by WALTER BRASCH It’s time to retire the 99 percent. Not the people, but the slogan that identifies the Occupy Movement. “We’re the 99 percent” slogan focused upon two completely different groups of people. The 99 percent are the masses, the impoverished, the disenfranchised, the middle class; the 1 percent refers to the concentration of wealth in the top one percent of the population and in the dominance of large corporate and global financial systems. The...
Posts Tagged ‘ bailout ’
J.P. Morgan Loss Continues To Reverberate In Washington
The massive $2 billion loss reported last week by the nation’s largest bank continues to roil Capitol Hill. The loss, by JPMorgan Chase, not only has renewed calls for stricter financial regulation — but now the calls of conflict-of-interest on the part of JPMorgan Chase chief Jamie Dimon are growing louder. At issue is Dimon’s dual role at the Federal Reserve. Democrat Elizabeth Warren, a candidate for Senate from Massachusetts and a former Obama administration financial consumer advocate, first called...
Protest Group Decries ‘Back-Door Bail-Out’ of Bank of America
A group organizing protests distinct from, but similar in spirit to, Occupy Wall Street is denouncing permission granted by the Obama administration to allow Bank of America’s holding company to transfer risky derivative assets from Merrill Lynch to its federally insured bank. The New Bottom Line — a coalition of small business, community and faith organizations — wrote President Obama, Federal Reserve Chairman Ben Bernanke, Treasury Secretary Timothy Geithner and Federal Deposit Insurance Corp. Acting Chairman Martin Gruenberg —...
OCCUPY WALL STREET: Separating Fact from Media
Newspaper columnist Ann Coulter, spreading the lies of the extreme right wing, called the Occupy Wall Street protestors, “tattooed, body-pierced, sunken-chested 19-year-olds getting in fights with the police for fun.” She claimed the protestors, now in the thousands in New York, are “directionless losers pose for cameras while uttering random liberal clichés lacking any reason or coherence.” (Several hundred thousand of these “directionless losers” are expected to attend rallies in more than 650 cities, Oct. 15.) Rep. Eric...
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