Friday, March 30, 2012

Teach-in explores Occupy Wall Street


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Camille Piazza talks about the Occupy movement Thursday in the Campus Life building at Northern Illinois University. (Kyle Bursaw – kbursaw@shawmedia.com)
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DeKALB – Disparities between economic classes have become glaringly more apparent in recent years, as Jeff Reynolds pointed out Thursday.
During a teach-in held at Northern Illinois University exploring the Occupy Wall Street movement, he said in 2007, the top 1 percent of households held one-third of the nation’s wealth.
“There’s inequality, and yes, it’s growing,” said Reynolds, director of Operational Analysis and Reporting for the NIU Provost’s Office who previously taught economics courses.
He was one of four panelists who explored the Occupy Wall Street movement from economic, historical and global perspectives; another panelist gave the perspective of a local mother and activist. NIU Women’s Studies and the Center for Non-Governmental Organization Leadership and Development co-sponsored the event.
Occupy Wall Street began in fall 2011 and protests economic disparities and corruption in big banks and corporations. The group, referred to as the “99 percent” also protests the role of Wall Street in the collapse that caused the recession.
Amy Levin, director of NIU’s Women’s Studies, said she hoped Thursday’s teach-in would give people a better understanding of a complex issue and what’s behind it.
Panelist Camille Piazza, mother of three who organized the Occupy De-
Kalb event last October, said the movement caught her eye after she started researching some things that she
worries will affect her children in the future.
She brought up the more than 1.3 million homes in foreclosure in the United States, rising college tuition costs, a national unemployment rate of more than 8 percent and student loan debt topping $1 trillion.
“I thought about my children. It’s very concerning,” she said. “The more these issues came to my attention, the more I wanted to make a difference.”
Rosemary Feurer, associate history professor at NIU, said groups for centuries have taken on wealth inequality through protest, and said the Occupy Wall Street is in many ways reminiscent of the feminist and civil rights movements.
“The idea that you can take power in this country through political action was questioned,” she said. “Had there not been the optimism to change, nothing would have changed in this country.”
Mazen Nagi, an Egyptian-American who teaches Middle Eastern politics and international relations, compared the Occupy Wall Street movement with protests in Egypt. In both cases, the movements formed after hard economic times, focused on corruption of the financial elite and were relatively leaderless movements.
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Wednesday, March 28, 2012

Occupy Groups Reimagine The Bank

 
Occupy L.A. activists rally outside the Bank of America Plaza in Los Angeles in February. The Occupy protests around the country have inspired two working groups that are attempting to reform the banking system and create an alternative bank.
Damian Dovarganes/AP
Occupy L.A. activists rally outside the Bank of America Plaza in Los Angeles in February. The Occupy protests around the country have inspired two working groups that are attempting to reform the banking system and create an alternative bank.
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March 27, 2012
Groups within the Occupy Wall Street movement are trying to overhaul the banking system and even dream of creating a new kind of bank.
Occupy isn't in the headlines so much these days, but work continues behind the scenes. The Alternative Banking Group of Occupy Wall Street meets weekly in different places. Members are older than some might think — in their 30s, 40s and 50s — and many work or formerly worked in the financial industry.
"We have almost no consensus opinion, except that the system is not working," says Cathy O'Neil, who often facilitates the group that is working on legislation and regulation to reform the financial system. "A lot of these people are from finance or have a background in law or SEC regulation. There's lots of people from banks and hedge funds."
She herself was a quant — a quantitative analyst at a hedge fund. She even worked with former Treasury Secretary Larry Summers for a while, but she got disillusioned. Within the Alternative Banking Group are smaller groups working on specific projects. O'Neil talks about their plans for a mobile app to help people move their money away from large banks.
"It would show you which credit unions you're eligible for, which is a big obstacle for people," O'Neil explains, "where the ATMs are in your neighborhood, what kind of paperwork you would need, and what the investing philosophy of that credit union is and what their services are."
This group also wrote an article in the Financial Times about former Republican presidential candidate Jon Huntsman's plan to deal with banks that were "too big to fail." The group members hope to get President Obama and the GOP candidates to take the issue seriously.
'Pretty Radical Stuff'
Another group wants to create a new kind of bank. One of the facilitators of the Occupy Bank Working Group is former British diplomat Carne Ross. He says it's amazing that the banking system is so broken that some people in finance share the concerns of people who were sleeping in New York City's Zuccotti Park — the heart of the Occupy movement.
"To the extent that actually we're talking about setting up an alternative system, that's pretty radical stuff," Ross says. "And the fact that you have Wall Street bankers, former regulators, hedge fund traders, as part of that project, I find pretty striking."
There is always lively discussion. Jerry Weinstein, a writer, wants the new bank to help educate people. "How do you get people to spend within their means, to save, to make better choices about not being surprised about a balloon loan?" he asks.
Elizabeth Friedrich works for a trade association of credit unions. "The communities I work in, low-income communities of color, [are] completely underserved and underbanked, and I think that's part of the target market we're looking for in this bank," she says.
A couple of times a week, Occupy Wall Street has a Spokes Council where decisions are made by consensus. Each working group sends a representative.
"I'm Carne from the Occupy Bank Working Group, greetings to you all," Ross says to a group of about 60 people in the room at one of the meetings. "We're not common attendees at Spokes."
A Democratic Bank
Ross makes a presentation about how this new bank, if it existed, would fulfill the values and ideals of Occupy Wall Street. "A bank that would be democratic, that would be owned by its employees and by its customers; it would be transparent, it would follow banking practices that did not expose the broader economy to systemic risk," he says.
And ultimately, the dream is a national bank. Ross believes that if you change banking, you change the whole nervous system of the economy. But he realizes it's a tall order to take on the banking system. The regulatory obstacles are huge, and failure is very possible.
The Occupy Bank Working Group is inspired by innovative financial institutions like the ShoreBank. Started in the 1970s, it was once the largest certified community development financial institution in the U.S., but it failed during the financial crisis.
At a weekly meeting, members of the group try to hammer out a news release. They want to acquire or partner with a bank. One of the founders of the ShoreBank, Mary Houghton, is on the phone from Chicago. "Is there a third option in which you buy a substantial stake, but you don't control the bank?" Houghton asks.
The group is looking to partner with or acquire an existing financial institution to create the Occupy Bank — democratic, transparent, accessible, competitive — but it shouldn't maximize profits over everything.
The group is now discussing structure, and a survey of what people in diverse communities want and need. But so far, no partner has knocked on the door.
 

Occupy Wall Street gives straphangers free ride on NYC subway


Sources say OWS chained open emergency gates

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Updated: Wednesday, March 28, 2012, 5:00 PM
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 Occupy Wall Street protesters posted fake signs and chained open emergency exit gates in eight subway stations on Wednesday morning, allowing riders to enter for free.

PETE DONOHUE FOR NEW YORK DAILY NEWS

Occupy Wall Street protesters posted fake signs and chained open emergency exit gates in eight subway stations on Wednesday morning, allowing riders to enter for free.

PETE DONAHUE

A padlocked emergency gate allowed some straphangers a free ride on Wednesday.

PETE DONAHUE

Police and transit sources said thick chains with padlocks were discovered on the gates at eight stations.

Occupy Wall Street protesters chained open emergency exit gates in eight subway stations Wednesday morning, allowing riders to enter for free, sources said.
Fliers posted in the subway stations also called for “general strike” on May 1.
“No housework. No shopping. No banking. No school. No work,” one flier declared, using the symbols of the numbered lines to make a list.
The posters were professionally made and were designed in the style of MTA notices to riders.
A “communique” on Twitter from the “Rank and File Initiative” claimed activists chained open gates at more than 20 stations.
“This morning before rush hour, teams of activists, many from Occupy Wall Street, in conjunction with rank and file workers from the Transport Workers Union Local 100 and the Amalgamated Transit Union, opened up more than 20 stations across the city for free entry,” the statement said. “No property was damaged. Teams have chained open service gates and taped up turnstiles in a coordinated response to escalating service cuts, fare hikes, racist policing, assaults on transit workers’ working conditions and livelihoods — and the profiteering of the super-rich by way of a system they’ve rigged in their favor.”
Police and transit sources said thick chains with padlocks were discovered on the gates at the following stations: 135th St. on the No. 3 and 116th St. on the No. 6 in Manhattan; Halsey St. on the L, Ninth Ave. on the D, Beverly Road on the Q and Carroll St. on the F in Brooklyn, and Steinway St. and 65th St. on the R in Queens, sources said.
Police are investigating but have not made any arrests. They are also probing whether transit workers were involved.
The first chained exit was discovered about 5 a.m. Most chains were cut and removed by 8:30 a.m., sources said.
Each gate was open for at least an hour, the sources said.
After the first discovery, transit staff and the police did a sweep through the subway system looking for others.
Transport Workers Union Local 100 is in contract negotiations with the Metropolitan Transportation Authority, which maintains its $16 billion budget has no extra dough for even cost-of-living increases.
Local 100 has come out in support of the OWS message that the working and middle classes have suffered because of the financial industry's excesses and fraud.
TWU Local 100 President John Samuelsen said his organization was not involved in the subway.
"We knew nothing about it," he said.
Occupy Wall Street protesters came to the MTA monthly board meeting at 9:30 a.m. Wednesday and complained about the agency letting the NYPD use city buses and drivers to transport those arrested at OWS protests like the March 17 gathering at Zuccotti Park in the Financial District.
"This has been a gross abuse of power and a gross abuse of public resources," said protester Shawn CarriĆ©, who was busted on St. Patrick’s Day.
MTA Chairman Joseph Lhota said he approves of providing such assistance to the NYPD determines is needed. Drivers who object can refuse as the Police Department has officers trained to drive buses, Lhota said after the board meeting.
The MTA and police regularly work together in emergency evacuations, he said, citing 9/11 and Hurricane Irene as examples of the agencies' history of working together.


Read more: http://www.nydailynews.com/new-york/subway-gates-chained-open-allowing-riders-free-6-stations-article-1.1051974#ixzz1qU0jB9xz