BLAKE BOSTON AKA SCUMBAG STEVE
" the truth is that people have a very simple reason to be angry — because Wall Street’s actions made tens of millions of people dramatically poorer through no fault of their own" come on people.fuck wall street.
pantslessprogressive:

“As demonstrators converged on Wall Street — with police blocking them from reaching the New York Stock Exchange — much of the news media paid little attention to the protests. Meanwhile, much of the conservative punditry has taken to mocking the demonstrations, with conservative Twitter users lambasting the “hippies” in New York City. CNN contributor and RedState blogger Erick Erickson labeled the protesters as “profoundly dumb.”

Certainly, debates about the tactics and strategy behind an anti-Wall Street campaign are warranted. But in a country where much of the populist energy has been absorbed by a movement that compared expanding access to private insurance to “death panels,” it’s worth reviewing why Americans and others should be protesting against Wall Street.
While many of the conservative defenders of Wall Street may be quick to portray protests against the American financial establishment as driven by envy of its wealth or far-left ideologies, the truth is that people have a very simple reason to be angry — because Wall Street’s actions made tens of millions of people dramatically poorer through no fault of their own. In 2010, the International Monetary Fund and World Bank conducted studies of the effects of the global recession — caused largely by Wall Street financial instruments that were poorly regulated by government policies — and found that the recession threw 64 million people into extreme poverty:


The International Monetary Fund estimates that the global economy contracted by 0.6 per cent in 2009 and the implications of this have been severe for many. Economic growth in developing countries was only 1.7 per cent in 2009 compared with 8.1 per cent in 2007. However, if China and India are excluded, the economies of developing countries actually contracted by 1.8 per cent. The World Bank has estimated that an additional 64 million people will be living in extreme poverty on less than US$1.25 a day by the end of 2010 as a result of the global recession.


And nearly three years after the start of the global economic crisis — where taxpayers in multiple countries were called upon to save the financial industry — most of the banking elite’s top executives remain virtually untouched. There have been almost no high-profile convictions for fraud and related financial crimes, banking profits continue to soar, and unemployment not just in the U.S. but globally remains very high.
Given these facts, the question is not why more than a thousand people demonstrated on Wall Street yesterday. The question is, why aren’t even more people in the streets of the financial district in New York City?” - Zaid Jilani, ThinkProgress

[Photo: Paul Weiskel]

" the truth is that people have a very simple reason to be angry — because Wall Street’s actions made tens of millions of people dramatically poorer through no fault of their own" come on people.fuck wall street.

pantslessprogressive:

As demonstrators converged on Wall Street — with police blocking them from reaching the New York Stock Exchange — much of the news media paid little attention to the protests. Meanwhile, much of the conservative punditry has taken to mocking the demonstrations, with conservative Twitter users lambasting the “hippies” in New York City. CNN contributor and RedState blogger Erick Erickson labeled the protesters as “profoundly dumb.”

Certainly, debates about the tactics and strategy behind an anti-Wall Street campaign are warranted. But in a country where much of the populist energy has been absorbed by a movement that compared expanding access to private insurance to “death panels,” it’s worth reviewing why Americans and others should be protesting against Wall Street.

While many of the conservative defenders of Wall Street may be quick to portray protests against the American financial establishment as driven by envy of its wealth or far-left ideologies, the truth is that people have a very simple reason to be angry — because Wall Street’s actions made tens of millions of people dramatically poorer through no fault of their own. In 2010, the International Monetary Fund and World Bank conducted studies of the effects of the global recession — caused largely by Wall Street financial instruments that were poorly regulated by government policies — and found that the recession threw 64 million people into extreme poverty:

The International Monetary Fund estimates that the global economy contracted by 0.6 per cent in 2009 and the implications of this have been severe for many. Economic growth in developing countries was only 1.7 per cent in 2009 compared with 8.1 per cent in 2007. However, if China and India are excluded, the economies of developing countries actually contracted by 1.8 per cent. The World Bank has estimated that an additional 64 million people will be living in extreme poverty on less than US$1.25 a day by the end of 2010 as a result of the global recession.

And nearly three years after the start of the global economic crisis — where taxpayers in multiple countries were called upon to save the financial industry — most of the banking elite’s top executives remain virtually untouched. There have been almost no high-profile convictions for fraud and related financial crimes, banking profits continue to soar, and unemployment not just in the U.S. but globally remains very high.

Given these facts, the question is not why more than a thousand people demonstrated on Wall Street yesterday. The question is, why aren’t even more people in the streets of the financial district in New York City?” - Zaid Jilani, ThinkProgress

[Photo: Paul Weiskel]

newshour:

Video of President Obama’s full jobs speech if you missed it.

More coverage here.

The Constitution gives Congress primary power over taxes and spending. Congress gives money to the executive branch designated for specific purposes. The president isn’t empowered to take money appropriated for, say, the Pentagon, and spend it instead on a new jobs program of his own design. When past presidents have tried to exert economic powers beyond what’s given to them by Congress and the Constitution, they’ve gotten slapped down.

President Harry Truman tried to take over the steel industry, citing a national emergency, but the Supreme Court ruled the action unconstitutional, Galston noted. Richard Nixon tried to “impound” money that Congress had appropriated rather than spend it as intended, but Congress struck back with a budget act that constrained him and effectively denied him the power.

[Former policy advisor William] Galston suggested that 90 to 95 percent of what Obama will recommend next week “will require someone else’s consent,” namely Congress.

Republicans say there’s plenty Obama could do, beginning with embracing tax cuts, revoking federal regulations that they say handcuff business — and abandoning any push for more federal spending to spark job creation.

House Speaker John Boehner, R-Ohio, on Friday blamed sluggish private-sector job growth on the “triple threat of higher taxes, more failed ‘stimulus’ spending and excessive federal regulations.

The best local economy in the United States, by far, is the DC metropolitan area. Average incomes in the region top $150,000, more than triple the national average. The reason for Washington’s affluence (or parts of Washington’s affluence – the Capitol also has abundant poverty) is clear: while the rest of the economy is facing a crisis in demand as a result of high unemployment and stagnant wages in the private sector, the Capitol, in classic Keynesian style, is making up for it with plenty of public spending, which has skyrocketed since 9/11 – defense and homeland security contractors, and other firms providing goods and services to the government are flush.

The 10 States With the Best Economies in America | Economy | AlterNet

How government spending is keeping ten states above water. 

(via alternet-working)