NPR: Dear Wall Street, this is why the people are angry.

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    Nov 24, 2011 3:19 AM GMT
    http://www.marketplace.org/topics/business/occupy-wall-st/dear-wall-street-why-people-are-angry

    I thought that this was a very good POV from one of the "infamous" 1%.

    Tess Vigeland: Inequity is arguably the main rallying cry of the Occupy movement. And on that score, the primary bogeymen are the nation's bankers, brokers and traders -- the so-called "one-percenters" who control about a third of the country's wealth. Commentator Josh Brown is one of those one-percenters. He's an investment adviser at Fusion Analytics in Manhattan. If you think you know what his take on all this is going to be, here's his open letter to the banks that don't seem to get why people are mad.

    Josh Brown: In 2008, the American people were told that if they didn't bail out the banks, there way of life would never be the same. In no uncertain terms, our leaders told us anything short of saving these insolvent banks would result in a depression to the American public. We had to do it! At our darkest hour we gave these banks every single thing they asked for. We allowed investment banks to borrow money at zero percent interest rate, directly from the Fed. We gave them taxpayer cash right onto their balance sheets. We allowed them to suspend account rules and pretend that the toxic sludge they were carrying was worth 100 cents on the dollar. Anything to stave off insolvency. We left thousands of executives in place at these firms. Nobody went to jail, not a single perp walk. I can't even think of a single example of someone being fired. People resigned with full benefits and pensions, as though it were a job well done. The American taxpayer kicked in over a trillion dollars to help make all of this happen. But the banks didn't hold up their end of the bargain. The banks didn't seize this opportunity, this second chance to re-enter society as a constructive agent of commerce. Instead, they went back to business as usual. With $20 billion in bonuses paid during 2009. Another $20 billion in bonuses paid in 2010. And they did this with the profits they earned from zero percent interest rates that actually acted as a tax on the rest of the economy. Instead of coming back and working with this economy to get back on its feet, they hired lobbyists by the dozen to fight tooth and nail against any efforts whatsoever to bring common sense regulation to the financial industry. Instead of coming back and working with the people, they hired an army of robosigners to process millions of foreclosures. In many cases, without even having the proper paperwork to evict the homeowners. Instead, the banks announced layoffs in the tens of thousands, so that executives at the top of the pile could maintain their outrageous levels of compensation. We bailed out Wall Street to avoid Depression, but three years later, millions of Americans are in a living hell. This is why they're enraged, this why they're assembling, this is why they hate you. Why for the first time in 50 years, the people are coming out in the streets and they're saying, "Enough."
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    Nov 24, 2011 4:25 AM GMT
    He makes some excellent points. It is clear that people were willing to give the banks, Obama, the Bush administration the benefit of the doubt, but as the banks prosper at the expense of the actual economy, people are sick of both parties and the financial services industry.
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    Nov 24, 2011 5:52 AM GMT
    Christian73 saidHe makes some excellent points. It is clear that people were willing to give the banks, Obama, the Bush administration the benefit of the doubt, but as the banks prosper at the expense of the actual economy, people are sick of both parties and the financial services industry.


    Once again scapegoating the failures of government and the policies you advocate.
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    Nov 24, 2011 10:47 AM GMT
    riddler78 said
    Christian73 saidHe makes some excellent points. It is clear that people were willing to give the banks, Obama, the Bush administration the benefit of the doubt, but as the banks prosper at the expense of the actual economy, people are sick of both parties and the financial services industry.


    Once again scapegoating the failures of government and the policies you advocate.


    tumblr_lgbith0wC61qf8yek.gif
  • GQjock

    Posts: 11649

    Nov 25, 2011 12:18 PM GMT
    riddler78 said
    Christian73 saidHe makes some excellent points. It is clear that people were willing to give the banks, Obama, the Bush administration the benefit of the doubt, but as the banks prosper at the expense of the actual economy, people are sick of both parties and the financial services industry.


    Once again scapegoating the failures of government and the policies you advocate.


    That's right ....

    The failure of government for being the Watchdog in protecting its citizens against the greed and criminality of those in the banking and financial industry

    I couldn't agree more Rid
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    Nov 25, 2011 12:53 PM GMT
    GQjock said
    riddler78 said
    Christian73 saidHe makes some excellent points. It is clear that people were willing to give the banks, Obama, the Bush administration the benefit of the doubt, but as the banks prosper at the expense of the actual economy, people are sick of both parties and the financial services industry.


    Once again scapegoating the failures of government and the policies you advocate.


    That's right ....

    The failure of government for being the Watchdog in protecting its citizens against the greed and criminality of those in the banking and financial industry

    I couldn't agree more Rid
    +1
  • rnch

    Posts: 11524

    Nov 25, 2011 1:03 PM GMT
    although i consider myself a middle-of-the-road, somewhat left leaning voter; i was against the banks and auto bail outs from the start.

    i saw no reason (then and now!) why my (and your) tax dollars should be used to pay for their bad business decisions.

    my thoughts were that they should all merge and fire the decision makers who got them in the awful financial mess they were in.

    i suspected corporate greed would raise it's uglyhead....pity i was proven correct.
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    Nov 25, 2011 2:00 PM GMT
    "Once again scapegoating the failures of government and the policies you advocate"


    Laws are bad, cuz criminals break them, right...... icon_rolleyes.gif
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    Nov 25, 2011 3:31 PM GMT
    Upper_Cdn said"Once again scapegoating the failures of government and the policies you advocate"


    Laws are bad, cuz criminals break them, right...... icon_rolleyes.gif

    The issue is govt policies not the breaking of laws. If you are too stupid to understand, stay hidden and find some 4th graders to debate.