The group will stage its first national day of action against UK banks on 19 February.
“The idea this time is not to shut these places down but to open up high street banks, occupying them and using them for things that may be more useful for the community,” said Daniel Garvin from the group.
He and other protesters have mobilised thousands of activists using the Twitter hashtag #UKuncut since the group was formed in October.
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DYLAN: Couple of last questions and then I will let you go. One thing that came out in the FCIC report and Bill Greider did a great job of highlighting this — was the explicit introduction of known to be fraudulent mortgages. They have been audited by Clayton Holdings which is one of the bigger auditing firms if not the biggest auditing firms of these documents. They were knowingly and knowingly insofar as they had been reviewed by Clayton Holdings, then installed inside of investments and sold to pension funds, et cetera et cetera, where then the banks would go out and buy insurance on that that obviously paid a lot of money when the government stepped in to bail out AIG who was one of the big insurers.
How is it that after the Great Depression, there were blue sky laws that said it is illegal to sell a worthless piece of paper as if it is stock in the company if its just Alan Grayson and Dylan Ratigan have gone downtown with a piece of paper with their names on it and they are selling it for money even though there is actually no business. We created laws to prevent people from doing that sort of thing. And yet we found here that mortgages that have been deemed by some official authority — an auditor in this case — as nonconforming, will not get paid back, noncompliant with illegal investment standards for you, American pension fund, for you American mortgage buyer, Fannie Freddie etcetera, and then the FCIC comes out, shows that these fraudulent mortgages were being packaged and sold by Goldman, Deutsche, Morgan, the list goes on and yet, we have yet to see a single meaningful fraud investigation. I mean these guys makes Bernie Madoff look like Romper Room.
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It is no secret that President Barack Obama has been in some regards a profound disappointment to the American Left, and his erratic and often disgraceful performance on the Egypt crisis exemplifies his faults in this regard. (Tom Engelhardt puts it best regarding the administration: “It has shown itself to be weak, visibly fearful, at a loss for what to do, and always several steps behind developing events.”) Obama just seems to lack empathy with the little people and is unwilling to buck the rich and powerful, even though they all opposed his run for the presidency. As Iran’s speaker of the house put it, the Obama administration, faced with a choice of supporting the youth revolution or the camels unleashed on it, has chosen the camels.
It makes a person think there should be rule that no one can run for the presidency who didn’t have a proper father figure in his or her life (Bill Clinton, W., Obama), since apparently once they get into office they start thinking the billionaires are their long-lost parent, whom they have to bend over backward to please.
Again, may I recommend to you the book “Washington” by Meg Greenfield? Best description of Beltway thinking ever.
I talked yesterday to my old friend, the one who has the brain tumor. Against the odds, her tumor has shrunk; she sounds more like herself, although she still talks like a stroke victim. But there was some improvement; I was so happy to hear her voice.
We’ve been friends since I was 15.
Of course, he’s too polite to point out who’s spreading the silliness. Robert Reich:
The reason we have continued sky-high unemployment has nothing to do with excessive regulation. There was no sudden outpouring of federal regulation in 2007 before the economy tanked and millions lost their jobs.
If anything, the economy unraveled because of too little regulation. Wall Street went on a binge, remember? The Street could get almost free money from the Fed (which had reduced interest rates to near zero) and do just about whatever it wanted with it. Thirty years of deregulation, culminating with the dismantling of Glass-Steagall and the abject failure of regulators at the Fed and the SEC to use the authority they still had, enabled the Street to make bundles of money and expose the rest of the economy to unprecedented levels of risk.
The Fed had slashed interest rates in the early 2000s, by the way, because the corporate looting scandals at Enron, Worldcom, Sunbeam, and other major corporations had sapped investor confidence. Those scandals themselves wouldn’t have happened had securities regulations been stronger and better enforced.
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So Mubarak IS stepping down. The military is taking over, which is good because it’s seen as the counterweight to the secret police, I guess. So what happens after that?
That said, this is some outstanding and inspiring television.