As of 8:30am this morning, there were about 100 people “occupying” the public park area outside One Liberty Plaza (Edit: It’s not public, but the owners gave permission, see comment below). The massive NYPD presence is ringing the area without much to do. It’s close to several food vendor trucks and is generally a nice spot to enjoy one’s lunch al fresco, though it’s rather cool and drizzly today, so I doubt they are displacing anyone. It kind of looks like the saddest Phil & Friends show ever.
Foot traffic by the NYSE is being heavily regulated by metal guide barriers, and people seem generally pissed that the trains which normally stop there are not running south of Fulton. Multiple entrances to most buildings have been closed off, and one must show a building ID to get inside. Interestingly, I did *not* see the standard SWAT cops with assault weapons scattered around. The visible NYPD presence is wearing regular cop uniforms.
All in all, there aren’t enough protesters to cause much more than a nuisance, but the city’s protective measures are certainly a pain in the ass to the people who work here. And FYI - we’re not all grossly overcompensated executives or traders.
Disclaimer: I fully support people’s right to peaceably assemble and protest whatever they want. I personally think that the “protest now, figure out our cause later… via Facebook” idea reeks of contrived populism with a dash of ironic “the master’s tools will never dismantle the master’s house,” but I probably would have found the idea romantic in my high school days, too.
One reason I came to work in this industry - with my degrees in Political Science and Economics, and a specialization in International Relations with respect to developing economies - is because of a desire to understand the overwhelming complexity of the global financial/political ecosystem, and to act to make that system a more compassionate one when possible. In my years on The Street I’ve taken a variety of steps to make my small universe of influence accountable to a resonable ethical standard, and beyond that I’ve selfishly absorbed as much information as possible about why the status quo is what it is.
I’m of the opinion that committing one’s life to understanding this shit is hard; sleeping on the street for a while is not only easy, but creates the appearance of an adversarial “outsider” citizenry that is not a critical (and often willing) participant in the system itself. I have no further intention of explaining or defending my admittedly jaded view of the Occupy Wall Street folks.
So I went for post-work meeting drinks at Trinity Place last night and left about 8:40. Tried briefly to get to the J/Z at Wall Street, but ran into an immovable group of people at the corner shown in the video. Everybody was tense because the cops put up metal barricades and stopped people from freely crossing Broadway. The officers were gruff in telling me where to go until they looked at me and, completely based on my work clothes, suggested I go around the back of the crowd. Rather than walk out of my way, I decided to cut through Zuccotti Park up to Fulton, instead. Less than 5 minutes later, this.
It’s difficult to not vent rage on both sides lately. I pretty much live [physically and ideologically] in the middle of this mess. Grr.
Having previously participated in protests which marched over the Brooklyn Bridge, I was not surprised to hear about the arrests of Occupy Wall Street protesters in the roadway of the bridge. You’re not allowed to block traffic with any protest, especially a bottleneck. Is it “restrictive of your right to protest?” Perhaps somewhat, but I don’t think a side effect of demonstrating dissent should be to totally screw your fellow citizens’ commute. They have just as much “right” to the public roads as you do, so let’s all share, no?
The video is pretty clear. A group of protesters come to a halt at the entrance to the Brooklyn Bridge roadway. There a cop tells them that if they continue walking, they will be arrested. The group continues walking. Within the next couple of hours hundreds of people are arrested.
We can debate the fairness of this police action. It seems if the police wanted to prevent the protesters from walking on the road they could’ve put up a barrier. People in the back of the procession couldn’t have heard the police officer’s warning; some may have willingly retreated. At the same time, the lead protesters knew they were guiding their comrades into illegal territory.
(via ThinkProgress)
Hey, my necessarily complex sign ideas are catching on!*
Of course, this one is a little bit like protesting the barn door being open long after the horse was turned into glue, but we can still be angry about it.
And (this started as a post in favor of the image, but I realize it’s deteriorating quickly) in most cases the buyers were aware that they were buying the loans more likely to default, because that’s why the bundle came with a higher rate of return. (Though because of the utter lies of the credit rating agencies, they didn’t know how MUCH more likely…)
The problem was the mass delusion that house prices would continue to increase, so that even if the homeowner couldn’t pay, the bank which foreclosed on the house would still hold an asset worth more than it was initially. It’s not dissimilar to the 1980s Michael Milken junk bond scandals (in that people were willing to buy things they knew were shit, because the potential return was that lucrative), though here the mark-to-market pricing and very opaque credit rating process caused a large gap between the real and perceived risk of the CMO. Also, the whole economic ripple effect when one domino started to fall didn’t help.
Still, two thumbs up for this woman!
*I am aware I had nothing to do with this
Don’t mention that participles are not to end sentences with…
Don’t mention that participles are not to end sentences with…
Don’t mention that participles are not to end sentences with…
Based on Postage by Greg Cooper. Everything heavily modified by me.
*Unlikely to find your lost post using this but you can try...
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