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Earth The Almighty Buck News Politics

Occupy Wall Street Protests Go Global 944

Posted by Soulskill
from the when-in-rome-do-as-the-romans-do-except-burning-cars dept.
Hugh Pickens writes "Tens of thousands of people around the world took to the streets Saturday to reiterate their anger at the global financial system, corporate greed and government cutbacks, with rallies held in more than 900 cities in Europe, Africa and Asia. 'United in one voice, we will let politicians, and the financial elites they serve, know it is up to us, the people, to decide our future,' said organizers of the global demonstration. The demonstrations by the disaffected coincided with the Group of 20 meeting in Paris, where finance ministers and central bankers from major economies were holding talks on the debt and deficit crises afflicting many Western countries. Crowds around the world were largely peaceful, but the demonstration in Rome turned violent as clashes in the Italian capital left dozens injured, including several police officers. In London, WikiLeaks leader Julian Assange made a dramatic appearance, bursting through the police lines just after 2:30pm, accompanied by scores of supporters. He climbed the cathedral steps near St. Paul's to condemn 'greed' and 'corruption,' and attacked the City of London, accusing its financiers of money laundering and tax avoidance."
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Occupy Wall Street Protests Go Global

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  • by Deviant (1501) on Sunday October 16, 2011 @08:27AM (#37729676)

    After reading this article http://www.businessinsider.com/what-wall-street-protesters-are-so-angry-about-2011-10 [businessinsider.com] and seeing Inside Job http://www.youtube.com/watch?v=FzrBurlJUNk [youtube.com] I am tempted to join them!

  • by unity100 (970058) on Sunday October 16, 2011 @08:28AM (#37729680) Homepage Journal
    200,000 + people in page, 120 k+ are currently talking about it. its bigger than most politicians' pages. Support is really global, and there are people from all walks of life. Albeit, of course, people who have their dinners in monaco.

    https://www.facebook.com/OccupyWallSt [facebook.com]
  • by omar.sahal (687649) on Sunday October 16, 2011 @08:33AM (#37729686) Homepage Journal
    First hand reports [andyworthington.co.uk] of whats going on in London and some tactics used to snuff out demo
  • by Anonymous Coward on Sunday October 16, 2011 @08:45AM (#37729730)

    Spanish protests go global. Spanished followed the Arab Srping, then there were protests in many cities in Europe, then Israel, then it was the US, and now the whole world. Don't be that stupid centered.

  • by EdZ (755139) on Sunday October 16, 2011 @09:30AM (#37729970)

    government backing allows people to go to college, which means more educated people and more higher paying jobs. Of course this leaves a lull in the service industry

    In the UK, we have the opposite problem. We have scores of university graduates (the majority with 'proper' degrees, not just dross like 'hairdressing' and the like), and almost no white collar jobs outside the banking sector. When there are multiple university graduates competing for a part-time job at the local supermarket, something is horribly wrong.

  • by Kreigaffe (765218) on Sunday October 16, 2011 @09:39AM (#37730024)

    Freddie and Fanny don't have anything to do with college loans. You're thinking of Sallie Mae. Fanny Mae is a different beast.

    Freddie and Fanny were only involved in home loans.
    And, well, basically what happened was the government started letting banks package all kinds of loans together and resell them. And they started letting all kinds of banks act as investment banks. And they started requiring that banks made bad loans -- in the name of "social justice", of course!

    So wtf happens? Of course the banks do as required and make loans to people who really shouldn't be getting those loans, the government said they have to. And of course they'll bundle up those bad loans and try to hide them in packages with mostly good loans. And of course those packaged loans will change hands 6 times, because every single bank has become involved in investments and securities.

    And then comes the disaster.

  • by Anonymous Coward on Sunday October 16, 2011 @10:09AM (#37730244)

    They are touting economic models that have failed in every single country they have been tried (communism, Marxism, socialism).

    You don't even know what the terms communism, Marxism, and socialism mean, do you? Hint: The Occupy movement has nothing to do with them.

    Fucking idiot.

  • by danbert8 (1024253) on Sunday October 16, 2011 @10:09AM (#37730248)

    Do you realize what absurdity you are spouting? Democracy cannot be stolen from the majority. If the majority is not in control, you don't have democracy. If this statement confuses you because you think we used to have democracy, it's ok. Your lazy teachers didn't explain to you that our nation is NOT a democracy. We live in a republic. The majority DOES NOT RULE. We may democratically select our representatives, but we have no direct control over the laws of our country. If we did, our country would be a very different place.

    That being said, what we have now is not a republic, nor a democracy. What we have now is defined as an oligarchy. You are upset at the rich, I am upset at the politicians. A lot of rich people have done horrible things and they deserve some blame. A lot of politicians are responsible as well. At the end of the day though, the rich would have no power over you if the politicians didn't give it to them. The government is responsible. Tell all the politicians to go home. Don't vote democrat. Don't vote republican. Vote 3rd party for EVERYTHING. If there is no 3rd party running, run for office yourself. If you don't succeed, tell your representative to support the CONSTITUTION, not some sort of bullshit called bi-partisan compromise. If the government follows the Constitution, all they can do is defend your rights... Nothing more. Of course realize that then they won't be able to violate anyone else's rights as well, so don't expect free stuff.

  • by dontbgay (682790) on Sunday October 16, 2011 @10:23AM (#37730324)
    It's said that people are ultimately responsible for their actions, and I agree. Wholeheartedly... Because in the end, when someone if boned, it's their reality. Thankfully, we've got the division of labor thing going so people don't have to be lenders or real estate agents to get a home. Whose burden of responsibility is it to say "No, you can't have that home"? I keep hearing that it's government regulation with the Community Reinvestment Act that caused it, but the act was only compulsory to Fannie Mae and Freddie Mac which handled roughly 33% of the secondary loans to low income families. That left 66% loosening up their underwriting standards [mcclatchydc.com] and giving loans to people that were guaranteed to not be able to afford them. The 66% were companies not covered under the CRA, which did not have to give out the loans. The only reason the loans were a good investment was because they could be repackaged into CDOs and sold off, leaving the risk with the last sucker holding the bag, which was not the underwriting firm. They didn't have a pound of flesh in the game after the securities were sold. The individuals who could not pay the mortgage lacked the sophistication to tell they couldn't afford it was only part of the problem. I know if Tyrone Biggums walked up to me asking me for a loan, while I knew he had no job and a $300/week crack habit, would make me the asshole for giving it to him. Sure, he shouldn't have asked for it, but that doesn't put that money back in my pocket. Maybe there should be a fiduciary duty in the housing and lending markets to ensure the loan meets the expectations.

    tl;dr making bad loans was not compulsory to private lending instututions. They did it because they saw dollar signs instead of what it really was: a plan designed to fail for private institutions due to the inherent risk. Subprime means less than optimal. If you're putting your own money up, you're not going for subprime.
  • by ladoga (931420) on Sunday October 16, 2011 @10:49AM (#37730506)

    Go ahead look up the definition and yes that is what we have in this country now Fascism. You don't get it the media and the men behind the curtain wants you to use words like Corporatism because the world still remembers the horror fascism can bring.

    Straight from horse's mouth:

    "Fascism should more properly be called corporatism because it is the merger of state and corporate power."
    - Benito Mussolini.

  • Re:Not the Boomers (Score:4, Informative)

    by taiwanjohn (103839) on Sunday October 16, 2011 @10:52AM (#37730532)

    Outsourcing/offshoring was not a boomer idea, it was an integral part of Reaganomics. Up until the 70's, a third of government revenue came from import/export tariffs. So-called "free trade" had already been a longstanding desire of conservative business interests for many years, and Reagan started the process that culminated with NAFTA under Clinton.

    I agree with the rest of your analysis, but the idea of "free trade" did not originate with the Boomer generation, it had been around for quite a while already.

  • by gothzilla (676407) on Sunday October 16, 2011 @12:29PM (#37731176)

    If you mean Barney Frank and Chris Dodd, I'm all for it. If you mean the thousands of bankers who were forced to make bad loans by Barney Frank and Chris Dodd, then why? You can't punish people for doing something they would never normally do until the govt steps in and makes them.

  • by Anonymous Coward on Sunday October 16, 2011 @12:36PM (#37731230)

    Source of the protests: age of entitlement. Who said that you were entitled to a "stable retirement." News flash: a 401k is an investment, just like any other investment in the stock market. The only reason 401ks and the like exist is because of the presence of the market and the ability of these bankers to profit on risk. There is still some risk if you select the "super stable growth" plan for your 401k and when you bubble in that option you agree to the remote possibility that everything will be lost. And these free-loaders who are asking for all debt to be wiped out don't understand that this means that the banks are going to come get everything they can: "your" cars, houses etc... since they aren't "yours" - the bank is doing you a favor by lending you money you didn't have so you could have something you "want" now. Of course with educational loans, it's hard to take away the "collateral" - viz, the five years of crayon theory and history of polka dots you "learned" while spending 200k on an art degree. If you whine about that, you're just going to screw it up for people taking loans out in moderation for legitimate degrees.

  • by khallow (566160) on Sunday October 16, 2011 @12:37PM (#37731236)

    Nobody is even looking for the crimes so of course they will never be found

    A little googling found otherwise. I see evidence of prosecution going on. Whether it's a small portion of the crimes or not, remains to be seen.

    The current meltdown 40x the size of the S&L crisis.

    That doesn't mean anything. Meltdowns don't have to have criminal acts as a cause and in fact, usually do not. And fewer criminals would be needed because of the ease of committing the mortgage fraud.

    there are 120 agents spread out over the country.

    That is incorrect. That number is for 2007, before the crisis started (though it is worth noting that I see evidence that the FBI was requesting resources for widespread mortgage fraud back in 2004). I see that there's more than $200 million [wikipedia.org] just in one act that was put to law enforcement against mortgage fraud in 2009 and 2010. This is apparently in addition to overall beefing up of funding for prosecution of mortgage fraud.

    Also recall that states also have their own prosecution efforts.

  • by polymeris (902231) on Sunday October 16, 2011 @04:37PM (#37732998)

    Umm, yes. To say that it is the US movement that went global is indeed a bit US-centric.
    But, while the indignados movement is one of the strongest and a great inspiration for the rest of the world, Greece (May 2010), Tunisia (Oct 2010), Libya & Baharain (Feb 2011), Chile (May 2011), and probably a lot others I don't remember, started sooner. "World 2011 (201X?) protests" would be a better label by now.

  • by DMJC (682799) on Monday October 17, 2011 @06:09AM (#37736772)
    It's not censorship, it's giving every person an equal voice. America has always had this problem, they trot out freedom of speech, what they really mean is freedom for my money to trample all over your ability to speak. Who is going to win? the guy who is spending a billion dollars getting his message out to everyone, or the guy who can't scrap together $500 to run a campaign but who actually has the answers to the biggest problems we face? Giving preference to rich people over poor people in politics is basically saying fuck you to every family with disabled children who weren't mega rich before those kids were born. How is someone with a severely disabled child going to have a voice, when they can't work because they are spending all their time looking after their child? Who is giving these people a voice? This is why mental/physical disability is so grossly underfunded worldwide.

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