracked down on peaceful protesters last night, pepper spraying a pregnant 19-year-old and an 84-year-old woman.
A Seattle police spokesman said he didn't have details on the incident, but he noted that pepper spray is "is not age specific. No more dangerous to someone who is 10 or someone who is 80."
Okay then.
Discuss this and other Occupy-related stories. And share your links!
Occupy Wall Street Open Thread
NYC Mayor Bloomberg had Zuccotti Park raided by police last night, choosing the late hour "to reduce the risk of confrontation in the park, and to minimize disruption to the surrounding neighborhood."
Hours later an injunction was issued against the city, allowing the protesters to return to the park.
At a morning news conference at City Hall, Mayor Michael Bloomberg said the city knew about the court order but had not seen it and would go to court to fight it. He said the city wants to protect people's rights, but if a choice must be made, it will protect public safety.
Yes, Bloomberg believes your Constitutional rights are expendable for the sake of "public safety."
Leave your links and comments below.
Occupy Everywhere & Economic News Round-Up
David Crosby, left, and Graham Nash perform at the Occupy Wall Street encampment at Zuccotti Park, Tuesday, Nov. 8, 2011 in New York. [AP Photo]The Atlantic—Occupy Wall Street Gets Its Generators Back: "Occupy Wall Street got its confiscated generators back on Tuesday after its legal team pressed the Fire Department of New York to release them. The machines were picked up from the New York City Fire Academy at Randall's Island by the Wikileaks truck, which has been stationed next to Zuccotti Park since the protest's inception. The vehicle with the generator on board made its way back to Zuccotti Park hours before a planned concert by Graham Nash and David Crosby."
The Guardian—Occupy protesters plan 300-mile march from NYC to Washington:
A group of Occupy protesters plan to march nearly 300 miles from New York to Washington DC in a bid to end tax cuts which they say benefit the richest 1% of Americans.In US domestic news...
The group will set off from Occupy Wall Street on Wednesday and walk 20 miles a day en route to the capital, their arrival planned to coincide with the Congressional deficit reduction super-committee meeting on 23 November.
Protesters will pass through other occupations during the course of the 'Occupy the highway' action, which they say will encourage people in rural communities to get involved in the movement.
AP—Ohio Voters Reject Republican-Backed Union Limits: "The state's new collective bargaining law was defeated Tuesday after an expensive union-backed campaign that pitted firefighters, police officers and teachers against the Republican establishment. In a political blow to GOP Gov. John Kasich, voters handily rejected the law, which would have limited the bargaining abilities of 350,000 unionized public workers."
Reuters—Fannie Mae taps $7.8 billion from Treasury, loss widens: "Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $7.8 billion in federal aid to stay afloat as a shaky housing market widened its third-quarter loss to $5.1 billion. The government-controlled firm also attributed the deeper cash drain to losses on derivatives used to hedge its exposure to interest-rate swings and on expenses related to home loans made prior to the 2008 financial collapse. In the year-earlier quarter it had a loss of a $1.3 billion. Fannie Mae has now drawn $112.6 billion in bailout funds from the Treasury Department since being seized by the government in 2008 as mortgage losses mounted, and it has returned $17.2 billion to taxpayers in the form of dividends."
Think Progress—GOP Rep. Joe Walsh Melts Down, Screams at Constituents: 'Don't Blame Banks!…I Am Tired of Hearing That Crap!': "[D]uring a recent meeting with constituents in his Chicago-area suburban district, Walsh lost his cool when several attendees asked about why banks have so much power in government. At one point, Walsh even threatened to eject a man who asked Walsh about the revolving door of bank lobbyists infiltrating Congress and financial regulatory agencies. Walsh at one point screamed, 'Don't blame the banks … this pisses me off!' After several constituents accurately pointed out that bank lobbyists occupy key positions within Congress, the SEC, and other oversight bodies that are supposed to supervise bank practices, Walsh began sticking his finger close to his constituents' faces, yelling, 'Quiet for a minute or I'll have to ask you to leave!'"
CNN Money—2012 candidates slip on Econ 101: "America's Econ 101 professors say...the candidates continue to offer ideas and policies that wouldn't pass muster in their classes—populated by 18 year-old college students. ... Michele Bachmann promised to bring back $2 gas. Tim Pawlenty suggested sustained 5% GDP growth was a realistic target. Rick Perry would balance the budget with lower tax revenues. ... Stephen Golub, who is teaching Econ 101 at Swarthmore College this semester, said some of the ideas floated by Presidential candidates would earn a failing grade in his class. 'I think it's grossly irresponsible what they are saying,' Golub said, [adding that candidates are 'promising things that are impossible to deliver or make little sense']."
Washington Post—Republicans offer tax deal to break debt impasse; Democrats dismiss it: "Congressional Republicans have for the first time retreated from their hard-line stance against new taxes, offering to raise federal tax collections by nearly $300 billion over the next decade as part of a plan to tame the national debt. But Democrats rejected the offer Tuesday—along with the notion that Republicans had made a significant concession that could end the long-standing political impasse—leaving a special debt-reduction committee far from compromise with less than two weeks until its Thanksgiving deadline." What a refreshing surprise! Good job, Dems!
And in Eurozone news...
The Guardian—Greece's squabbling politicians fail to pick new prime minister: "The struggle to appoint a new prime minister at the helm of an interim coalition government in Athens dragged on as squabbling politicians darted across the capital in frantic negotiation while EU leaders looked on nervously. ... The unexpected length of the negotiations combined with their fractious nature, despite the looming threat of bankruptcy, raised fears over the ability of Greece's sparring politicians to forge consensus at all. In a nation so bitterly divided by left and right, where memories of brutal civil war and military dictatorship still run deep, coalition governments are almost non-existent. Attempting to douse concerns of political instability exacerbating the debt-stricken country's economic plight, officials insisted that the appointment of a new prime minister was 'very close'."
New York Times—Crisis in Italy Deepens, as Bond Yields Hit Record Highs: "Italy's financial crisis deepened on Wednesday despite a pledge by Prime Minister Silvio Berlusconi to resign once Parliament passes austerity measures demanded by the European Union. ... Mr. Berlusconi, cornered by world markets and humiliated by a parliamentary setback, appeared to have become the most prominent victim of the broader European debt crisis. But his decision did not remove wide uncertainty about Italy's ability to tackle the crisis, and some analysts said the prospect of a protracted period of political wrangling could exert further pressure for a quicker exit from the impasse."
CNBC—IMF Chief Warns World Economy Risks 'Lost Decade': "Christine Lagarde told a financial forum in Beijing that European plans to bolster a rescue package for Greece were a 'step in the right direction', but that the outlook for the world economy remained dangerous and uncertain. ... 'Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand... we could run the risk of what some commentators are already calling the lost decade.'"
The Guardian—The emergence of the Frankfurt Group has turned back the democratic clock: "The European Union has always had problems with democracy, a messy process that can interfere with the grand designs of people at the top who know best. When Ireland voted no to the Nice Treaty, it was told to come up with the right result in a second ballot. The European Central Bank wields immense power, but nobody knows how the unelected members of its governing council vote because no minutes of meetings are published. That said, the latest phase of Europe's sovereign debt crisis has exposed the quite flagrant contempt for voters, the people who are going to bear the full weight of the austerity programmes being cooked up by the political elites."
Give This Man a Gold Medal in Explaining Stuff
Via The Daily What, An Irishman Abroad gives "a thoughtful yet succinct explanation of why so people are so mad at Wall Street, which, naturally, requires the employment of myriad swear words."
Jason Calibri, interviewer: I'm Jason Calibri, with the financial news, here in Limerick, Ireland, talking to an Irishman about Wall Street. [turns to Denis Ryan, the Irishman Abroad] Sir, what do you think is happening on Wall Street right now?LOL!
Denis Ryan, the Irishman Abroad: I'll tell you what's happening on Wall Street right now—total fucking chaos, sir! We've had this bunch of fucking wanking bankers on Wall Street, who, for the last ten or fifteen years, have created or produced these hocus-pocus bunch of products like complicated derivatives and sub-prime mortgages that are bundled together, sold them to you and I with the blessing of the credit agencies, and of course we all know what happened in, around, two thousand and seven—all these airy-fairy schemes began to unravel! And, you know, these fuck-shites had gone to the hills with billions of dollars in bonuses, and of course, two thousand and eight, the government had to bail out the Wall Street crowd to the tune of approximately one-point-three trillion dollars.
Calibri: And by "the government," you mean...?
Ryan: By the government, I mean the hardworking people of the United States of America—the trades, small business[people], the fire[fighters], the police [officers], the nurses, and of course the future foundation of our society: teachers! And—do you know this, sir?—one of these banks that was bailed out on Wall Street in two thousand and eight to the tune of approximately seventy billion dollars, this year these greedy fuckers put aside for their employees a bonus pool for the first six months of two thousand and eleven to the tune of eight and a half billion dollars. That's what happening on Wall Street, sir. Greed, greed, and more fucking greed.
Calibri: I'm just curious—you mentioned Wall Street, um, is there a Wall Street in Limerick?
Ryan: Ah, piss off, sir. I'm going for a pint.
Quote of the Day
"If we don't take a stand, who will?"—Diona Murray, a neighbor of Tawanna Rorey, who, with her law enforcement officer husband and their children, was scheduled to be evicted from their foreclosed-upon suburban Atlanta home by the sheriff's department, until Occupy Atlanta showed up to protest.
A Sheriff's Department spokeswoman said the foreclosure process for the Roreys was still ongoing and that no eviction had been scheduled for that address.It may just be delaying the inevitable, but if we don't take a stand, who will?
Experts were doubtful that the protest could do much to help the family. Misty A. Oaks, an Atlanta lawyer who specializes in foreclosure, said sitting in at an foreclosed home won't be effective legally.
"But it certainly will make for an interesting story and bring attention to the issues surrounding foreclosures and the enormous ramifications foreclosures are having," she said.
Once an eviction notice has been entered into the system, a homeowner no longer has title to the property, and anyone on it can be forcibly removed as a trespasser, Oaks said.
That reality did little to dampen the spirit of the protesters. They set up two tents in the front yard, draped a "This Home is Occupied" sign over the porch railing.
Good question.
[Via Zaid.]
Occupy Everywhere & Economic News Round-Up
People ride a stationary bicycle to generate electricity for laptops and mobile phones at the headquarters of the Occupy Wall Street movement in Zuccotti Park in the Financial District on November 4, 2011 in New York City. Despite a freak snowstorm last Saturday and the confiscation of their generators by the fire department, hundreds of young and old are staying put in the park. [Getty Images]The Guardian's live coverage of the most recent Occupy events is here.
In US domestic news...
CNN Money—Bank dumping: Do the megabanks even care?
Credit unions and small banks say they've seen big jumps in new account openings thanks to this weekend's "Move Your Money" and "Bank Transfer Day" initiatives, but do the big banks even care?This, then, is yet another effect of deregulation allowing banks to expand to massive, too-big-to-fail sizes: It becomes increasingly impossible for a consumer-driven protest to have any meaningful impact.
Digital Federal Credit Union, the largest credit union in New England with 330,000 total members, welcomed 133 new members on Saturday. That's 56% higher than the average 85 account openings it sees on a typical Saturday.
...But while the "Move Your Money" initiative provided a wave of new customers to these smaller institutions, the big banks that these customers are leaving are so big that many of them have barely felt a dent in account holdings.
Bank of America, for example, has 58 million retail and small business accounts.
TPMDC—Super Committee GOPers May Agree to Violate Norquist Pledge…With a Catch:
Super Committee Republicans are floating a trial balloon that would produce new tax revenue, in apparent contravention of Grover Norquist's taxpayer protection pledge, according to Wall Street Journal editorialist Stephen Moore.And they almost certainly will, because as soon as the Republicans start screaming, "WE MADE CONCESSIONS! THE DEMOCRATS ARE OBSTRUCTIONISTS!" the Dems will either cave on their own or face bipartipoop pressure from President Obama to cave. Sadly, the best hope we have of quashing this comes from the right, who will think the deal is too favorable to Dems.
But as Moore explains that the offer has a catch:
One positive development on taxes taking shape is a deal that could include limiting tax deductions, perhaps by capping write-offs on charities, state and local taxes, and mortgage interest payments as a percentage of each tax filer's gross income. That idea was introduced on these pages by Harvard economist Martin Feldstein.Neither Republican nor Democratic aides were immediately available to discuss the proposal. But if accurate as reported, it represents both a significant expansion of the growing rift between Norquist and the GOP, and a bad deal for Democrats.
In exchange, Democrats would agree to make the Bush income-tax cuts permanent. This would mean preventing top rates from going to 42% from 35% today, and keeping the capital gains and dividend tax rate at 15%, as opposed to plans to raise them to 23.8% or higher after 2013.
...This isn't offered as a concession Republicans are willing to make in exchange for entitlement cuts — a key Democratic demand. It's designed as a concession Republicans are willing to make if Democrats will agree to make all of the Bush tax cuts permanent — and thereby throw away an enormous amount of leverage they have over Republicans who are committed to extending them.
Democrats, thus, would be expected to agree to throw in entitlement cuts anyhow, just because.
CNN Money—Older Americans are 47 times richer than young: "According to analysis by the Pew Research Center released Monday, younger Americans have been left behind as the oldest generation has seen wealth surge since the mid-1980s. While it's typical for older generations to hold more wealth than younger ones who've had less time to save, the gap between the two age groups has widened rapidly. In 1984, households headed by people age 65 and older were worth just 10 times the median net worth of households headed by people 35 and younger. But now that gap has widened to 47-to-one, marking the largest wealth gap ever recorded between the two age groups." They weren't called the Me Generation for nothing.
The Guardian—Koch brothers: secretive billionaires to launch vast database with 2012 in mind: "The secretive oil billionaires the Koch brothers are close to launching a nationwide database connecting millions of Americans who share their anti-government and libertarian views, a move that will further enhance the tycoons' political influence and that could prove significant in next year's presidential election. The database will give concrete form to the vast network of alliances that David and Charles Koch have cultivated over the past 20 years on the right of US politics. The brothers, whose personal wealth has been put at $25bn each, were a major force behind the creation of the tea party movement and enjoy close ties to leading conservative politicians, financiers, business people, media figures and US supreme court judges."
Think Progress—Four Problems in Mitt Romney's Medicare Proposal: "Romney—who had leaked aspects of [his plan to partially privatize the Medicare program for future enrollees] during interviews—met with Rep. Paul Ryan (R-WI) before officially announcing his 'premium support' proposal at the end of last week, and Ryan, in turn, gushed the he is 'very pleased with these kind of entitlement reforms.' ... But this approach is still problematic. ... There is still no evidence that competition between private insurers and traditional Medicare will lower health care spending. ... Lower income seniors will pay more. ... Private plans will undoubtedly be encouraged to cherry-pick the healthiest beneficiaries and leave sicker applicants to traditional Medicare. ... Nothing in Romney's plan would actually reduce national health care spending."
Meanwhile, in the Eurozone...
The Guardian's live coverage of the day's events is here.
CNN—Italian lawmakers to take up economic reforms: "The Italian parliament is expected to face a crucial vote on budget reform measures Tuesday, as the country's prime minister comes under increasing pressure to resign amid unease over Italy's economy. Italy agreed to implement structural reforms during an European Union meeting in Brussels last month. Italian President Giorgio Napolitano said the reforms must be put in place or risk Italy's credibility in the international community. The budget vote comes after Prime Minister Silvio Berlusconi denied Monday's rumors that he might resign. But his main coalition partner added fuel to the fire Tuesday, telling reporters he had asked Berlusconi to take a sideways step."
AP—New Greek premier expected to be named Tuesday: "Greece will get a new prime minister later Tuesday, a senior government official said, as the country's European partners ratcheted up the pressure for a swift resolution to the political crisis. Talks between current Prime Minister George Papandreou and opposition leader Antonis Samaras have dragged into a second day as they try to hammer out a power-sharing deal. The two agreed over the weekend to forge an interim government that will shepherd the country's new €130 billion ($179 billion) European rescue package through Parliament. Without the deal, agreed less than two weeks ago, Greece would go bankrupt, potentially wrecking Europe's banking system and sending the global economy back into recession. As yet, there are no precise details of when the new interim prime minister will be announced but the pressure is rising on Greek politicians to make decisions soon."
As always, please feel welcome and encourage to drop links to things you're reading and/or writing in comments.
Occupy Everywhere & Economic News Round-Up
[Trigger warning for violence.]
Below is video of an Occupy Oakland protester being shot with a rubber bullet while filming the police line in the early hours of November 3: "While filming a police line at Occupy Oakland after midnight on Nov. 3 following the Nov. 2 general strike, an officer opens fire and shoots me with a rubber bullet. I was standing well back. There was no violence or confrontations of any kind underway." [Via Zaid at Think Progress.]
CNN—A roundup of Occupy protests: "On Monday, a hearing will be held [in Atlanta] for a protester who was charged Saturday night with aggravated assault and obstruction after police said he assaulted a motorcycle officer patrolling the area. However, demonstrators said the officer 'accelerated into a demonstrator.' ... Riverside [California] police arrested 11 people Sunday after a group of about 40 demonstrators formed a human chain to prevent officers from pulling down tents near City Hall, Occupy organizers said." Etc. Meanwhile, in Chicago, police have installed surveillance equipment near Occupy Chicago HQ.
Welcome to America 2.0!
Here's some of the other stuff I've been reading this morning...
NPR—What Do Occupy Wall Street Protesters Want?: "Occupy Wall Street is in its second month of protest, and the frustration with financial big wigs continues to grow. Tomorrow's protesters will track 11 miles from Upper Manhattan to Lower Manhattan, ending in Zuccotti Park, the place where it all started seven weeks ago. They're calling the walk End to End for 99%."
The Guardian—US entrepreneurs cash in on Occupy movement: "The revolution could be trademarked in the US as more entrepreneurs seek to profit from the Occupy demonstrations. T-shirts began to appear days after the first protest on 17 September, a march through lower Manhattan. Now T-shirts, coffee mugs and other merchandise are being offered on the campsites that have sprung up in cities across the US. The US patent and trademark office has received a spate of applications." Perfect.
Barry Ritholtz in the Washington Post—What caused the financial crisis? The Big Lie goes viral: "A Big Lie is so colossal that no one would believe that someone could have the impudence to distort the truth so infamously. There are many examples: Claims that Earth is not warming, or that evolution is not the best thesis we have for how humans developed. Those opposed to stimulus spending have gone so far as to claim that the infrastructure of the United States is just fine, Grade A (not D, as the we discussed last month), and needs little repair. Wall Street has its own version: Its Big Lie is that banks and investment houses are merely victims of the crash. You see, the entire boom and bust was caused by misguided government policies. It was not irresponsible lending or derivative or excess leverage or misguided compensation packages, but rather long-standing housing policies that were at fault. Indeed, the arguments these folks make fail to withstand even casual scrutiny. But that has not stopped people who should know better from repeating them."
WaPo—Wall Street's resurgent prosperity frustrates its claims, and Obama's: "President Obama has called people who work on Wall Street 'fat-cat bankers,' and his reelection campaign has sought to harness public frustration with Wall Street. Financial executives retort that the president's pursuit of financial regulations is punitive and that new rules may be 'holding us back.' But both sides face an inconvenient fact: During Obama's tenure, Wall Street has roared back, even as the broader economy has struggled. The largest banks are larger than they were when Obama took office and are nearing the level of profits they were making before the depths of the financial crisis in 2008, according to government data."
New York Times—The Next Fight Over Jobs: "The way the job market is going, it will never be robust enough to bring down the unemployment rate, now at 9 percent, or 13.9 million people. Monthly job growth has slowed to an average of just 90,000 new jobs a month over the past six months, a pace at which growth in the working-age population will always exceed the number of new jobs being created. High unemployment and low job growth, which have plagued the economy all through the current 'recovery,' hurt both consumer spending and economic growth. But don't count on government to do the obvious and urgent thing—intervene to create jobs. Tragically, the more entrenched the jobs shortage becomes, the more paralyzed Congress becomes."
Paul Krugman in the New York Times—Here Comes the Sun: "Let's face it: a large part of our political class, including essentially the entire GOP, is deeply invested in an energy sector dominated by fossil fuels, and actively hostile to alternatives. This political class will do everything it can to ensure subsidies for the extraction and use of fossil fuels, directly with taxpayers' money and indirectly by letting the industry off the hook for environmental costs, while ridiculing technologies like solar. So what you need to know is that nothing you hear from these people is true. Fracking is not a dream come true; solar is now cost-effective. Here comes the sun, if we're willing to let it in."
In Eurozone news...
The Guardian's live coverage is here.
CNN—Greece's prime minister to quit in deal to salvage bailout package: "Greek Prime Minister George Papandreou will step down as his government's leader, the country's president announced Sunday night—agreeing to do so on the condition that the controversial 130 billion euro bailout deal is approved. The announcement follows a meeting on Sunday in which Papandreou and Antonis Samaras—the leader of the New Democracy party, Greece's leading opposition party—agreed to form a new government."
The Guardian—Italy hails businessman a hero after he launches appeal to save the economy: "A businessman has become an unlikely national hero after urging Italians to buy up government bonds to help drag the country back from the brink of an economic meltdown. As the prime minister, Silvio Berlusconi, scrambles to deliver key reforms, the Tuscan financial services entrepreneur Giuliano Melani announced his appeal with a full-page ad in the leading daily Corriere della Sera, complete with his telephone number and email address. Melani says the bill for Italian government bonds expiring annually is €260-270bn (£223-232bn), a sum which would be taken care of if every Italian paid €4,500."
CNN Money—Europe: The worst-case scenarios: "That upheaval [in Greece] serves as just another reminder that the the crisis is far from over. ... Eurasia Group, a political risk consultancy, put the odds of Greece leaving the eurozone at zero in the near term. Global Insight, another consultancy, puts it at about one in three. But UBS's Magnus puts it at 50-50 in the next year or two, and 80% by 2016."
This is not good:
The Guardian—Far right on rise in Europe, says report: "The far right is on the rise across Europe as a new generation of young, web-based supporters embrace hardline nationalist and anti-immigrant groups, a study has revealed ahead of a meeting of politicians and academics in Brussels to examine the phenomenon. Research by the British thinktank Demos for the first time examines attitudes among supporters of the far right online. Using advertisements on Facebook group pages, they persuaded more than 10,000 followers of 14 parties and street organisations in 11 countries to fill in detailed questionnaires. The study reveals a continent-wide spread of hardline nationalist sentiment among the young, mainly men. Deeply cynical about their own governments and the EU, their generalised fear about the future is focused on cultural identity, with immigration—particularly a perceived spread of Islamic influence—a concern."
As always, please feel welcome and encouraged to leave links to what you've been reading and/or writing in comments.
Occupy Everywhere & Economic News Round-Up
Sheriff's deputies advance on Occupy Oakland protesters early Thursday morning, Nov. 3, 2011, in Oakland, Calif. Following a mainly peaceful day-long protest by thousands of anti-Wall Street demonstrators, several hundred rallied through the night with some painting graffiti, breaking windows, and setting fires. [AP Photo]I've seen several headlines and/or story ledes this morning that are some variation on "Oakland Protests Get Violent." Interesting framing, that. The protests, you see, only "got violent" when protesters broke shit; they weren't "violent," apparently, when police put Scott Olsen in the hospital.
Anyway.
CNN—Oakland, NYC occupiers see violence, legal action:
Two major hubs of the Occupy movement -- Oakland and New York City -- recovered Thursday from West Coast violence and East Coast court actions, with both fronts continuing their protest camps despite their encounters with the law.CNN also has video of protests in Seattle greeting the CEO of JP Morgan, who was in town for some reason.
In violence-torn Oakland, authorities reopened Thursday the city's port on San Francisco Bay after a night of Occupy demonstrations shut down the fifth-busiest port in the nation, a port spokesman said.
"The most current field reports confirm that in the port area there were no injuries, no property damage, and no major security problems from last night's demonstrations," port officials said. "There was a limited incursion into a private rail facility, and trespassers were escorted off peacefully."
Meanwhile, in downtown Oakland, Occupy protesters continued their encampment Thursday in the park in front of City Hall following a night of violent clashes with police.
New York Daily News—More than a dozen Occupy Wall Street protesters arrested outside Goldman Sachs:
At least 15 Occupy Wall Street protesters were arrested Thursday after marching on Goldman Sachs to deliver an "indictment" of the financial giant.Here are two fun stories to read back-to-back...
Among the demonstrators hauled away after sitting down in front of the multinational's doors at 200 West St. was former New York Times foreign correspondent-turned-activist Chris Hedges.
...The marchers, led by four drummers, stretched a city block.
Some construction workers sitting along Church Street gave them thumbs up and a businessman on Murray Street muttered to himself, "What a bunch of idiots."
The NYPD didn't move in until about 15 protesters sat down and linked arms, blocking the lobby entrance.
As they were arrested, onlookers chanted "shame!" and "the criminals are inside!"
New York Magazine—Jon Corzine Resigns, Won't Take More Millions From Failing Firm: "The CEO of MF Global, the securities firm that filed for bankruptcy on Monday, resigned this morning, and has opted not to accept his $12.1 million severance package, probably quite appropriately considering the role he had in the company's failing. Jon Corzine, the former New Jersey governor and Goldman Sachs CEO, said in a statement today that he feels 'great sadness about what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others.' Employees, of course, are basically out of a job, while about $630 million in client funds is still missing, drawing the suspicious eyes of the FBI and federal regulators. To keep things extra cozy, the man leading those regulators, Gary Gensler, head of the Commodity Futures Trading Commission, worked closely with Corzine at Goldman Sachs, and eventually even worked for him."
I love how he's still entitled to a $12.1 million severance for running a company into the ground. Meanwhile...
The Guardian—US poverty data: 1 in 15 people among America's poorest poor:
"The ranks of America's poorest poor have climbed to a record high—1 in 15 people—and spread widely across metropolitan areas, as the US housing bust pushed many inner-city poor into suburbs and other outlying places and reduced jobs and income. New US census data paint a stark portrait of the nation's haves and have-nots at a time when unemployment remains persistently high."
In other domestic news...
Raw Story—Tea party supporter to Elizabeth Warren: 'You're a socialist whore!': Not only did a heckler at a campaign appearance call Warren a whore for being "the intellectual creator of that so-called party," referring to the Occupy Movement, but: "The Massachusetts Republican Party recently released an ad that dubbed Warren the 'Matriarch of Mayhem' for supporting the Occupy Movement protesters across the country." You know, in case anyone hadn't noticed she's a woman, or failed to understand how her womanhood makes her EXTRA HORRIBLE.
CNN Money—'I'm home!' Adult children move back in: "With job openings scarce, getting adult children to leave the nest is becoming a lot more difficult. The number of adult children who live with their parents, especially young males, has soared since the economy started heading south. Among males age 25 to 34, 19% live with their parents today, a 5% increase from 2005, according to Census data released Thursday. Meanwhile, 10% of women in that age group live at home, up from 8% six years ago. Among the college-aged set, the 18- to 24-year-olds, 59% of males and 50% of females lived with their parents, up from 53% and 46%, respectively. The fact that so many young people are unable or unwilling to flee the nest 'cuts into the formation of new households quite a lot,' said Mark Zandi, chief economist for Moody's Analytics. Zandi calculated that there are about 150,000 fewer households being formed per year than the 1.2 million that would be in a normal, well-functioning economy."
Paul Krugman in the New York Times—Oligarchy, American Style: "[E]xtreme concentration of income is incompatible with real democracy. Can anyone seriously deny that our political system is being warped by the influence of big money, and that the warping is getting worse as the wealth of a few grows ever larger? Some pundits are still trying to dismiss concerns about rising inequality as somehow foolish. But the truth is that the whole nature of our society is at stake."
Speaking of oligarchs...
Think Progress—Romney Campaign Memo: The Koch Brothers Are the 'Financial Engine of the Tea Party'.
New York Times—For Perry, Private Jets Have Been Key to Public Job.
In Washington...
CBS News—Boehner: Debt deal will include new tax revenues: "House Speaker John Boehner addressed one of the biggest sticking points for the 12 member Congressional 'supercommittee' today, acknowledging that any bipartisan agreement will need to include some new tax revenue. 'I think there is room for revenues, but I think there clearly is a limit to the amount of revenues that are available,' Boehner told reporters." Yeah, yeah—I'll believe it when I see it.
Reuters—Republicans block another part of Obama jobs plan: "Senate Republicans on Thursday blocked a $60 billion White House proposal to repair crumbling bridges, highways and other transportation systems as President Barack Obama's job creation agenda hit another obstacle in Congress. All 47 Senate Republicans, one Democrat and one independent voted against a piece of Obama's $447 billion stimulus plan that would have helped construction workers—some of the hardest hit after the housing meltdown and economic downturn. The bill needed 60 votes to advance in the 100-seat Senate. Construction workers face a jobless rate of 13.3 percent, according to the Labor Department, far above the nationwide rate of 9.1 percent. Obama's jobs plan is effectively dead in Congress, but Democrats are forcing Republicans to vote on it piece by piece as both sides dig in their heels before 2012 presidential and congressional elections in which the economy is expected to be a defining issue."
And in Eurozone news...
The Guardian—Greece may leave euro, leaders admit: "The G20 is planning to increase the crisis-fighting firepower of the International Monetary Fund after the start of its summit was dominated by the first open admission from EU leaders that it might be necessary for Greece to leave the eurozone if the single currency is to survive. George Osborne said there was a 'real sense of urgency' on a day that saw an emergency interest rate cut from the European Central Bank, backtracking from Greece over a referendum on its bailout conditions, and a recognition that the IMF may need extra resources to cope with a deteriorating global economy."
The Guardian's live coverage of Greek PM George Papandreou's confidence vote, and related news, is here.
This, Too, Is Why People Occupy Wall Street
30 Major Corporations Paid No Income Taxes in The Last Three Years, While Making $160 Billion.
I believe I have observed once or twice before, ahem, that the invisible hand of the market appears to belong to a thief.
