Forum Post: Why I consider myself a 99%er
Posted 12 years ago on Oct. 19, 2011, 5:50 p.m. EST by smbsings
(2)
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I would like it if someone could devise a practical way to have all principal residence mortgages reduced to an amount no higher than the fair market value of the property. The obscenely high compensation of lenders' executives should be reduced by the difference between the old and new liabilities. The lenders' net profit would not suffer so lower paid employees would not have to be let go. The lenders' stock prices would not fall, so investors (which include many 99%ers in our retirement savings) would not suffer. I believe that the lenders (bankers and mortgage brokers) should bear a share of the economic calamity they helped create.
I also wish there could be a way that the creators of the "toxic" securities, and those who profited from such creations, could be made to take a financial hit as comparably damaging as that suffered by the rest of the economy (we 99%ers).
I believe the Federal government should become the direct provider of jobs to repair our infrastructure, rather than give money to state governments who simply reject it.
I support Occupy Wall Street because our dysfunctional Federal government is not following the wishes of the 99%.
smbsings Long Island
Yes, I believe some bankers should take paycuts. Re: infrastructure, I'm thinking of something like the WPA. that is not nationalizing the construction industry.
I agree with you that they should but until they decide to do so we're on the outside looking in.
I wish that instead of waiting for bankers etc to take pay cuts, there could be a federal law (good luck to us on that one!) or a court case in which lenders were required to reduce outstanding balances on mortgages and reduce their compensation accordingly. I hope that Occupy Wall Street shames investment bankers, hedge fund managers, and the like, and makes the Federal government realize that it just doesn't get it, so that these changes happen. If the movement persists long and strong enough, its force will overcome politicians' fears of losing the financial backing of Wall Street.
I am doing more than wishing and hoping. I spent a couple of hours today at Liberty Square, learning stuff, making small donations and loving the drumming.
So basically you are asking bankers to take a pay cut and you want to nationalize the construction industry? WOW.
Why not I just took a pay cut to pay back the money that was taken out of the pension fund by the goverment to use for other things. I want to see the Unions strong again to protect the MIDDLE CLASS.
I'm not saying you wouldn't have done it but that was not your choice and I'm sure given that choice these bankers will kindly decline.
I was not given a choice. Governor Christie ordered it. HAD NO CHOICE AGAIN.