Chicagoans Protest Big Bank Summit.

[wright4ULG]

I have posted this youtube at piggybankblog com under "our protest. Piggybankblog come was created for all those who have been abused by Bank of Destroying America.

[Telefonillo]

idiot

[tolynette]

End the Federal Reserve.

[TheAMERICANTYRANNY]

See my Channel for more and the nationwide bank protests coming in November !

[farmboycarl]

SCHEME:

1. Rezone cheap farmland to residential (government)

2. Build cheaply constructed houses and promote as American Dream (Wall Street builders)

3. Create dangerous financing anyone can get (Wall Street banks)

4. Package loans and sell as Triple-A securities (Investment Banks)

5. Create unregulated insurance swaps against loans, then sell worldwide against sub-prime loan products (AIG)

7. Raise interest rates 17 times, pulling the prop out from under housing market (Federal Reserve)

[mutantwhalesux]

Wake up America - you're not going to hear what's going on from the media. They're all owned by corporations. Obama hasn't done anything because he's not running the show. He is surrounded by Rubin, Summers, et al, as was Clinton and Bush, and corporate America has taken over Washington. Most of the people in key positions are ex-Goldman Sachs people.

Wake up, America. Get on the Internet, start reading. You will be shocked.

[mutantwhalesux]

FutureWallStreeter - nobody forced the banks to lever up 30, 40, 50, 60:1 and then get caught with their pants around their ankles either. The regulators (paid for by taxpayers) looked the other way, prosecuted no one while this was going on.  The Enron boys behind bars must be shaking their heads - they're in jail for doing what these Wall Street bankers just got away with, using off-balance sheet vehicles to appear to be richer than they are so as to sell their stock. The biggest heist ever!

[farmboycarl]

I am voting for you to be the key note speaker at the "May Day million mortgage victim march" in downtown Chicago next May 1st. Plans are in the works to march from Obama's residence in Hyde Park to the Federal Reserve Bank in downtown Chicago, and then on to the NBC studios. We'll see if they can ignore a million people paralyzing the streets of Obama's home town. NO POLITICIANS WILL BE ALLOWED TO SPEAK. There will be no lies on that day.

[mutantwhalesux]

FutureWallStreeter - the FIRE (finance, insurance, real estate) industry has taken over America. Research has shown that people from these sectors are less ethical, less moral. What are they producing that will greatly benefit society? They are essentially salesmen who are driven by dreams of high commissions and bonuses.

The real jobs in manufacturing (what America was) are gone, outsourced overseas so that corporations could get richer. Wall Street = greed, pure and simple, nothing more.

[mutantwhalesux]

FutureWallStreeter - when the American people wake up and realize they have all been had, there will be hell to pay. These banks are insolvent. The only reason they APPEAR solvent is because they are hiding their losses off balance sheet (the government keeps changing the accounting rules to accommodate this fraud). Yes, FRAUD! The American people are not being told the truth by their politicians and the media.

[mutantwhalesux]

FutureWallStreeter - You said, "A smart person wouldn't have taken out loans they couldn't afford or buy houses that were out of their range. A smart person would have been saving money over time instead of living off cheap credit card debt."

Right back at you with: Smart bankers would not have given out loans to people with little or no downpayment, with teaser rates, knowing they probably wouldn't get paid back, and then run to the government to get bailed out. They are all BANKRUPT.

[mutantwhalesux]

FutureWallStreeter - when a ratings agency (i.e. Moody's) rates a company or its product, who pays Moody's? Why, the company, of course. CONFLICT! So in order to keep business, Moody's might be inclined to rate the company or its products higher than it should, else the company could go elsewhere (no, WOULD go elsewhere) to find a more favorable rating. Goldman Sachs sold AAA securities to unsuspecting investors all over the world, then shorted those securities cause they knew they were junk

[mutantwhalesux]

FutureWallStreeter - when a ratings agency (i.e. Moody's) rates a company, who pays Moody's? Why, the company, of course. CONFLICT! So in order to keep business, Moody's might be inclined to rate the company or its products higher than it should, else the company just might go elsewhere (no, WOULD go elsewhere).

[FutureWallStreeter]

to make a very good living. But, no where in their thinking is the intent or desire to steal. Blaming such people will of course make people feel better and allow them to transfer their own responsibility onto others. But, again, none of these people went out and stole from anyone. They didn't force people to take on massive mortgage or credit card debt, nor force them to fail to save. Its an infantile response to blame these people just so they can deal with their own problems.

[FutureWallStreeter]

protesting without even knowing what exactly it is they should be protesting against. They are just angry about having lost something. Rather than accept responsibility and deal with reality, like spoiled children, they are "out on the streets" seeking someone to blame. Thus my points regarding entitlement. The whole of Wall Street wasn't committing Ponzi schemes, nor were they out to steal from the poor. Most show up everyday to their 60 to 100 hour per week jobs, working hard and trying

[FutureWallStreeter]

@framboycarl. When I say "banker", I mean investment banker, not the teller at your local bank. In fact, I just finished class tonight with several people starting at IBs right after this term. So, when I say I know bankers, its because they are my friends and my classmates. In fact, its my future career as well. And, such people, are light years from the people of whom you speak. You continue to chirp away with the fantastically naive perspective of the very people who are out there

[farmboycarl]

Futurewallstreeter, knowing the names of the cute female bank tellers at your local Bank of America branch doesn't qualify as "knowing a bunch of bankers". As far as their high I.Q.'s go, we recognize that many of them have earned their G.E.D's.

It would serve you well in life to consider the knowledge and experience of those of us who knew bank professionals who were honest and respected members of our communities. We all want you to get rich on Wall Street, but not through Ponzi schemes.

[FutureWallStreeter]

But, then again, that points right back to the people. After all, we continue to get increasingly poor leaders because the people themselves are failing to educate themselves on the issues or the candidates, instead choosing to be lazy and vote based on headlines and misinformation. Look at Obama, he got elected for not being Bush and saying the word "Change" approximately 5M times.

[FutureWallStreeter]

illogical to run his or her life and needs someone to take care of them. A smart person wouldn't have taken out loans they couldn't afford or buy houses that were out of their range. A smart person would have been saving money over time instead of living off cheap credit card debt. Instead, our national savings rate was basically nill. If you want to blame anyone besides the people themselves, then blame the fools in gov't.

[FutureWallStreeter]

You see, I happen to know a bunch of bankers, and they are just normal people with high IQs. No one is plotting to take out the average American. They only make money when the economy is on an upswing, you must understand that. Bankers have no more incentive for what you see now than does the average person. In reality, what you want, as with all these people, is someone to blame for peoples' stupidity. This just proves yet again that the average person is too dumb and

[FutureWallStreeter]

@daringFlame That's just ridiculous nonsense. This all wreaks of typical American stupidity and entitlement. If these people hadn't gotten greedy by buying houses they couldn't afford and living inflated lifestyles by taking out money against their homes which were artificially inflated by temporarily low interest rates (which wasn't controlled by the Fed --- the gov't, not the bankers), we wouldn't be here. But, at the end of the day, its the people themselves that did this.

[pig5689]

If I was a bank exec & saw this riot I'd crap my pants & smoke the tires off the rims getting the hell out of there. Instead these greedy execs continue to keep feeling invulnerable, that their wealth & power will protect them. What good is cash (they stole it anyway) when they're lying in intensive care beaten seneseless or worse? If these greedy execs cannot recognize by now a revolt & reckoning is almost here then they're dumber than I thought. Hope they have good bodyguards.

[daringflame]

Want to know who to blame, look at who is cashing in and who is having their shit thrown on the lawn.

The government and the big 5 banks have all the money and have ruined the credit - lives - futures of millions.

[daringflame]

Blame victims of wall street fraud & gvt corruption. People COULD afford their mortgages when they applied, the homes appraised & they had jobs, equity & savings. This was stripped away as interest rates, property taxes & insurance shot up, & the real estate market ground to a halt. Related jobs evaporated then people WERE FORCED to tap their savings/equity. IDIOTS who blame victims are doing the governments work acting as a smoke screen.

[iloveterriers]

Good point daringflame.

[FutureWallStreeter]

For the record:

Step 1.) Chinese buy tons of US debt and IRs fall to below market values - gun powder created

Step 2.) Clinton initiates program to expand home mortgage lending to more Americans based on low IRs - gun powder packed with fuse

Step 3.) Bush removes leverage constraints - fuse is lit and explosion follows

But, during that entire process, not one single American was ever FORCED to take out a loan. Not one!

[iloveterriers]

Blah blah blah.

[FutureWallStreeter]

I didn't see any FORCE those people to sign by the X when they went for the mortgages. All these people's eyes got enormous as the banks gave them loans they could never afford under market proper inflation rates. No, this is the USA, where one is not forced to do such things. Freedom comes with responsibility, which these people couldn't handle.

[farmboycarl]

As a "future wall streeter" you'll expect the markets you participate in to have level playing fields. What if while you're fully invested, the rules that allow others to own stocks on margin are removed without any prior announcement, and the market collapses. Were those market forces at work, or did someone irresponsibly change the rules in the middle of the game? What if you later discovered that that same someone sold the market short just prior to the announcement? -That's called a crime.

[DowJones16WB]

This bailout is socialism for the rich no more cash for clunkers but we have plenty money for wall street.

[farmboycarl]

Took out loans they couldn't afford! Did I actually hear someone blame the victims of the biggest "pump and dump" scam of all time? Maybe you should examine your government who promoted home ownership while $56 Triilion in credit default swaps were being sold. Or how about your Fed Chairman who lit the fuse of all this by raising interest rates SEVENTEEN TIMES leading into the 2006re-set period (off the 2003 lows). Or maybe if your wife gets raped, we should blame her for wearing a short skirt!