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Thread: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by nonpareil View Post
    If the cops feel threatened then they can use force.
    Wrong. The use of force by police is restricted by law. It is a crime for the police to use force simply because of how they feel.

    From the video, the cop's position was claustrophobic,
    Then you're watching the wrong video



    That is my opinion. And if you bother to read carefully instead of letting your emotions take over, maybe you would have read that: I do not think this is a case of inciting riot. The arguement is there to show that your claim that people can say whatever they want to the police is false. There are limits to all sort of freedom, including free speech.
    Too bad your opinion is contradicted by the facts
    Last edited by sangha; 10-22-11 at 04:55 PM.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by washunut View Post
    The Volker rule will go in this direction. We also need to make sure that companies like Morgan Stanley and Goldman Sachs which are investment houses not banks can't change their designation just to get under the Fed umbrella when they get in trouble.
    Not without some pressure applied it appears. It is hopeful though that we now have nation-wide OWS pressure appliers.
    Last edited by Catawba; 10-23-11 at 01:12 AM.
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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by Catawba View Post
    Not without some pressure applied it appears. It is hopeful though that we now have nation-wide OWS pressure appliers.
    The regulations for the Volker rule have already been written and are out for comment. OWS will be meaningless in this regard.

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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by washunut View Post
    The regulations for the Volker rule have already been written and are out for comment. OWS will be meaningless in this regard.
    Personally, I am glad the protesters are pushing for a more complete separation of commercial banking and investment banking through H.R. 1489:


    "4/12/2011--Introduced.
    Return to Prudent Banking Act of 2011 - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from being an affiliate of any broker or dealer, investment adviser, investment company, or any other person or entity engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debentures, notes, or other securities. Prohibits officers, directors and employees of securities firms from simultaneous service on the boards of depository institutions, except in specified circumstances. Requires any such individual serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution to terminate such service as soon as practicable after enactment of this Act. Requires an insured depository institution to wind-down in an orderly manner and terminate any affiliation prohibited by this Act. Amends the Banking Act of 1933 (Glass-Steagall Act) to expand its prohibition against the transaction of banking activities by securities firms. Declares that Congress ratifies the interpretation by the Supreme Court of specified statutory language in the case of Investment Company Institute v. Camp ( ICI vs. Camp) regarding permissible activities of banks and securities firms. Declares that the reasoning of the Court in that case shall continue to apply to the limitations placed upon security affiliations under the FDIA as enacted by this Act. Prohibits a federal banking agency or federal court from issuing an interpretation regarding such security affiliations that is narrower than that of Court in ICI vs. Camp. Makes technical and conforming changes to the Gramm-Leach-Bliley Act, the Revised Statutes of the United States, and specified federal law. Requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate federal banking agency to report to Congress a detailed description of the basis for its decision each time it makes a determination or grants an extension concerning an affiliation between insured depository institutions and investment banks or securities firms."

    H.R. 1489 - Summary: Return to Prudent Banking Act of 2011 (GovTrack.us)
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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by Catawba View Post
    Personally, I am glad the protesters are pushing for a more complete separation of commercial banking and investment banking through H.R. 1489:


    "4/12/2011--Introduced.
    Return to Prudent Banking Act of 2011 - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from being an affiliate of any broker or dealer, investment adviser, investment company, or any other person or entity engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debentures, notes, or other securities. Prohibits officers, directors and employees of securities firms from simultaneous service on the boards of depository institutions, except in specified circumstances. Requires any such individual serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution to terminate such service as soon as practicable after enactment of this Act. Requires an insured depository institution to wind-down in an orderly manner and terminate any affiliation prohibited by this Act. Amends the Banking Act of 1933 (Glass-Steagall Act) to expand its prohibition against the transaction of banking activities by securities firms. Declares that Congress ratifies the interpretation by the Supreme Court of specified statutory language in the case of Investment Company Institute v. Camp ( ICI vs. Camp) regarding permissible activities of banks and securities firms. Declares that the reasoning of the Court in that case shall continue to apply to the limitations placed upon security affiliations under the FDIA as enacted by this Act. Prohibits a federal banking agency or federal court from issuing an interpretation regarding such security affiliations that is narrower than that of Court in ICI vs. Camp. Makes technical and conforming changes to the Gramm-Leach-Bliley Act, the Revised Statutes of the United States, and specified federal law. Requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate federal banking agency to report to Congress a detailed description of the basis for its decision each time it makes a determination or grants an extension concerning an affiliation between insured depository institutions and investment banks or securities firms."

    H.R. 1489 - Summary: Return to Prudent Banking Act of 2011 (GovTrack.us)
    I am not sure it is good to destroy companies that we allowed to be created just 15 years ago. When companies talk about uncertainties this is the type of thing that makes companies shy away from investing in America.

    Also we may want to remember that although the Financial industry is now hated, it has been a source of increased jobs over the last couple of decades in the U.S. If we do away with these jobs, where is the next opportunity, it will not be housing as that is over developed.

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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by washunut View Post
    I am not sure it is good to destroy companies that we allowed to be created just 15 years ago. When companies talk about uncertainties this is the type of thing that makes companies shy away from investing in America.
    Are you talking about the banking companies that the repeal of the Glass-Steagall Act enabled to combine for the first time since the Great Depression? The "companies" like ENRON, and the "companies" that are now considered too big to fail?

    Also we may want to remember that although the Financial industry is now hated, it has been a source of increased jobs over the last couple of decades in the U.S. If we do away with these jobs, where is the next opportunity, it will not be housing as that is over developed.
    We had less unemployment when the GSA was in effect and a higher standard of living for the middle class. Afraid I don't see the downside to once again separating commercial banking from investment banking that twice in our history now has wiped out the life savings of a large portion of Americans.
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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by Catawba View Post
    Are you talking about the banking companies that the repeal of the Glass-Steagall Act enabled to combine for the first time since the Great Depression? The "companies" like ENRON, and the "companies" that are now considered too big to fail?



    We had less unemployment when the GSA was in effect and a higher standard of living for the middle class. Afraid I don't see the downside to once again separating commercial banking from investment banking that twice in our history now has wiped out the life savings of a large portion of Americans.
    Did you know that Enron was not a financial company so this would do nothing to prevent what happened there.

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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by washunut View Post
    Did you know that Enron was not a financial company so this would do nothing to prevent what happened there.
    Results of the repeal of the Glass-Steagall Act ~

    "Were there any ill effects on the economy after repeal of Glass-Steagall? There were. Some of the more notable were:

    Some bankers reduced their exposure to Enron at the same time that their analysts were promoting Enron. Can J.P. Morgan, Citigroup, Bank of America, Deutsche Bank and Switzerland's UBS be accused of making loans to Enron at a loss in order to gain investment banking business? They can. Were these conflicts of interest that could have been prevented by Glass-Steagall? Possibly.

    In 2003, there were findings of actual and alleged fraud against Citigroup's Salomon Smith Barney, Credit Suisse First Boston, Merrill Lynch, Goldman Sachs and Morgan Stanley – and others. The charge was that these banks promised companies flattering stock research reports in return for getting investment banking business. This couldn’t have happened under Glass-Steagall. (Rather than draw out a long court case, the institutions decided to settle for $1.5 billion.)

    The repeal of Glass-Steagall encouraged securitization. Securitization is a process whereby banks put together speculative loans and sell them as securities. If just a few loans go bad, that’s part of the risk. Of course, when a high percentage of loans go bad, it put the entire system under stress.

    An interesting and negative side effect is that securitization can inflate the money supply. By allowing banks to lend out more money than the normal limits set by the Federal Reserve. This, in effect, creates more money. Securitization allowed banks to create as much as 40 times more money than they had reserves for. The money then began looking for somewhere to go and found the housing market and helped create the housing bubble.

    Repeal also allowed commercial banks, investment banks, brokerages and insurance companies to compete across the board. But, rather than a bank starting, say, an insurance company from scratch and spending long years building up a base, wouldn’t it be easier to acquire someone else’s operation? And doesn’t that contribute to institutions that are “too big to fail”?"

    The Glass-Steagall Act comes up for discussion again. - Hartford Independent | Examiner.com
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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Oh look - we can add heroin dealers to the list of attendees. Along with vandals.

    Drug, vandalism arrests at Occupy Boston - BostonHerald.com

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    Re: Occupy Wall Street Enters Its Fourth Day, Tensions Rise

    Quote Originally Posted by cAPSLOCK View Post
    Oh look - we can add heroin dealers to the list of attendees. Along with vandals.

    Drug, vandalism arrests at Occupy Boston - BostonHerald.com
    One has to wonder if other Occupy protesters were the ones who called the police about the drug suspicions at the encampment.

    If so, Kudos to them.
    "I condemn the ideology of White Supremacy and Nazism. They are thugs, criminals, and repugnant, and are against what I believe to be "The American Way" "
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