Boston police and other security forces including the bomb squad raided Occupy Boston’s second camp in Dewey Square early in the morning on October 11. At least eighteen police vans pulled up on the side of the camp. Riot police moved in on the protesters and began to put zip-ties on protesters and haul them off. Tents and other objects in the camp were seized and put into garbage trucks by Boston sanitation workers.
The raid included police violence as members of Veterans for Peace held flags and stood in between the police and protesters who decided to stand their ground. The riot police began throwing veterans to the ground. Violent arrests were made.
As Occupy Boston was raided, it seemed like multiple cities faced the possibility of the same kind of raid. Atlanta, St. Louis and Seattle each had indications the police might move in on their camps. A police lieutenant indicated arrests would be made, despite the fact that Seattle Mayor Mike McGinn’s had called for the police to back down. The mayor’s office came down around 3 am ET to tell occupiers they would be able to stay but they couldn’t “say the same for tomorrow night.”
Occupy Atlanta expected a visit from Mayor Kasim Reed last night. At 1 am ET, the live stream of Occupy Atlanta broadcast deliberation over how to handle the possible visit. A number of occupiers suggested they obtain some sort of indication from Reed that they would be allowed to stay and occupy a park they had renamed Troy Davis Park.
Before midnight, the Occupy Boston General Assembly passed a resolution to continue to occupy both camps. The police handed occupiers in the second camp a notice that told the occupiers they had to leave the area. The occupiers started calling friends to come down to support the camp. All Boston residents were publicly encouraged to join so that the mass of people in the camp might deter the Boston Police Department’s decision to carry out a raid.
A peaceful standoff of between 8,000 and 10,000 protesters on the Charlestown Bridge occurred late in the afternoon, hours before the police raid. Then it appeared a mass arrest might take place. Police had wagons come to the scene. But the situation de-escalated and protesters were able to leave the bridge. Prior to that, Occupy Boston marched through the streets of the city and gathered for a huge demonstration in front of the Federal Reserve that shut down the street.
Firedoglake’s The Dissenter is still in New York City. Watch for a livestream from the park around 3:30 pm ET. Then, watch for a live stream again late in the evening, probably around 7 pm ET.
Here is a Twitter list to follow for the latest updates.
LIVESTREAM OF OCCUPY WALL STREET VIA GLOBAL REVOLUTION
FDL’s LIVESTREAM FROM LIBERTY PARK
[*Expect to be streaming at 3:30 pm ET and then again at 7:30 pm ET from Liberty Park in New York.]
11:31 PM Via @NYDNBKCRIME – A photo of fake transit announcements that push Occupy Wall Street’s message. Very creative, clever. Maybe one of the few signs that this movement was born from a call put out by culture jamming magazine AdBusters.

11:23 PM Those suspicious signs put up in Minnesota Power Plaza after Occupy Duluth is announced are not suspicious so don’t suspect anything like whether they have been posted in response to a plan for an occupation in Duluth. (My paraphrasing of spokesperson.)
11:14 PM Press TV covers Occupy Wall Street events to mark Columbus Day. A teacher brought her class of children to the park for a reading of a book that taught the real history of Columbus. [I was there and saw the tail-end of this class session in the park.]
11:03 PM It didn’t turn out so well because I could not get much of a connection for the Ustream, but here is part of my interview with Ryan Devereaux (@RDevro). The last thirty seconds are messed up. The recording stops and then starts up. This was my last question. I talked to him about the police and whether he thought the occupiers would stay through winter. I asked when he thought Occupy Wall Street really took off. He told me the Brooklyn Bridge mass arrest really was a turning point.
10:59 PM Occupy Chicago & the 10th Anniversary of the Afghanistan War (It’s a longer video. Go to 18:30 for a good point by a young person about being different than those in power right now when we win.)
10:41 PM Occupy Wall Street overnight celebrity Jesse LaGreca has a personal message for James O’Keefe, who infected Occupy Wall Street his presence yesterday:
I doubt you have the guts to debate me one on one. I am certain that you would never have the nerve to face me when I have my camera rolling because you are a punk, and I know you only like unfair fights because that is the way all cowards behave. Unlike you, I have nothing to fear, because you and your wealthy owners have robbed the working 99% of everything and we have had enough. You are helping the wealthiest 1% steal our future. At the very least, Jimmy, you should be publicly shamed as the criminal smear artist you are. Your unaccountable lawlessness is the perfect example of what we are fighting against at #OccupyWallStreet. You should be in jail for breaking the law, the same way anyone who isn’t a paid operative of the Oligarchy would be if they did the same things you have done.
10:36 PM What the occupiers are eating: New York Times spotlights how there is no shortage of food at Liberty Park. The article opens up with a story of one person who figured out he could come down to the park and not have to go a day without a meal.
I appreciate this section:
Now and then, the park’s kitchen gets lucky. Bob Reich, who once worked for Birdbath Bakery in Manhattan, appeared in the encampment a few minutes before 7 p.m. bearing bags of freshly baked cookies. “The ingredients are as organic as we can get them,” he said.
The first few protesters in line for dinner would, it seemed, enjoy an upscale dessert course. Why had Mr. Reich made the effort? “Because I support what people are doing here,” he said. “And who doesn’t love a cookie?”
9:50 PM Here is video I recorded of Reverend Billy and the Church of Stop Shopping outside of the Bank of America branch right across from Occupy Wall Street. (It isn’t a good shot of the action initially but at 1:41 I begin to get some excellent footage.)
8:49 PM I will try not to let this ever happen again. There should have been some updates before this evening.



221 Comments

Kevin rules, MSM drools.
wag the dog
On GR LS, the marchers are at the home of the CEO for JP Morgan Chase.
#OccupyWallStreet Visits the Upper East Side
http://www.nakedcapitalism.com/2011/10/occupywallstreet-visits-the-upper-east-side.html
Global Revolution live stream cut back to Liberty Plaza as NYPD was looking to arrest demonstrators for “blocking the side walk.” The video of the march will probably be played again later.
Oct2011 live stream staying up.
Of note:
Carpool to #OccupyWallStreet on Facebook to get rides to #OWS in NYC.
Carpooling to #Occupy? You can use yrides.com & Craigslist.Org.
The Protests and the Metamovement – Umair Haque – Harvard Business Review
http://blogs.hbr.org/haque/2011/10/the_protests_and_the_metamovem.html
OK, so I wandered over to the conservative side of the nonpolitical online community I belong to, to see what they were saying. Of course, there is the usual “dirty losers” comments, and “they’re funded by Obama/unions/ACORN” with tons of links and I heart Rushbo.
But there was one person who moderates this section who started asking questions and saying she was conflicted about OWS (!) and curious if maybe, just maybe the protesters have a point.
I’m wondering if I should try a one on one dialogue with her, neighbor to neighbor, and see where we go, trying to find common ground. Her big axe is “redistribution of wealth” which I am ready for. I do see common ground with the tea party actually. I wonder if they will realize it. Taxation has become privatized by banks.
What are your thoughts?
I think that conservatives would have trouble arguing with Henry Ford, who understood that business can’t thrive unless the working class can afford products and services. Paid his workers double.
Not an exact correlation with taxation, but same end.
From http://www.livestream.com/globalrevolution :
Two lines of NYPD blue shirts shown of the “Millionaires March” (march to visit Murdoch, Dimon & Koch at one of their homes). Lots of photographers and corporate media present. Lots of cow bell!
Occupy Troll Street: “Please Stop Being Greedy”
http://www.sociologyinfocus.com/2011/10/10/occupy-troll-street-please-stop-being-greedy/
From Der Spiegel (Germany), English Ed., “The Start of a New American Movement” (by Ullrich Fichtner, Oct. 11, 2011):
duuuu eeet!
That’s borderline poetic, and in HBR? Whodda thunk it?
LOL. Thanks Cynthia.
I almost posted on an actual thread, but I really don’t want to be a troll. I do have some ground rules in mind if this person is up for it. Number one: no name calling! Number two: no false equivalencies, or when your party does it, it’s evil. frankly I becoming a political atheist.
Wow, that is fabulous. That’s definitely going into my quiver. Great set up for my point of How Can I buy your fabulous products if I don’t have any money?
Well I was out at the insurance office, and their TV in the background was on about this:
http://www.latimes.com/news/politics/la-pn-iran-terror-plot-20111011,0,3578090.story
And at least one GOP congressman going on about “act of war.”
So something to divert growing media attention away from OWS?
Just noticing the timing of when this was announced.
I always thought trolls were born with their fuzzy balls. Live and learn lol.
Watered-down Volcker rule regulations put up for public comment:
http://www.reuters.com/article/2011/10/11/us-financial-regulation-volcker-idUSTRE79A3I920111011
How Wall Street is responding, or not, to protests
http://www.reuters.com/article/2011/10/11/us-usa-wallstreet-bankers-idUSTRE79A4LF20111011
There are some good quotes in here, but the message is still not getting through that “Wall Street” is not so much a physical place as it is shorthand for an entire culture of big money controlling the government for the objective of rigging the game in their favor.
“Who do you serve? Who do you protect?”
NYPD protecting David Koch’s apartment
Huh! That takes choootzpaw.
Liberia’s Leymah Gbowee: The power of the powerless
http://www.latimes.com/news/opinion/commentary/la-oe-mithers-gbowee-nobel-peace-prize-20111009,0,839019.story
OMG…just what we need…another war!!! another war will fix the economy! /s that is so last century.
Poor David Koch can’t afford his own security? where’s xe when you need em. I mean, we’re all searching for bargains, but really,
Buzzfeed:72 Cities That Have Joined The Occupied Movement
And we know that Raleigh NC, Durham NC, Huntsville AL, Des Moines Iowa, and probably some other cities didn’t make it in this list.
A little over three weeks, and it’s spread to 76+ cities.
Occupy Atlanta – Marching on Bank of America
Hooray!
Occupy Portland – Power derives from the people
Koch is a freaking cheapskate sucking off *our* police resources like that. *smirk*
Occupy Atlanta at Bank of America
Somethin’ special? Huh.
hardbull chris m asking if dems should embrace OWS. AS if OWS sole reason is to wait for dems to endorse them. What a fuck ahole chris is. God I hope we soon turn our attention to occupying BS MSM
CHRIS now saying DNC has sent out email asking its group to support OWS and stand in solidarity with it. DEMS are going full tilt now to try and co-opt it.
Christ on His Throne! Really, isn’t it time for MSM to start asking why #occupy is rejecting politicians generally and Democrats specifically? It’s like they aren’t even watching #occupy.
OMG chris just asked and i quote the DNC chair…..WHEN DO YOU THINK DEMS POLITICIANS WILL MEET WITH PROTESTORS AND USE THEM THE WAY REPUBLICANS DID WITH THE TEA PARTY TO GET THE POLITICIANS ELECTED.
RED ALERT. WE need to do a push back story on this. msm going full force with dems right now to co-opt this. by doing this they also allow right wing to say this is a dem movement and thus the divide and conquer BS game continues.
LOL. Honestly, there is not much chance (IMO) that OWS will be meeting with Democrats any time soon. The kids are revolutionaries and won’t be buying into the narrative, IMO.
If unions or other orgs co-opted OWS first, then ok, there may be danger.
Have already e-mailed Move-On and said “hands off OCCUPY.”
Answer for Chris Matthews. When. Hell. Freezes. Over. Because the first thing that the protesters will as of them is to forgo corporate donations and lobbyist bennies, to close the revolving door between the Congress, K Street, the Wall Street Media, and Wall Street itself. And the rich young ruler will go away sad.
Co-option is not going to happen precisely because it’s on the Wall Street Media’s radar. And ours.
And here’s a dirty little secret. The co-option story was invented a couple of weeks ago by the Koch-funded online media; see the Gateway Pundit series of links I put up yesterday afternoon. They want so much to tie Barack Obama and the Democrats to the dirty hippie commies.
It’s only the Democratic Progressive Caucus that has teflon for that.
Meanwhile, folks on the ground are super-sensitive about being co-opted by any group because it creates divisions in the 99%.
I’m not too worried about it, either. If they/we were happy with the dems, we wouldn’t be, you know, taking to the streets. And calling for revolution. And becoming our own media, etc.
The Best Time I Occupied Wall Street
http://thehairpin.com/2011/10/the-best-time-i-occupied-wall-street
Hey, I think my local occupation’s facebook wall got some of that Koch-funded stuff (I deleted it as spam.) It was all “GEORGE SOROS STARTED OWS!!! And Obama and UNION THUGS! And the NWO!!! ILLUMINATI!!!”
It wasn’t really a co-option claim, tho. It was claiming OWS was never grassroots. I wonder if they tried a few different messages and found that the co-option story worked better.
what did dnc chair answer?
And then there’s this:
I guess this was what O’Keefe was up to yesterday…
http://www.thegatewaypundit.com/2011/10/its-all-about-the-benjamins-baby-ows-loons-hit-up-wall-street-banker-james-okeefe-for-investment-capital-to-fund-their-movement-video/
http://occupyboston.com/2011/10/11/we-are-rebuilding/
http://occupyatlanta.org/2011/10/11/alive-and-well/
via: http://occupyweb.org/news.html
Ya think? Who did he hire as the patsy? See Jesse le Greca’s diary today for more about how O’Keefe was operating.
Gitlin: Media coverage of Occupy Wall Street is predictably lazy, but likely to improve
http://www.poynter.org/latest-news/top-stories/149139/gitlin-media-coverage-of-occupy-wall-street-is-predictably-lazy-but-likely-to-improve/
example:
Why Occupy? Here’s Why
http://www.forbes.com/sites/susannahbreslin/2011/10/11/why-occupy-heres-why/
(portraits of 12 protesters)
Occupy Oakland
Whaddaya think?/ She basically tried to give the impression that dems are fighting the good fight, and OWS should be grateful and recognize who their friends are. Same old same old. How you feeling today?
Wow, that was lame – the best he could do? It’s hilarious how the wingers are slavering over this in the comments thread as some kind of “win.”
Occupy Maine livestream (Yep, the other Portland)
I AM NOT MOVING – Short Film – Occupy Wall Street
philly
http://twitpic.com/6yyoci
http://twitpic.com/6yyqw9
atl
http://yfrog.com/nxj0vxjj
Some pics from #OccupyOKC.
Kevin should be livestreaming here shortly? In 25 minutes?
Heh. Well, that was as limp as . . . . well, you know lol.
Right.
March fourth !
Those Sooners rock.
Love the OKCupied sign.
This is adorable if you haven’t seen it:
Word to your binkie!
‘Politicians are like diapers; they need to be changed often and for the same reason.’
Mark Twain
Some great folks there. About 50 marched to the various downtown banks today, carrying signs. Working on getting some music, might be there tonight.
The Occupy_Boston Twitter id says that there are rumors of suburban police being called into Boston. Is this information reliable or is this a compromised id?
Uh, let me go check …
Last I heard, Robin said she was about 90% sure it was secure again.
MUCH better. thanks for asking. the foot doesn’t hurt as much and the gash is starting to heal.
did you try a keyboard with your laptop? or are you still in random shift mode?
Then we might be watching another situation tonight if the rumors are true.
The report:
What is it with Boston, which I thought was a liberal city?
LOL. I don’t actually do ANYTHING technology-related until I’ve thought it over for a month or two, minimum. I am the Tyrannosaurus rex of tech dinosaurs lol.
The same thing as it is with San Francisco and Seattle. Likely places with a history of demonstrations and nervous jitters about crowd control. And to a lesser extent Chicago.
Austin, OKC, Tampa and other places haven’t been as paranoid about their own citizens.
My reading is that Boston is still a machine-run city and that the PtB are concerned that there might be some actual reform. After all Fidelity Investments and some other financial firms are headquartered in Boston.
Hockey season–the testosterone levels are elevated.
“Hypocrisy has its own elegant symmetry.”
Gingrich just said at debate that the difference between OWS and the Tea Party is that OWS “trashes” the place and “doesn’t clean up after themselves.” He has a perpetual place high on my “Most Loathed” list.
OK, here’s the response, TarheelDem:
We’ll just have to keep our antennae out. In case of any fishiness, Tweet out loud esp. to caulkthewagon.
What’s this?
God. That’s fun. It takes me way back to when I was living in Eugene. Year after year, I’d go and camp for the weekend. It was always a really great party.
He created the mindset that folks in North Georgia now live in. That in itself qualifies him for my most loathed list. That said, what did you expect him to say but the Koch party line? He’s toast as a candidate anyway. He’s just a grifter like Palin sopping up the campaign cash to continue his lavish lifestyle. In fact pretty much everyone up there besides Mitt Romney and Ron Paul are now in the grifter category.
Then we will wait for the next ice age. Until then…..
Indeed. Aside from all his other loathsome aspects, I “credit” him with raising word-distortion mindfuckery to an aggressive art form. The linguist/communicator in me finds that the most unforgivable sin.
LOL. The keyboard demon does seem to be in semi-hibernation the last few days. Fingers crossed. Change avoidance smells like victory to me.
Yes, so that little apple of your eye just learned that people have what is “given” to them, and not what they have EARNED. That everything they have in life is the result of a handout and not hard work. In the real world, each person starts out with the same opportunity to earn their balls, but only those who actually put forth the effort to EARN their balls will achieve that objective.
The ones who don’t work as hard, or make the wrong decisions, end up without balls.
Quite fitting.
Much better to raise a kid like this:
http://www.mcsweeneys.net/articles/our-daughter-isnt-a-selfish-brat-your-son-just-hasnt-read-atlas-shrugged
People of Color Organize: Seven Occupy Wall Street Racial Justice Roadblocks
Read carefully. These issues have not been deal with satisfactorily on a deep level within the movement. You will see variations of them again.
Sorry for the OT, but couldn’t figure where FDL was making fun of the rethug debate:
LOL.
Thank you – very important. Shared.
Late start and some behind-the-scenes stuff cbined to make it so I haven’t posted in live blog yet so apologize for that. I have good video of Rev. Billy to share in next half hour.
Oh could not get better than a poor signal today in park so that is why there was no livestream at 7 pm.
Occupy Cincy has 63 people willing to get arrested or a citation tonight. At $105 a person cited, that’s over $6500 in legal costs for one night. Previous nights have racked up around $5000 in citations.
OccupyGvilleFL (Gainesville FL) general assembly photo set
Want to weekend in Cincy and are from out-of-state. Help them build their numbers.
Kiki Jones and Briana Bermensolo, KION Central Coast News: Video Shows Bank of America Refusing to Let Protesters Close Their Accounts
From the video I saw last night of the arrests of the Veterans for Peace, that legal operative is likely a National Lawyers Guild observer whose green hat is visible slightly beyond the Veterans for Peace.
Remaining human: A Buddhist perspective on Occupy Wall Street
http://matadornetwork.com/bnt/remaining-human-a-buddhist-perspective-on-occupy-wall-st/
Human Blunder Loses Occupy Wall Street $144,000
http://abcnews.go.com/blogs/business/2011/10/human-blunder-loses-occupy-wall-street-144000/
Occupy Wall Street’s Bank Account Is Swelling
http://abcnews.go.com/blogs/business/2011/10/occupy-wall-streets-bank-account-is-swelling/
http://www.theoccupationparty.com/
http://yfrog.com/g0vvakuj
http://yfrog.com/nv7i5lsj
http://lockerz.com/s/146410272
Planned Service Changes – 4 Train
The whole concept of a bolt cutter being used on a human being is really bothering me.
And what exactly is the explanation for that, pray tell?
And this?
The “explanation” is that people sometimes chain themselves to immovable objects to “resist arrest”. It is standard practice apparently to use a bolt cutter in those instances. On the chain.
The second incident is recorded on the YouTube of the Veterans for Peace arrest. In addition on that same YouTube there is an attack (and most likely arrest) of someone in a lime green hat—which I interpreted to be one of the National Lawyers Guild observers. (Call that working the refs.)
The whole raid is troublesome on a number of levels. And definitely reminiscent of the 1968 police riot in Chicago. And the instructive fact is that the police ordered people not to film their actions. That sure is a tell.
Lay this one at the feet of whoever leaned on the mayor. And it wasn’t the Greenway Conservancy.
OT for 200 officers for three hours, cost of moving 18 paddy wagons and six garbage trucks, sanitation crew overtime. Balanced against 150K in shrubbery that was likely harmed by police during the raid. (Yes I said it. “Shrubbery”)
Not at all a proportional response.
Night folks.
Thankee, TD!
Night, TD. And I’m scampering off to bed as well, only moments ahead of pumpkinhood. Sweet dreams, freedom lovers.
We Need a New System
http://mediamatters.org/blog/201110110007
Thank you, RC, and good night!
I am beat so will only mention one thing before signing off tonight:
At work tonight I overheard some of the younger help (18-22 years old or so, some community college students mostly) discussing what sounded like the story of the BONUS ARMY. I didn’t want to really eavesdrop and had to go make rounds, so I didn’t hear more, but I hope they realize how that ended up…
It was probably brought up in class or something, but things about marches and protesting are filtering into their heads. Most of the time they just go on about sports and World of Warcraft so this was something unexpected.
I have purposely not been mentioning OWS to family or co-workers just to gauge at what point knowledge is filtering out to more people. Once they seem aware I feel free to make a comment or two if they bring up the subject.
Very Wow! ny40something on your sample set. It’s a good sign. Goodnight and thank you!
From http://twitter.com/#!/search/realtime/%23occupyboston :
From http://www.livestream.com/globalrevolution :
Sign: “You can trust the government. Ask an Indian.”
Farrell from the Cree Nation answered questions from the live stream. Says different tribal reps are rotating through on-site at #OccupyWallStreet since the occupation started. He’ll come back in the evening and answer questions.
Occupy Portland currently holds two adjacent parks and has a massive number of tents in both. We’re still working on getting the knack of consensus in the GA but it’s looking better and better every day.
Crikey [AU]: “The beautiful, bare occupation of Wall Street and Westminster Bridge” (by Guy Rundle, Oct. 11, 2011)
Do they have lots of folks now running the teams? What’s the atmosphere like? Your observations?
“Boston Mayor Tom Menino: ‘I Will Not Tolerate Civil Disobedience In The City Of Boston’” (ThinkProgress.Org, Oct. 11, 2011)
“Boston Mayor: Civil Disobedience Will Not Be Tolerated” (Jonathan Turley, Oct. 11, 2011)
Lots of people on infrastructure and straw was delivered today which is giving the mud a run for it’s money. The mood seems very good. I stayed til Sunday night and my body finally gave out on me. Caffeine, nicotine, adrenaline, and pain meds only take you so far. I went down for part of the GA tonight. People here are used to getting rained on and the city allowing us to use tents is a huge plus. The food is good and hot and lots of donated goodies, I had hot apple pie delivered to my tent at 2:30 AM the first night. The medic team is well organized. There is a library, kid’s recreation, and Info booth. The consensus process is taking time to become natural to people unused to the format, but they seem to be training new facilitators which keeps new faces running the GA. I don’t know but from the pictures I’ve seen of other more publicized occupations, the Occupy PDX camp seems like it’s bigger than most if not all at least by the number of tents and campers. An amazing cross section of people too, all ages are well represented and hell it’s Portland so it has a definite hippie-vibe, but Portland is proud of being “Weird.” Lot’s of political opinions from Ron Paulites to Socialists and Anarchists. One of the reasons why consensus isn’t easy.
Very interesting and thank you for coming by and giving your account. Good on you for giving it a go outside in the tent like that. Sounds like the group is diligent to work with its diversity. Great!
Photos: “Occupy Boston from BU 10/10“
Your tax dollar$ at work:
davidcnswanson David Swanson
I liked a @YouTube video youtu.be/Gzd2KbH1Fxw?a occupy wall street
37 minutes ago
David Swanson
davidcnswanson David Swanson
Check this video out — 10/11/11: Senate Protest Arrest youtube.com/watch?v=bBSGWK… via @youtube
38 minutes ago
David Swanson
davidcnswanson David Swanson
I liked a @YouTube video youtu.be/Ms3bt59xr9A?a Hart Senate Building Protest October2011.org
39 minutes ago
http://instagr.am/p/P6Oej/
Occupy Wall Street protests come to London
http://www.guardian.co.uk/business/2011/oct/12/occupy-london-stock-exchange-protests
So we already know about the massive land grabs in Africa and China with the parallel population removals/deaths via starvation and murder (a short synopsis re Africa, China & US #drones).
My bold:
(excerpt from “Imperialists escalate aggression, maneuvers in Africa,” Workers.Org, by Abayomi Azikiwe, Oct. 10, 2011)
http://twitpic.com/6z8dj6
http://occupytogether.wikispot.org/
Sonic Youth’s Lee Ranaldo Photographs Occupy Wall Street Protest
http://www.pitchfork.com/news/44271-sonic-youths-lee-ranaldo-photographs-occupy-wall-street-protest/
Punk Rock, Protest and the Structure of Opposition
http://www.versobooks.com/blogs/743-punk-rock-protest-and-the-structure-of-opposition
OccupySF is offline right now. Picking up a video stream anywhere else re the 101 Market St, SF demonstration?
Oct2011 LS up now with a demonstration. Margaret Flowers and Kevin Zeese in front of a DeeCee Marriot now. Interview with Dennis Trainor now.
Protest now at the Washington Marriott at Metro Center (located between G & H St.):
sf 4close
http://yfrog.com/nwfo1pij
http://twitter.com/#!/CausaJusta1/status/124124529416085505/photo/1
From http://www.ustream.tv/channel/october2011 :
Female demonstrator: her father committed suicide on Feb. 4, 2004 as “getting old and ill without money is not an option in this country.”
Other demonstrators sharing their healthcare stories now.
For the memory impaired among us, Glenn Greenwald does his usual remarkable job of summarizing the relevant history. (Apologies for pasting text instead of a link, was trying for a link; y’all know I don’t do tech very well.)
(Credit: AP/Salon)
(updated below)
When I first wrote in defense of the Occupy Wall Street protests a couple of weeks ago, I suggested that much of the scorn then being expressed by many progressives was “grounded in the belief that the only valid form of political activism is support for Democratic Party candidates.” Since then, even the most establishment Democrats have fundamentally changed how they talk about the protests — from condescension and hostility to respect and even support — and The New York Times today makes clear one significant factor accounting for this change:
Leading Democratic figures, including party fund-raisers and a top ally of President Obama, are embracing the spread of the anti-Wall Street protests in a clear sign that members of the Democratic establishment see the movement as a way to align disenchanted Americans with their party.
The Democratic Congressional Campaign Committee, the party’s powerful House fund-raising arm, is circulating a petition seeking 100,000 party supporters to declare that “I stand with the Occupy Wall Street protests.”
The Center for American Progress, a liberal organization run by John D. Podesta, who helped lead Mr. Obama’s 2008 transition, credits the protests with tapping into pent-up anger over a political system that it says rewards the rich over the working class — a populist theme now being emphasized by the White House and the party. The center has encouraged and sought to help coordinate protests in different cities.
Judd Legum, a spokesman for the center, said that its direct contacts with the protests have been limited, but that “we’ve definitely been publicizing it and supporting it.”
He said Democrats are already looking for ways to mobilize protesters in get-out-the-vote drives for 2012.
Politico similarly noted today that “the White House wants to make it clear that President Barack Obama is on the same side as the Occupy Wall Street protesters.”
Can that scheme work? Can the Occupy Wall Street protests be transformed into a get-out-the-vote organ of Obama 2012 and the Democratic Party? To determine if this is likely, let’s review a few relevant facts.
In March, 2008, The Los Angeles Times published an article with the headline “Democrats are darlings of Wall St“, which reported that both Obama and Clinton “are benefiting handsomely from Wall Street donations, easily surpassing Republican John McCain in campaign contributions.” In June, 2008, Reuters published an article entitled “Wall Street puts its money behind Obama”; it detailed that Obama had almost twice as much in contributions from “the securities and investment industry” and that “Democrats garnered 57 percent of the contributions from” that industry. When the financial collapse exploded, then-candidate Obama became an outspoken supporter of the Wall Street bailout.
After Obama’s election, the Democratic Party controlled the White House, the Senate and the House for the first two years, and the White House and Senate for the ten months after that. During this time, unemployment and home foreclosures were painfully high, while Wall Street and corporate profits exploded, along with income inequality. In July, 2009, The New York Times dubbed JPMorgan Chase CEO Jamie Dimon “Obama’s favorite banker” because of his close relationship with, and heavy influence on, leading Democrats, including the President. In February, 2010, President Obama defended Dimon’s $17 million bonus and the $9 million bonus to Goldman CEO Lloyd Blankfein — both of whose firms received substantial taxpayer bailouts — as fair and reasonable.
The key Senate fundraiser for the Party is Chuck Schumer, whom the New York Times profiled — in an article headlined “Champion of Wall Street Reaps the Benefits” — as someone who repeatedly supported “measures now blamed for contributing to the financial crisis” and who “took other steps to protect industry players from government oversight and tougher rules” and thus “became a magnet for campaign donations from wealthy industry executives, including Jamie Dimon, now the chief executive of JPMorgan Chase; John J. Mack, the chief executive at Morgan Stanley; and Charles O. Prince III, the former chief executive of Citigroup.” That servitude to Wall Street is what consolidated Schumer’s power in the Party:
As a result, [Schumer] has collected over his career more in campaign contributions from the securities and investment industry than any of his peers in Congress, with the exception of Senator John F. Kerry of Massachusetts . . . In the last two-year election cycle, he helped raise more than $120 million for the Democrats’ Senate campaign committee, drawing nearly four times as much money from Wall Street as the National Republican Senatorial Committee. Donors often mention his “pro-business message” and record of addressing their concerns.
Upon being inaugurated, Obama empowered as his top economic adviser Larry Summers, who had “collected roughly $5.2 million in compensation from hedge fund D.E. Shaw over the [prior] year and was paid more than $2.7 million in speaking fees by several troubled Wall Street firms and other organizations,” including a fee of $135,000 for a single day of speaking at Goldman, Sachs, and who also led the orgy of Wall Street deregulation in the 1990s. Obama installed as Treasury Secretary Tim Geithner, whom the New York Times explained had “forged unusually close relationships with executives of Wall Street’s giant financial institutions.”
When Obama chose him, Geithner had just participated in a secret meeting along with Bush Treasury Secretary Hank Paulson and Goldman Sachs CEO Lloyd Blankfein, at which it was decided that a bankrupt AIG would be saved and then — with taxpayer money — would pay Goldman every penny owed to it. Summers, in February, 2009, defended gaudy AIG bonuses as compelled by “the rule of law” even after the administration forced auto union workers to take sizable cuts in their contractually guaranteed pay.
As his Chief of Staff at Treasury, Geithner chose Mark Patterson, the former top lobbyist for Goldman, Sachs. Goldman replaced Patterson with Michael Paese, who at the time was the top staffer to Democratic Rep. Barney Frank in his capacity as Chairman of the House Financial Services Committee, which regulates Wall Street. Obama’s choice to oversee America’s futures markets was Gary Gensler, a former Goldman Sachs executive who, during the 1990s, was known for his shockingly lax enforcement of regulations governing derivative products. Obama re-appointed Bush’s Fed Chair Ben Bernanke, and named CEO of GE Jeffery Immelt to head his panel of jobs advisers, along with several other job-cutting corporate executives.
When Rahm Emanuel — who had made $16 million in three years as an investment banker after leaving the Clinton White House — left as Obama’s Chief of Staff to run for Mayor of Chicago, Obama chose as his replacement Bill Daley, who at the time was serving as JP Morgan’s Midwest Chairman and a director of Boeing. Shortly after Obama’s star director of Office of Management and Budget, Peter Orszag, left the administration, he became a top executive at Citigroup. The DCCC, recently headed by Emanuel and now feigning support for the protests, is characterized by little other than a strategy of supporting corporatist, Wall-Street-revering “Blue Dog” Democrats as a way of consolidating power.
One of the most significant aspects of the Obama administration is the lack of criminal prosecutions for leading Wall Street executives for the 2008 financial crisis. Obama recently opined — even while there are supposedly ongoing DOJ investigations — that Wall Street’s corruption was, in general, not illegal. The New York Times recently reported that top Obama officials are heavily pressuring New York State Attorney General Eric Schneiderman to join a woefully inadequate settlement agreement that would end all investigations and litigations against Wall Street firms for pervasive mortgage fraud.
Given these facts, does the Center for American Progress really believe that the protest movement named OccupyWallStreet was begun — and that people are being arrested and pepper-sprayed and ready to endure harsh winters and marching to Jamie Dimon’s house — in order to devote themselves to ensuring that these people remain in power? Does CAP and the DCCC really believe that most of the protesters are motivated — or can be motivated — to turn themselves into a get-out-the-vote machine for Obama’s re-election and the empowerment of Chuck Schumer and the Democratic Party? Obviously, if when the GOP nominates some crony capitalist like Rick Perry or eager Wall Street servant like Mitt Romney, few if any of the protesters will or should support them, nor can it be denied that the GOP in its current incarnation is steadfastly devoted to a pro-Wall-Street, corporatist agenda. But it also seems to me quite delusional to think that you’re going to exploit this protest as a way “to mobilize protesters in get-out-the-vote drives for 2012″ on behalf of the Democratic Party that I just documented.
Presumably, people who are out protesting and getting arrested are politically astute enough to be aware of some, probably most, of these facts. A rejuvenated outburst of “populist rhetoric” from Obama — a re-reading of the 2008 Change script — just as election season is heating up and Obama again needs progressive enthusiasm to remain in power seems quite unlikely to make people forget all of this.
As Robert Reich recently pointed out, OWS and the Democratic Party are not exactly natural allies given that “Obama has been extraordinarily solicitous of Wall Street and big business” and that “a big share of both parties’ campaign funds comes from the Street and corporate board rooms.” As Naomi Klein explained after speaking to the protesters, the reason they are out on the street rather than working for the DNC or OFA is precisely because they concluded that electoral politics or working for either party will not address the issues motivating them; part of what they’re protesting is the Democratic Party. For an FDL Book Salon discussion this weekend, I reviewed Lawrence Lessig’s excellent new book on our corrupted political system, Republic: Lost, and he documents exactly why he transformed from an enthusiastic supporter of his long-time friend and colleague Barack Obama in 2008 into a harsh critic of both parties: because the political system itself has been subverted by oligarchical control. As he put it in his book: : “Democracy on this account seems a show or a rule; power rests elsewhere. . . . the charade is a signal: spend your time elsewhere, because this game is not for real.”
So best of luck to CAP and the DCCC in their efforts to exploit these protests into some re-branded Obama 2012 crusade and to convince the protesters to engage in civil disobedience and get arrested all to make themselves the 2012 street version of OFA. I think they’re going to need it.
UPDATE: Here are the top recipients of campaign donations from the “securities and investment” industry from 1989 through 2010 (h/t muddy thinking):
Would it not be a bit odd for a protest movement to “Occupy Wall Street” while simultaneously devoting itself to keeping Wall Street’s most lavishly funded politician in power?
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From http://www.ustream.tv/channel/october2011 :
Female veteran describing what TriCare actually covers which isn’t all the parts of your body.
Hotel security now interacting with the demonstrators in the lobby of the Marriott. Kevin Zeese speaking to the African-American gentleman (I haven’t caught his name) on hotel security staff.
From http://www.ustream.tv/channel/october2011 :
Dr. Margaret Flowers on megaphone now calling out the bankstas: JP Morgan, Goldman Sachs. Chant: “Let Us In!”
From http://www.ustream.tv/channel/october2011 :
The demonstration action is moving fast, folks. Join the live stream via the “Social Stream” or “Chat” at http://www.ustream.tv/channel/october2011 !
From http://www.ustream.tv/channel/october2011 :
M. Flowers on the bullhorn: [paraphrase] Medicine/Healthcare for bell hops, hotel staff, police, firefighters, EMS, EVERYBODY! The real criminals are the bankers downstairs figuring out how to profit off the misery and needs of the 99%. Medicine/healthcare is a human right and we all can have it!
Demonstrators back outside. Live stream data connection problems; stand by.
831 viewers. Ad break. LS gone black. Standing by …
http://yfrog.com/nta0nunj
http://www.flickr.com/photos/ari/6237885618/
From http://www.ustream.tv/channel/october2011 :
You can donate to October2011.Org here. { Could use $s for beefing data connection if they aren’t already getting ‘Net connection thru cell towers from a carrier [Verizon is the legacy monopoly incumbent in DeeCee]. Getting rid of ads is great as it interrupts the live feed. }
Standing by for data connection to come back up as the demonstrators could be outside the hotel shutting it down with their direct action as they indicated earlier. Monitor Tweets on #StopTheMach2011 and #Oct6.
http://ow.ly/i/j23U
http://yfrog.com/nx7ngrnj
From “Social Stream” at http://www.ustream.tv/channel/october2011 :
Video: “Occupy Santa Cruz – Bank of America refusing to close account” (Oct. 8, 2011)–
BoA rep:
http://instagr.am/p/P6vxZ/
http://twitgoo.com/4q4y83
http://lockerz.com/s/146521332
Correction: The following is my quote only– “It’s a cargo cult democracy (hat tip Eli), folks.”– as the comment of the BoA rep is verbatim from the video footage. { Moderators are welcome to fix the text at 163 as I cannot. }
From http://www.ustream.tv/channel/october2011 :
LS down. Direct action appears to be proceeding …
Still following direct action by StopTheMach2011 :
Complete article reference is from AlterNet.Org, “Bank Warns Employees About OWS.”
Update on direction action at the Washington Marriott at Metro Center now :
sf 4close (bank)
http://twitpic.com/6z9pm8
http://lockerz.com/s/146521332
From http://twitter.com/#!/StopTheMach2011 :
Direct action proceeding with communication via Twitter as the LS at http://www.ustream.tv/channel/october2011 is apparently down (reason unknown at this time) …
Correction: LS back up!
From http://october2011.org/livevideos :
Chant on a bullhorn: “Heathcare not warfare!”
511 viewers.
http://ow.ly/i/j2gl
From http://october2011.org/livevideos :
LS interruption by a computer war game ad { *ack!* } …
Chant on a bullhorn: “Heathcare not warfare!” Demonstrators asking for people on the street to please support and join and singing, “Come join us, come join us!”
Demonstrators looking at banksta meeting agenda and who’s there at the Marriott on “Health System Change.” Morgan Stanley & Pete Peterson are also so there.
585 viewers.
http://yfrog.com/nxd5bqhj
From http://october2011.org/livevideos :
Demonstrators preparing for contingency if Dr. Margaret Flowers gets arrested. Police seem determined not to make any arrests … trying to kill the direction action with kindness.
http://sfist.com/2011/10/12/occupy_sf_protesters_block_wells_fa.php
http://yfrog.com/klx2cunj
Jon Walker’s livestreaming from OccupyDC:
http://www.ustream.tv/channel/fdl-live#utm_campaign=synclickback&source=http://firedoglake.com/&medium=7626500
From http://october2011.org/livevideos () :
Police won’t make arrests. Fewer demonstrators. A female demonstrator sharing healthcare story about elder suicide in view of medical and healthcare neglect. Demonstrators hugging her. Dr. Flowers on bullhorn.
Demonstration over. Signing off for now at http://october2011.org/livevideos but stay tuned.
***
Here are embedded links to videos as to what happened this morning:
I bet she’s thinking of Taibbi’s new article there.
THANK YOU to Dr. Margaret Flowers MD, Kevin Zeese, Dennis Trainor and everyone that took part in protesting “Wall St. Comes to Washington” healthcare conference with the bankstas and the Pete G. Peterson Foundation hiding behind closed doors at the Washington Marriott at Metro Center (775 12th Street NW, Washington, DC 20005, 202-737-2200) today. ♥! ☮! and you RAWK!
They aren’t well meaning. It’s a strategy to attempt to kill this social revolution and stop constructive the change being forced. Ignore these people and keep forging ahead or, if you’re Scottish and don’t care about being “controversial,” you can skilfully, publicly heckle them with the facts amongst crowds of not yet awake people (it takes training, creativity and quick thinking to do this well). For example (analysis of this is not necessarily an endorsement of everything done and said to break through the public’s habituation to psyops and propaganda),
“Love Police ruins Conservative Party Press Statement” (May 11, 2010)
Taibbi’s definitely well meaning. And his policy suggestions seem to be coming from Dean Baker, who I also think is well meaning. They’re just not really very “radical.”
http://twitpic.com/6zba77
Sadly, Taibbi seems, at least partially, to be absorbed in the system. His interview with Imus this morning was particularly disappointing.
I think he’s still trying to recover his reputation from the crazy days in Russia with Mark Ames. He also seems to keep in mind that a lot of his fans are Ron Paul people.
Sigh. Playing to your readers is the first fatal step for a writer. Kind of like playing to your base as a politician.
Sympathize with the sentiment, but I don’t think that Scot really helped the cause. Perhaps if he’d raised his kilt . . .
Wow, this is just frustrating. I’ve wandered into the jungle of conservative boards. There is this righteous rant from an original Tea Partier (explains Eric Cantor’s walk back), but in the ocmments people won’t come out and support the protest because they think it will be coopted, or think George Soros is behind, etc etc etc.
If they came out, it would be the most potent thing ever. no party could co-opt it.
hhttp://market-ticker.org/akcs-www?post=195841&page=4
Thou shalt not kilt.
If the Tea Partiers are/were sincere in their complaints, they’d sign on in an instant.
LOL “Is anything worn under that kilt? No, lassie, it’s as good as it ever was.”
Some of them are and have. They can easily be identified by their “End the Fed” signs. The rest are what Taibbi so eloquently described as “full of shit.”
Tea Party And Occupy Wall Street Sprout From The Same Petri Dish
The title of the piece is vaguely disturbing, though…
Actually I’ve seen much of his work including coverage of recent events (the MSM called them “riots”) in the UK during which teenagers were arrested and held in prison before being allowed to appear in court. He’s done a lot to raise consciousness in the UK and has conducted some brilliant demonstrations at Canary Wharf (London financial district). At the time of that video, he’s no new comer.
That’s right the Boston PD doesn’t have its story straight. Also someone conducted cyberwarfare tactics against the demonstrators using Twitter before the sudden police raid, the attack on the camp looks Fed/State coordinated as part of a national strategy with other major cities, the BPD Crime Scene Unit is deployed and the mayor made amazing statements about the demonstrators rights and civil liberties (see the Dissenter blog threads two days ago and yesterday).
That’s good to know. The cursing isn’t very effective IMO. The people that need the education are likely to find that rude and/or threatening.
@OccupyHouston Occupy Houston
Police getting the zip ties ready. These @SEIU and @GoodJobsGreatHouston people are serious. Its goin down. Civil! twitpic.com/6zc6fb
looks like a bit of civil disobedience action in Houston
@OccupyHouston Occupy Houston
Paddy wagon has arrived! twitpic.com/6zcey8
@OccupyHouston Occupy Houston
2 people removed walking backwards, why backwards twitpic.com/6zcgpn
I think he’s vexed by some particularly outrageous, pernicious lies in this 2010 video. He typically quickly regroups, recalibrates then goes back at it again to be pitch perfect and brilliant in his communications to the point that he even gets through to the 99%er bobbies (e.g. http://www.youtube.com/watch?v=cBfP6IynRTQ).
@OccupySR Occupy Santa Rosa
“Liberate Wall Street” plans to infiltrate #occupywallstreet imgur.com/36VCK
fb.me/1kbepB951
2 minutes ago via Facebook
https://imgur.com/36VCK
From http://www.livestream.com/occupyhouston :
At the Federal building just now … 200 people marched, 100 entered building, 8 people sat down and linked arms. SWAT, mounted and unmounted police arrived. 9
8arrested and removed in police wagons. HPD conducted themselves well in this interaction. Houston Channel 11 has Tweeted about this but no MSM reports out yet.From http://www.livestream.com/occupyhouston (my bold):
From Occupy Portland in Peaceful Solidarity with #OccupyWallStreet :
Occupy Portland Media Coalition Video – Day 1 | October 12th, 2011 (video labelled with “Occupy Portland Video Collective”)
The Occupy Portland Media Coalition has released a new video:
“Occupy Portland – Day 1: Evolution of Democracy.”
About That Cyberwarfare…
(Apologize for blog-whoring, but this was way too long for a comment.)
Sorry I was gone a bit was having trouble getting this: (absolutely could not open with Firefox (triggered the 99% CPU usage bug in FF) so had to give up and use Internet Explorer).
http://www.businessinsider.com/what-wall-street-protesters-are-so-angry-about-2011-10?op=1
please point folks like eCAHN and RC at this as it has a lot of charts that may need to be interpreted for us non-statistics majors
Interesting piece.
The problem for the PtB is that it is not easy to have the social media differentially go black. Ask Hosni Mubarak how cutting the internet connections into Egypt worked for him. The movement was able to use the network outside Egypt and phone lines into Egypt to keep organizing. But lots of business message could neither go out nor come in, hobbling the Egyptian economy.
It is a self-defeating proposition, just like police blocking roads to keep demonstrators from blocking roads or riot police tromping on expensive shrubbery to prevent an encampment from pressing the lawn.
The PtB need the internet (and phone lines) for coordination more than the movement does.
This is not say that the PtB might not stupidly try to shut down the movement by turning social media black.
Point well-made. Viva la ‘Net! (I’d like We The Great Pumpkins to bring Us 1 Mb broadband as a citizen right like the Finns).
Ain’t it the truth!
Thanks.
From my perspective it’s a recap of what’s been observed and said repeatedly while it all was happening. I think this whole thing has been run from a banksta dashboard hence jokes like this.
Yes it is fairly simplified but I only skimmed over it don’t have time to really dig into the trends on the graphs.
Many many possible facts in there to use against claims from people who say that we have a free market, or that social mobility is alive & well, or any other such nonsense.
Might be ideas for protest signs to put some of those pie charts on them?
Comments today are being also made here as this is still yesterday’s liveblog actually:
http://dissenter.firedoglake.com/2011/10/11/the-state-of-the-occupation-tuesday-roundup/#Respond
off to work soon but Twitter lists:
https://twitter.com/#!/kgosztola/occupy-everywhere
https://twitter.com/#!/OccupyTogether/occupy-together
We use similar ones for flyers here.
Here’s my interpretation–kinda long. The charts are pretty straightforward.
1. An 80-year series for the marquee unemployment rate. Up is down. Higher peaks mean worse economy. Gray bars are the official recessions. This is the longest since the Reagan recession, which had a higher peak in unemployment. The high unemployment rate now has persisted (the sorta flat top).
2. The percentage of the work-age population working for pay in the labor force; it’s considered to track job growth. Notice the change in the 1970s that reflects the increase in two-earner households, a product of the women’s revolution and poorer income growth after 1973. Notice that the participation rate has dropped from 67% in 1999 (the peak of the “Clinton boom” to 64%, exactly where it was at the peak unmployment of the Reagan recession.
3. Percentage of unemployed still unemployed after 27 weeks (six months). In all previous recessions after 1940, this figure never was more than 25%. In this recession, it has been higher than that since mid-2009. In my view a part of this reflects age discrimination in an aging Boomer workforce.
4. The duration of unemployment at which half of the unemployed are unemployed for a shorter time and half for a longer time (median length of time). Again, this recession is different. The median time is pretty close to the normal 26-week limit for unemployment compensation. This means that half of the unemployed are likely to exhaust benefits before finding work unless unemployment compensation is extended, which has not reliably occurred because of the gridlock in Congress.
5. The absolute number of unemployed persons is the highest in 75 years. At 14 million, it is the size of a a large US state.
6. This chart looks at another measure of unemployment that includes discouraged workers. It a is greater proportion than 1 in 6 persons. Most people are either unemployed or know someone who is. In every part of the country.
7. Percentage of all ages participating in the labor force. About the same as when only one member of the household was working one job. But many families have multiple members of the household working multiple jobs today. Increasing the number of people who are totally unemployed.
8. Corporate profits AFTER TAXES. A total of $1.6T. Highest absolute value in history and still growing.
9. Total corporate profits as percent of GDP. Around 10%. Highest since the early 1950s.
10. Ratio of CEO pay to average worker pay. Down from the 500+ times worker pay in the 1990s to only(!) 350 times worker pay.
11. CEO pay increases have outstripped increases in earnings. CEOs are making more money for poorer performance.
12. Hourly earnings have dropped from the 2008 equivalent of $20.06 an hour (actually at the time is was probably $2-$3 an hour) to $18.52 an hour. Bad but not as bad as it was when George Herbert Walker Bush left office.
13. The killer. Total wages as a percent of the national income have dropped from a peak of 53% to 44%. Workers now make less than half of the total share of national income.
14. Real easy. Pre-tax income of top 1% is 0.4% away from its peak the year before the Great Crash in 1928. In the prosperous years of the 1950s, it was half of the share that it is today. That’s the top 1%.
15. Global comparison of income share of top 0.1% in US, Japan, UK, France, and Canada. Next highest, Canada is 5% share of income. US is approaching 9%. Likely this means that the 0.1% are taking the major proportion of the share that the 1% make. Making those who earn a measly $1 million and change in the same relationship to the 0.1% as the rest of us.
16. In income inequality, the US ranks behind Russia and Iran and just ahead of Mexico, Brazil, and South Africa.
17. The last time there was actually upward and downward mobility was during the Great Depression. The American Dream (Horatio Alger style) has been dead for a long time. The Reagan Revolution in 1980 made it a 3% probability. Better than the slots, but still.
18. Top 1% own 42% of wealth. Top 5% own 69% of wealth. Top 10% own 80% of wealth. Top 20% own 92% of wealth. Bottom 80% own 8% of wealth.
19. Top 1% has 35% of net worth. Bottom 80% has 15% of net worth.
20. Top 1% hold 20% of deposits, 14% of pension accounts, 22% of life insurance, 9% of equity and principal residence, but own only 5% of debt.
21. Tax rates have been going down since 1932. Top tax rates are lowest since the 1920s.
22. The total share of income paid as federal, state, and local taxes for the top 1% is 30.8%. The next 4% paid the highest rates–31.6%. The lowest 20% paid 16%.
23. The top 20% paid 64.3% of the individual taxes on 59.1% of the income. The lowest 20% paid 1.9% of the taxes on 3.5% of the income.
24. Bank lending dropped from $7.4T in 2008 to $6.8T.
25. Bank purchases of T-bills have gone from $1.1T in 2008 to almost $1.7T.
26. Excess reserves have gone from $0 in 2008 to $1.6T that banks are holding onto.
27. Effective Federal Funds Rate (rate banks borrow at) has dropped from 5% in 2007 to effectively 0%.
28. Banks net interest margin in first six months of 2011: $211B
29. Bank profit in first six months of 2011: $58B
30. Banks participating in the Federal Reserve System had record quarterly profits of $1.25T
31. Or 26% of ALL corporate profits after dropping in 2008 to a 14% loss. By comparison, the percentage of financial industry profits to ALL corporat profits in 1965 was 10%.
32. Average financial sector salary in New York City: $361,330
33. Which is 6 times the average private sector salary.
34. Wages are the lowest percentage of the economy that they have been since 1960, when this statistic began.