The Occupation Is On The Move, Find a Big Bank Protest Near You

U.S. Senator Paul Wellstone used to say "sometimes you have to pick a fight to win one."

Now Occupy Wall Street has picked one, right in Jamie Dimon's backyard.

But it won't stay contained in Zuccotti Park. While Brookfield Properties called the park a "public sanctuary" in 2005, they have apparently changed their minds. Mr. Zuccotti wants his park back and the police are preparing to clear it with new rules barring camping, sleeping and breathing.

They are too late. The train has left the station and the Occupation is on the move. From Manhattan to Hawaii big bank protests are planned. Everyone who cares about creating an economy that works for working people should get on board.

On Lehman Day, Elizabeth Warren Runs Against “Wall Street’s Favorite”

Consumer advocate Elizabeth Warren announced that she was running against Scott Brown for a U.S. Senate seat in Massachusetts on the eve of the anniversary of the Lehman Brothers collapse. For many, Lehman's unthinkable bankruptcy September 15th, 2008 marks the day when the wheels came off the bus and the U.S. economy went over a cliff.

With 30 million Americans unemployed and underemployed, Social Security, Medicare and public workers under attack, Warren's video announcement got straight to the point.

"Middle-class families have been chipped at, hacked at, squeezed and hammered for a generation now, and I don't think Washington gets it. Washington is rigged for big corporations that hire armies of lobbyists," she continued. "A big company like GE pays nothing in taxes and we're asking college students to take on even more debt to get an education, we're telling seniors they may have to learn to live on less? It isn't right, and it's the reason I'm running for the U.S. Senate."

Nurses to Obama: Heal America, Tax Wall Street!

As President Obama gets ready for his big jobs speech Thursday, America's nurses have a message for him. "Heal America, Tax Wall Street!" the signs read as nurses rallied in front of 61 Congressional offices this week. The nurses are proposing a bold alternative to the "cut, cut, cut" rhetoric emanating from Washington, D.C.

Their proposal? "It's time for the Wall Street financiers who created this crisis and continue to hold much of the nation's wealth to start contributing to rebuild this country and for the American people to regain their future," explained Rosanne DeMoro, Executive Director of National Nurses Union (NNU), in a press release. The nurses are joining groups across the nation and around the world who are calling for a financial transaction fee on high-volume, high-speed Wall Street trades, to tamp down dangerous speculation and to raise revenue for heath care, jobs and other critical needs.

Recall Walker? It's Up to Feingold

For the first time in the state's history, Wisconsin recalled two sitting state senators simultaneously. While it was a difficult and historic achievement in two districts that voted for Scott Walker in 2010, it fell short of the three seats needed to flip the Senate from Republican to Democratic control and put the brakes on Governor Scott Walker's radical agenda.

While Walker's collective bargaining bill sparked the recalls, voters were also worried about the state budgetary moves which cut $800 million from local schools while giving out $200 million in tax breaks for big corporations. No jobs plan (other than tax breaks) has been proposed and, contrary to spin from the Governor, joblessness is growing in this state at twice the rate of the federal level.

Money Still Owed In Federal Bailout: $1.5 Trillion Still Owed to Treasury, Federal Reserve

  • Topics: Banking
  • A new study released today by the Center for Media and Democracy (CMD) shows that, despite rosy statements about the bailout's impending successful conclusion from federal government officials, $1.5 trillion of the $4.8 trillion in federal bailout funds are still outstanding.

    The analysis, presented in charts and an online table and program profiles, is based entirely on government records. This comprehensive assessment of the bailout goes beyond the relatively small Troubled Asset Relief Program (TARP) program to look at the rest of the Treasury and Federal Reserve's multi-trillion dollar response to the financial crisis. It shows that while the TARP bailout of Wall Street (not including the bailout of the auto industry) amounted to $330 billion, the government also quietly spent $4.4 trillion more in efforts to stave off the collapse of the financial and mortgage lending sectors. The majority of these funds ($3.9 trillion) came from the Federal Reserve, which undertook the actions citing an obscure section of its charter.

    Live Reporting from the Wisconsin Protests

    Since Monday, February 14, CMD reporters have been on the streets providing live coverage of the historic protests in Madison, Wisconsin and related legal and political battles. We focus on the corporations and spinmeisters pulling the strings. CMD is supported by small contributions from people like you.

    Russ Feingold Leads Thousands in Budget Protest at Wisconsin Capitol

    Inside the Wisconsin state Capitol on Monday, June 6, Supreme Court Justices began hearings on the controversial collective bargaining measure proposed by Governor Scott Walker. Outside the Capitol, thousands of community members and employees from across the state rallied against the Walker-sponsored budget, chanting "Recall Walker" and "Walker, we won't back down! This is a union town!"

    Former U.S. Senator Russ Feingold led the march from Madison Fire Station 1 toward the Capitol. Feingold was born in Janesville, Wisconsin, and marched up to the Capitol with Rock County AFSCME member past the standing "Walkerville" tent encampment, whose friendly inhabitants set up refreshment tables to help crowds battle the crushing heat. Feingold refused to address speculation that he might oppose Scott Walker in the next election, but signs, T-shirts and chants of "Russ for Governor" indicated mounting support for his candidacy.

    Americans for Prosperity Runs Deceptive Robo-Calls

    Americans for Prosperity North Carolina is running deceptive robo-calls in predominantly African-American voting districts in North Carolina to try and drum up support for House Bill 810, a measure that loosens regulations on payday lenders and that is backed by financial interests. In the call, a woman identifies herself as "Joan with Americans for Prosperity North Carolina." "Joan" then tells call recipients they can "help create local jobs by supporting hometown lenders" by contacting Democratic House Representative Winkie Wilkins and asking him to support HB 810. "Joan" says the HB 810 will help "hometown lenders" and increase access to credit for "small businesses and families." The call does not mention that the bill raises the amount of interest lenders can charge on small loans from 25 to 36 percent, and provides for new fees and other measures that increase lender profits. The Center for Responsible Lending finds that the additional interest would cost North Carolina consumers between $50 million and $70 million, and that two thirds of that amount would accrue to CitiFinancial and American General, two big financial companies that have already received federal bailout money.

    Deutsche Bank Goes After Whistleblower’s Son

    By Eric Carlson, Center for Media and Democracy

    In July 2008, Florida lawyer Lynn Szymoniak received foreclosure papers on her home. Szymoniak had encountered financial difficulties after spending several years caring for her ailing mother while simultaneously fighting her own health problems, and failed to re-negotiate her adjustable-rate mortgage with her lender.

    Robin Hood Storms Chase Castle and M&I Execs Get Piggish

    On Tuesday, the shareholders of Marshall and Ilsley (M&I) Bank of Wisconsin "voted" to give $71 million in bonuses to failed executives as part of an acquisition deal. "Voted" may not be the right word, since CEO Mark Furlong opened and closed the meeting within the span of five minutes, allowing no discussion and no questions from the dozen or so shareholders in the room. Furlong has apparently learned Robert's Rules of Order from his friend Governor Scott Walker and the rest of the gang in the Wisconsin Capitol.

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