Is America Finally Starting to Stand Up To Wall Street?

[KoKo]

Friday, November 20, 2009
Is America Finally Starting to Stand Up To Wall Street?
Are the American people finally starting to stand up to Wall Street?

Shareholder Revolt

Some of Goldman Sach's biggest shareholders are demanding that executive compensation be reduced. As the Wall Street Journal notes:

Their complaints in private conversations with the company and at analyst meetings show how anger over its big-money culture is spilling into the ranks of investors who typically shy away from debates over Wall Street pay.

Protests

There were the protests outside of the Bankers Association meeting in Chicago. See this, this, this, this, this and this.
If you don't think that more - bigger - protests are coming, you haven't been paying attention.

Debtor's Revolt

Debtors are revolting against exorbitant interest rates and fees and other aggressive tactics by the too big to fail banks. See this, this, and this.

Congresswoman Kaptur advises her constituents facing foreclosure to demand that the original mortgage papers be produced. She says that - if the bank can't produce the mortgage papers - then the homeowner can stay in the house.

Portfolio manager and investment advisor Marshall Auerback argues that a debtor's revolt would be a good thing.

And even popular personal finance advisor Suze Orman is highlighting the debtors revolt phenomenon on her national tv show.
Congress Is Starting to Get the Message

The American people are shouting so loud at their congress members and Senators, that even some of the most pro-Wall Street congressman are starting to get it.

For example, the Congressional Black Caucus has been hearing so much about how congress is failing to address the crisis of unemployment from their constituents, that the CBC delayed Barney Frank's proposed financial reform.

The House Financial Services Committee received so many phone calls from constituents that it approved the Ron Paul/Alan Grayson bill to audit the Fed and defeated the trojan horse alternate bill written by Mel Watt. Indeed, I have heard from congressional sources that the only calls to support the Watt alternate bill were from the Fed itself. And see this.

The Committee also approved Congressman Grayson's bill to rein in foreign currency swaps.

Both Geithner and Summers are coming under increasing pressure to resign due to their being in bed with Wall Street.

Even Bernanke's re-appointment is no longer certain.

And Obama's approval ratings have now dipped below 50%, largely due to his mishandling of the economic crisis.

--------

As Congressman Peter DeFazio notes:

There were a lot of Democrats who were "upset and nervous with" the handling of the economy by the administration.

"It is pretty embarrassing for a Democratic administration and a Democratic Congress to be identified with total attention to Wall Street and nothing for Main Street and jobs," he said. "There are a lot of Democrats who... want to see something more effective done to create employment."

DeFazio insisted that President Obama and, by extension, the Democratic Party were hampered by Geithner's policies for economic recovery. He pointed to the inability of the administration to spur small business lending and the lack of effective TARP oversight as particularly egregious examples of mismanagement. More than anything else, the Oregon Democrat deemed it untenable for the president to continue employing his current economic team given the taint of Wall Street that clings to many of those advisers.

"I have had a number of people say to me, 'I feel the same way you do but I'm not going to say it.' People are worried it will rub off on the president who still enjoys popularity," he said. "I tell them I still support the president. I just think he is being poorly served by his economic team."

"The truth of the matter," DeFazio added, "is that we have not changed the way the money is being used. It is not being used for the purpose it was supposed to be used for. We are not creating jobs and we have not aggressively taken on the culture of Wall Street"...

One of his chief concerns was that the president appeared enamored with the lords of finance. "The administration has, thus far, not threaded the needle here," he said. "They have taken care of Wall Street but not the rest of the country."

Are the American people are finally starting to awaken?

More at.....

http://www.washingtonsblog.com/

[The Magistrate]

1. We Had Damned Well Better Be, Ma'am....

"What is the matter with the poor is poverty; what is the matter with the rich is uselessness."

[Jim Sagle]

4. Whoever said that knew what he was talking about.

It brings to mind (by contrast) the old Republican sound byte: "No one ever got a job from a poor person."

A good rejoinder might be: "No one ever got any useful work out of a rich person."

[Mopar151]

2. Debtor Revolt?

That must be what I'm doing! Out of work since March, The bills I stopped paying first were the ones with hignest interest rates. After the last call from thier collector, I don't even feel bad about it. Any good mass tort lawyers out there want to rumble with the card co's?

[aquart]

3. Bernanke needs to retire and spend his money creating jobs.

And trying to avoid eternal damnation.

[Lorien]

10. Let him take Geithner with him

people are enraged that those two are still in power; Left, Right...it doesn't matter what party they identify with. The people are pissed, and sooner or later those in power will be forced to notice.

[Fearless]

5. We'll see.

There is so much left to do still.

[mrbarber]

6. As nice as it is to imagine this...

The truth is, if our corporate/wall street masters ever felt truly worried or threatened, there would be a major crackdown on dissidents and protesters, just like those who were arrested for "terrorist activity" for planning to block streets during the RNC convention.

[jimlup]

7. I hope to hell that people are FINALLY FIGHTING BACK

The time has arrived. If not now, it will only get much worse.

[jimlup]

8. There is another possible senario...

If politically the will existed. People could go on a payment strike.

Basically people would all stop paying their credit cards in protest over the usury interest rates being charged. It would have to involve real solidarity. It would have to be major but if the will existed it would bring the banks to their knees in a month or two maybe three...

The obvious problem is that of SOLIDARITY

[Earth Bound Misfit]

9. No.