Larry Summers: Goldman Sacked September 17, 2013Posted by rogerhollander in Barack Obama, Economic Crisis.
Tags: bail out, cfma, deregulation, derivitives, Economic Crisis, Federal Reserve, foreclosures, Goldman Sachs, Greg Palast, jon corzine, Larry Summers, lending club, robert rubin, roger hollander, stiglitz, sub-prime mortgage, the fed, Wall Street
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Obama Sells Out Homeowners Again: Mortgage Settlement a Sad Joke February 23, 2012Posted by rogerhollander in Barack Obama, Economic Crisis, Housing/Homelessness.
Tags: ally financial, bailout, bank of america, Citibank, Economic Crisis, foreclosures, harp, home owners, jpmorgan chase, mortgage settlement, mortgages, Obama, roger hollander, subprime, tarp, ted rall, Wells Fargo
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Joe Nocera, the columnist currently challenging Tom Friedman for the title of Hackiest Militant Centrist Hack–it’s a tough job that just about everyone on The New York Times op-ed page has to do–loves the robo-signing settlement announced last week between the Obama Administration, 49 states and the five biggest mortgage banks. “Two cheers!” shouts Nocera.
Too busy to follow the news? Read Nocera. If he likes something, it’s probably stupid, evil, or both.
As penance for their sins–securitizing fraudulent mortgages, using forged deeds to foreclose on millions of Americans and oh, yeah, borking the entire world economy–Ally Financial, Bank of America, Citibank, JPMorgan Chase and Wells Fargo have agreed to fork over $5 billion in cash. Under the terms of the new agreement they’re supposed to reduce the principal of loans to homeowners who are “underwater” on their mortgages–i.e. they owe more than their house is worth–by $17 billion.
Some homeowners will qualify for $3 billion in interest refinancing, something the banks have resisted since the ongoing depression began in late 2008.
What about those who got kicked out of their homes illegally? They split a pool of $1.5 billion. Sounds impressive. It’s not. Mark Zuckerberg is worth $45 billion.
“That probably nets out to less than $2,000 a person,” notes The Times. “There’s no doubt that the banks are happy with this deal. You would be, too, if your bill for lying to courts and end-running the law came to less than $2,000 per loan file.”
Readers will recall that I paid more than that for a speeding ticket. 68 in a 55. This is the latest sellout by a corrupt system that would rather line the pockets of felonious bankers than put them where they belong: prison.
Remember TARP, the initial bailout? Democrats and Republicans, George W. Bush and Barack Obama agreed to dole out $700 billion in public–plus $7.7 trillion funneled secretly through the Fed–to the big banks so they could “increase their lending in order to loosen credit markets,” in the words of Senator Olympia Snowe, a Maine Republican.
Three years after TARP “tight home loan credit is affecting everything from home sales to household finances,” USA Today reported. “Many borrowers are struggling to qualify for loans to buy homes…Those who can get loans need higher credit scores and bigger down payments than they would have in recent years. They face more demands to prove their incomes, verify assets, show steady employment and explain things such as new credit cards and small bank account deposits. Even then, they may not qualify for the lowest interest rates.”
Financial experts aren’t surprised. TARP was a no-strings-attached deal devoid of any requirement that banks increase lending. You can hardly blame the bankers for taking advantage. They used the cash–money that might have been used to help distressed homeowners–to grow income on their overnight “float” and issue record raises to their CEOs.
Next came Obama’s “Home Affordable Modification Program” farce. Another toothless “voluntary” program, HAMP asked banks to do the same things they’ve just agreed to under the robo-signing settlement: allow homeowners who are struggling to refinance and possibly reduce their principals to reflect the collapse of housing prices in most markets.
Voluntary = worthless.
CNN reported on January 24th: “The HAMP program, which was designed to lower troubled borrowers’ mortgage rates to no more than 31% of their monthly income, ran into problems almost immediately. Many lenders lost documents, and many borrowers didn’t qualify. Three years later, it has helped a scant 910,000 homeowners–a far cry from the promised 4 million.”
Or the 15 million who needed help.
As usual, state-controlled media is too kind. Banks didn’t “lose” documents. They threw them away.
One hopes they recycled.
I wrote about my experience with HAMP: Chase Home Mortgage repeatedly asked for, received, confirmed receiving, then requested the same documents. They elevated the runaround to an art. My favorite part was how Chase wouldn’t respond to queries for a month, then request the bank statement for that month. They did this over and over. The final result: losing half my income “did not represent income loss.”
It’s simple math: in 67 percent of cases, banks make more money through foreclosure than working to keep families in their homes.
This time is different, claims the White House. “No more lost paperwork, no more excuses, no more runaround,” HUD secretary Shaun Donovan said February 9th. The new standards will “force the banks to clean up their acts.”
Don’t bet on it. The Administration promises “a robust enforcement mechanism”–i.e. an independent monitor. Such an agency, which would supervise the handling of million of distressed homeowners, won’t be able to handle the workload according to mortgage experts. Anyway, it’s not like there isn’t already a law. Law Professor Alan White of Valparaiso University notes: “Much of this [agreement] is restating obligations loan servicers already have.”
Finally, there’s the issue of fairness. “Underwater” is a scary, headline-grabbing word. But it doesn’t tell the whole story.
Tens of millions of homeowners have seen the value of their homes plummet since the housing crash. (The average home price fell from $270,000 in 2006 to $165,000 in 2011.) Those who are underwater tended not to have had much equity in their homes in the first place, having put down low downpayments. Why single them out for special assistance? Shouldn’t people who owned their homes free and clear and those who had significant equity at the beginning of crisis get as much help as those who lost less in the first place? What about renters? Why should people who were well-off enough to afford to buy a home get a payoff ahead of poor renters?
The biggest fairness issue of all, of course, is one of simple justice. If you steal someone’s house, you should go to jail. If your crimes are company policy, that company should be nationalized or forced out of business.
Your victim should get his or her house back, plus interest and penalties.
You shouldn’t pay less than a speeding ticket for stealing a house.
If Land Was Money October 28, 2011Posted by rogerhollander in Economic Crisis, Occupy Wall Street Movement.
Tags: 1%, 99%, abby zimet, capitalism, Economic Crisis, foreclosures, land distribution, occupy wall street, roger hollander, Wall Street, wealth, wealth distriubtion
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by Abby Zimet
If land was distributed like wealth in this country, here’s what we’d look like. Note: the 1% in that big chunk are about three million; there are 278 million of us jammed into the little strip – though as one commenter noted, at least we get Disney World.
Declaration of the Occupation of New York City October 5, 2011Posted by rogerhollander in Economic Crisis, Human Rights, War, Foreign Policy, Environment, Democracy, Poverty.
Tags: colonialism, corporate wealth, corporations, democracy, foreclosures, injustice, labor, labor rights, liberty square, occupy wall street, press freedom, protest, revolution, roger hollander, studets, torture, Wall Street, zuccotti park
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What follows is the first official, collective
statement of the protesters in Zuccotti Park:
As we gather together in solidarity to express a
feeling of mass injustice, we must not lose sight of what brought us together.
We write so that all people who feel wronged by the corporate forces of the
world can know that we are your allies.
As one people, united, we acknowledge the reality:
that the future of the human race requires the cooperation of its members; that
our system must protect our rights, and upon corruption of that system, it is up
to the individuals to protect their own rights, and those of their neighbors;
that a democratic government derives its just power from the people, but
corporations do not seek consent to extract wealth from the people and the
Earth; and that no true democracy is attainable when the process is determined
by economic power. We come to you at a time when corporations, which place
profit over people, self-interest over justice, and oppression over equality,
run our governments. We have peaceably assembled here, as is our right, to let
these facts be known.
- They have taken our houses through an illegal foreclosure process, despite
not having the original mortgage.
- They have taken bailouts from taxpayers with impunity, and continue to give
Executives exorbitant bonuses.
- They have perpetuated inequality and discrimination in the workplace based
on age, the color of one’s skin, sex, gender identity and sexual orientation.
- They have poisoned the food supply through negligence, and undermined the
farming system through monopolization.
- They have profited off of the torture, confinement, and cruel treatment of
countless animals, and actively hide these practices.
- They have continuously sought to strip employees of the right to negotiate
for better pay and safer working conditions.
- They have held students hostage with tens of thousands of dollars of debt on
education, which is itself a human right.
- They have consistently outsourced labor and used that outsourcing as
leverage to cut workers’ healthcare and pay.
- They have influenced the courts to achieve the same rights as people, with
none of the culpability or responsibility.
- They have spent millions of dollars on legal teams that look for ways to get
them out of contracts in regards to health insurance.
- They have sold our privacy as a commodity.
- They have used the military and police force to prevent freedom of the
- They have deliberately declined to recall faulty products endangering lives
in pursuit of profit.
- They determine economic policy, despite the catastrophic failures their
policies have produced and continue to produce.
- They have donated large sums of money to politicians, who are responsible
for regulating them.
- They continue to block alternate forms of energy to keep us dependent on
- They continue to block generic forms of medicine that could save people’s
lives or provide relief in order to protect investments that have already turned
a substantial profit.
- They have purposely covered up oil spills, accidents, faulty bookkeeping,
and inactive ingredients in pursuit of profit.
- They purposefully keep people misinformed and fearful through their control
of the media.
- They have accepted private contracts to murder prisoners even when presented
with serious doubts about their guilt.
- They have perpetuated colonialism at home and abroad.
- They have participated in the torture and murder of innocent civilians
- They continue to create weapons of mass destruction in order to receive
To the people of the world, We, the New York City
General Assembly occupying Wall Street in Liberty Square, urge you to assert
Exercise your right to peaceably assemble; occupy
public space; create a process to address the problems we face, and generate
solutions accessible to everyone.
To all communities that take action and form
groups in the spirit of direct democracy, we offer support, documentation, and
all of the resources at our disposal.
Join us and make your voices heard!
NationofChange has been an unfiltered media
resource for the Occupy Wall Street movement even while the mainstream media has
ignored, censored, and undermined the progress of the people.
The Obama Dystopia May 25, 2009Posted by rogerhollander in Uncategorized.
Tags: Afghanistan, Alberto Gonzales, andrew hughes, bailout, bush administration, bush crimes, change, cyberterrorism, foreclosures, Guantanamo, illegal surveillance, Iraq, john yoo, military commissions, muslim world, new world order, Obama, pakistan bombs, pakistan killng, patriot act, roger hollander, torture, unemployment, Wall Street, War Crimes, warrantless wiretapping
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www.opednews.com, May 25, 2009
After 8 years of the Bush-Cheney nightmare during which we saw the wanton destruction of Afghanistan and Iraq, the cynical negation of centuries of Law designed to protect the most basic human rights and a foreign policy worthy of Genghis Khan, there came along the “Great Black Hope” in the persona of Barack Obama. The collective world consciousness turned uncritically to what was presented as a new era for peace, change and trust in Government.
Never before had one witnessed such an accomplished use of manipulation, propaganda, deceptive imagery and public relations wizardry to sell the public a man who was to take the baton from Bush and run with it in the race to destroy the economy, the rights of the people and help birth a nation totally controlled by those who have always lurked in the shadows of power. “Change” was promised and was delivered in the form of a deepening of the already Dystopic nightmare.
Promises were broken with no apology, the same creative legalese that infested the Bush administration, in the form of John Yoo and Alberto Gonzalez, was again used to deny justice to the inmates of Guantanamo, It was used to justify more torture, more destruction of the Constitution and more illegal surveillance of U.S. citizens.
The President that extended the hand of peace to the Muslim world has murdered hundreds of Pakistani men, women and children. The President who promised accountability in Government has filled his staff with lobbyists, banksters and warmongers. His Attorney General refuses to prosecute some of the worst war crimes committed in modern history and continues to give legal cover to criminals who tortured with impunity.
The country has been further bankrupted by the continuing theft of taxpayer money as the Wall St. campaign donors receive their quid pro quo. Obama has stood by idly as Bernancke states that the private Federal Reserve is not answerable to either Congress or the American public. The U.S. taxpayer is now on the hook for $14.3 Trillion and rising. Foreclosures and unemployment are mounting with no meaningful efforts by the administration to alleviate the symptoms, never mind the cause. The new image of America is one of tent cities, lengthening soup kitchen lines, sherrifs evicting countless thousands of young and old from their homes, once prosperous towns descending in to an eerie stillness and an increasingly disillusioned populace.
The “War on terrorism” has mutated in to a control grid for an increasingly aware population. The foundation for this had already been put in place by Bush with the Patriot Act, Patriot Act 2, Military commissions act and numerous executive orders that strangled what was left of Posse Comitatus and the Constitution.
Homeland Security now defines “Terrorists” as those who believe in the Constitution, the first, second and fourth amendments. Returning veterans are being targeted for a denial of their second amendment rights. A “Terrorist Watchlist” of more than a million and rapidly growing, is being used as the basis for denying citizens the rights to travel and to work.
Obama is now mulling over the idea of indefinite detention without trial for U.S. citizens. This, from a teacher of the Constitution ! Bills are in congress to criminalize free speech on the Internet via the Cyberbullying Act which will make hurting somebody’s feelings a felony. Just as the Patriot Act morphed in to a mechanism to subdue the U.S. population, the Cyberbullying Act will be subverted to criminalize political free speech and any criticism of the Government.
“Cyberterrorism” is being used as a pretext to bring government regulation to the the last stronghold of unbiased information. Washington has realized that it’s getting harder to get away with their Fascist agenda and are moving to control the field. The populace are beginning to realize just what kind of “Change” Obama intended to deliver.
There has been growing resistance on a state level with several invoking their 9th and 10th Amendment rights in a valiant attempt to stop the Federal Vampire from draining the last drops of blood, the last vestiges of Freedom and Hope.
This is the Dystopic Nightmare that America finds itself in today and each day brings new assaults on Freedom and Sanity. The framework for total control of the citizenry, the economy and the media is being built upon in a relentless aggrandization of Govermental power. Obama sits atop his new Empire still smiling that sickeningly disingenuous smile surrounded by his seasoned courtiers who have worked for decades to hijack America and steer it towards this New World Order.
Tags: afro-americans, andre showell, banking interests, banksters, black unemployment, corporate america, Economic Crisis, food samps, foreclosures, glen ford, health care reform, health insurance, healthcare reform, institutional racism, john kennedy, lawrence summers, president obama, private health insurance, public assistance, Race, racial disparities, racism, recovery act, robert rubin, roger hollander, ronald reagan, single payer, structural racism, tim geithner, trickle down, unemployment insurance
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“The Obama presidential bully pulpit is reserved for banking interests.”
Tags: bailout, banking committee, barney frank, chris dodd, Citibank, Economic Crisis, financial crisis, foreclosures, Goldman Sachs, homeowners, Martha Coakley, massachusetts, massachusetts attorney general, Merrill Lynch, Morgan Stanley, Politics News, roger hollander, rule of law, ryan grim, Subprime Mortgage Crisis, subprime mortgages, ubs, unfair loans
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(Roger’s note: read this then tell me why the Bailout funds could not be used to help homeowners pay subprime mortgages so that the Attorney General could pursue criminal charges against Goldman Sachs for the sake of justice and future deterrence; instead of letting Goldman Sachs get away with breaking the law with impunity and buy their way out with the taxpayers dollars. I am guessing that the Massachusetts AG is taking her cue from Barack Obama and his AG, Eric Holder, who would rather “reconcile” and “look forward” rather than comply with their oaths of office to defend and uphold the U.S. Constitution.)
Ryan Grim, www.huffingtonpost.com, May 12, 2009
Massachusetts Attorney General Martha Coakley won a victory against the Goldman Sachs Group Monday, forcing the financial firm to cut a $10 million check to the state and pony up $50 million to help around 700 homeowners pay subprime mortgages.
“Goldman Sachs is pleased to have resolved this matter,” says Michael DuVally, a Goldman spokesman, declining to comment further.
They were also pleased, no doubt, by the terms in the settlement that allowed Goldman to avoid admitting any wrongdoing. Letting Goldman off excuses what could have been criminal behavior, but it also brings relief to hundreds of homeowners and offers a roadmap to some sort of law-enforcement-driven solution where lawmakers have come up short.
Massachusetts Congressman Barney Frank, chairman of the House Financial Services Committee, said he wouldn’t “second guess” Coakley’s decision to settle short of criminal convictions. “I don’t know what other avenues she had available, but I will say this: Getting significant relief for 700 people is very important, both for them and for the economy. Now, that’s a legitimate consideration in getting it done more quickly than waiting for a couple years to go through the criminal procedure,” he tells the Huffington Post.
Rep. Bill Delahunt was a Massachusetts District Attorney for 23 years. He said balancing immediate justice for victims with bringing the white-collar criminals to justice can be difficult.
“You almost have to judge those on an ad hoc basis. There’s no formula,” he says in general, adding that he didn’t know enough about Coakley’s investigation to comment on her specific course of action.
“Clearly, there’s a preference to pursue them criminally because I think that creates deterrence,” he says. “You know, it’s difficult to deter a kid who’s going to rob a 7-11 store for 25 bucks but for people who are purportedly educated, or at least sophisticated, who defraud others, they’re more susceptible to being deterred.”
But the most sophisticated they are, the more they can drag out a prosecution. By the time they’re found guilty, half the victims may be out on the street, their homes foreclosed.
“It’s not always a perfect world and you can’t always secure the perfect justice,” says Delahunt. “It would appear that our attorney general did some good work that resulted in a very significant sum of money for redress by their behavior.”
Frank agrees. “I can’t tell exactly what the considerations were, but I’m inclined to think the value of getting immediate relief for 700 people and saving their homes, yeah, I’d trade off a little for that,” he says.
Goldman Sachs was not accused of originating the subprime loans in question, but rather investigated for facilitating the process by buying them and bundling them into securities without regard to whether the borrowers would be able to pay them back — or whether the borrowers or originators had followed reasonable lending practices or filed the appropriate paperwork.
“We will continue to investigate the deceptive marketing of unfair loans and the companies that facilitated the sale of those loans to consumers in the Commonwealth,” Coakley said in a statement. (Coakley’s press office did not return a call.)
The state attorney general’s office has previously pulled in more than $75 million from settlements with UBS, Morgan Stanley, Citibank, and Merrill Lynch, all related to the financial crisis.
But the U.S. attorney general would have a hard time making a similar case nationally. Coakely relied on stricter rules on subprime lenders who make “unfair” loans under state law.
Congressional Democrats hope to give the federal government the power some states now have. Last week, the House passed anti-predatory lending legislation that Coakley helped Frank’s committee draft.
“What we do in our bill is to go beyond any set of state laws,” says Frank, citing a requirement that five percent of the loan portfolio be kept by the company that originates the loan. Having that amount of skin in the game, he hopes, will persuade a lender to take a loan seriously.
The bill is now, like much else, stalled in the Senate.
Banking Committee Chairman Chris Dodd (D-Conn.) says that subprime lending reform is a lesser priority because the credit freeze has inadvertently dried up the business.
“That’s true right now but we cannot count on that being true forever,” says Frank. “You couldn’t count on getting a non-predatory loan a little while ago and it is true that the freeze has helped some. That’s true in some other areas as well. There aren’t a lot of credit default swaps being written.”
But, says Frank, the financial industry won’t have forgotten how to write a bad loan once the market thaws.
“It is important to get laws on the books, because this de facto moratorium isn’t going to last forever,” he says.
Ryan Grim is the author of the forthcoming book This Is Your Country On Drugs: The Secret History of Getting High in America
Banksters on the War Path: How Wall Street Is Fighting Back and Winning Their Fight for the Status Quo May 2, 2009Posted by rogerhollander in Economic Crisis.
Tags: arlen specter, bailout, bankers, banking industry, banksters, capitalism, chrysler, chrysler bankruptcy, danny schechter, democracy, derivatives, dick durbin, Economic Crisis, eric holder, finance industry, financial system, foreclosures, hedge funds, kevin phillips, Larry Summers, Lobbyists, naked capitalism, obama administration, robert rubin, Robert Scheer, roger hollander, senate, subprime mortgages, tarp, tarp bailout, taxpayer, tim geithner, trade unionists, unemployed, us regulators, Wall Street, workers, zogby poll
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Published on Saturday, May 2, 2009 by CommonDreams.org
Dick Durbin knows his way around the Senate. He’s been there a long time, long enough to know how things really work. Over the years, the man from Illinois has come to realize that it’s not the elected officials who are in charge. Last week, he said it was the bankers “who run the place” acknowledging that Senators may be in office, but not necessarily in power.
Usually, the people who pull the strings stay in the background to avoid too much public exposure. They rely on lobbyists to do their bidding. They prefer to work in the shadows. They may back certain politicians, but coming from a world of credit default swaps as they do, they hedge their bets by putting money on all the horses.
They have so much influence because they have been reengineering the American economy for decades through “financialization,” a process by which banks and financial institutions gradually came to dominate economic and political decision-making. Kevin Phillips, a one time Reagan advisor and commentator, says our deepest problem is “the ascendancy of finance in national policymaking (as well as in the gross domestic product), and the complicity of politicians who really don’t want to talk about it.”
Curiously, despite the journalists like Bill Moyers and Arianna Huffington who have been blowing the whistle on the role of the “banksters” in our political life, criticizing the Republicans and Democrats who deregulated the financial system, this issue seems to float above the heads of most of the public, much of the press, and even the activist community more drawn to punishing the torture inflicted on a few by a former Administration than the economic duress being imposed on the majority of Americans by a minority of the super rich.
Demonstrators are still drawn more to the White House than the banks that have proliferated on every corner of the country.
Last week, a Zogby poll found that a majority of the public believes the press made things worse by reporting on the economic collapse. Not only is that blaming the messenger, it also overlooks the fact that much of the media was complicit in the crisis by not covering the forces that caused the collapse when it might have done some good.
Exacerbating the problem is that the Obama Administration has, in Robert Scheer’s words, enlisted “the very experts who helped trigger the crisis to try to fix it.”
“Obama,” he writes “seems depressingly reliant on the same-old, same old cast of self-serving house wreckers who act as if government exists for the sole benefit of corporations and executives.”
The team of Tim Geithner and Larry Summers has been carrying Wall Street’s water as Robert Rubin did before them. No wonder that Obama’s Attorney General Eric Holder told the Street last February, “We’re not going to go on any witch hunts.”
That was before we learned that Wall Street forced US regulators to delay the release of stress test results for the country’s 19 biggest banks until next Thursday, because some of the lenders objected to government demands that they needed to raise more capital. They are trying to rig the results.
That was also before the public learned of the obscenely huge bonuses the firms benefiting from the TARP bailout were shelling out to their executives. That was before we saw how the bankers with help from Democrats, including new convert Arlen Specter, managed to kill a bill to help homeowners stop foreclosures.
“The Senate on Thursday rejected an effort to stave off home foreclosures by a vote of 51 to 45. It was an overwhelming defeat, with the bill’s backers falling 15 votes short — a quarter of the Democratic caucus — of the 60 needed to cut off debate and move to a final vote. Across the United States, the measure is estimated to have been able to prevent 1.69 million foreclosures and preserve $300 billion in home equity.”
Commented the Center for Responsible Lending, “Instead of defending ordinary Americans, the majority of Senators went with the banks. Yes, the same banks who have benefited so richly from the TARP bailout.”
There was one small victory with the House approving a bill to protect consumers from credit card abuses. It’s not clear if the Senate will pass it too. “It’s one step forward and one step backward,” said Travis Plunkett, of the Consumer Federation of America. “Congress is moving in fits and starts to re-regulate the financial services industry and the banking lobby still has tremendous clout.”
“Tremendous clout” is an understatement.
In this past week, we also saw how a few hedge funds undermined the attempt to save Chrysler from bankruptcy by holding out for more money even after the unions and big banks agreed to compromise to save jobs.
The President was furious but apparently powerless: “A group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout,” Obama said. “They were hoping that everybody else would make sacrifices, and they would have to make none. Some demanded twice the return that other lenders were getting.”
Explains the blog Naked Capitalism, “the banksters are eagerly, shamelessly, and openly harvesting their pound of flesh from financially stressed average taxpayers, and setting off a chain reaction in the auto industry which has the very real risk of creating even larger scale unemployment than the economy already faces. It’s reckless, utterly irresponsible, over-the-top greed.”
Will they be allowed to get away with it? A “captured” Congress is doing their bidding. There is no doubt that class antagonism is stewing, says the editor of the blog. He expressed a fear of a reaction that will go way beyond flag-wavng tea parties.
“… I am concerned this behavior is setting the stage for another sort of extra-legal measure: violence. I have been amazed at the vitriol directed at the banking classes. Suggestions for punishment have included the guillotine (frequent), hanging, pitchforks, even burning at the stake. Tar and feathering appears inadequate, and stoning hasn’t yet surfaced as an idea. And mind you, my readership is educated, older, typically well-off (even if less so than three years ago). The fuse has to be shorter where the suffering is more acute.”
One is reminded of the title of that movie, “There will be blood.” Rather than show contrition or compassion for its own victims, Wall Street is hoping to jack up its salaries and bonuses to pre-2007 levels. The men at the top are oblivious to the pain they helped cause. And so far, they’ve only occasionally been scolded by politicians that have mostly enabled, coddled, bankrolled, funded, rewarded, and genuflected to their power.
Wall Street’s behavior may be predictable, but how can we account for the silence of so many organizations that should be out there organizing the outrage that is building? Knock, Knock, Obama supporters, bloggers, trade unionists, out of work workers and fellow Americans. Will we fight back or roll over?