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Thought it was a nightmare…

Naomi Wolf on the police offensive against the Occupy Wall Street movement.

Matt Taibbi explains, in his inimitable way, how the sneaky bastards at the Fed will continue to put taxpayers on the hook for bad bets made by gambling degenerates in the banking world:

The government’s patronage of the bank was never clearer than in recent weeks, when B of A quietly decided to move trillions of dollars (trillions, not billions) in risky Merrill Lynch derivatives contracts off Merrill’s books and onto the books of the parent/retail arm, Bank of America.

This decision was done at the behest of counterparties to those transactions, who wanted those contracts placed under the aegis of Bank of America, whose deposits are insured by the FDIC. The move was made, according to reports, so that Bank of America could avoid posting $3.3 billion in collateral to satisfy the company’s creditors. In other words, Bank of America just got You the Taxpayer to co-sign as much as $53 trillion worth of dicey derivative contracts.

More here.

Take this bailout and shove it

Robert Reich’s advice to the Greek government regarding austerity measures Europe and the IMF are demanding for bailing out big European banks that loaned Greece all that money.

Everyone knows what would be the first and most important step toward campaign finance reform. The question is whether there are enough honest people in Congress to make reform a reality:

Sen. Bernie Sanders (I-VT) on Wednesday night slammed the U.S. Supreme Court’s controversial Citizens United decision and supported legislation to overturn it.

More here.

Pretty strange

Remind me not to live in Nebraska!

Transaction fee

Gotta love these guys…

NEW YORK (CNNMoney) — As other banks recoil from the customer wrath they faced after attempting to introduce debit card fees, TD Bank is rolling out a brand new fee and hiking others.
Starting in December, TD Bank (TD) savings account customers who exceed six transactions in a billing cycle will pay a $9 fee each time they take money out of their account. Transactions include online transfers from their savings account to other accounts, as well as phone and debit card withdrawals.

Citing a federal rule known as Regulation D, which limits the number of transactions customers can make from their savings accounts to six, other banks including Bank of America (BAC, Fortune 500) and Wells Fargo (WFC, Fortune 500) already have similar fees in place.

Port of Oakland

Running at half capacity today during wildcat strike.

Incidentally, I did some reading about general strikes and was surprised to find out about the Philadelphia general strike in 1920. Now these were people who knew how to fight back!

How cool that Groucho and his brothers, in these few minutes of screwball perfection, can be seen now and, presumably, as long as people can still laugh. More here.

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