Archives for category: Banking

Bain of Our Existence

By tpletcher
July 17, 2012 //
2

It could be argued, with a high degree of credibility, that the most serious roadblock to happiness and fulfillment, not to mention health and general well-being for the average American in 2012 is the Republican Party. Or, to be more specific, the practices and principles which are embraced and endorsed by the current incarnation of the Republican Party.

Let’s look down the list. The economy? Still in the tank, thanks to the profligate spending of the Bush administration and the crimes and predations of Wall Street and the banking industry. The environment? Drill, baby, drill—and frack you in the process. Health care? Let’s repeal it. Civil rights? Depends on whose. Women’s rights? Sure, we have lots of special laws just for women.

It is heartening, then, to watch Mitt Romney and the Republicans squirm as the candidate comes under attack for his work at Bain Capital, and for his refusal to release more than two years of tax returns.

Bain of Our Existence
Photo: Evan Vucci/AP, on csmonitor.com

It’s no wonder Romney is defensive about his time at Bain, and about when he ended it. After all, the firm is notorious for outsourcing and layoffs, and for investing in such sterling endeavors as Stericycle, a company that specialized in disposing of aborted fetuses collected from family planning clinics, among other things. And that was an investment that took place in 1999, by the way.

As for the missing tax returns … as so many others have said, the calculation must have been made that it would be more damning to release the returns than to withhold them. Hence Romney’s continued refusal to show anything earlier than his 2010 return. We already know about the offshore accounts Romney has, and we already know he makes tons of money (most of it from his Bain days). What is he hiding? And as a presidential candidate, is he really entitled to hide it?

Let’s keep the pressure on.

Categories 2012 Election, American Dream, Banking, Civil Rights, Economy, Environment, Health Care, Politics, Wall Street, Women's Rights

RoboGall

By tpletcher
June 14, 2012 //
5

You’ve got to give Joel Tyner credit for gall. His campaign has managed to crank out a misleading, pre-primary robocall blast to Democrats throughout NY-19, in which Tyner says:

“Hi, this is Joel Tyner, a populist, progressive Democratic candidate for Congress in the 19th District, currently in my 5th term in the Dutchess County Legislature. I believe in core Democratic values. Unfortunately, my opponent says the jury is still out on fracking; I know it should be banned. I also stand with Maurice Hinchey, unlike my opponent, for Medicare for all and bringing back FDR’s Glass-Steagall Act to break up the big banks. Vote for me June 26th to be a strong voice for you and not an echo.”

This is blatant overreach (much like Tyner’s entire campaign). In the first place, he is misquoting Julian Schreibman on the fracking issue, by taking a radio interview comment out of context. He has been doing this for quite some time now. Julian Schreibman is against fracking. He knows it threatens our water supplies, and he doesn’t believe it offers economic benefits for New Yorkers. At an event in Catskill this past Sunday, Julian spelled it out: “fracking is bad for New York.”

Tyner is also overreaching by calling for universal Medicare when the health care reform we already have, along with Medicare itself, is under serious attack. And that points out a major distinction between these two candidates.

On the majority of issues, both Tyner and Schreibman are in close agreement. But Tyner is standing on his progressive soapbox as a longtime local legislator, while Schreibman has the organization, the resources, the experience and the political expertise to actually win against Chris Gibson this November.

Categories 2012 Election, Banking, Congress, Fracking, Health Care, Julian Schreibman, Politics

Schreibman on Main Street

By tpletcher
June 12, 2012 //
0

Julian Schreibman held another “meet & greet” this past Sunday, at the Brik Gallery on Main Street in Catskill. It was an apt setting—Main Street had rebounded and was doing fairly well prior to the financial crisis; now it is a collection of largely empty storefronts where businesses, restaurants and galleries used to be (including Brik). This made Main Street an ideal setting for the recent, innovative “Wall Street to Main Street” exhibition put on by the Greene County Council on the Arts in collaboration with the artistic wing of Occupy Wall Street. Many of the window displays from that recently concluded exhibition remain, as the photo below demonstrates.

The Writing's on the Wall (or Window)
The Writing’s on the Wall (or Window)
Photo: John P. O’Grady

Mr. Schreibman spoke movingly, as though inspired by the reduced state of the street outside. He railed against America’s growing economic inequality, and vowed to do everything he could to address it. He also:

  • Spoke in favor of the DREAM Act
  • Firmly renounced fracking as bad for New York
  • Emphatically renounced policies of torture and rendition in America’s endless wars (this, in reply to an inquiry about his CIA background, which had nothing to do with field activities)
  • Explained how grateful he was for the help he received in getting a good (Yale) education, and described his belief that every American should be entitled to a chance at the same opportunities he had
  • Denounced our current Republican Congressman for voting against the interests of the 19th District
  • Announced strong support for new policies to stimulate economic growth in our region, including support for family farms and a strategic rural broadband initiative

It was another strong performance by a candidate whose appeal only continues to grow.

Categories 2012 Election, American Dream, Banking, Chris Gibson, Civil Rights, Congress, Economy, Education, Environment, Fracking, Health Care, HIgh-speed Bandwidth, Julian Schreibman, Justice, Politics, Terrorism, The 99%, Wall Street

Change of Plans

By tpletcher
May 1, 2012 //
0

We’d planned to show the award-winning documentary Inside Job later this month as part of the “Wall Street to Main Street” exhibition in Catskill. Unfortunately, those plans have changed.

Do let us know if you would like to see this film. If enough of you vote “Yes,” we’ll try to show it at a later date.

Categories Banking, Economy, Politics, The 99%, The Arts, Wall Street

Rebuild the Dream

By tpletcher
April 17, 2012 //
0

The ideas behind Rebuild the Dream—and specifically, the Contract for the American Dream—were what got this group started. Now those ideas are fleshed out in a highly readable and inspiring book by Van Jones, also titled Rebuild the Dream.

Rebuild the Dream

Jones, author of The Green Collar Economy and an environmental activist and former special advisor to the Obama administration on clean-energy jobs, examines the dynamics behind Barack Obama’s election and the forces that have since emerged to challenge him. He pays particular attention to the Tea Party, and seeks to learn what tactics can be adopted from its 2010 electoral success. He also examines the Occupy movement and suggests what it needs to do to accomplish its goals. Mainly, though, Jones issues a clarion call to join the Rebuild the Dream movement to revive the American economy and restore the country’s greatness.

Jones doesn’t pretend this will be easy, but he does bring great optimism to his focus on achieving change through consensus and bottom-up direction, and through community organizing, “crowd-sourcing,” online petitions, digital projects and conferences. He explains how movements fit into a “Heart Space/Head Space” grid, and how progressives need to appeal to the emotions as well as the intellect (a lesson learned from the Tea Party). Finally, he focuses on the Contract for the American Dream, and how it embodies the values that can make America work again.

If you long for progressive change but sometimes despair of achieving it, read this book. Its common sense and can-do attitude will give you a lift. Then, take action. Join the Rebuild the Dream movement. And if you’re in our neck of the woods, join BlueInGreene as well.

Categories 2012 Election, American Dream, Banking, Congress, Economy, Education, Health Care, Housing, Justice, Occupy Movement, Politics, The 99%, Wall Street

Mortgage Settlement Reached with Five Major Banks

By tpletcher
February 9, 2012 //
0

This morning it was announced that the federal government and forty-nine state attorneys general (Oklahoma’s Scott Pruitt wouldn’t sign on because he doesn’t think banks should see any penalty) reached a $26 billion settlement with JPMorgan Chase, Bank of America, Wells Fargo, Ally Financial and Citigroup. The settlement could provide at least some relief to nearly two million current and former American homeowners. A federal judge must still sign off on the deal.

Under the plan, officials said, roughly $5 billion would be cash payments to states and federal authorities, $17 billion would be spent on homeowner relief, $3 billion would go for refinancing and a final $1 billion would be paid to the Federal Housing Administration. The intent of the settlement is both to stop the housing market’s downward slide and to hold the banks financially accountable for foreclosure abuses. Bank of America, the nation’s biggest mortgage servicer, would pay the most.

This will not be the end of the housing crisis. The settlement is not large enough, and frankly it lets the five participating banks off too lightly. More needs to be done to bring housing back and achieve a truly fair reckoning. Although $26 billion is a lot of money, it’s only a small fraction of the $700 billion in negative equity that exists in the housing market. It’s a start, but only a start.

Categories American Dream, Banking, Economy, Housing, The 99%, Wall Street
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