Category Archives: Occupy Wall Street

Big Banks Extracting Fees On Unemployment Benefits

These big banks are just plain evil….

I was in BB&T last week and saw a sign saying they would charge either $8 or $12 to cash a check drawn on their bank for people without an account of their own.  That should be illegal.

And now I see this?

Evil… just plain evil.

If banks are going to administer Government benefits, they should be required, by contract, not to charge the people receiving the benefits.  They still make money from merchants when debit/credit cards are used and that’s fine.  It’s soaking the beneficiaries, who can least afford it, that is just plain wrong….

Evil…just plain evil.

I don’t know why anyone deals with these banks who doesn’t have to do so.  The rest of us should be moving our money out to Credit Unions or, at the very least, local community banks….

Out of work and living on a $189-a-week unemployment check, Rob Linville needs to watch every penny. Lately, he has been watching too many pennies disappear into the coffers of the bank that administers his unemployment check via a prepaid debit card.

The state of Oregon, where Linville lives, deposits his weekly benefits on a U.S. Bank prepaid debit card. The bank allows him to make four withdrawals per month free of charge. After that, he must pay $1.50 for each visit to the ATM and $3 to see a teller. Managing his basic expenses, including rent, bus fare and groceries, typically requires more than four withdrawals, he says. Unexpected needs — Linville recently bought a sport coat for $20 to prepare for a job interview — entail more. He’s afraid to withdraw his full benefits in one shot, knowing that the bank could sock him with a $17.50 overdraft fee if he exceeds his balance. So he pulls out small amounts of cash as he needs it, incurring about $15 in fees in the last two months he says.

“I’m so broke,” Linville said, his voice expressing resignation that this is simply how the world works. “But I don’t really have any other options.”

Across the nation, people receiving a range of state-furnished benefits — from unemployment insurance and food stamps to cash assistance for poor families — are facing similar options and reaching the same conclusion. In 41 states major banks and financial firms have secured contracts to provide access to public benefits via prepaid debit cards. And banks are increasingly extracting hefty cuts of these funds through an assortment of small fees. U.S. Bank, JP Morgan Chase, Wells Fargo, Bank of America and other institutions hold contracts to distribute these benefits on prepaid debit cards.

via Banks Extract Fees On Unemployment Benefits.

Leave a comment

Filed under Occupy Wall Street, Politics, Uncategorized

Shadow Work: How Corporations Make Us Do the Jobs of Thousands for Free

Do you realize that every day you do the job of dozens of people and don’t get paid to do them?  In fact, you pay the corporations and businesses for the privilege to serve yourself.

I’ve been thinking about this for some time….

We now pump our own gas, check ourselves out at the grocery store, help ourselves as we can’t find a clerk at Macy’s, check ourselves in at the airport, pay our parking at a machine….the list goes on and on.

These used to be jobs.  People used to do these jobs.  These jobs used to enable people to buy homes and have families.  They used to make us interact with people and make our lives more human and humane and less frantic and stressed.

Now we “self-service” so the corporations can make more profit and cut tedious expenses like “employees.”

When I visit my Mother at her Assisted Living facility, I see people who made careers as sales clerks and in other customer service jobs. They made enough money to live decent, middle class lives and pay for the outrageous fees at that home.

Shoppers and travelers used to feel pampered and appreciated.  Now they are stressed and over burdened.

And don’t even think about the internet and the push to self service there for banking, shopping and every other imaginable task.

Banks now want to charge Customers to see a teller- and to use their Debit Cards to self service and help banks avoid the processing charges associated with checks.

Businesses will do anything to avoid interacting directly with their Customers.

Customers are also another inconvenience to businesses.  Business doesn’t understand why people don’t just give them money and walk away.  So what, if the service and products are shoddy or not what the people want.

They just want their cash- sorry, credit or debit cards.  Cash is too people-intensive to handle.

But the Corporations are making record profits….and stashing them in under their figurative mattresses.

Think about this a while and you will really start to understand that Occupy Wall Street was a long time coming…

Here is a brief excerpt from today’s New York Times. I encourage you to click the link and read the entire article…..

 

The conventional wisdom is that America has become a “service economy,” but actually, in many sectors, “service” is disappearing. There was a time when a gas station attendant would routinely fill your tank and even check your oil and clean your windshield and rear window without charge, then settle your bill. Today, all those jobs have been transferred to the customer: we pump our own gas, squeegee our own windshield, and pay our own bill by swiping a credit card. Where customers once received service from the service station, they now provide “self-service” — a synonym for “no service.” Technology enables this sleight of hand, which lets gas stations cut their payrolls, having co-opted their patrons into doing these jobs without pay.

Examples abound, helping drive unemployment rates. Airports now have self-service check-in kiosks that allow travelers to perform the jobs of ticket agents. Travel agents once unearthed, perused and compared fares, deals and hotel rates. Shadow-working travelers now do all of this themselves on their computer screens. Medical patients are now better informed than ever — as a result of hours of online shadow work. In 1998, the Internal Revenue Service estimated that taxpayers spent six billion hours per year on “tax compliance activities.” That’s serious shadow work, the equivalent of three million full-time jobs.

Once upon a time, retail stores had employees who were not cashiers but roamed the floor, assisting customers. Go into a Wal-Mart or Target or Staples and find someone to help you locate and choose a product. Good luck. You’re on your own, left to wander the aisles in search of an unoccupied staff person. (Meanwhile, you might stumble on and purchase some item you hadn’t planned on buying.) Here, it’s not technology, but a business tactic that cuts payroll expenses by trimming the service provided to customers — and prolongs the time those customers spend rambling around inside the store. Regardless, the result is still more shadow work, as customers take on the job that retail salespeople once did.

via Our Unpaid, Extra Shadow Work – NYTimes.com.

Leave a comment

Filed under Occupy Wall Street, Politics, The Economy

Peter Smirniotopoulos: Why Occupy Wall Street Scares the Shit Out of the Political Establishment and the MSM, and Why the Movement Shouldn’t Conform to Either

Great article over at Huffington Post that I encourage you to read…

Occupy Wall Street is the first significant genuine grassroots protest I’ve seen in years.  And yes, I am discounting the astroturf Tea Party.  They were financed by the corporate world.  Occupy Wall Street is organic.

That’s what makes it so scary to the Powers That Be and the Corporate owned Press….

I encourage you to click through and read Mr Smirniotopoulos’ entire article, after this brief excerpt:

So, what’s “the thing” about Occupy Wall Street that truly scares the shit out of the political establishment and the MSM? It is that they cannot *control* that which they truly do not understand. And even if the MSM and the political establishment take the time to come to understand Occupy Wall Street, they will never be able to manipulate it for their political gain. And that is a truly scary prospect for them.

There are plenty of talking heads in the MSM and in both political parties offering their avuncular advice to Occupy Wall Street; to clarify and simplify its message; to create a hierarchy of leadership; to anoint spokes models armed with talking points who can appear on–you guessed it–news and political talk shows with panels of political operatives from both parties, as seen on every MSM network. And to what end? For the convenience of the MSM so they don’t have to actually learn what’s really going on in Zuccotti Park; so they can continue to overlook how an organic democratic process actually works; to make it that much easier for the Democrats and the Republicans, respectively, to deify or demonize the movement for their own political gain. None of these outcomes, of course, will advance the cause of Occupy Wall Street and the Occupy movement.

Occupy Wall Street and the nationwide and global Occupy movement it has spawned should continue to be what it is: A messy yet remarkably effective example of what real democracy looks like. Because, after all, isn’t that the most important message of all here? That people believe in government by the people and for the people, and they plan on taking it back. NOW.

via Peter Smirniotopoulos: Why Occupy Wall Street Scares the Shit Out of the Political Establishment and the MSM, and Why the Movement Shouldn’t Conform to Either.

Leave a comment

Filed under Occupy Wall Street

The 147 Companies That Control Everything

Fascinating article in Forbes….

Confirms a lot of suspicions and breeds more….

This is why Occupy Wall Street is so important….

 

Three systems theorists at the Swiss Federal Institute of Technology in Zurich have taken a database listing 37 million companies and investors worldwide and analyzed all 43,060 transnational corporations and share ownerships linking them. They built a model of who owns what and what their revenues are and mapped the whole edifice of economic power.They discovered that global corporate control has a distinct bow-tie shape, with a dominant core of 147 firms radiating out from the middle. Each of these 147 own interlocking stakes of one another and together they control 40% of the wealth in the network. A total of 737 control 80% of it all. The top 20 are at the bottom of the post. This is, say the paper’s authors, the first map of the structure of global corporate control.The #occupy movement will eat this up as evidence for massive redistribution of wealth. The New Scientist talked to one systems theorist who is “disconcerted” at the level of interconnectedness, but not surprised.

MORE:   The 147 Companies That Control Everything – Forbes.

Leave a comment

Filed under Occupy Wall Street, The Economy

Why Credit Unions Are a Better Financial Choice For Us Than Big Banks

I’ve been with a Credit Union for over 20 years and can offer only praise for their services and costs.  I can’t imagine why anyone would chose a bank-especially a big bank- over a Credit Union.

With Credit Unions, you are not just a customer, but part owner.  Rates are better, service is better and even the smallest Credit Unions generally offer all the same services as big Banks.

My advice:  Move your business to a Credit Union today!  It’s not just best for you, it’s better for the economy and the country as a whole…..

From Daily Finance:

 

With big banks adding new fees or increasing existing fees, credit unions have been able to capitalize on the growing discontent with the financial services behemoths. Bank of Americas BAC $5 debit-card-fee fiasco alone is responsible for 20% to 50% of the new accounts at some credit unions — and new accounts have been growing steadily in recent months.Thats because many credit unions are offering cash back or reward points for debit card usage, not fees. There are other perks, too, to get you to move your business. For example, the Co-op Services Credit Union of Michigan has been successfully offering $105 to those who switch to them from a regular bank.

And credit unions are reaching out to business customers, too. FDIC data has shown bank business lending shrinking over the past year or so, while credit union commercial lending is growing.

Dollars and cents arent the only reason people are moving their money to credit unions. The fundamental setup of the system is vastly different from that at big banks. While a bank is a for-profit business, aiming to maximize earnings for its shareholders, credit unions are nonprofits. While youre simply a customer of a bank, youll be a member of a credit union, owning the whole thing along with your fellow members.

via Why Credit Unions Are a Better Financial Choice For Us Than Big Banks – DailyFinance.

2 Comments

Filed under Occupy Wall Street, The Economy

Occupy Wall Street: America’s ‘Primal Scream’

Great piece in today’s New York Times by Nicholas Kristof.

Occupy Wall Street has definitely become too big for the mainstream media to ignore.  The momentum seems to be on our- Occupy Wall Street’s – side.

Now, let’s see what the politicians do…

And how the 1%, who own the media and Congress, decide to fight back…

From the New York Times.  Link to more at the bottom:

IT’S fascinating that many Americans intuitively understood the outrage and frustration that drove Egyptians to protest at Tahrir Square, but don’t comprehend similar resentments that drive disgruntled fellow citizens to “occupy Wall Street.”

There are differences, of course: the New York Police Department isn’t dispatching camels to run down protesters. Americans may feel disenfranchised, but we do live in a democracy, a flawed democracy — which is the best hope for Egypt’s evolution in the coming years.

Yet my interviews with protesters in Manhattan’s Zuccotti Park seemed to rhyme with my interviews in Tahrir earlier this year. There’s a parallel sense that the political/economic system is tilted against the 99 percent. Al Gore, who supports the Wall Street protests, described them perfectly as a “primal scream of democracy.”

The frustration in America isn’t so much with inequality in the political and legal worlds, as it was in Arab countries, although those are concerns too. Here the critical issue is economic inequity. According to the C.I.A.’s own ranking of countries by income inequality, the United States is more unequal a society than either Tunisia or Egypt.

Three factoids underscore that inequality:

¶The 400 wealthiest Americans have a greater combined net worth than the bottom 150 million Americans.

¶The top 1 percent of Americans possess more wealth than the entire bottom 90 percent.

¶In the Bush expansion from 2002 to 2007, 65 percent of economic gains went to the richest 1 percent.

As my Times colleague Catherine Rampell noted a few days ago, in 1981, the average salary in the securities industry in New York City was twice the average in other private sector jobs. At last count, in 2010, it was 5.5 times as much. (In case you want to gnash your teeth, the average is now $361,330.)

More broadly, there’s a growing sense that lopsided outcomes are a result of tycoons’ manipulating the system, lobbying for loopholes and getting away with murder. Of the 100 highest-paid chief executives in the United States in 2010, 25 took home more pay than their company paid in federal corporate income taxes, according to the Institute for Policy Studies.

More:   America’s ‘Primal Scream’ – NYTimes.com.

Leave a comment

Filed under Occupy Wall Street, Politics

Tea Party Co-Founder Expresses Support for Occupy Wall Street

Very interesting article.  On many levels

a) He admits the Tea Party was co-opted by the GOP

b) He thinks Occupy Wall Street is smarter

This guy was obviously too bright for the room that held the Tea Party captive…

From RawStory.com

One of the original founders of the Tea Party movement has told RT.com that he believes Occupy Wall Street is not only comparable to the earliest states of the movement he helped launch but can learn from its mistakes.

“The problem with protests and the political process is that it is very easy, no matter how big the protest is, for the politicians to simply wait until the people go home,” financial blogger Karl Denninger observed. “And then they can ignore you.”

“Well, Occupy Wall Street was a little different,” he continued. “And back in 2008, I wrote that when we will actually see change is when the people come, they set up camp, and they refuse to go home. That appears to be happening now.”

Denninger has been complaining for some time that the Tea Party was hijacked by the Republican establishment and used to protect the very prople it had originally opposed. A year ago, he wrote, “Tea Party my ass. This was nothing other than the Republican Party stealing the anger of a population that was fed up with the Republican Party’s own theft of their tax money at gunpoint to bail out the robbers of Wall Street and fraudulently redirecting it back toward electing the very people who stole all the ****ing money!”

Now he advises Occupy Wall Street, “Don’t let it happen.”

“One of the things that the Occupy movement seems to have going for it is it has not turned around and issued a set of formal demands,” he explains. “This is a good thing, not a bad thing. Everyone is looking for a set of demands. The problem is that as soon as you pipe up with a list of four or five things — and you’ve got to keep it simple and short — then somebody’s going to say, ‘Well, we gave you 70 percent of it, now go home.’ And the fact is, that’s exactly the sort of thing that happened with the Tea Party.”

“Stay on message, which is that the corruption is not a singular event,” Denninger urged. “You can’t focus in one place. You have to get the money out of politics, which is very difficult to do, but at the same time you can’t silence people’s voice.”

via Tea Party co-founder expresses support for Occupy Wall Street | The Raw Story.

1 Comment

Filed under Occupy Wall Street

Eviction of Occupy Wall Street From NYC Park Postponed

A great Birthday present for me!

The threat is not over, but at least postponed….

From ABC News:

 

ABC News’ Greg Krieg reports from New York City:

City officials today postponed a cleanup of  Zuccotti Park after earlier threatening to evict Occupy Wall Street protesters who have been encamped here. Jubilant protesters later poured from the park to the Wall Street area, some clashing with police. As many as 15 people were reportedly arrested for blocking access.

As the announcement was made via the “people’s mic” at 6:40  a.m., the crowd waved their brooms in triumph.  Mayor Michael Bloomberg’s office tweeted that Brookfield Properties, owner of the park,  (and not the city) decided to postpone cleaning. The city was informed “late last night.”

via Eviction of Occupy Wall Street From NYC Park Postponed – ABC News.

1 Comment

Filed under Occupy Wall Street

Defend Occupy Wall Street From Eviction

I’m on the phone right now.

Please call and sign the petitions to support Occupy Wall Street!

From Van Jones at the Huffington Post:

 

New York Mayor Michael Bloomberg is making a cowardly attempt to end Occupy Wall Street, the anchor of a movement that has captured the hearts and minds of the country in just four weeks. Tomorrow at 7 a.m., under Bloomberg’s orders, the NYPD will evict the 99%.

Unless we stop that from happening.

We have very little time to act. There are at least three things you can do right now:

SIGN THIS PETITION now. MoveOn.org has started a major petition drive to tell Mayor Bloomberg: “Respect the protesters’ First Amendment rights. Don’t try to evict Occupy Wall Street.” The petition will be put in the hands of the occupiers TONIGHT, and then delivered to the mayor. A massive stack of signatures will show Occupy Wall Street and Bloomberg that the nation stands with the 99%, not the 1%.

Tell everyone you know in the New York area that they should head to Zuccotti Park at 6:00 AM tomorrow (Friday Oct 14) to prevent Bloomberg from evicting the protesters. If enough people literally stand with the protesters, Bloomberg could back down.

Call 311 (if you live in New York City) or 212-NEW-YORK (if you live elsewhere in the US) and demand that Bloomberg back down from interfering with the occupiers’ brave stand on behalf of the 99% of us.

The mayor’s justification for this eviction is a ruse. Bloomberg says authorities need to “clean” the park. Meanwhile, he refuses to acknowledge that Occupy Wall Street has a functioning sanitation detail, just as they’ve self-organized every other aspect of their dignified, intentional community (including a working library).

Bloomberg says the protestors may return after the “cleaning,” but this also is less than honest. Upon returning to the park, occupiers must follow rules that make the occupation impossible: no camping; no sleeping bags; no tents; no lying down; no storage of personal property.

Make no mistake — this is an eviction. Winter is coming, and the occupiers cannot continue without the ability to stay safe, warm, and dry.

via Van Jones: Defend Occupy Wall Street From Eviction.

Leave a comment

Filed under New York, Occupy Wall Street, Politics

“Occupy Wall Street” Twice as Popular as “Tea Party”

This is no surprise to me, but will be to much of the traditional media.

Occupy Wall Street represents what used to be called “the Silent Majority” whereas the Tea Party represents the rude and noisy minority.

Now let’s see if the mainstream media starts treating it more legitimately.  Or at least give is the press they gave those Tea Party fools….

From Taegan Goddard’s Political Wire:

 

The latest Time poll finds the Occupy Wall Street movement has a 54% favorable rating. In contrast, the Tea Party’s favorable rating is just 27%.

Greg Sargent: “In fairness, the Tea Party has been in existence since before the 2010 elections, and even has had a seat at the governing table during the debt ceiling and government shutdown debacles, which clearly took their toll on the Tea Party’s image. Occupy Wall Street is just getting started. But it does seem clear that a confluence of events — the protests, Obama’s jobs push, Elizabeth Warren’s Senate candidacy, and the national backlash from the right all these things have provoked — are pushing populist issues such as fair taxation and income inequality to the forefront of the national conversation.”

More:   “Occupy Wall Street” Twice as Popular as “Tea Party”.

Leave a comment

Filed under Occupy Wall Street, Politics