# Wall Street taking it easy during Wall Street protest



## ddkay (Nov 20, 2010)

I'm in between disgusted and amused lol. How can they justify this?

http://www.youtube.com/watch?v=jjF2D6XqKPw#t=2m15s


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## sags (May 15, 2010)

When Jamie Dimon feels it is his perogative to ream out Bank of Canada's Mark Carney, in a closed door meeting of banksters...........and why were they in a "closed door" meeting anyways, it says a lot about their superiority complex.

People should recall that soon after the 2008 bank bailouts, they were awarding themselves big bonuses from the bailout money. Even hauling them before Congress didn't dissuade them.

And now, a couple of years later, it looks like they learned nothing from it all.

Nobody knows exactly how much "exposure" the big US banks have to the European crisis, because derivatives are traded over the counter, and without any accounting or transparency to regulators. 

Some pretty large numbers have been floated out there.

The same US taxpayers who are sick and tired of Wall Street bailouts, may very well be the ones who will be forced to bailout US banks..........to save them and Europe.

Globalization looks to be nothing more than inheriting other people's problems.


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## PMREdmonton (Apr 6, 2009)

The Amazing Atheist makes some very good points.

In modern US society, many of its smartest individuals are not out innovating products/services to make our lives better as they used to. Instead they are developing complex financial instruments to generate more money for themselves. If this continues it will impoverish us.

There should be massive taxes on the profits of all these financial industries to disincentive the massive profits they can generate so that massive salaries cannot be paid out to their employees. This well incentive the smartest people we have to try and do something that is actually productive with their lives.


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## ddkay (Nov 20, 2010)

I for one believe society could exist without con artists running IPO cartels. Any six year old can "create value" by writing pitchbooks and overvaluing largely unprofitable products like MBS or IPOs like Sino-Forest and Groupon. Bailouts have just rewarded incompetency.


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## sags (May 15, 2010)

I happened to be tuned in to CNBC when Rick Santelli went off on the Tea Party rant............and I believe it was the impetus for the Tea Party today, which wields more power and influence than probably would have been thought.

The Wall Street Protests appear to be another social media phenomena.

The latest..........700 arrested in New York, and the protests are spreading across the country.

When people see other people getting arrested for holding peaceful protests in a cause many Americans agree with, they have a tendency to join the fight.

It will be interesting to see how far this movement goes.


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## KaeJS (Sep 28, 2010)

ddkay,

Do you watch TheAmazingAtheist regularly?

I have been subscribed to his channel for years. Some people can't stand the guy, but I think he's intelligent.


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## ddkay (Nov 20, 2010)

I never knew about this character before today, I should have put a warning up because he's a little over-the-top with profanity. The points are valid though, everything that's happening is absurd.

Even if they weren't celebrating the protest, common sense is stay inside so you don't give the wrong message.


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## Belguy (May 24, 2010)

These protests are starting to grow and to spread and now there is one being scheduled for Toronto!!

The people are getting mad and are not going to just lie down and take it anymore while a few fat cats get richer while most get poorer.

In the meantime, Obama is lost in action.

Are you sorry about your Obama bumper sticker yet? Are you starting to miss George Bush?


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## KaeJS (Sep 28, 2010)

Belguy said:


> These protests are starting to grow and to spread and now there is one being scheduled for Toronto!


Seriously?


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## Dmoney (Apr 28, 2011)

Should be fun getting to and from work tomorrow...


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## DanFo (Apr 9, 2011)

nshh the one in Toronto is scheduled for a Saturday ..when the exchange is closed ..go figure


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## ddkay (Nov 20, 2010)

I expect, without military-industrial-complex aggressive police intervention, that it will be a peaceful protest. Toronto doesn't have the resources it did during the G20, so it shouldn't be able to replicate that mayhem. I hope there are no cases of assault from either protestors or police. I was penned up all weekend last summer because simply going outside and making millisecond eye contact with police could get you arrested, I'm not kidding. I don't want to see them use stun grenades and kettling again. Just watching from my window was a scarring experience.


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## Dmoney (Apr 28, 2011)

Occupy Toronto hasn’t determined its exact grievances yet, but representatives online said “corporate greed is the root cause of every single issue on the table.”

Fantastic. We don't know what we're protesting, but we are so going to protest. 

The logic is flawless. Canada's problems are miniscule compared to those in the US... and it can be argued that it was the US institutions that caused Canada's problems anyway... I get the concept behind it, but in practice it's pretty stupid.


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## Argonaut (Dec 7, 2010)

DanFo said:


> nshh the one in Toronto is scheduled for a Saturday ..when the exchange is closed ..go figure


Because people in Canada actually have jobs.


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## Belguy (May 24, 2010)

The rich get richer and the poor get poorer. It is the growing gap between the rich and poor that is at the root of the growing discontent and it might get a lot worse before it gets better.


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## KaeJS (Sep 28, 2010)

^ Yeah, but some of the poorer people live better than I do!!

Nice cars and starbucks everyday!!


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## ddkay (Nov 20, 2010)

Inspiring story 



> Special Report: A "great haircut" to kick-start growth
> By Jennifer Ablan and Matthew Goldstein
> NEW YORK | Sun Oct 2, 2011 7:54pm EDT
> (Reuters) - More than three years after the financial crisis struck, the economy remains stuck in a consumer debt trap. It's a situation that could take years to correct itself. That's why some economists are calling for a radical step: massive debt relief.
> ...


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## Argonaut (Dec 7, 2010)

Boo on consumer debt relief. The savers should be rewarded for their efforts, not the spenders. I don't think I've spent a dollar in the last two years.


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## Dmoney (Apr 28, 2011)

Argonaut said:


> Boo on consumer debt relief. The savers should be rewarded for their efforts, not the spenders. I don't think I've spent a dollar in the last two years.


This.

Hey, you were an idiot and took on too much debt to finance your excessive lifestyle. Instead of sacrificing to repay it, how about we just forgive the whole thing... Oh and you can now start borrowing again because you're now debt free. And the cycle repeats.


The joke is that this is what we've done for the banks. We'll bail you out after your risky lending backfires.

We need accountability on everyone's part. If consumers hadn't requested massive loans, the problem wouldn't exist. If banks hadn't granted said loans, the problem wouldn't exist. If banks and banks' management were punished for negative outcomes, they would never had made risky loans in the first place.


From the article:
Take Donald Bonner, for example, a 61-year-old from Bayonne, New Jersey, who lost his job working on a dock in June. Back in March, he attended a "loan modification" fair held by JPMorgan Chase in New York. He has lived in his home since 1970, but was on the verge of losing his job. After falling behind on his $2,800-a-month mortgage, he sought to reduce his monthly payment. Bonner says the bank denied the request on the grounds that he is ineligible because his income is higher than the minimum threshold set by the Federal government for loan modifications.

You've lived in your home for 40+ years and you have a mortgage of $2,800 a month? You're the problem.


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## KaeJS (Sep 28, 2010)

Argonaut said:


> Boo on consumer debt relief. The savers should be rewarded for their efforts, not the spenders. I don't think I've spent a dollar in the last two years.


Bingo.

And Dmoney, $2800 a month is more than I make a month - GROSS PAY!!


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## DanFo (Apr 9, 2011)

I agree after being in your home for 40+ years and your mortgage is still 2800/month your retarded.just another example of why debts are so bad. Live within your means or suffer the consequences


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## Jon_Snow (May 20, 2009)

My wife and I have worked and saved so hard and sacrificed many of the "trappings" that our debt riddled peers have... We have made a CHOICE not to be in debt - simple as that. The very thought of millions of people having their financial slates wiped clean...outrage doesn't begin to describe my feelings about such a thing.


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## KaeJS (Sep 28, 2010)

Mr. Snow, I hear ya.

If that's the case, I'll see you guys all down in TO. 

I will rent us a posh restaurant for the night, limo drive those in the GTA area and fly those in from other provinces. I will meet you all there in my new Audi S5. Drinks are on me for all CMF participants.

I'll just put this all on credit. Consumer debt anyway... right? 

I'm sure our lovely Tgal must know some ridiculously posh and expensive restaurants in the area we can book.


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## ddkay (Nov 20, 2010)

Bailouts rewarding incompetency on both ends of the spectrum, but at least its "even"? If this ends up happening in Canada, I'll join KaeJS and every saver left in maxing out all my credit. Hold up marina628 we're coming to Vegas.


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## Argonaut (Dec 7, 2010)

A better idea than debt relief would be to cut everyone in the country a cheque for $10,000. That would definitely be a short-term caffeine boost to the economy, but cause some short term inflation as well. It's totally absurd, but it's better than most of the stuff politicians come up with, and it's even.


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## DanFo (Apr 9, 2011)

the beer House is free for the evening....but I live my life for me and don't count on the charity of others to survive so I won't be there,,,,,I'm not aggressive enough to drive down town TO lol...last blue jays game i went too took me 3 hours to get to niagra falls...was rush hour when the game got out.


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## zylon (Oct 27, 2010)

*"Off with their heads", says sweetheart Roseanne*



> "I do say that I am in favor of the return of the guillotine and that is for the worst of the worst of the guilty.
> 
> "I first would allow the guilty bankers to pay, you know, the ability to pay back anything over $100 million [of] personal wealth because I believe in a maximum wage of $100 million. And if they are unable to live on that amount of that amount then they should, you know, go to the reeducation camps and if that doesn't help, then being beheaded," Barr said with a straight face. realclearpolitics.com


You, you know, *GO* girl!

___________________
signed: peacelovingbeat-nik


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## ddkay (Nov 20, 2010)

She-Devil http://www.youtube.com/watch?v=FU56a2EIeH8


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## fersure (Apr 19, 2009)

Argonaut said:


> A better idea than debt relief would be to cut everyone in the country a cheque for $10,000. That would definitely be a short-term caffeine boost to the economy, but cause some short term inflation as well. It's totally absurd, but it's better than most of the stuff politicians come up with, and it's even.


We need the return of Alberta's Social Credit party now! Prosperity certificates for everyone !


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## dogleg (Feb 5, 2010)

When people take to the streets to defend themselves against the excesses of capitalistic greed it is a signal of great concern . Anyone who has read history knows that democracy can only exist in a capitalistic society if the woking class is part of the structure. This usually involves workers unions which are quickly disappearing, especially in North America. Without this balance the end result is anarchy.There are endless examples of it. Those who value democracy should be the strongest supporters of the working class and their right to defend themselves against the overwhelming power of the corporate and financial world. Globalization steadily increases the threat and right-wing governments are the puppets of the international ruling/financial class. So when people by the thousands lose their jobs, homes, health care and can't even provide for their families and all the while see the corporate world getting richer and richer what would any thinking person expect them to do . Very scary.


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## HaroldCrump (Jun 10, 2009)

Dmoney said:


> You've lived in your home for 40+ years and you have a mortgage of $2,800 a month? You're the problem.


This is an example of how stupid govt. tax policy accentuates the financial ignorance of the masses.
Mortgage interest is tax deductible in the US and that has given rise to this lifelong mortgage.
I have friends and ex-colleagues in the US, many in the 50 - 60 age group.
All of them have mortgages and most have been home owners for 20+ years.
They need to get rid of this tax deductibility of mortgages and 30 year mortgage terms.
There should also be some limit to how much and for how long you can keep leveraging up the home equity against consumer loans.
That is how a 61 year old ends up with a $2,800 monthly mortgage payment.
The original principal must have been paid off long ago...this is all home equity leveraged up over the past 40 years.


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## ddkay (Nov 20, 2010)

http://wearethe99percent.tumblr.com/

Sad.


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## Dmoney (Apr 28, 2011)

HaroldCrump said:


> This is an example of how stupid govt. tax policy accentuates the financial ignorance of the masses.
> Mortgage interest is tax deductible in the US and that has given rise to this lifelong mortgage.
> I have friends and ex-colleagues in the US, many in the 50 - 60 age group.
> All of them have mortgages and most have been home owners for 20+ years.
> ...


Oh I know very well how you can live in a house for 40 years and not own it. Mutual greed, from both the owner and the banks. Just because you can do it doesn't mean you should. 

Pay off the house, borrow against it to buy a big TV. Pay off the house borrow against it to buy a new car. Pay off the house, borrow to go to Hawaii. There is no excuse for this guy. He did it to himself. Just because banks made it easy to do doesn't mean he is any less guilty of it. 

Mainstreet and Wall street both have a hand in the current situation.


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## KaeJS (Sep 28, 2010)

I see this everyday...

$119k HOLC here, $87K HOLC there...

No big deal... 

Oh, boy. I can't wait to grab life insurance in my 40's and have a $1M net worth... then, slowly, blow it all and accumulate $500k of debt over the next 40 years and live life to the fullest. Ah, yes. Then I will die and Sun Life can pay for it all.


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## marina628 (Dec 14, 2010)

I went to Lake Las Vegas where Celine lives this week (not to visit her but to look at some land) and now you can buy a million dollar house for about $300,000 and 5-6 million dollar houses for 1 million.The problem is nobody is buying even for these prices. The agent we were with told us even these areas will be dust soon as nobody can afford to keep them down there.100k condos are going for 19k because the monthly fees are $700 a month


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## dogcom (May 23, 2009)

This is where Canada has it right and that is no capital gain tax on your principal residence but no writing off your mortgage interest. This is where Americans go wrong as pointed out by Haroldcrump.

But I am with the Wall Street protesters as wild bankers destroyed the economy and killed employment. America needs to be shaken to the core and big business needs to get out of influencing politicians.


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## Belguy (May 24, 2010)

And so, where has free market capitalism taken us?


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## kcowan (Jul 1, 2010)

dogcom said:


> This is where Canada has it right and that is no capital gain tax on your principal residence but no writing off your mortgage interest.


Amercians can roll over their capital gains into another home purchase if it is completed within 12 months. So they not only get mortgage deductibility but also capital protection. Plus 30-year mortgages present an opportunity for interest rate arbitrage.

These are all good if prices keep going up.


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