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RedditThe Showdown in Chicago is on! The ABA's annual convention has become the scene for a series of major protests, which are set to continue through Tuesday, when a major march and rally is planned. Dubbed "the Showdown in Chicago," thousands of Americans are demonstrating against Wall Street banks and calling for real financial reform.
Groups like the National People's Action, the Service Employees International Union, Americans For Financial Reform and the AFL-CIO have turned out thousands of protesters. Sen. Richard Durbin (D - Illinois) addressed the protesters last night. Other conference speakers include Newt Gingrich, conservative columnist George Will and FDIC chairman Sheila Bair.
Read my colleague Esther Kaplan's eyewitness report from the scene of the protests for details on what the protesters are demanding.
Watch this video taken this morning for a sense of the action:
Then, check out the Showdown in Chicago website for the latest updates, a wealth of background resources, and a raft of ways you can get involved in the fight to radically reform our financial system .
PS: If you have extra time on your hands and want to follow me on Twitter -- a micro-blog -- click here. You'll find (slightly) more personal posts, breaking news, basketball and lots of links.
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Peter Rothberg
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As noted on the other thread, Peter....
watch our right-wing friends try to simultaneously pull off "populism", i.e. opposition to the bail-outs....and plain ol' Republicanism, i.e. opposition to "a bunch of hippie socialists attacking good, decent, hard-working entrepeneurs and capitalists"!
It's always a hoot to watch.
Posted by Mask at 10/26/2009 @ 2:51pm
Peter, the horsies left the barn some months ago! And, now that my financial stocks are making money, I am in on the scam.....yep, I got dragged kicking and screaming saying "No Bailouts!, No Bailouts!" but if your Messiah, like my Messiah bush, insist on pumping money into my account, I WILL TAKE IT!
But, good exercise for the folks with spare time, unemployed maybe, to get together to `network', huh?
Posted by Happy at 10/26/2009 @ 3:08pm
WARREN/GRAYSON '012 -- Bye-Bye Ohblahma
Posted by frosty zoom at 10/26/2009 @ 4:48pm
Thousands turned out, huh?
Posted by YourJomamma at 10/26/2009 @ 5:10pm
Failed U.S. Bank Total Pass Century Mark as FDIC Looks to Boost Reserves Government Closes 100th Bank of the Year By MATTHEW JAFFE Oct. 23, 2009
'In all of 2008, federal regulators only shut down 25 banks. This year has already seen four times as many banks go down. Thus far banks have collapsed at an average of about 10 per month.'
Much more to come in 2010.
'The FDIC currently has 416 financial institutions on its "problem list," the highest number since June 1994. The agency now expects bank failures to cost the fund $100 billion over the next four years, with the bulk of the costs coming this year and next.'
Posted by OneVote at 10/26/2009 @ 5:37pm
How can you knuckleheads hope to reform something you don't even come close to understanding?
You don't even get a free "useful idiot" tee-shirt, do you?
Your little marches will only serve to increse government power. In fact, if you had any intelligence, you would realize that is the goal of your organizers.
A question for the marchers: How is money actually created? What is fiat currency? What is fractional reserve banking? What is Congress' role in our Federal Reserve system? If you can answer all of those questions, then whom are you really marching against?
Posted by freiheit1 at 10/26/2009 @ 5:38pm
Barney Frank and Chris Dodd show up? Somehow I bet NOT, just blow up dolls of them were probably all there was to show.
How did all the several hundreds of little banks of the AMA not among the 106 that have now been closed feel about being blamed for congresses and the Obamanation , Bush admin. failures to handle the collapse of Big Bank high risk excess that was "bailed out"?
Posted by BigPasture at 10/26/2009 @ 5:41pm
Posted by OneVote at 10/26/2009 @ 5:37pm
And when the FDIC awards claims, do you know where that money comes from?
Just curious?
Posted by freiheit1 at 10/26/2009 @ 5:43pm
Shhhhhhhhhhhh.....Freiheit, Onenut and the other leftist just love the spiraling tax rates they will have to pay for it all!
Posted by BigPasture at 10/26/2009 @ 5:55pm
oops, thanks BigPasture, sorry, I keep forgetting they think it is the government's money paying for all of this!
Posted by freiheit1 at 10/26/2009 @ 6:06pm
Just curious?
Posted by freiheit1 at 10/26/2009 @ 5:43pm | ignore this person | warn this person
What would happen if we didn't have FDIC insured deposits?
Sheeple Insurance - what else - full faith and credit tax slaves on the hook.
Originally, FDIC claims were supposed to be paid out of premiums (paid by financial institution) placed in FDIC trust invested in Treasuries. FDIC is bankrupt. Except for government promises, we really don't have FDIC insurance.
Posted by OneVote at 10/26/2009 @ 6:30pm
--yep, I got dragged kicking and screaming saying "No Bailouts!, No Bailouts!" but if your Messiah, like my Messiah bush, insist on pumping money into my account, I WILL TAKE IT!--
by Happy at 10/26/2009 @ 3:08pm
--I keep forgetting they think it is the government's money paying for all of this!--
Posted by freiheit1 at 10/26/2009 @ 6:06pm
The smokescreen blame game puts the libs in check... but you are mated...
Trillions have already been spent that were never there... and the casino capitalists... not to be confused with the more deferential and accomplishment oriented capitalists that are the heros in Ayn Rand's novels...
...have taken care of themselves handsomely.
You are complaining about the clean up costs... for the 'party' your party 'cleaned up' at.
Posted by ttr at 10/26/2009 @ 6:38pm
Shhhhhhhhhhhh.....Freiheit, Onenut and the other leftist just love the spiraling tax rates they will have to pay for it all!
Posted by BigPasture at 10/26/2009 @ 5:55pm | ignore this person | warn this person
Maybe if we had some regulations and actual enforcement, we wouldn't be in this mess?
Posted by OneVote at 10/26/2009 @ 6:45pm
Posted by OneVote at 10/26/2009 @ 6:45pm
No, maybe if Congress would get rid of the Federal Reserve.
The central banking cartel system we have and its collusion with government didn't create the mess, it IS the mess.
Government is the problem. It is our own fault for ignoring the Constitution and refusing to hold politicians responsible.
Posted by freiheit1 at 10/26/2009 @ 7:20pm
Shhhhhhhhhhhh.....Freiheit, Onenut and the other leftist just love the spiraling tax rates they will have to pay for it all! Posted by BigPasture at 10/26/2009 @ 5:55pm
YOU shush.
you have no clue.
Posted by frosty zoom at 10/26/2009 @ 7:45pm
Posted by freiheit1 at 10/26/2009 @ 7:20pm | ignore this person | warn this person
I agree with much of what you say as to the problem's root. Regulation and enforcement of a cartel so powerful is wishful thinking. They call the shots, we don't.
Very true.
Posted by OneVote at 10/26/2009 @ 7:49pm
Trillions have already been spent that were never there... and the casino capitalists... not to be confused with the more deferential and accomplishment oriented capitalists that are the heros in Ayn Rand's novels...
...have taken care of themselves handsomely.
Posted by ttr at 10/26/2009 @ 6:38pm
As I'd said to Citizen, the heros in Rand's novels are not often seen in real life....but thanks for reminding me that I'm no Reardon or Taggert.
I do, as you state, know how to take care of myself....it's what rational self-interest is all about. When I am well taken care of, then I can think of HAPPILY spreading it around, you know, trickle down, blow some in Vegas, some at Lake Powell, sprinkle some with the Navajos..........hehehehe!
Posted by Happy at 10/26/2009 @ 8:28pm
--....but thanks for reminding me that I'm no Reardon or Taggert. --
by Happy at 10/26/2009 @ 8:28pm...
So you are admitting to being a 'casino capitalist' are you...?;^)
I wasn't referring to you at all, Happy... but now that I'm a thinkin onit you do bear a cyber-resemblance to Peter Keating...
Howard Roark, John Galt, Hank Rearden, Dominique Francon, Dagny Taggart...
These are not bubbly personalities... Happy... and they do not necessitate financial reforms...
Posted by ttr at 10/26/2009 @ 9:19pm
but now that I'm a thinkin onit you do bear a cyber-resemblance to Peter Keating...
Howard Roark, John Galt, Hank Rearden, Dominique Francon, Dagny Taggart...
These are not bubbly personalities... Happy... and they do not necessitate financial reforms...
Posted by ttr at 10/26/2009 @ 9:19pm
I see how the Libs can't interpret non-comforming stories. If anybody I tend to think I come closest to, it would be Howard Roark....he's an archi and I was civil eng., close enough and like Roark, I don't give a hoot about what anybody else thinks (except, I do have a wife which ranks higher than a lover).
"bubbly"? Who cares about that but folks who chase balloons and Messiahs and get tingles up their legs over `stars'?
BTW, no reforms would be necessary if those heroes of Rand ran the world....check mate!
Posted by Happy at 10/26/2009 @ 10:01pm
by Happy at 10/26/2009 @ 10:01pm...
Too late... you've been mated already.
Bubbly refers to the type of market your self proclaimed predisposition for purely profit motive investing creates.
This 'predisposition' is generally bad for the people at large because it performs best when the market is most unstable... and values the short term gains of the 'investment class' at a much higher precedence than the overall family fitness of the nation.
Posted by ttr at 10/26/2009 @ 11:42pm
The average interchange fee in the U.S. is seven times the interchange fee set by Visa and MasterCard in countries throughout the rest of the world. Using 2008 figures, if the interchange fee charged by credit card issuers was decreased (via comprehensive credit card reform legislation) from the current 2.10% to 0.60%, the result would be an annual savings of approximately $34.3 billion for U.S. merchants and consumers. Credit card issuers could retain 0.3% as a processing fee, the remaining 0.3% could be a "tax" used to fund a Natural Disaster Trust Fund (NDTF). In 2008, this would have generated $6.86 billion in funding for a NDTF.
Let's be clear. The interchange fee is a hidden tax, just not a tax subject to political control or for which there is any discernible social benefit. Decreasing, and imposing a transparent tax on, the interchange fee would have the same stimulus effect of a tax break, but without an impact on the federal budget.
The following article discusses how comprehensive, standardized, simplified, and transparent credit card reform legislation may fund a Natural Disaster Trust Fund.
http://www.csnews.com/csnews/images/pdf/creditcardreform.pdf
Posted by BrianJDonovan at 10/27/2009 @ 06:07am
Posted by freiheit1 at 10/26/2009 @ 5:38pm |
"Your little marches will only serve to increse government power."
You think the banks will give lobbyists even MORE money?
"In fact, if you had any intelligence, you would realize that is the goal of your organizers."
I'm not sure they had a goal, per se.
"A question for the marchers: How is money actually created?"
Do you mean money or do you mean currency? I guess you could say the changes to reserve level requirements 'created' some...not that the banks are sharing anymore.
"What is fiat currency?"
A ponzi scheme, not tied to a finite resource, and good for kindling.
"What is fractional reserve banking?"
A scam by which bankers can pretend to be fatter cats than they are enabling asset bubble creation and maintaining their tilted playing field.
"What is Congress' role in our Federal Reserve system?"
Zero, unfortunately.
"If you can answer all of those questions, then whom are you really marching against?"
Angelo Mozilo at Countrywide for leaving no minority applicant unscrewed.
Pandit and Rubin from Shitigroup.
Ken Lewis from the Bank of Lynching America.
Blankfein from Gold-and Sacks.
AIG for a near infinite supply of rope.
Alan Greenspan and Ben Bernanke...the bankers best friends.
Phil Gramm and Clinton for opening pandora's box and insuring that there was a place for CDOs to fester without scrutiny.
Garn and St. Germain for showing these a-holes the way in the 80s.
Dubya for preventing enforcement of anti-predatory lending laws at the state level.
Moody's, S&P, and Fitch for aiding and abetting.
Chris Cox for being asleep at the damn wheel at the SEC.
And, of course, the imbeciles who signed the papers for loans both they and their mortgage bundlers knew they had no chance of paying off.
Posted by snowball777 at 10/27/2009 @ 08:11am
BTW, no reforms would be necessary if those heroes of Rand ran the world....check mate!
Posted by Happy at 10/26/2009 @ 10:01pm | ignore this person | warn this person
--bow to the fake blue/green steel that exists only in a book!
Posted by urmygyro at 10/27/2009 @ 08:14am
The financial institutions which had to be bailed out should be broken up. Then Glass/Stegal should be restored. Anything short of that is meaningless.
Posted by Buddy33 at 10/27/2009 @ 1:42pm
<In an interview during the luncheon with television host Charlie Rose, Dimon said regulators should focus on simplifying bank regulation, rather than adding to it.>
Simplify...cripple...why mince words, JD?
<Regulators and Congress also shouldn't put too many restrictions on big banks that require extraordinary assistance, such as Citigroup Inc. (C) and Bank of America Corp. (BAC), Dimon said. He said he agreed with the government's pay czar Kenneth Feinberg that "something should be done to regulate the pay" of the executives of companies that got special assistance. But "we need Citi," for example, he said. "It's not good to hamstring those companies.">
Cry me a river, bandit boy.
<Asked about the Federal Reserve's growing balance sheet, Dimon said he is more worried about the government deficit than the size of the Fed's balance sheet. Even at this point, the size of the Fed's balance sheet is "a drop in the bucket" compared with the overall assets in the country, he said.>
I'm with Bill Gross....the Fed has puffed as long as it can...the bubble is at its zenith...now the elevator will return to the mezzanine.
Posted by snowball777 at 10/27/2009 @ 1:47pm
The financial institutions which had to be bailed out should be broken up. Then Glass/Stegal should be restored. Anything short of that is meaningless.
Posted by Buddy33 at 10/27/2009 @ 1:42pm | ignore this person | warn this person
I agree, wholeheartedly. But that is not where the Obama administration is going. Obama is, instead, creating a corporatist (i.e. fascist) oligopoly of "banks too big to fail" coupled with government largess & protection and oversight only by the unelected FED. Read the article in this weeks Village Voice for more details:
We've Bailed out the Banks. When Do We Go After the Crooks Behind our Financial Collapse?
http://www.villagevoice.com/2009-10-27/news/we- ve-bailed-out-the-banks-when-do-we-go-after- the-crooks-behind-our-financial-collapse/
For the Obama crowd, "Change" equals classical fascism. All of us who worked and voted for him have been had.
Posted by dont_know at 10/28/2009 @ 11:57am
"I agree, wholeheartedly. But that is not where the Obama administration is going. Obama is, instead, creating a corporatist (i.e. fascist) oligopoly of "banks too big to fail" coupled with government largess & protection and oversight only by the unelected FED. Read the article in this weeks Village Voice for more details: " Posted by dont_know at 10/28/2009 @ 11:57am | ignore this person | warn this person
He really doesn't have any economic vision at all. He's listening to financial advisers who seem to believe the economy begins and ends on Wall Street. He'd do better taking advice from Volcker and Stiglitz, and reading Martin Wolf at the Financial Times.
Posted by Buddy33 at 10/28/2009 @ 2:05pm
BTW, no reforms would be necessary if those heroes of Rand ran the world....check mate! Posted by Happy at 10/26/2009 @ 10:01pm |
Every once in awhile, I take Happy off of ignore for a laugh...and he always comes through, in spades (pun intended).
No reforms *would* be necessary...as there would be no economy left to regulate after their "rational self-interest" ran it aground.
So hilarious that you can't see that your short-sighted greed always has the same famine-filled "end game".
Posted by snowball777 at 10/29/2009 @ 10:30am