“Occupy Wall Street” protesters are angry over the lack of employment prospects and government actions that are “not relevant to their lives,” House Minority Leader Nancy Pelosi said.
“I think they are angry that they don’t have jobs,” Pelosi told ABC News’ “This Week” program, scheduled for broadcast today. “There’s nothing that makes you angrier than not being able to provide for your family or understand what your prospects are for the future.”
Americans’ pessimism about the economy helped send President Barack Obama’s approval rating to 38 percent last week, the lowest of his presidency. The nation’s jobless rate, which has been at 9 percent or higher since April, remained at 9.1 percent last month.
The stagnant labor market has limited consumer spending, which grew at 0.7 percent last month, the smallest increase since the last three months of 2009. The European debt crisis threatens to trigger another recession.
The protesters’ message to the “establishment,” including Wall Street and politicians, is that “change has to happen,” Pelosi said on ABC. The U.S. government’s bailout of banks hasn’t made capital available to average citizens as expected, the California Democrat said.
Obama, a Democrat, has expressed empathy with the demonstrators while stopping short of endorsing their movement.
“Occupy Wall Street” began three weeks ago in Lower Manhattan and has spread to cities such as Washington and San Francisco.
Social Justice: Current Affairs, Business, Politics, and all the reasons in the world to Thrive on Creative Discontent!
Saturday, October 8, 2011
Friday, October 7, 2011
Stop the Machine!!!
The "Stop the Machine" rally organised by a group called "October 2011" echoed the demands of the "Occupy Wall Street" movement in New York that drew more than 5,000 people, including labour-union support, on Thursday.
"The poor are no longer patient," said one of the speakers, Ben Manski, a Green Party activist from Wisconsin, from a stage near the White House, decorated with the "We the People" preamble of the US constitution.
"It took us long enough, but we are no longer patient," Manski told the crowd, a mix of young people and veterans of protest movements of past decades who descended on the square with placards, drums and sleeping bags.
"This is a sacred struggle, on a par with the abolition of slavery, voting rights for women and civil rights," Manski said, "and just like those movements, we are going to win."
The protest - which has a four-day permit - got under way just as Barack Obama, the US president, called the Wall Street protests an expression of the frustration that Americans are feeling.
"I think people are frustrated, and the protesters are giving voice to a more broad-based frustration about how our financial system works," he told reporters at the White House.
Obama also used the opportunity to push forward his $447bn jobs bill, the American Jobs Act, saying it would ensure tougher oversight of the financial industry.
"The poor are no longer patient," said one of the speakers, Ben Manski, a Green Party activist from Wisconsin, from a stage near the White House, decorated with the "We the People" preamble of the US constitution.
"It took us long enough, but we are no longer patient," Manski told the crowd, a mix of young people and veterans of protest movements of past decades who descended on the square with placards, drums and sleeping bags.
"This is a sacred struggle, on a par with the abolition of slavery, voting rights for women and civil rights," Manski said, "and just like those movements, we are going to win."
The protest - which has a four-day permit - got under way just as Barack Obama, the US president, called the Wall Street protests an expression of the frustration that Americans are feeling.
"I think people are frustrated, and the protesters are giving voice to a more broad-based frustration about how our financial system works," he told reporters at the White House.
Obama also used the opportunity to push forward his $447bn jobs bill, the American Jobs Act, saying it would ensure tougher oversight of the financial industry.
The poor get poorer, while the......
Refinancing of Fannie Mae and Freddie Mac mortgages with the lowest interest rates soared as prepayments on loans with the highest rates declined, underscoring how only some homeowners can take advantage of the best borrowing costs on record.
The so-called constant prepayment rate, or CPR, for 30-year Fannie Mae securities with 4 percent coupons, backed by loans with rates of about 4.5 percent, jumped 140 percent last month to 17.7, according to data released late yesterday. Speeds for similar bonds with underlying loan rates averaging about 7 percent fell almost 10 percent to 19.2.
Treasury Secretary Timothy F. Geithner told lawmakers yesterday the U.S. would “move forward with a plan in the next couple of weeks” to allow more refinancing of government-backed loans for borrowers who owe more than their home’s values. Prepayment speeds last month on the lowest-rate debt show lenders may be concentrating on the safer homeowners who got loans since the housing slump slowed in 2009.
“This report underscores the trend that lenders have learned to cope with capacity constraints by prioritizing borrowers” who are the easiest to underwrite, JPMorgan Chase & Co. (JPM) analysts led by Brian Ye in New York said in a report, referring to originators struggling to deal with a surge of business after a Mortgage Bankers Association index of refinancing applications more than doubled from this year’s low.
The so-called constant prepayment rate, or CPR, for 30-year Fannie Mae securities with 4 percent coupons, backed by loans with rates of about 4.5 percent, jumped 140 percent last month to 17.7, according to data released late yesterday. Speeds for similar bonds with underlying loan rates averaging about 7 percent fell almost 10 percent to 19.2.
Treasury Secretary Timothy F. Geithner told lawmakers yesterday the U.S. would “move forward with a plan in the next couple of weeks” to allow more refinancing of government-backed loans for borrowers who owe more than their home’s values. Prepayment speeds last month on the lowest-rate debt show lenders may be concentrating on the safer homeowners who got loans since the housing slump slowed in 2009.
“This report underscores the trend that lenders have learned to cope with capacity constraints by prioritizing borrowers” who are the easiest to underwrite, JPMorgan Chase & Co. (JPM) analysts led by Brian Ye in New York said in a report, referring to originators struggling to deal with a surge of business after a Mortgage Bankers Association index of refinancing applications more than doubled from this year’s low.
Thursday, October 6, 2011
American Jobs Act!!!
US President Barack Obama has said that the "Occupy Wall Street" protests in New York and other US cities reflect "broad-based frustration" among Americans with how the US financial system works.
Obama spoke on Thursday at the White House, adding that the protests were indicative of public anger that those who helped cause the financial crisis are fighting efforts to curb abuses.
"I think it expresses the frustrations the American people feel, that we had the biggest financial crisis since the Great Depression, huge collateral damage all throughout the country ... and yet you're still seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place," he said at a news conference.
Obama also used the opportunity to push forward his $447bn jobs bill, the American Jobs Act, saying that it was designed to ensure tougher oversight of the financial industry.
"Any senator out there who's thinking about voting against this jobs bill when it comes up for a vote needs to explain exactly why they would oppose something we know would improve our economic situation at such an urgent time," Obama said.
Obama spoke on Thursday at the White House, adding that the protests were indicative of public anger that those who helped cause the financial crisis are fighting efforts to curb abuses.
"I think it expresses the frustrations the American people feel, that we had the biggest financial crisis since the Great Depression, huge collateral damage all throughout the country ... and yet you're still seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place," he said at a news conference.
Obama also used the opportunity to push forward his $447bn jobs bill, the American Jobs Act, saying that it was designed to ensure tougher oversight of the financial industry.
"Any senator out there who's thinking about voting against this jobs bill when it comes up for a vote needs to explain exactly why they would oppose something we know would improve our economic situation at such an urgent time," Obama said.
Wednesday, October 5, 2011
Battle for New York!!!
New York City police using pepper spray and batons violently confronted a crowd of demonstrators and journalists who had converged near barricades at the entrance to Wall Street on Wednesday night, as part of ongoing protests in the United States' financial capital over wealth inequality and a host of other grievances.
The Resistance!!!
CHICAGO—The offshoot here of the anti-Wall Street protests in New York ran up against police resistance Wednesday and protesters dismantled their base outside this city's Federal Reserve Bank, but they vowed to maintain their presence on the corner indefinitely.
Occupy Chicago has been one of the largest spinoffs of the 19-day-old "Occupy Wall Street" movement, which stands against "greed and corruption" by the wealthiest 1% of the population.
Around the clock for nearly two weeks, dozens and sometimes hundreds of protesters have occupied a bustling corner here outside the U.S. Federal Reserve Bank and the Chicago Board of Trade, building.
"We're here for justice — our sign says it all, and our sign says, 'Stop government crimes,'" said Chris Fogarty, as he stood with his wife, Mary O'Sullivan, on LaSalle Street. "And the other side says, 'Restore our laws.'"
Occupy Chicago has been one of the largest spinoffs of the 19-day-old "Occupy Wall Street" movement, which stands against "greed and corruption" by the wealthiest 1% of the population.
Around the clock for nearly two weeks, dozens and sometimes hundreds of protesters have occupied a bustling corner here outside the U.S. Federal Reserve Bank and the Chicago Board of Trade, building.
"We're here for justice — our sign says it all, and our sign says, 'Stop government crimes,'" said Chris Fogarty, as he stood with his wife, Mary O'Sullivan, on LaSalle Street. "And the other side says, 'Restore our laws.'"
About OCCUPY TOGETHER
September 23rd, 2011
OCCUPY TOGETHER, an unofficial hub for all of the events springing up across the country (383 US Cities as of today) in solidarity with Occupy Wall St. As we have followed the news on facebook, twitter, and the various live feeds across the internet, we felt compelled to build a site that would help spread the word as more protests organize across the country. We hope to provide people with information about events that are organizing, ongoing, and building across the U.S. as we, the 99%, take action against the greed and corruption of the 1%.
The pivotal moment of the Occupy Wall Street protest continues to be a video of a high-ranking police officer brutally "macing" innocent women = Welcome to America Land of the Free???
We will try our best to provide you with the most accurate information possible. However, we are just a few volunteers and errors are bound to occur. Please be patient as we get this site off the ground and populated and please contact us if you have any info on new events, corrections, or suggestions for this site. You can contact us at info[at]occupytogether[dot]org.
We will only grow stronger in our solidarity and we will be heard, not just in New York, but in echoes across this nation.
OCCUPY TOGETHER, an unofficial hub for all of the events springing up across the country (383 US Cities as of today) in solidarity with Occupy Wall St. As we have followed the news on facebook, twitter, and the various live feeds across the internet, we felt compelled to build a site that would help spread the word as more protests organize across the country. We hope to provide people with information about events that are organizing, ongoing, and building across the U.S. as we, the 99%, take action against the greed and corruption of the 1%.
The pivotal moment of the Occupy Wall Street protest continues to be a video of a high-ranking police officer brutally "macing" innocent women = Welcome to America Land of the Free???
We will try our best to provide you with the most accurate information possible. However, we are just a few volunteers and errors are bound to occur. Please be patient as we get this site off the ground and populated and please contact us if you have any info on new events, corrections, or suggestions for this site. You can contact us at info[at]occupytogether[dot]org.
We will only grow stronger in our solidarity and we will be heard, not just in New York, but in echoes across this nation.
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