Forum Post: I Think You Communists Should "Occupy" A Job!
Posted 13 years ago on Oct. 14, 2011, 8:15 p.m. EST by Coltsin10
(18)
This content is user submitted and not an official statement
Stop bitching about how unfair it is to live in this society and go earn a living. Either that, or move, no one's keeping you here. That's what's great about America, if you don't like it, you're free to live elsewhere. I can't believe I pay taxes while you pussies wine about, CEO's, corporations and banks. I'm sure most of you on here are still in college, living off of mommy and daddy. Grow up and start contributing to society instead of taking from it.
I have a job, and a good one, that I get paid well for and enjoy doing with good security. I have no intention of moving out of this country. I believe in the principles on which this nation was built.
Even though I have a job, I cannot afford a lobbyist, nor do I wish to contribute campaign funds to a candidate in order to be heard. I was promised as a citizen of this country by its founders to be fairly represented in its governance.
I believe this system has been corrupted by corporate bribes. And I am peacably assembling with my fellow americans "...to petition the Government for a redress of grievances" as is my right under the First Amendment.
Well said - my own situation is very similar to yours. This movement is not just young unemployed people. The legalized bribery has to stop if we ever want to have integrity again in our political process.
I agree with you in large part I think most of us have jobs or companies of our own. "Jobless is just a tag the media is trying to put on us. However, I think everyone should be upset with politicians, Wall St., and the Corporate media for spreading the lies and conducting the coverups that make the corruption possible. If your not upset with all three then you just need additional information and you will be.
I really enjoy the way Occupy Wallstreet has brought out all these dumbasses who don't have any problem with the financial industry destroying the economy and getting rewarded exorbant amounts of cash infusion for doing so. I don't give a fuck about your life story and how you worked hard to overcome obstacles. What does that have to do with Wallstreet or the banking industry? Congratulations your a hardworking American that doesn't want to support all those lazy hippies on welfare. Does that mean you want your want your hard earned going to bank because they used your money to make risky loans in a giant pyramid scheme.
Dude, I tried to read the end of your post but apparently English isn't your mother tongue?
?..... Your right I'm a Sumerian shape shifter day-trader and left out the word "income".
A... a what? Cuniform is sweet. Dude, please post a pic mid-shift (bonus points for doing it while moving penny stocks)! :)
(sorry, couldn't help myself - that was so random)
http://youtu.be/l-xvzZ4cW_U <--- shit wrong morph!
Yeah... I'll get clicking on that right away, tool.
ha ha ha class mate x x x
THIS^^^^^^^^ best post ever
yessssssss
I saw a forum post under another topic where someone said they were one of the 1% and agreed with OWS, and someone replied "oh, we don't consider you part of the 1% then."
"Occupy Wall Street" was a decent enough motto that most people could get behind. Why did everyone have to jump on board with the stupid 99% thing? Wall Street is a tiny number of people. Using the term 99% basically says "screw you" to over a million people who make up the other 1%, who might otherwise agree with the other aspects of the OWS movement. This slogan or motto or whatever it's called is unnecessarily exclusionary. I think it's just one more confusing thing about this group that makes people not want to offer support. It's like means-testing people to determine if they qualify to join an angry mob.
I've got a job and I'm not a Communist.
Next.
I live in America where people are allowed to protest when they have grievances that go unheard. We are not communists. Not even close.
Hey You Cracker:
I pay over 17% of my income in taxes, work two jobs and have done so since I was 14 years old. I don't plan on moving anywhere and you'll just have to put up with pussies like me peacefully expressing my outrage.
In 2007, I owned a business and employed 23 people. When my local bank went broke, the people who bought it called my business loan and froze my accounts. This caused me to lose my business (along with the jobs of my employees) as well as my savings, my retirement and my house.
So shut the fuck up you ignorant asshole.
Try tro be more diplomatic. It's easy to hate.
You know, you are right. I really need to tone down the rage I feel at being screwed out of 20 years of work, savings and dreams. I need to become less intolerant of ignorance and more forgiving. Thanks for reminding me.
Maybe you should have got an education.
I have two, count 'em two, college degrees and other certifications on top of that. I am incredibly well informed and incredibly enraged. It can be argued that I did not use my best decision-making skills in the instances I mention above, but you are incorrect, dickhead, in your assertion that I am not educated.
That is a lie, your back didn't close and freeze your account. That is the same made up story tons of people have claimed on this forum. Same story that goes around on chain emails. If your going to troll and pretend to be a protester at least come up with something good.
I'm glad your supporting banking practices and Wallstreet by calling out peoples stories on the internet. If you don't take what people claim they are with a grain of salt then you will fail at interneting and end up falling in love a 55 year scam artist looking for cc #s. Saying someone maybe kying on an internet forum is redundant and unnecessary.
-- Ex-prime minister of England
Hi Tony! I thought I recognized you. :)
I have a job, and I still donated to the Occupy Wall Street movement. Because its time for you Wall Streeters to lose your jobs :) :) :)
much love and peace always 01nistloc mate, namaste, from the isle of man x x x
Ironically, occupying the factories is exactly what communists want to do...
DEAR INDIVIDUAL READING THIS, What must we as people do to fight this grave injustice inflicted upon us, by the ones who lust for power? How can we end the reign of the wicked and immoral and mete JUSTICE upon the oppressors as we have suffered from their hands-their blood stained hands... An idea of REVOLUTION-no, the act of revolution enacted by the proletarians! Must we as individuals ,as is always done, remain pawns to these people, these monoliths that we alone as individuals cannot surmounted...I surmise that we are not ignorant to the woes inflicted upon us by their enormities? We must UNIFY! Unity will be the way in which we assert ourselves!...While I realize all are not are not without income or funds and many cannot unify with this growing movement do to reasons of possible opposition and they being the people I'm question who we oppose (Wall Street), and many have responsibility they must tend to that take precedence. We must rise and vanquish this behemothto restore the equilibrium, for when disturbed it causes much chaos and strife in the hearts of man( man being neutral to represent all genders) in his mind and when mans mind and soul are in chaos as many are they rise to vanquish the pestiferous wealthy. However we should not just target these individuals, each of us individually must confront the corruption in our hearts, how can we judge the corrupt and deem them so when we cannot be amenable for ourselves we will surely be deemed hypocrites as we will be.....I am not meaning to say that this protest is in any way unjust, for far too long have we suffered, I mean that we are expected to expiate our sins -assume our parts in the problems we face and how we may have caused it. Yes, the Bankers on Wall Street are corrupt in ways we don't have evidence of without an investigation. But as we suffer soshall they, for we will make it so. But what of our government I say, my fellow citizens do not neglect to Confront the complicit in this affair for the roots of corruption are deeply seated, we have silent enemies amongst us-be warned that although succession in our goals will happen we may face a greater threat to our rights granted unto us from birth be prudent and circumspect. Another issue I wish to address is the idea of mans continual corruption as all things will be permeated with this darkness Inside our hearts.......when a system is created it always deviates from the righteous path, for nations we have learnt of in our education are littered with tales of nations that became corrupt and faded Into the ruin of collapse, we know that a society without corruption is utterly inconceivable, impossible in ways each and everyone of us know...for as long as men exist so shall our inner evil....but I digress from my original Intent of this passage and I ask forgiveness as we must forgive all in all eventual....the rising potentiality of this movement is quite an astonishment, I thought we were not capable of such things and thus I admit I had less faith in my fellow man. I see that we have all come to the realization of the need to bring the greedy to justice, although the reasons for your protesting may be unique to you, you share many goal, I had prognostications, inklings seems more appropriate of a term, that one day man would wake to realize the greater truth outside of his/her reality, and break the cycles of obsession with superficial base needs and trite motives, a dull and predictable lot we were but we've surpassed that I hope....for if not we will founder and fall Into the patterns we had grown so accustomed to, living such prosaic pedestrian lives stultified by the elite and of our own ignorance we always have the means to educate ourselves in this age, we have no limits to what we may learn based on our status in society, the powerful can no longer succeed in keeping us stupefied we have freewill to reason and learn and form our own ideas, ideas that would otherwise have died by the hands of the bigots! Our endeavours shall be crowned with fruition of our goals for our will allows it, we have broken free from the will of the oppressors.... part...now it is your turn...as Desmond Tutu stated "If you are neutral in situations of injustice, you have chosen the side of the oppressor." YOURS TRULY- Aaron Thomas Bridge
I have a great job myself and make more than the average american yet i believe that "even distribution" makes for a well dedicated workforce and a productive society. There hasn't been even distribution for a long long long time. I also know that this country that you are claiming I should leave was created by the founding fathers with the weapons and tools needed for its citizens to be able to revolt. Or have you forgotten the constitution? There is absolutely no excuse for a government system in which we have no voice. Claiming we are heard through our votes is bs. When was the last time government actually worked for you and not for their own means? While you are blindly believing them they are going around and stealing your wealth or making laws so that they can make profits. Take a look at congress why is it that while the average American that they claim to represent has actually seen wage decreases while they have given themselves a raise through most of the recession. One word its greed. Further even off of their base salaries they shouldn't be millionaire's but yet they all are. They were charged with public service but the only thing they are doing is serving themselves and the corporations that bribe and lobby and promise them high ranking jobs.
Oooh, slightly better than "get a job". Have ya heard about the unemployment problem? It is not quite easy to start a business either.
i think you should occupy my poll https://docs.google.com/spreadsheet/viewform?hl=en_US&pli=1&formkey=dFlNNHJTRlZwMWs5ZjlhTWN0NlZReHc6MQ#gid=0
We have Jobs.. You are just scared that the masses are awakening to the systemic corruption that contols the corporate and political infrastructure. It is agrassroots revolution.
http://youtu.be/SboRijhWFDU
I have a job and don`t live off of my parents, but your point of view is as dumb as it can get. Don´t you feel anything for your less fortunate, but still fellow americans?
16th october 2011 Bank Bosses Day Surprize! We are here to declare the 16th of october as a starting day of " FILL THE SOCKS" - coordinate action taken by a people in order to give the lesson to the banking sector. we shall never be used by the ruling system as a shield to protect their wealth again! therefore since the october 16th 2011 people who are fighting for our freedom begin to withdraw the money from theirs banking deposits and convert them from virtual to the fresh printed dollar bills. the action starts immediately and last until the simple people will gain back their rights. all people who are unhappy with the status quo of corporatocracy are well welcome! this is the first announcement . help us spread the news - media somehow try not to see the occupy wall street properly - this action will open their eyes - just the risk of banking runs creates attention, and the need to coordinate policy with us - working class - 99% of the society. soon you will hear about the project everywhere. and you can create and add to it by yourself feel free to share this post with your friends, feel free to modify it and post it everywhere. this is people for people project.
STFU already, nobody here but your other Fascist pals give a shit about your stupid self centered rant asshole.
Clearly you give a shit about my rant. Why did you post then?
Most of us are not Communists(although I would be amused to hear your definition of a Communist-is it anyone to the left of Michelle Bachmann?)
It is rather hard to get a job with 9% official unemployment and 14-18% de facto unemployment(if you count all the people who are working part-time but want to work full-time).
You so-called 'self-made' wannabe John Galts are in fact, 90% of the time, usually living off some sort of inherited wealth, have some job that you got through a good old boys club network at your fancy university,and of course are also benefiting constantly from being well off, white, male, and heterosexual. While at the same time developing a hysterical victim complex that surfaces every time the have nots stand up and start demanding their fair share.
In short, you are full of shit.
Nope, I have nothing inherited. I did, however, get a good education and busted my ass for EVERYTHING I have. What makes me sick about many of the "have nots" is they want what I have worked my entire life for, except without the work. What makes you deserve what I have? Go work for it! Earn it! Unfortunately, most are unwilling. Most have no true work ethic. So go piss off and read your copy of The Comminist Manafesto again.
Oh, and so protesting means you are a communist? when the TeaParty people protest, no one called them communist.
Where did I say protesting makes you a communist? You're making an assumption, and we all know what happens when you do that.
you're posting on the wrong board and wrong country
I hope your using you vacation time to sit and protest
first they need to start looking for a job not sitting on a park bench
I agree but they really need to start a job search first can not do that from a park bench
further YOU "Grow up and start contributing to society: instead of gambling away peoples savings with your greedy self righteous games
Huh? I don't work in the banking or investment industry douchebag. Where did you get that?
maybe so... but you support them ... dumb ass ... I'ld rather be a douchebag than an idiot... fuck head
Where did I say I support the banking industry? I never said that. It appears that you sir are the fuckhead. You are making assumptions you don't know shit about. Now go and read up on your Karl Marx.
You protesting hippies just need to get a dozen lobbyists
Hmm... So protesting against cronie capitalism is not contributing to society? Wanting a better standard of living for one's family and neighbors family is not contributing to society? Trying to stop a fascist from expanding even more is not contributing to society? Organizing and educating people to what is taking place in this country is not contributing to society? So, driving down wages, jacking up prices, monopolizing resources, and shutting down social programs, that is contributing to society? Also, all the actions of OWS is work. It s work that they don't even get paid to do. Maybe you are the lazy one, thumbing your nose at people because it is easier than contributing to something larger than yourself?
Ditto Liann! Love to ya! Stand with ya! XX OO
You may be right. Occupy corporations!
eeeeeh! Damn kids! Get off my lawn! Honey, come massage my bunions! Eeeeh! Is it almost time for Sean Hannity? Good!
Damnkidsandalltheresillypinkocommienonsense
Well, actually my husband and I have 3 jobs between us. We have a great old colonial home in a good school district. We have 3 kids and go on one nice vacation a year. You need to put down the gin bottle and stop listening to fox news or any news. I can't believe from reading your post that you are in a good place. You want other Americans to start contributing to society... how do you?????
Well, actually my husband and I have 3 jobs between us. We have a great old colonial home in a good school district. We have 3 kids and go on one nice vacation a year. You need to put down the gin bottle and stop listening to fox news or any news. I can't believe from reading your post that you are in a good place. You want other Americans to start contributing to society... how do you?????
By providing a good life for my wife and 3 kids. That's all I need to do. But since there's a sizable portion of Americans that don't provide for theirs, my taxes get raised. No, I haven't been drinking, although that does sound good.
That just shows your ignorance. I'm a working RN, pay taxes and don't live with my mommy for over ten years. I should be able to live RIGHT here and not be hoodwinked by banker, congress, the house or you. The only one that should grow up is yourself.
If your career isn't giving you the life you require, get another one.
k all my life and now im about to be homeless how do one make end meet when you only make 13.00 hr and your rent is 1,100.00 a mth?The mth of September i was summon to Grand Jury duty I didn't finish it until last wk,now 17 mth of this mth I must appear in front of a judge to explain this.I always work 60 hrs a wk to pay my rent but scent I did my America duty i couldn;t work 60 hr wk.I lost my mother a couple of yrs age and she left me some thing so maybe I could sell them,I have right now 655.00 in my acct.I just don't know what to do,I ask my boss for OT but he said their cutting down on OT.what can I do? I got to find a way. Bronx.lady.It's not easy been green.
I've been contributing for 16 years (half my life) just to make someone else rich, probably you, so go fuck yourself. It's time for a revolution!!!
Nope, I've never had to take a handout from anyone. If your the career you've chased doesn't provide the life you desire...get a new one.
Do you not care about the millions of people who are poor, jobless, hungry? You seem to be a very self-centered individual. But I'm sure even you have taken a hand-out in your life. We the People...does it mean anything to you? If not maybe it is you that should leave...
I am working on my own business too. Not taking any handouts from the govt. Working hard, building a product and making sales. I'm here "bitching" because I can see there are real problems in this country that will not get addressed from the inside. We can do better. Thank-you.
Lets see who has to move, us the 99% voting public or the 1% whose greedy corporations have bought off the political class and the supreme court and run this country to the ground:
Most of us are not college kids, may be many on the streets are, but the rest of us a large part of the 99% has our full support behind the brave kids on the streets, they are fighting our nonviolent struggle and this time we are in it to win. Make no mistake about it. We have the votes and the brains, maybe we don't have the money, which you the 1% do. We will organize, struggle and unite and vote out your bought and paid for politicians (and that includes Obama) and replace them with our own and if that does not work, we will even go for changing the system, that breeds this corruption, the collusion of money, corporate greed and politics.
Nice Language. I am sure your mother is proud of you. This is the exact reaction we want it shows we are making progress. We got inside your head. Keep posting:)
Many more people will come to your side when you are proactive (for “new” Business & Government solutions), instead of reactive (against “old” Business & Government solutions), which is why what we most immediately need is a comprehensive “new” strategy that implements all our various socioeconomic demands at the same time, regardless of party, and although I'm all in favor of taking down today's ineffective and inefficient Top 10% Management System of Business & Government, there's only one way to do it – by fighting bankers as bankers ourselves; that is, using a Focused Direct Democracy organized according to our current Occupations & Generations. Consequently, I have posted a 1-page Summary of the Strategically Weighted Policies, Organizational Operating Structures, and Tactical Investment Procedures necessary to do this at:
http://getsatisfaction.com/americanselect/topics/on_strategic_legal_policy_organizational_operational_structures_tactical_investment_procedures
Join
http://finance.groups.yahoo.com/group/StrategicInternationalSystems/
because we need 100,000 “support clicks” at AmericansElect.org to support a Presidential Candidate -- such as any given political opportunist you'd like to draft -- in support of the above bank-focused platform.
Most importantly, remember, as cited in the first link above, that as Bank Owner-Voters in your 1 of 48 "new" Business Investment Groups (or "new" Congressional Committees) you become the "new" Congress replacing the "old" Congress according to your current Occupation & Generation, called a Focused Direct Democracy.
Therefore, any Candidate (or Leader) therein, regardless of party, is a straw man, a puppet; it's the STRATEGY – the sequence of steps – that the people organize themselves under, in Military Internet Formation of their Individual Purchasing & Group Investment Power, that's important. In this, sequence is key.
Why? Because there are Natural Social Laws – in mathematical sequence – that are just like Natural Physical Laws, such as the Law of Gravity. You must follow those Natural Social Laws or the result will be Injustice, War, etc.
The FIRST step in Natural Social Law is to CONTROL the Banks as Bank Owner-Voters. If you do not, you will inevitably be UNJUSTLY EXPLOITED by the Top 10% Management Group of Business & Government who have a Legitimate Profit Motive, just like you, to do so.
Consequently, you have no choice but to become Candidates (or Leaders) yourselves as Bank Owner-Voters according to your current Occupation & Generation.
So please JOIN the 2nd link so we can make our support clicks at AmericansElect.org when called for, at exactly the right time, by an e-mail from that group – that is, in support of the above the bank-focused platform in the 1st link. If so, then you will see and feel how your goals can be accomplished within the above strategy as a “new” Candidate (or Leader) of your Occupation & Generation.
Even considering the corruption and political bullshit that we have, America is still the best place to live.
I agree doesn't mean it can't be made better
So not true. Many other nations have free health care and free college. Canada won't allow an American to move there unless you know a skilled-trade. Mexicans are moving back to mexico due to lack of jobs. We rank 32nd in math and reading. We allowed 1% of our population to take control of our country with no resistance. Maybe back in the 50's and 60's we were the best. But now we rank below many south american countries. All we have left is our freedom. And everyday we lose a little more of it. Soon we won't have a democracy. Soon those 1% in power will rise up and take all of our rights away. Wake up people!
What a bunch of crap you don't know anything
guess one issue getting solved by the recession? the immigration issue.
(mexico is a great place to be too.)
some of us are often searching for greener pastures, sometimes we have to learn from others who are thriving in the current environment and being good members of the community.
This is a good wake-up call though to not be greedy. To be satisfied when our needs are met. Keep working diligently each day for betterment of others, self and to serve God.
__ side thoughts:
some books (namely birth order book) say that if you are the youngest or younger of your siblings, you want to go out and change the world. is this true for ows?
is this because of discontent, wanting to be rich ourselves (be part of the 1% before all this ows started) that this is being done?
is one purpose of ows true to the saying 'if you can't win, change the system/rules'?
Be vigilant. Dissect the musings you are fed. You can see by the fruits if the seed is good or bad. (hopefully before it's too late)
I do - haha! I own my own business! PS Middle aged and doing great...
What business do you own?
you already know more about me than I should have said in my profile but shouldnt really say but lets just say I am not suffering - I am the boss and I haven't fired myself...yet. PS contributing means paying your taxes to support this incredible country at a reasonable level and working to help others. Thats contributing to society - not earning a bunch of money and laughing at poor people.
God Bless you.
Coltsin, I think at heart you are a good American. Please do a little research on our founding fathers. Even they had differences. That is what makes our country wonderful. We can disagree and not get burned at the stake for it.
Honestly I do feel blessed. I thank God every day. I am not mega-rich but I believe in humility and a higher calling. Americans need to help one another - we have in the past and we will in the future regardless of "haters" out there.
I think you should go Rand yourself.
I think you need to stop being a pussy.
Good one, you fucking moron.
No, I'm quite sure I'm not a moron your Marxist asshole.
You are fortunate that you have a job. And you are fortunate that you feel so positive about America's future. But surely you are not totally blind to the fact that Millions of Americans are sick and tired of the lies... the corruption... the greed... and a political system that refers to us as "the little people"? I know we could all "love it or leave it". But what if all of us decided to stand up to the bullshit in Washington D.C.; and then lo and behold something GOOD came out of it. And the good things that came out of it actually benefited YOU and your family?
I'm doing fine. Supporting my family and living the dream. I'm glad there are such things as CEO's and big corpoations...because they create jobs for others. I've worked for 4 different major corporations, was always treated and paid fairly because I did and continue to do what they pay me for, putting the best interest of the stockholders of the company first. Most company executives earn what they do for a reason. What's happening is our current President has turned our country into an entitlement society. Everyone wants to get paid regardless if they've worked for it or not. I believe we need a revolution in this country, just not one where socialism is involved.
I like your approach. I have taken the same approach with my life. And entitlement has definitely contributed to the bankruptcy of our nation. I'm curious though. What kind a revolution do you thing we need?
One where entitlement is eliminated. Do you realize that only 50% of Americans pay taxes? Why is that? Right on by the way.
I have studied Ralph Nader and Ron Paul for decades; and although they aren't the 'perfect' candidate for President... they have been saying all along that ending the Federal Welfare Programs and Unemployment Benefits would balance the budget in 1 year. What Washington is afraid of, however, is that the poor and homeless would be roaming the city streets by the thousands... and then we would REALLY have a Revolution on our hands... more like a French Revolution. he he
I can't believe we pay taxes while CEO's, corporations, and banks, pay none! Exxon paid Zero federal income taxes last year, and the year before, and the year before, and the. . . . .
lol! way to go!
I think you should shut the fuck up!
I Think you Greedy MuthrFuckrs should "Occupy" A Jail
You are right brother. These kids will grow up, it's just a phase.
Yeah, these kids:
http://destructionist.wordpress.com/2011/10/07/wwii-vet-to-wall-street-protesters-%e2%80%9ci-am-so-proud-of-all-you-people%e2%80%9d/gmsfy/
The exception that proves the rule.
What? Proven wrong, you insist you're right. Clearly you don't care about what's true; you care about feeling vindicated.
Next.
You clearly have no comprehension of what I meant.
The fact that you made such a big deal out of two aged people being at the rally in fact proves that it was an anomaly. You can't deny that the overall demographic consists largely of young people and college students.
Don't pretend to represent us. You don't.
http://img404.imageshack.us/img404/8210/owsl.jpg
The exception that proves the rule.
You don't represent us. I speak to average Americans everyday and they do NOT identify with this movement. Stop claiming to be the 99% and recognize that you are in fact the 9%.
http://www.nydailynews.com/news/politics/2011/10/13/2011-10-13_occupy_wall_street_movement_is_twice_as_popular_as_the_tea_party_time_poll.html
1) You don't know me 2) Facts matter
this person obviously is attached to somekind of government income stream as we say sucking off the pipe and living high. why don't you get a real job stop feeding off the 99%
this person obviously is attached to somekind of government income stream as we say sucking off the pipe and living high. why don't you get a real job stop feeding off the 99%
by Chana Cox
In Tuesday night’s Dartmouth debate, the Republican candidates were generally agreed on the need to repeal Dodd-Frank. That is all well and good, but banking does need regulation. For 70 years a cluster of New Deal laws, the Glass-Steagall laws, successfully prevented American banks from becoming “too big to fail.” Dodd-Frank should be repealed, and an updated Glass-Steagall should replace it.
In 1933, the Glass-Steagall Act introduced the FDIC which insured bank depositors for up to $10,000 in loss because such insurance was seen to be essential to the maintenance of the banking system. Once the taxpayers were on the hook for bank losses, Glass-Steagall severely restricted the risk to those taxpayers by restricting the scope of banks. The act separated commercial banking, the relatively low risk business of taking deposits and lending money from investment banking, the very high risk business of issuing securities and taking capital positions in businesses and in all manner of other investments. Commercial banks were insured by the federal government, but they were to be stiffly regulated and limited in geographic scope. No American bank would be allowed to do business in more than three states.
In contrast, investments banks were not restricted geographically and they were less regulated but they could not take deposits and their operations were not guaranteed or insured by the Federal Government. Taken together, these Depression-era statutes limited tax payer exposure and risk and limited the size of any one commercial bank. High risk investment banking could and did continue, but it was not federally insured. Furthermore investment banks were often formed as partnerships and the individual partners were personally liable for the firm’s debts.
The 1999 repeal of Glass-Steagall was a disastrous game changer. Commercial banks were allowed and even encouraged to engage in high risk activities – particularly those supported by the politicians in power. The politicians used banks to advance their specific agendas, and the banks used the politicians to insure them against failure. At the same time, as the commercial banks became larger and larger, they became less and less effective as traditional lending institutions. In Oregon, we were better served by First Interstate than we are now being served by its successor Wells Fargo; we were better served by Washington Mutual than we are now being served by Chase; and Bank of America was a strong West Coast bank but it has become a very weak national bank.
After 1999 these newer, larger, freer commercial banks were finding it very profitable to take increasingly risky positions in other markets, like mortgage-backed securities and credit default positions. Under Glass-Steagall such investments would have been illegal for a commercial bank. Instead, commercial banks would have been lending money to local citizens and businesses. They would have been serving their communities as bankers. These riskier investments should be illegal for banks not because they are risky but because it is the taxpayers who are at risk. Our bankers are playing roulette with taxpayer money. If individual bankers win, they are rewarded with multi-million dollar bonuses that get paid out every year; if they lose, the taxpayers foot the bill. Mere months before the repeal of Glass-Steagall, Goldman Sacks, the quintessential investment bank, went public as a corporation and ceased to be a partnership. The partners were no longer liable for the debt – the corporation was. No one was personally liable. Goldman Sacks has now taken the further step and legally turned itself into a bank. Now, even the corporation is not liable – the Federal government and its taxpayers are Goldman Sacks debt. That has proven very expensive for the taxpayers.
In the 1990’s one argument offered for the repeal of Glass-Steagall was that America’s banking system, with its restricted local banks, was inferior to the far more powerful and monopolistic European banks. The banking industry preferred the European model. Ten years ago Deutsche Bank, through its own share position, was in control of much of the German economy. The European banks were far more powerful than the American banks and American bankers wanted that kind of power. In retrospect, we have come to understand that the major European banks have contributed greatly to the current European financial breakdown.
The Glass-Steagall laws successfully regulated the American banking systems. In crisis situations, like the savings and loan crises of the 1980s, the government could step in and save depositors. The problems were manageable. Once banks were allowed to go national and to go into virtually any and all investments, the problems became unmanageable and the moral hazard for both the bankers and co-dependent politicians became catastrophic. Banks were too big to fail and too unregulated to save. Dodd-Frank merely exacerbates those problems.
Bring back Glass-Steagall.
I agree with you about bringing back Glass-Steagall and think that would be a fine goal for OWS to adopt. But your other observations are a bit goofy. As a holding bank, Goldman can borrow at the Fed's discount rate. They were forced to take taxpayer money by Hank Paulson so as not to be seen as a favored exception, and this money has been returned. The only taxpayer money I can think of was provided to AIG to make their contractual debt to Goldman whole...hats off to Geithner for that one.