Greek students shout slogans during a demonstration in Athens to protest against a recent education reform bill. Photograph: Aris Messinis/AFP/Getty Images In early October, a peculiar news item barely made its way into the back pages of Greek national press: in the northern city of Veria, a small group of people had started reconnecting the electricity supply of households disconnected from the national grid due to bill non-payment. This kind of solidarity action seemed rather abnormal. Then again, it is difficult to define what constitutes normality in the country nowadays – the upper echelon of political power is in an unprecedented turmoil, and Tuesday's referendum announcement by prime minister George Papandreou, followed by him reportedly preparing to step down, has thrown his political allies and foes into a tailspin. Parliamentary opposition parties are calling for a "national unity" government, snap elections, or a succession of the two; the entire mainstream political spectrum in the country seems to have entered a delirious state of panic. In a stunningly surreal scene, eurozone leaders and global markets are nervously waiting for people in Greece to cast a vote. And yet, at this precise moment, Greek people are realising they are left with what they had at the outset – that is, absolutely nothing to hope for from the mainstream political scene. Take Yannis, a 43 year-old man working in a bank in Athens, who doesn't want to return home because it is going to be cold again. The heating will be off, as nobody in the block can afford the heating prices. His 16-year old daughter, Sophia, does not want to go to school, as she finds little meaning in preparing for her exams: why would she want to enter university knowing full well she will never find a job in Greece, anyway? Or take Eleftheria's father, a 72-year old pensioner leaving in the village of Kymi, who called her today while she was returning home and hesitantly asked her for money to buy his medicine that the state fund no longer covers for. His pension was recently cut by 50%. "But, please," he pleaded, "do not tell your mother." Back in the city, Eleftheria's streets are lined with garbage which has been lying there for more than three weeks. Thousands of workers are to be put on reduced pay schemes across the country and hundreds are being fired on a daily basis. The government has raised already existing taxes and introduced a variety of new ones across the board, while slashing salaries and pensions in both the public and private sector. Official unemployment rose by more than 35% year-to-year and now stands at just under 20%; homelessness is on an enormous increase across the country, while tax on food consumption has shot up from 13 to 23%. At the same time, public transport is being dismantled and hospitals across the country barely function. For the first time, there were no books to be distributed in public schools and universities are in utter disarray. The "bloated" public sector has been portrayed as responsible for all the misery the country has to endure. At the same time, social services have been intentionally abandoned, making it easier for enraged citizens to accept the privatisation of the public sector in return. People here feel the country is gradually sinking, carrying them down a path dug in arbitrariness and injustice. Yet at this very moment – when it is not only the rules of the game that are challenged but the game itself – they seem to feel empowered to act in ways that would not have appeared feasible in the past: they physically attack politicians, mock and cancel military-inspired national public parades and humiliate army officials attending them, participate in neighbourhood assemblies and mass demonstrations (irrespective of the amount of tear gas thrown against them by the police), create grassroots trade unions to demand their labour rights, occupy workplaces, disrupt public services and protest in violent, impulsive, unpredictable ways. In these peculiar times, when there is nothing to lose for so many, everything becomes possible. In the northern Athens suburb of Nea Ionia, the municipality is now actively calling for locals to shun the new tax, offering instructions to avoid its payment on its official website and promising legal support and even volunteers to reconnect potentially disconnected supplies. Grassroots refusal to put up with austerity is quickly gaining momentum, regardless of everyday politics of fear and emergency, or never-ending market crashes. In return, the realisation is sinking in that a possibility for tangible change only lies in people changing their understandings, their habits, the ways in which they do politics: while asked to cast a vote, Greek society sees a major role recast.
Sunday, November 6, 2011
Ordinary Greeks are taking matters into their own hands
Greek students shout slogans during a demonstration in Athens to protest against a recent education reform bill. Photograph: Aris Messinis/AFP/Getty Images In early October, a peculiar news item barely made its way into the back pages of Greek national press: in the northern city of Veria, a small group of people had started reconnecting the electricity supply of households disconnected from the national grid due to bill non-payment. This kind of solidarity action seemed rather abnormal. Then again, it is difficult to define what constitutes normality in the country nowadays – the upper echelon of political power is in an unprecedented turmoil, and Tuesday's referendum announcement by prime minister George Papandreou, followed by him reportedly preparing to step down, has thrown his political allies and foes into a tailspin. Parliamentary opposition parties are calling for a "national unity" government, snap elections, or a succession of the two; the entire mainstream political spectrum in the country seems to have entered a delirious state of panic. In a stunningly surreal scene, eurozone leaders and global markets are nervously waiting for people in Greece to cast a vote. And yet, at this precise moment, Greek people are realising they are left with what they had at the outset – that is, absolutely nothing to hope for from the mainstream political scene. Take Yannis, a 43 year-old man working in a bank in Athens, who doesn't want to return home because it is going to be cold again. The heating will be off, as nobody in the block can afford the heating prices. His 16-year old daughter, Sophia, does not want to go to school, as she finds little meaning in preparing for her exams: why would she want to enter university knowing full well she will never find a job in Greece, anyway? Or take Eleftheria's father, a 72-year old pensioner leaving in the village of Kymi, who called her today while she was returning home and hesitantly asked her for money to buy his medicine that the state fund no longer covers for. His pension was recently cut by 50%. "But, please," he pleaded, "do not tell your mother." Back in the city, Eleftheria's streets are lined with garbage which has been lying there for more than three weeks. Thousands of workers are to be put on reduced pay schemes across the country and hundreds are being fired on a daily basis. The government has raised already existing taxes and introduced a variety of new ones across the board, while slashing salaries and pensions in both the public and private sector. Official unemployment rose by more than 35% year-to-year and now stands at just under 20%; homelessness is on an enormous increase across the country, while tax on food consumption has shot up from 13 to 23%. At the same time, public transport is being dismantled and hospitals across the country barely function. For the first time, there were no books to be distributed in public schools and universities are in utter disarray. The "bloated" public sector has been portrayed as responsible for all the misery the country has to endure. At the same time, social services have been intentionally abandoned, making it easier for enraged citizens to accept the privatisation of the public sector in return. People here feel the country is gradually sinking, carrying them down a path dug in arbitrariness and injustice. Yet at this very moment – when it is not only the rules of the game that are challenged but the game itself – they seem to feel empowered to act in ways that would not have appeared feasible in the past: they physically attack politicians, mock and cancel military-inspired national public parades and humiliate army officials attending them, participate in neighbourhood assemblies and mass demonstrations (irrespective of the amount of tear gas thrown against them by the police), create grassroots trade unions to demand their labour rights, occupy workplaces, disrupt public services and protest in violent, impulsive, unpredictable ways. In these peculiar times, when there is nothing to lose for so many, everything becomes possible. In the northern Athens suburb of Nea Ionia, the municipality is now actively calling for locals to shun the new tax, offering instructions to avoid its payment on its official website and promising legal support and even volunteers to reconnect potentially disconnected supplies. Grassroots refusal to put up with austerity is quickly gaining momentum, regardless of everyday politics of fear and emergency, or never-ending market crashes. In return, the realisation is sinking in that a possibility for tangible change only lies in people changing their understandings, their habits, the ways in which they do politics: while asked to cast a vote, Greek society sees a major role recast.
former Goldman Sachs Executive Current Chairman of the Commodity Futures Trading Commission Gary Gensler won't participate in MF Global review
(Reuters)Exclusive: Gensler won't participate in MF Global review - The head of the U.S. futures regulator working on a sweeping review into the business practices of failed futures brokerage MF Global has said he will not be participating in any further parts of the inquiry, a source told Reuters on Friday.Gary Gensler, the chairman of the Commodity Futures Trading Commission, and Jon Corzine, who recently resigned as MF Global's chief executive, worked at Goldman Sachs Group Inc at the same time and held prominent positions. They both left the investment bank in the late 1990s.
more
http://www.reuters.com/article/2011/11/05/us-mfglobal-gensler-idUSTRE7A40KA20111105http://www.reuters.com/article/2011/11/05/us-mfglobal-gensler-idUSTRE7A40KA20111105
Occupy ALL the Updates!!
Updates 11/5/2011
the Fifth of November,
the gunpowder treason and plot.
I know of no reason
why the gunpowder treason
should ever be forgot.
*Guy Fawke's Day!*
Good morning everyone.
It seems Anonymous is up to something today. I will not be posting any links to their information, for my own safety. If you are interested in what they are doing, you can look it up. :)
On to the news:
-- Today is Bank Transfer Day!
-- Occupy Eugene has moved to Washington-Jefferson Park.
-- The ACLU has taken on representation of a Press member who was arrested during a Richmond raid. The police had told him to remain in a place that restricted his view. He stepped into a crosswalk to ask why he had to remain in the designated space, and was arrested while standing on a public street.
-- Occupy Tampa is considering a move to a privately owned park.
-- A second veteran of the Armed Forces was placed in Intensive Care due to Oakland Police. Unlike Scott Olsen, who was able to be carried away by protesters, Kayvan Sabeghi was arrested by the police, and says he was beaten by them so badly he had a lacerated spleen. According to mixed reports, he was refused medical care for up to 15 hours, while he vomited blood. After his release, he was able to finally go to the hospital to get treatment. He is now awake and lucid.
-- Several protesters at different Occupy movements have been hit by cars in the last few days. Earlier this week, a couple was hit in Oakland. Last night in D.C., a car pulled out of a D.C. Convention center and ran over two Occupiers who were marching, kept going, and hit a third person farther down the road. There are conflicting reports about the driver of the vehicle, as videos seem to show them being released, but police say they are in custody.
-- Occupy Philly protested Mitt Romney's visit to Philadelphia yesterday.
-- Credit Unions across the country are feeling the love as many individuals, both Occupiers and others, are moving their bank accounts.
-- Occupy Atlanta has filed a lawsuit against the city, but a federal court judge has ruled against them, stating that while he believes in civil disobedience, he does not believe in it after 11 pm in a city park. This ruling comes after news that the movement has gained support of the organization started by Martin Luther King Jr.
-- Occupy Seattle has some welcome visitors, as teachers from local community colleges are moving some of their classes to the movement!
-- Occupy Sydney had a run-in with police that led to several protesters being arrested. Police moved in to take down a tent, and arrested several individuals for charges including "using offensive language". Occupy Sydney has vowed to stay where they are.
-- Occupy Hartford is protesting at Bank of America today, while Occupy Las Vegas protests Wells Fargo.
-- Occupy London is working on setting up a city welfare program.
-- A woman who worked as a temp at a US Bank branch has been fired for talking with protesters on her Facebook page. She was shown images of her posts, and told she violated the bank's policy about not engaging protesters for "safety reasons."
**That's all for now, everyone. Please email me with any information you may want to share, or comments and corrections, at elvishbutterfly@hotmail.com. Please include the word "Occupy" in the subject line.
It is especially difficult to find information on international Occupy movements, so please write in with these if you can!
***Solidarity***
UPDATE: According to MSNBC, the driver of the vehicle who hit 3 people in D.C will NOT BE CHARGED. Police say the driver had a green light, despite eye-witness accounts of the car gassing it into the people. Police are saying one protester jumped onto the hood of the car. You can read the report here: http://www.msnbc.msn.com/id/45173343/ns/us_news-life/#.TrWEDkOXuso
David Morgan - The Currency Crisis Continues
http://revolutionarypolitics.tv/video/viewVideo.php?video_id=16530
Ron Paul: Don't Allow Big Government to Determine Your Future!
http://revolutionarypolitics.tv/video/viewVideo.php?video_id=16519
Oakland Police Lacerate Army Ranger’s Spleen and Cause Internal Bleeding … Then Deny Him Medical Treatment for 18 Hours
Oakland Police Strike Army Ranger With Nightsticks On His Back, Ribs, Shoulders and Hands, Lacerating His Spleen and Causing Internal Bleeding … Then Deny Him Medical Treatment for 18 Hours
Reuters notes:
In response, according to Sabehgi’s sister, the police beat him mercilessly with batons.
Sabehgi was then kept in a holding cell for 18 hours. Despite begging to see a doctor, Sabehgi was refused medical assistance. Instead, according to Sabehgi, his jailors accused Sabehgi without any cause of being a heroin addict and alcoholic and – instead of providing medical help for his severe injuries – told him to stop taking heroin.
There is apparently a videotape of the incident (KOFY noted that “police are reviewing video of the incident”).
Given the outcry over the unprovoked injury of Marine veteran Scott Olsen – which has caused veterans from all over the country to come out to support the protesters – Sabehgi’s treatment by the police could generate even more support for the protests .
Reuters notes:
A former U.S. Army Ranger and Occupy Oakland protester was in intensive care on Friday after a veterans group said he was beaten by police during clashes with demonstrators this week.The Guardian reports:
The veteran, identified as Kayvan Sabeghi, was the second former American serviceman during the past two weeks to be badly hurt in confrontations between anti-Wall Street protesters and police in Oakland.
The group Iraq Veterans Against the War said Sabeghi was detained during disturbances that erupted late on Wednesday in downtown Oakland and was charged with resisting arrest and remaining present at the place of a riot.
Highland General Hospital confirmed that Sabeghi was a patient in the intensive care unit there.
Brian Kelly, who co-owns a brew pub with Sabeghi, said his business partner served as an Army Ranger in Iraq and Afghanistan. He said Sabeghi told him he was arrested and beaten by a group of policemen as he was leaving the protest to go home.
“He told me he was in the hospital with a lacerated spleen and that the cops had jumped him,” Kelly said. “They put him in jail, and he told them he was injured, and they denied him medical treatment for about 18 hours.”
Kayvan Sabehgi, who served in Iraq and Afghanistan, is in intensive care with a lacerated spleen. He says he was beaten by police close to the Occupy Oakland camp, but despite suffering agonising pain, did not reach hospital until 18 hours later.Local San Francisco ABC affiliate KOFY News interviewed Sabehgi’s sister tonight, who said that Sabehgi lived near Frank Ogawa Plaza (the center of the Occupy protests), and was walking home Wednesday night away from violence when police stopped him. Sabehgi said that police ordered him to walk in another direction, and he simply asked “why?”
***
Sabehgi told the Guardian from hospital he was walking alone along 14th Street in central Oakland – away from the main area of clashes – when he was injured.
“There was a group of police in front of me,” he told the Guardian from his hospital bed. “They told me to move, but I was like: ‘Move to where?’ There was nowhere to move.
“Then they lined up in front of me. I was talking to one of them, saying ‘Why are you doing this?’ when one moved forward and hit me in my arm and legs and back with his baton. Then three or four cops tackled me and arrested me.”
Sabeghi … said he was handcuffed and placed in a police van for three hours before being taken to jail. By the time he got there he was in “unbelievable pain”.
***
Sabehgi was due to undergo surgery on Friday afternoon to repair his spleen, which would involve using a clot or patch to prevent internal bleeding.
***
Some protesters had set fire to a hastily assembled barrier at the corner of 16th Street and Telegraph, in a bid to prevent access to the occupied building, but police drove demonstrators away from 16th Street using tear gas, flashbang grenades, and non-lethal rounds.
Sabehgi said he had not been in the occupied building, and was walking away from the main area of trouble when he was injured.
He said he had his arms folded and was “totally peaceful” before being arrested.
In response, according to Sabehgi’s sister, the police beat him mercilessly with batons.
Sabehgi was then kept in a holding cell for 18 hours. Despite begging to see a doctor, Sabehgi was refused medical assistance. Instead, according to Sabehgi, his jailors accused Sabehgi without any cause of being a heroin addict and alcoholic and – instead of providing medical help for his severe injuries – told him to stop taking heroin.
There is apparently a videotape of the incident (KOFY noted that “police are reviewing video of the incident”).
Given the outcry over the unprovoked injury of Marine veteran Scott Olsen – which has caused veterans from all over the country to come out to support the protesters – Sabehgi’s treatment by the police could generate even more support for the protests .
More Small Businesses Are Pulling Their Accounts Out Of Big Banks
Even in a tight credit market, David Meinert didn't think he'd have a problem getting funding from his bank. He was a model entrepreneur, with good credit and a profitable business earning $2 million in revenue. But when he applied for a relatively small $50,000 line of credit from Chase in late 2010, he got denied in 12 hours, with no explanation. "It was insulting and made no sense, even to the banker. And there was no one to even talk to about it," Meinert says. "It's frustrating that banks are getting billions of dollars in taxpayers' money and they're sitting on that money and not lending it to small businesses. If you're making less than $10 million, they don't care about you."
Meinert decided to turn his frustration into action. After 12 years with Bank of America and a year with Chase, he's switching all his business accounts to Seattle Bank. Like many small-business owners, he initially joined the big banks for no particular reason other than that they were conveniently located. Bank of America was the closest bank to his office and Chase was the closest bank to his office that wasn't Bank of America. He spent years enduring all the subsequent irritations -- outdated online banking systems, the revolving door of bank employees, increasing fees, a sense that he was more a number than a name -- with little more than an eye roll. But the credit line denial was a breaking point.
The practical incentives were compounded by his philosophical objections. "Occupy Wall Street and Bank Transfer Day really put a highlight on national issues for me," Meinert says. "So it's not just a practical business decision, but also a societal, political decision. I don't want to do business with companies that are risking people's money in a way that can harm our whole country. And the damage that the big banks and so-called Wall Street have done to our economy and our country -- it's a real thing for me. I see it. The people it's damaging are my customers and my peers. Purely as a businessman, I see the destruction of the middle class and the inequality that's being caused in our society as bad for business. But also as a human, outside of being a businessman, I see the damage it does to humans. I realized I needed to be out of that system as much as I can be."
Tired of bad relationships with big banks, a growing number of small-business owners seem ready to make the switch to small local banks, community banks or credit unions. Lauri Kaye, owner of Create Cafe in Tucson, Ariz., thought it was ridiculous when she got charged a fee by Wells Fargo for depositing more than $2,500 into her business account. But she drew the line at fees affecting her employees. About three weeks ago, an employee told her that Wells Fargo was charging him $5 to cash his paycheck. When she contacted Wells Fargo, "They said there was nothing they could do about it," Kaye says. "It was non-negotiable. It's incredibly manipulative -- those who have no voice are getting pushed around."
Kaye switched to Wells Fargo from Northern Trust about a year ago, since Wells Fargo was around the corner from her cafe. Now she's thinking about switching back. Northern Trust "demonstrated in the past that they will negotiate. They know us by name and go out of their way to accommodate us and our employees," Kaye says. "When I made the jump to Wells Fargo, I didn't realize how bad banks could be."
Marcy Venezia, president of Boston-based Nightingale Group, which provides software for schools, opened a business account at Bank of America specifically because they had a lot of business services, including an investment branch. But she found it tough to get good customer service when the bank employees kept leaving. "The investment person left and then we had another investment person and they left, and when the third person left, we said 'this is enough turnover.' There was a fair amount of turnover in the office as well." Two years ago, Venezia switched her account to Bank of Canton, where she's able to have actual conversations with bank employees who know her. "At Bank of America, I was a grain of sand," Venezia says, "whereas with Bank of Canton, I'm more like a pebble."
Big Bank Numbers Don't Add Up
Unlike the others, Ami Kassar, founder and CEO of Philadelphia-based MultiFunding, had absolutely no logistical problems with his bank. "Citibank is perfectly fine and terrific as a bank for the mechanics of running my business account," he says. Still, Kassar wrote a blog on MultiFunding's site entitled, "Why I am leaving Citibank and why you should too!" For Kassar, who advises small businesses nationwide about financing and securing loans, his objection is 100 percent moral. "I'd rather deposit my money into a bank that is more likely to take that money and lend it out to other small businesses that need it than to a large multinational bureaucracy that is far less likely to make loans to small businesses that help the economy," he explains.
"Businesses with under $2 million in revenue have a much easier time geting loans at smaller regional banks that are frankly much more organized to lend to small businesses," Kassar says. "It's a general statement, but the statistics prove it."
According to MultiFunding research, in 2010, the top 25 banks controlled about 61 percent of all deposits, but made only 20.3 percent of all SBA 7(a) loans. Smaller banks held about 39 percent of all deposits but made 79.4 percent of all SBA 7(a) loans. Kassar points out that Citibank in particular had about $800 billion in deposits in 2010 and loaned $62 million through the SBA loan program. "So they used .0078 percent of their deposits to make SBA loans," Kassar says. "The average for all banks in the country is .187 percent of deposits going toward small business loans, which is still a paltry number, but with Citibank, woo! It's one of the lowest on the charts."
Kassar points out that Citibank's total small-business loans as of June 30, 2011, were $3.1 billion, compared to $7.5 billion in loans to small businesses in 2008. "So they shaved their small-business loans down by 58 percent in the recession," Kassar says.
That led Kassar to wonder, "Why should I leave my deposit accounts at a bank that's not going help the small business down the street that's struggling?" Unable to come up with a satisfying answer to that question, he's currently transitioning to Valley Green Bank, a community bank in Philadelphia, that uses about 35 percent of its deposits to make small-business loans.
Meanwhile, Citibank announced in late September that it is committing $24 billion to small-business lending in the next three years. Many other large banks -- including Wells Fargo, Bank of America and Chase -- claim their small-business lending is up this year. "Large banks have more than $600 billion in outstanding loans to small businesses; the largest banks have pledged an additional $100 billion for 2011 and beyond," says Scott Talbott, senior vice president of government affairs for The Financial Services Roundtable, an association that represents the nation's largest banks, insurance companies, securities firms and other financial institutions. "Additionally, major financial services companies assist small-business owners outside of the lending arena by continuously extended a plethora of services, including insurance, retirement and financial planning, free education, networking and online portals."
But Kassar says the reason those pledges from on high often don't translate to small-business owners' real-life experiences is because of the banks' definition of small business. "The general rule is that when larger banks release their small-business lending statistics, [they are referring to] companies with revenues of $20 million or less," says Kassar. "And that, in my opinion, is not a small business." Kassar says data shows probably the vast majority of small-business loans made by big banks is to companies with revenues of $10 million to $20 million, shutting out the smaller companies.
"A lot of times, clients come to us and they've spent months in a big bank just being messed around," Kassar says. "Sometimes the process just exhausts people."
But Kassar doesn't think it's all big banks' fault. "Small-business lending is hard," he says. "It takes specialty and nuance, and we just don't find that the guy sitting at the corner branch of the big bank has the capacity to do it."
After the Switch
Since he transferred his business accounts to Seattle Bank, Meinert no longer has to deal with the powerless branch banker. He has noticed some immediate differences. "For one, I had a conversation with the executive vice president. That's a huge difference in itself," he says, laughing. "The higher-ups of the bank are able to come to my restaurant and have a meal. They are customers of my business, and I'm a customer of theirs. It's also just the whole vibe of knowing people and knowing they're decision-makers of the bank. I've been able to meet board members of the bank. They're local people who live here, work here -- they're going to be at this bank for a long time."
Just as his bankers can physically see how his business operates, Meinert knows how banks operate as well. It's not all about feel-good relationships, but what's best for both from a bottom-line perspective. "I understand Seattle Bank is profit-motivated just as Bank of America is, and obviously they are making a profit from me being there," he says. "But those profits are staying in Seattle and getting reinvested to help other Seattle small businesses succeed, which improves the economy and ultimately helps my business to succeed."
---------
Unemployment Benefits: Most Of The Unemployed No Longer Receive Benefits
WASHINGTON — The jobs crisis has left so many people out of work for so long that most of America's unemployed are no longer receiving unemployment benefits.
Early last year, 75 percent were receiving checks. The figure is now 48 percent – a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America's 14 million unemployed have had no job for a year or more.
Congress is expected to decide by year's end whether to continue providing emergency unemployment benefits for up to 99 weeks in the hardest-hit states. If the emergency benefits expire, the proportion of the unemployed receiving aid would fall further.
The ranks of the poor would also rise. The Census Bureau says unemployment benefits kept 3.2 million people from slipping into poverty last year. It defines poverty as annual income below $22,314 for a family of four.
Yet for a growing share of the unemployed, a vote in Congress to extend the benefits to 99 weeks is irrelevant. They've had no job for more than 99 weeks. They're no longer eligible for benefits.
Their options include food stamps or other social programs. Nearly 46 million people received food stamps in August, a record total. That figure could grow as more people lose unemployment benefits.
So could the government's disability rolls. Applications for the disability insurance program have jumped about 50 percent since 2007.
"There's going to be increased hardship," said Wayne Vroman, an economist at the Urban Institute.
The number of unemployed has been roughly stable this year. Yet the number receiving benefits has plunged 30 percent.
Government unemployment benefits weren't designed to sustain people for long stretches without work. They usually don't have to. In the recoveries from the previous three recessions, the longest average duration of unemployment was 21 weeks, in July 1983.
By contrast, in the wake of the Great Recession, the figure reached 41 weeks in September. That's the longest on records dating to 1948. The figure is now 39 weeks.
"It was a good safety net for a shorter recession," said Carl Van Horn, an economist at Rutgers University. It assumes "the economy will experience short interruptions and then go back to normal."
Weekly unemployment checks average about $300 nationwide. If the extended benefits aren't renewed, growth could slow by up to a half-percentage point next year, economists say.
The Congressional Budget Office has estimated that each $1 spent on unemployment benefits generates up to $1.90 in economic growth. The CBO has found that the program is the most effective government policy for increasing growth among 11 options it's analyzed.
Jon Polis lives in East Greenwich, R.I., one of the 20 states where 99 weeks of benefits are available. He used them all up after losing his job as a warehouse worker in 2008. His benefits paid for groceries, car maintenance and health insurance.
Now, Polis, 55, receives disability insurance payments, food stamps and lives in government-subsidized housing. He's been unable to find work because employers in his field want computer skills he doesn't have.
"Employers are crying that they can't find qualified help," he said. But the ones he interviewed with "weren't willing to train anybody."
From late 2007, when the recession began, to early 2010, the number of people receiving unemployment benefits rose more than four-fold, to 11.5 million.
But the economy has remained so weak that an analysis of long-term unemployment data suggests that about 2 million people have used up 99 weeks of checks and still can't find work.
Contributing to the smaller share of the unemployed who are receiving benefits: Some of them are college graduates or others seeking jobs for the first time. They aren't eligible. Only those who have lost a job through no fault of their own qualify.
The proportion of the unemployed receiving benefits usually falls below 50 percent during an economic recovery. Many have either quit jobs or are new to the job market and don't qualify.
Today, the proportion is falling for a very different reason: Jobs remain scarce. So more of the unemployed are exhausting their benefits.
Federal Reserve Chairman Ben Bernanke has noted that the long-term unemployed increasingly find it hard to find work as their skills and professional networks erode. In a speech last month, Bernanke called long-term unemployment a "national crisis" that should be a top priority for Congress.
Lawmakers will have to decide whether to continue the extended benefits by the end of this year. If the program ends, nearly 2.2 million people will be cut off by February.
Congress has extended the program nine times. But it might balk at the $45 billion cost. It will be the first time the Republican-led House will vote on the issue.
Early last year, 75 percent were receiving checks. The figure is now 48 percent – a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America's 14 million unemployed have had no job for a year or more.
Congress is expected to decide by year's end whether to continue providing emergency unemployment benefits for up to 99 weeks in the hardest-hit states. If the emergency benefits expire, the proportion of the unemployed receiving aid would fall further.
The ranks of the poor would also rise. The Census Bureau says unemployment benefits kept 3.2 million people from slipping into poverty last year. It defines poverty as annual income below $22,314 for a family of four.
Yet for a growing share of the unemployed, a vote in Congress to extend the benefits to 99 weeks is irrelevant. They've had no job for more than 99 weeks. They're no longer eligible for benefits.
Their options include food stamps or other social programs. Nearly 46 million people received food stamps in August, a record total. That figure could grow as more people lose unemployment benefits.
So could the government's disability rolls. Applications for the disability insurance program have jumped about 50 percent since 2007.
"There's going to be increased hardship," said Wayne Vroman, an economist at the Urban Institute.
The number of unemployed has been roughly stable this year. Yet the number receiving benefits has plunged 30 percent.
Government unemployment benefits weren't designed to sustain people for long stretches without work. They usually don't have to. In the recoveries from the previous three recessions, the longest average duration of unemployment was 21 weeks, in July 1983.
By contrast, in the wake of the Great Recession, the figure reached 41 weeks in September. That's the longest on records dating to 1948. The figure is now 39 weeks.
"It was a good safety net for a shorter recession," said Carl Van Horn, an economist at Rutgers University. It assumes "the economy will experience short interruptions and then go back to normal."
Weekly unemployment checks average about $300 nationwide. If the extended benefits aren't renewed, growth could slow by up to a half-percentage point next year, economists say.
The Congressional Budget Office has estimated that each $1 spent on unemployment benefits generates up to $1.90 in economic growth. The CBO has found that the program is the most effective government policy for increasing growth among 11 options it's analyzed.
Jon Polis lives in East Greenwich, R.I., one of the 20 states where 99 weeks of benefits are available. He used them all up after losing his job as a warehouse worker in 2008. His benefits paid for groceries, car maintenance and health insurance.
Now, Polis, 55, receives disability insurance payments, food stamps and lives in government-subsidized housing. He's been unable to find work because employers in his field want computer skills he doesn't have.
"Employers are crying that they can't find qualified help," he said. But the ones he interviewed with "weren't willing to train anybody."
From late 2007, when the recession began, to early 2010, the number of people receiving unemployment benefits rose more than four-fold, to 11.5 million.
But the economy has remained so weak that an analysis of long-term unemployment data suggests that about 2 million people have used up 99 weeks of checks and still can't find work.
Contributing to the smaller share of the unemployed who are receiving benefits: Some of them are college graduates or others seeking jobs for the first time. They aren't eligible. Only those who have lost a job through no fault of their own qualify.
The proportion of the unemployed receiving benefits usually falls below 50 percent during an economic recovery. Many have either quit jobs or are new to the job market and don't qualify.
Today, the proportion is falling for a very different reason: Jobs remain scarce. So more of the unemployed are exhausting their benefits.
Federal Reserve Chairman Ben Bernanke has noted that the long-term unemployed increasingly find it hard to find work as their skills and professional networks erode. In a speech last month, Bernanke called long-term unemployment a "national crisis" that should be a top priority for Congress.
Lawmakers will have to decide whether to continue the extended benefits by the end of this year. If the program ends, nearly 2.2 million people will be cut off by February.
Congress has extended the program nine times. But it might balk at the $45 billion cost. It will be the first time the Republican-led House will vote on the issue.
3 Reasons Central Banking is a Plague on our Economy
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Activist Post
Millions of American’s are thinking about pulling their money out of the big banks this week, and of course the mainstream media has wasted no time in marginalizing the real issues at play.
The banking industry has been an enemy of this country since its inception and the resistance that is boiling over right now goes a little bit deeper than overdraft fees. Before we take the banks head on and start thinking about ways we can stop them, let’s review some of the fundamental reasons why banking (as we know it) is a plague on our economy and our way of life.
FIAT CURRENCY AND INFLATION - A fiat currency has been described by many as “Currency that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith.” (Source)
In other words the money you have in your pocket is just worthless paper that only has value because the government says it does. This is why we have a constant increase in the cost of living that is known as inflation. The Federal Reserve Bank assigns a certain value to our paper currency, but that value is constantly diminishing because that same bank continues to print more money, thus taking value away from the money that is already in circulation. So when the price of food goes up at the store, it doesn’t mean that the food is getting more expensive, it just means that your money is less valuable than it was when you made it, meaning that now you need more of it to pay for the things you need.
FRACTIONAL RESERVE LENDING AND USURY - Fractional reserve lending means that banks are lending out money that they don’t have; in other words, they only have a fraction of the funds in their bank. This is all perfectly legal, under the laws that have been created and pushed through this elite class, of course. So a central bank or government that uses fiat (worthless) currency and distributes money using fractional reserve lending can lend much more money than they actually have and then charge interest on the money that never existed in the first place. This really is one of the best and most well-thought-out scams of all time. This process of creating money out of thin air and charging interest on its use automatically creates a system of debt and dependence where those who aren’t born with inherited resources or the ability to print money are ultimately indentured to those who have enough extra real or imagined wealth to lend it out at interest. Lending money at interest whether it exists or not is called “usury”, an immoral practice that is no different than the “loan sharking” that is said to take place in organized crime. What we have in the global financial market today is a system that takes usury to a whole new level because traditionally bankers and goldsmiths were limited to lending out only the money that they had in their coffers, but with fractional reserve lending they are now allowed to lend out as much money as they want, even if they don’t have it.
WAR – The banking industry may have not created the concept of war altogether, but it has certainly made it far more dangerous and deadly. Without fiat currency, fractional reserve lending and the “invisible tax” known as inflation, governments would be forced to rely on taxing their populations directly to fund their wars, a venture that rarely ends well for the establishment. When taxes are raised during wartime, wars get unpopular very quickly, but if the government is able to extract the money that they need from the population through the use of inflation, most people won’t catch on until it’s too late. The same goes for a growing homeland police state. If the people are heavily taxed and see a direct increase in police technology there will undoubtedly be outrage, but if the price of living just slightly increases every so often it will be much more difficult for people to figure out where their money is going.
For these core reasons, and more, I urge you to join the millions of American’s who are withdrawing their financial support from the major banks. The ideal thing to do would be to put your money into tangible resources, but if your life situation makes this difficult then maybe just switching banks is best for you. You really have nothing to lose, and everything to gain. Smaller banks and credit unions are typically a lot easier to deal with and have far better track records when it comes to customer service. Of course, you’ll also be making an effort to bring down the system that enslaves us, by simply removing your support from it.
J.G Vibes is an activist and artist who has been studying occult history, theology and government for most of his life. In 2007 he began hosting electronic dance music events and establishing Good Vibes Promotions as a respected name in the counter culture. It wasn’t until 2008 that he began to fuse his philosophic ideas with his events, this was around the same time that he began writing and putting together the plan for his book Alchemy of the Modern Renaissance. Since then he has established a record label and a website that hosts a wide variety of activist information that is frequently updated. www.goodvibespromo.com (facebook page updated more frequently)
Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day"
Tired of banks charging you unnecessary fees? Here's how to get 'em...
If you can't occupy Wall Street, keep Wall Street occupied!650,000 Americans Joined Credit Unions Last Month —
More Than In All Of 2010 Combined
Bank dumping days begin
NEW YORK (CNNMoney) -- Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day" movements this Saturday.
Given the recent spotlight on attempts -- and ultimate failures -- by some of the nation's biggest banks to tack on new debit card fees, thousands of disgruntled consumers have already either left or pledged to leave their current bank for a community bank or credit union, which are known for having fewer and/or lower bank account fees.
At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (BAC, Fortune 500) announced plans to impose its controversial $5 debit card fee, according to a nationwide survey of credit unions by the Credit Union National Association.
That's more than a year's worth of members in a single month -- with credit unions adding 600,000 members in all of 2010.
The new memberships in October amount to $4.5 billion in new savings accounts, CUNA said.
And while Bank of America and other banks have since backpedaled on imposing the fees, consumers are making it clear they are still fed up. More than four in every five credit unions said new customers cited days like "Bank Transfer Day" and new fees imposed by their banks as reasons for opening accounts.
Greek Referendum Will Not Be Stopped
The Prime Minister of Greece, George Papandreou, has called off a vote by the people of his country on whether to accept a 130 billion euro bailout and stay in the EU. Earlier this week, the Prime Minister thought that would be a good idea and, today, not such a good idea. People there are asking for his resignation. There is talk that the Greek government could collapse. Meanwhile, the G20 meeting in the South of France at Cannes is consumed by the EU debt crisis. World leaders are looking for ways to stop a domino-like financial collapse.
Watching the coverage today, Wall Street wonks were actually giddy that democracy was stifled and a vote by the people of Greece was stopped. I heard one weasel on financial TV say a vote by the people of Greece was a “crazy idea.” Yes, democracy is a crazy idea when you want to sign up entire countries as debt slaves for a generation or two.
Of course, if the Greeks take the bailout deal, they will be saddled with debt and austerity (cut backs) for who knows how long. On the other hand, if Greece just defaults, they will still have the austerity, but the debt will be gone. Yes, it would be chaotic and difficult, but the moment they are relieved of their debt burden is the moment the country can actually begin to recover. Look at Iceland–they told the bankers to shove it, and they are already recovering. Don’t look for the MSM to do stories on Iceland’s recovery. It will continue to push the story of how the bailout deal is the best for everyone involved. You don’t have to be a rocket scientist to figure out a bailout for Greece is mainly good for the bankers who want to get taxpayers to pay for their mistakes.
You cannot tell millions of Greeks there will be a vote on a massive debt deal and then say just kidding, not going to happen. You can’t put that genie back in the bottle. I predict there will be a vote by the Greek people one way or another. It will be a nice, neat nationwide referendum or protests in the streets. In some way, the people will vote on the bailout or, better put, the debt slave package the bankers want them to take.
The ‘banxodus’ has begun
Activist Post
It’s fantastic to be able to report good news, and we don’t get to do it nearly often enough these days. There is some very good news emerging: more individuals joined credit unions since September 29th than in all of 2010 and the number is only going to grow. This clearly shows a push on behalf of the average American against the largest financial institutions that utilize their close relationships in order to steal every penny possible from the American people to the detriment of our economy and future.
According to a survey of credit unions across the United States by the Credit Union National Association (CUNA) since September 29th at least 650,000 people have joined credit unions. Now compare that number to 600,000 new members credit unions received throughout the entire year of 2010.
If nothing else, the Occupy Wall Street movement has clearly impacted the move towards more equitable and legitimate banking practices, and even the corporate-controlled mainstream news organization CNN is being forced to cover it.
If the entire movement ended tomorrow, which it will not, we could at least chalk this up as a major victory against those who use their inordinate power in the financial industry to commit outright crimes and rob the American people blind.
Another factor that might account for the significant rise in the move towards credit unions would be the attempts to impose new debit card fees by the biggest banks in the country.
According to CUNA, the new members of credit unions represent some $4.5 billion in new savings accounts which would otherwise be used to leverage bets in the “too big to fail” gambling houses that double as banks.
More than 4/5ths of all credit unions report that customers are citing reasons like “International Bank Transfer Day” and the new debit card fees as the impetus for their decision to move their money out of the large criminal banks.
The Independent Community Bankers of America (ICBA) also report that they are gaining customers who are fed up with the big financial institutions.
In a poll of its 5,000 members conducted on October 17th, it was found that almost 60% of all community banks are getting new customers who are no longer prepared to put up with big banks.
I sincerely hope that a lot of these people aren’t just deciding to move away from the large financial institutions because of the new fees, but instead because of the fact that they are corrupt, criminal organizations that destroy our economy with the help of our government.
The ICBA’s community bank locating tool was hit with more than 5,000 queries in the past weeks, representing a stunning increase of almost 500%. This shows a clear growing interest in community banking which is reassuring, to say the least.
The numbers of individuals choosing to exercise their right to choose a fair bank are already impressive and “Bank Transfer Day” hasn’t even occurred yet as it is scheduled for tomorrow, November 5th, 2011.
The Progressive Change Campaign Committee (PCCC) reports that they have already received pledges from over 52,000 individuals who plan to move their money out of the big banks by Saturday.
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A Facebook event for “Bank Transfer Day” has over 75,000 users who claim they will be attending and thus removing their savings from the large financial institutions.
Another page dedicated to the cause has over 43,000 likes on Facebook, representing a large popular push to cease providing the funds used by banks to operate their criminal enterprise.
Of course there are those like Forbes which claims that if all 80,000 people removed their money from the big banks, the bank executives wouldn’t even sweat.
They claim that only when numbers in the hundreds of thousands begin to make the move from the large corporatist financial institutions into more equitable local community banks will it actually make a difference.
I am not quite as pessimistic, given the fact that it has to start somewhere. We can’t expect hundreds of thousands of people to up and move their money right away; they have to see others doing it and see that it is a real, viable option for making a change in our country and the world.
If we all took the defeatist attitude that says, “Well it won’t make a difference,” we would get absolutely nowhere at all. One might point out that this is likely exactly what Forbes is hoping for.
To make matters worse for the big banks – which, if the people of the United States and the world actually stand up and fight against, would have a great deal of trouble surviving – there have been reports from analysts saying that the fees will actually be increasing in the future.
This move would just act to drive customers further away from the corrupt banks that openly collude with the private Federal Reserve thanks to ludicrously lax conflict of interest rules and regulations.
If the big banks are actually stupid enough to do this I would thank them for it, seeing as it will only serve to bolster our cause and weaken theirs.
Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database End The Lie and has no affiliation with any NGO, political party, economic school, or other organization/cause. If you have questions, comments, or corrections feel free to contact him at admin@EndtheLie.com
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