Saturday, October 15, 2011

Wall Street protests go global; riots in Rome | Reuters | Around the World, Protests Against Economic Policies - NYTimes.com

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Occupy Wall Street Protesters Remain in Zuccotti Park as Cleanup Is Canceled

via NYT > Home Page by By MICHAEL BARBARO and KATE TAYLOR on 10/15/11

The abrupt reversal of plans to empty Zuccotti Park averted a clash at the southern tip of Manhattan.

Around the World, Protests Against Economic Policies

via NYT > Home Page by By RACHEL DONADIO and ELIZABETH A. HARRIS on 10/15/11

A day of protests against the financial system filled streets in dozens of cities. In New York, protesters marched to Times Square.

Protesters Against Wall Street

via NYT > Editorials by on 10/7/11

The protesters’ message is about an economy that is not working for most Americans. The problem is that no one in Washington has been listening.

Wall Street sit-in protest goes global

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Wall Street sit-in protest goes global
Wall Street sit-in protest goes global
MILAN (Reuters) - Protesters worldwide geared up for a cry of rage on Saturday against bankers, financiers and politicians they accuse of ruining global economies and condemning millions to poverty and hardship through greed.

Wall Street protests go global; riots in Rome | Reuters

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Wall Street protests go global; riots in Rome

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Cars burn during a demonstration of the 'Indignant' group against banking and finance in Rome October 15, 2011. REUTERS-Alessandro Bianchi

Cars burn during a demonstration of the 'Indignant' group against banking and finance in Rome October 15, 2011. REUTERS-Alessandro Bianchi

Protesters of the 'Occupy Sydney' movement lie in their tents in front of the Reserve Bank of Australia in central Sydney October 15, 2011. REUTERS-Lukas Coch

1 of 19. Cars burn during a demonstration of the 'Indignant' group against banking and finance in Rome October 15, 2011.

Credit: Reuters/Alessandro Bianchi

Occupy Wall Street spreads to Asia (01:47)

By Philip Pullella

ROME | Sat Oct 15, 2011 12:55pm EDT

ROME (Reuters) - Demonstrators rallied Saturday across the world to accuse bankers and politicians of wrecking economies, but only in Rome did the global "day of rage" erupt into violence.

Galvanized by the Occupy Wall Street movement, the protests began in New Zealand, rippled east to Europe and were expected to return to their starting point in New York. Demonstrations touched most European capitals and other cities.

They coincided with the Group of 20 meeting in Paris, where finance ministers and central bankers from the major economies were holding crisis talks.

While most rallies were small and barely held up traffic, the Rome event drew tens of thousands of people and snaked through the city center for miles.

Some protesters in masks and helmets set fire to cars, smashed the windows of stores and banks and trashed offices of the defense ministry. Police fired water cannon at demonstrators who were hurling rocks, bottles and fireworks.

Smoke bombs set off by the protesters cast a pall over a sea of red flags and banners bearing slogans attacking economic policies the protesters say are hurting the poor most. The violence sent many demonstrators running into hotels for safety.

PEACEFUL RALLIES

In contrast, small and peaceful rallies got the ball rolling across the Asia-Pacific region Saturday. In Auckland, New Zealand's biggest city, 3,000 people chanted and banged drums, denouncing corporate greed.

About 200 gathered in the capital Wellington and 50 in a park in the earthquake-hit southern city of Christchurch.

In Sydney, about 2,000 people, including representatives of Aboriginal groups, communists and trade unionists, protested outside the central Reserve Bank of Australia.

Hundreds marched in Tokyo, including anti-nuclear protesters. In Manila a few dozen marched on the U.S. embassy waving banners reading: "Down with U.S. imperialism" and "Philippines not for sale."

More than 100 people gathered at the Taipei stock exchange, chanting "we are Taiwan's 99 percent," and saying economic growth had only benefited companies while middle-class salaries barely covered soaring housing, education and health care costs.

They found support from a top businessman, Taiwan Semiconductor Manufacturing Corp (TSMC) Chairman Morris Chang.

"I've been against the gap between rich and poor," Chang said in the northern city of Hsinchu. "The wealth of the top one percent has increased very fast in the past 20 or 30 years. 'Occupy Wall Street' is a reaction to that."

In Paris protests coincided with the G20 finance chiefs' meeting there. In the working class neighborhood of Belleville, drummers, trumpeters and a tuba revved up a crowd of a few hundred that began to march to the city hall.

"This is potentially the start of a strong movement," said Olivier Milleron, a doctor whose group of trumpeters played the classic American folk song "This land is your land."

Waitress Tiodhilde Fernagu, 26, took a day off work to attend. "For the first time in France there is a uniquely citizens' movement" outside party politics, she said.

"THE INDIGNANT ONES"

The Rome protesters, who called themselves "the indignant ones," included unemployed, students and pensioners.

"I am here to show support for those don't have enough money to make it to the next paycheque while the ECB (European Central Bank) keeps feeding the banks and killing workers and families," said Danila Cucunia, a 43-year-old teacher from northern Italy.

"At the global level, we can't carry on any more with public debt that wasn't created by us but by thieving governments, corrupt banks and speculators who don't give a damn about us," said Nicla Crippa, 49.

"They caused this international crisis and are still profiting from it. They should pay for it."

In imitation of the occupation of Zuccotti Park near Wall Street in Manhattan, protesters have been camped out across the street from the headquarters of the Bank of Italy for days.

The worldwide protests were a response in part to calls by the New York demonstrators for more people to join them. Their example has prompted calls for similar occupations in dozens of cities from Saturday.

In Madrid, seven marches were planned to merge in Cibeles square at 1600 GMT and then head to the central Puerta de Sol.

In Germany, where sympathy for southern Europe's debt troubles is not widespread, thousands gathered in Berlin, Hamburg, Leipzig and outside the ECB in Frankfurt, called by the Real Democracy Now movement.

Demonstrators gathered peacefully in Paradeplatz, the main square in the Swiss financial center of Zurich.

In London, several hundred people assembled outside London's St Paul's Cathedral for a protest dubbed "Occupy the London Stock Exchange." Several hundred people protested in Vienna, Sweden and Helsinki.

Greek protesters called an anti-austerity rally for Saturday in Athens' Syntagma Square.

"What is happening (debt-driven financial meltdown) in Greece now is the nightmare awaiting other countries in the future. Solidarity is the people's weapon," the Real Democracy group said.

(Additional reporting by Catherine Hornby in Rome, Naomi O'Leary and Michael Holden, in London, Natalia Drozdiak in Berlin and Alexandria Sage in Paris; Writing by Andrew Roche; Editing by Mark Heinrich)

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Wall Street protests go global

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Wall Street protests go global
Wall Street protests go global
ROME (Reuters) - Demonstrators worldwide shouted their rage on Saturday against bankers and politicians they accuse of ruining economies and condemning millions to hardship through greed and bad government.

Wall Street protests go global; riots in Rome

via News's Facebook Wall by News on 10/15/11

Wall Street protests go global; riots in Rome
Wall Street protests go global; riots in Rome
ROME (Reuters) - Demonstrators rallied Saturday across the world to accuse bankers and politicians of wrecking economies, but only in Rome did the global "day of rage" erupt into violence.

Around the World, Protests Against Economic Policies - NYTimes.com

via www.nytimes.com on 10/15/11

Protesters Take to Streets; Clashes in Rome

Max Rossi/Reuters

Demonstrators attempt to break through the entrance of a bank branch during a demonstration in Rome on Saturday.

By RACHEL DONADIO and ELIZABETH A. HARRIS
Published: October 15, 2011

Around the World, Protests Against Economic Policies - NYTimes.com

via www.nytimes.com on 10/15/11

Protesters Take to Streets; Clashes in Rome

Max Rossi/Reuters

Demonstrators attempt to break through the entrance of a bank branch during a demonstration in Rome on Saturday.

By RACHEL DONADIO and ELIZABETH A. HARRIS
Published: October 15, 2011

ROME — In dozens of cities around the world on Saturday, people took to the streets, clutching placards and chanting slogans as part of a planned day of protests against the financial system.

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In Rome, a protest thick with tension spread over several miles. Protesters set fire to at least one building and clashed violently with the police, who responded with water cannons and tear gas.

In other European cities, including Berlin and London, the demonstrations were largely peaceful, with thousands of people marching past ancient monuments and many gathering in front of capitalist symbols like the European Central Bank in Frankfurt. Elsewhere, the turnout was more modest, but rallies of a few hundred people were held in several cities, including Sydney, Australia, Tokyo and Hong Kong. Protests were also held in New York and several other cities in the United States and Canada.

But just as the rallies in New York have represented a variety of messages — signs have been held in opposition to President Obama yards away from signs in support — so Saturday’s protests contained a grab bag of messages, opposing nuclear power, political corruption and the privatization of water.

Despite the difference in language, landscape and scale, the protests were united in frustration with the widening gap between the rich and the poor.

“I have no problem with capitalism. I have no problem with a market economy. But I find the way the financial system is functioning deeply unethical,” Herbert Haberl, 51, said in Berlin. “We shouldn’t bail out the banks. We should bail out the people.”

Another protester in Berlin, Katja Simke, 31, said that it was clear “that something has to be done.”

“This isn’t a single movement but a network of different groups,” said Ms. Simke, who was opposed to income inequality but also cared about climate change and atomic energy. “I’m really positively surprised by how well this came together.”

Saturday’s protests sprang from demonstrations in Spain in May and the “Occupy Wall Street” movement that began last month in New York. This weekend, the global show of force came as finance ministers and central bankers from the Group of 20 industrialized nations meet in Paris to discuss global economic issues, including ways to tackle Europe’s sovereign debt crisis

In London, where crowds assembled in front of St. Paul’s Cathedral, the ubiquitous emblems of the movement were in evidence. “Bankers Are the Real Looters” and “We Are the 99 Percent,” read several placards and flags. One demonstrator, dressed as Jesus Christ, held a sign that said “I Threw the Money Lenders Out for a Reason,” a reference to an episode from the Bible.

Brief clashes were reported in London, where police were out in force with dozens of riot vans, canine units and hundreds of officers. But the gathering was largely peaceful, with a picnic atmosphere and people streaming in and out of a nearby Starbucks.

The WikiLeaks founder Julian Assange made an appearance at the cathedral and was met by hundreds of cheering fans, and was virtually borne aloft to the church steps, where he called the movement “the culmination of a dream.”

In Rome, Saturday’s protests were as much about the growing dissatisfaction with the government of Prime Minister Silvio Berlusconi — who narrowly survived a vote of confidence on Friday — as they were was about global financial inequities.

“We’re upset because we don’t have prospects for the future,” Alessia Tridici, 18, said in Rome. “We’ll never see a pension. We’ll have to work until we die.”

In contrast, protests in Berlin remained peaceful and upbeat, with music and even a little dancing on a warm, sunny day.

“I like the carnival atmosphere,” said Juhani Seppovaara, 64, a photographer and writer originally from Finland now living in Berlin. “But for me there’s a little too much populism, very complicated matters reduced to one or two sentences.”

In Sydney, several hundred protesters carried signs with slogans including “We Are the 99%” and “Capitalism Is Killing our Economy.” The atmosphere was lively, with a brass band providing music in packed Art Deco-style public thoroughfares outside the headquarters of the Reserve Bank of Australia in the city’s financial district.

In central Tokyo, where periodic rallies against nuclear power have been held since the March accident at the Fukushima Daiichi Nuclear Power Plant, about 300 protesters marched with signs through busy streets and heavy traffic, chanting “We’re With Occupy Wall Street!” “Down With the Rich!” and “No More Nukes!”

Two young men held a banner that expressed a somewhat apologetic solidarity: “Radioactivity Has No Borders. To the World From Japan: Sorry!” Another held a sign that read simply, “Let’s Complain More.”

“Even timid Japanese are finally starting to push for change,” said Miku Ohkura, 24, a college student in Tokyo, who said she had already been to about a half dozen protests for various causes in the last few months. She said that apart from being opposed to nuclear power, younger people were angry at being made to bear the brunt of Japan’s economic woes, with many unemployed or too poor to start families. “We all have different messages, but we’re all alike in that we want society to become more equal,” she said.

In Hong Kong, about 200 people rallied at Exchange Square, an open area near the International Finance Center, in the heart of the city’s banking and commerce district. Various groups staged sit-ins, protesting issues including growing income disparity and a political system that some demonstrators said was undemocratic.

Thousands of people protested in Hong Kong in March, criticizing the government then for not doing enough to help the poor. A far larger crowd marched through downtown Hong Kong on July 1, the anniversary of the territory’s return to China, over the widening income gap.

A 2009 report by the United Nations Development Report found Hong Kong had the greatest income disparity of the 38 developed economies it studied.

“It’s just embarrassing,” said Nury Vittachi, a Hong Kong resident who attended Saturday’s rally. The Hong Kong government likes to stress stability and prosperity, Mr. Vittachi said, but a widening wealth gap threatens those ideals.

“We’ve had decades of increasing inequality, culminating in the financial crisis,” said Jack Copley, 20, a student at the University of Birmingham who was protesting in London. “The best we can hope for,” he said, gesturing to the gathered crowd, “is that we can change the political climate to make it harder for politicians to rule in the interests of the few.”

Rachel Donadio reported from Rome, and Elizabeth A. Harris from New York. Reporting was contributed by Kevin Drew from Hong Kong, Nicholas Kulish from Berlin, Matt Siegel from Sydney, Australia, Ravi Somaiya from London, and Hiroko Tabuchi from Tokyo.

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Occupy Wall Street live: march on Times Square via World news and comment from the Guardian | guardian.co.uk by Matt Wells on 10/15/11

"PERISCOPE - ПЕРИСКОП" via Mike Nova

Occupy London - in pictures

via World news and comment from the Guardian | guardian.co.uk by on 10/15/11

Protesters gathered near the London Stock Exchange as part of the Occupy movement to demonstrate against the banks' involvement in the financial crisis

Occupy the London Stock Exchange protest - video

via World news and comment from the Guardian | guardian.co.uk by John Domokos, Mustafa Khalili on 10/15/11

Protesters inspired by the Occupy Wall Street movement descend on the London Stock Exchange as part of a worldwide protest against corporate greed

John Domokos

Mustafa Khalili


Occupy Wall Street live: march on Times Square

via World news and comment from the Guardian | guardian.co.uk by Matt Wells on 10/15/11

• More than 950 protests held in over 80 countries
• 60,000 people gather in Madrid's central square
• Police bar occupation of London Stock Exchange
Add your photos to the Guardian Flickr page
Read our coverage from earlier today
• All times ET

7.04pm: Police have closed Seventh Avenue southbound between West 57th and West 46th "due to law enforcement activity".

7.01pm: The corner of 46th Street and Seventh Avenue – in the heart of Time Square – is turning out to be a particular point of tension.

At 46th and Seventh, at least two people have been arrested and in the last 10 minutes some 50 extra police have moved in to reinforce barriers keeping people off the street.

Clashes began after police introduced 12 officers on horseback. They didn't seem to serve any real purpose – soon the crowd was riled and they were being deployed to drive protesters back on the east side of Times Square. There seemed to be confusion within the police about the horses' presence, with officers almost getting caught by hooves as the animals moved around.

Two people were arrested and taken away. Since then a secure van designed to house those arrested has arrived – perhaps suggesting police anticipate more arrests. There's a lot of chanting from the crowd here, along with the occasional, and usually singular, hurling of abuse at police.

6.51pm: Paul Harris estimates the number of people in Times Square to be in excess of 10,000. WNBC is saying 10,000 to 20,000

6.48pm: Police have penned protesters in to various sections around Times Square, all of which are bursting at the seams. Josh Harkinson of Mother Jones says on Twitter: "The way that NYPD is handling this is really stupid." He adds: "NYPD should give protesters the street. There's not enough space, and the crowd is agitated because they want to unite into a single group."

6.19pm: Back to Times Square, which is overflowing into the streets around with thousands of protesters. Paul Harris says it's "total chaos", while Adam Gabbatt reports that riot police have lined up outside the Disney store between 45th and 46th, and that police have blocked 46th street at Seventh Avenue. Some 12 officers on horseback have just arrived: "Not sure why, doesn't seem much need for them. They're just getting in other officers' way," says Adam.

6.07pm: What is it with the NYPD and women? They seem to have an instinctive ability to make a hash of the most straightforward of public order situations, particularly involving the world's least threatening ladies.

I mentioned earlier that an occupation of a Citibank branch resulted in a number of arrests (24 at the latest count). One of those picked up, it seems, was a Citibank customer in a smart business suit whose only crime was to attempt to close her account.

In this video (hat tip to Wonkette), about 1'30 in, you can see her emerging from the branch waving her Citibank check book. "I'm a customer, I'm a customer," she says, with some degree of authenticity. What do the NYPD goons do? "Of course madam, do step this way, I'll help you to safety?" No. "YOU WERE INSIDE!" they shout – and despite her showing no apparent attempts to resist, they manhandle her into a side entrance with the respect normally afforded to bank robber, not a customer.

5.57pm: A large number of protesters have reached Times Square, where they are being kept of the streets behind barriers. Adam Gabbatt reports that a huge cheer goes up when the protest is namechecked on the news tickers that flash above the street.

Paul Harris, meanwhile, says there was something of a standoff at 43rd Street, where police were trying to prevent the marchers from going any further. He has now made it up to Times Square, which he says is packed, despite the vast bulk of the march not having reached it yet. Could be a tight squeeze...

5.12pm: Protesters are now arriving at Times Square in New York. This live camera position high above the street gives a great view of the protesters streaming into the plaza. Most of the protesters have been coming up Broadway, which is on the left of the shot.

5.08pm: In between gossiping about the celebrity and media life of New York, the scurrilous website Gawker does some notworthy journalism. It has just posted a great story under the headline"Meet the Guy Who Snitched on Occupy Wall Street to the FBI and NYPD", detailing the role of "security consultant" Thomas Ryan, who it says has infiltrated the Occupy Wall Street organisers.

Since the Occupy Wall Street protest began on September 17, New York security consultant Thomas Ryan has been waging a campaign to infiltrate and discredit the movement. Ryan says he's done contract work for the U.S. Army and he brags on his blog that he leads "a team called Black Cell, a team of the most-highly trained and capable physical, threat and cyber security professionals in the world." But over the past few weeks, he and his computer security buddies have been spending time covertly attending Occupy Wall Street meetings, monitoring organizers' social media accounts, and hanging out with protesters in Lower Manhattan.

As part of their intelligence-gathering operation, the group gained access to a listserv used by Occupy Wall Street organizers called September17discuss. On September17discuss, organizers hash out tactics and plan events, conduct post-mortems of media appearances, and trade the latest protest gossip. On Friday, Ryan leaked thousands of September17discuss emails to conservative blogger Andrew Breitbart, who is now using them to try to smear Occupy Wall Street as an anarchist conspiracy to disrupt global markets.

What may much more alarming to Occupy Wall Street organizers is that while Ryan was monitoring September17discuss, he was forwarding interesting email threads to contacts at the NYPD and FBI, including special agent Jordan T. Loyd, a member of the FBI's New York-based cyber security team.

You can read more here. Interestingly, Gawker says it was Ryan who revealed himself as a snitch. Ryan leaked an archive of emails on Friday in the hope of undermining the Occupy Wall Street movement, but, it appears he accidentally included some of his own forwarded emails in the dump.

4.50pm: It is illegal for more than two people to wear masks on a demonstration in New York. Paul Harris says that at least five male protesters were just handcuffed and arrested at 27th Street and Sixth Avenue after putting on Guy Fawkes masks. They were put in a van and driven off. Another man was then stopped and friskedm but let go.

4.30pm: In New York, Paul Harris has been accompanying the marchers heading for the planned occupation of Times Square, who left Zuccotti Park around 11am today. They made a brief stopoff for speeches and a regroup Washington Square park, where they left at about 3.15pm to continue their journey uptown. He writes:

One interesting impact of today's march from Wall Street to Times Square is that it brings the protest to the rest of the city's streets. The reaction of passers-by and shoppers to seeing the march they gave read about suddenly appear is often priceless. By time they arrive in Times Square the march will have lasted six hours and covered scores of city blocks.

4.14pm: Mark Townsend in London writes: There's a party atmosphere developing, with Samba drummers in full flow, protesters dancing on lower steps of St Paul's cathedral. It finally feels that the earlier tension is lifting. However, organisers have just told me that they have received numerous calls from protesters complaining about hyper-ventilating and who were shocked by the earlier scuffles on cathedral steps. "Their only crime was assembling in a peaceful manner," said a spokesman for the London movement.

4.07pm: There have been a number of arrests in New York. The New York Daily News says its photographer saw 20 people arrested at the Citibank at 555 LaGuardia. There were also reports of a standoff and arrests at Chase Bank at Astor Place, but the Daily News quotes its photographer on the scene saying that about 40 protesters talked about getting arrested and had a brief sit-in before getting up at the last second and avoiding arrest.

4.00pm: It's probably been the biggest day of action so far for the occupy and indignado movements around the world. Here's a roundup of some of what's been happening.

Spain

In Spain, hundreds of thousands of indignados thronged the streets in cities across the country. The biggest demonstration has been at the Puerta del Sol in Madrid, which is overflowing with tens of thousands of people. There were 60,000 people in Barcelona, and 20,000 in Seville.

The protests have been entirely peaceful, with children walking alongside parents and Spain's indignados feeling a sense of pride that their May camp-outs in the Puerta del Sol and dozens of other city squares have helped inspire demonstrators around the globe. Giles Tremlett in Madrid

Italy

In Rome, hundreds of hooded, masked demonstrators rampaged in some of the worst violence seen in the Italian capital for years, setting cars ablaze, breaking bank and shop windows and destroying traffic lights and signposts.

Police fired volleys of tear gas and used water cannon to try to disperse militant protesters who were hurling rocks, bottles and fireworks, but clashes went on into the evening. Smoke bombs set off by protesters cast a pall over a sea of red flags and banners bearing slogans denouncing economic policies the protesters say are hurting the poor most.

The violence sent many peaceful demonstrators and local residents near the Colosseum and St John's Basilica running into hotels and churches for safety. Reuters in Rome

Germany

In Germany, about 4,000 people marched through the streets of Berlin, with banners calling for an end to capitalism. Some scuffled with police as they tried to get near parliamentary buildings, and the independent media site Demotix posted pictures of protesters being pepper-sprayed by police. In Frankfurt, continental Europe's financial capital, some 5,000 people protested in front of the European Central Bank. Lisa O'Carroll in London

Britain

Organisers claimed at least 4,000 joined a demonstration that ended up at St Paul's Cathedral, within London's "Square Mile" financial district. Police made seven arrests and kept the crowd contained in the area. The Wikileaks founder Julian Assange made an appearance, bursting through the police lines just after 2.30pm, accompanied by scores of supporters. To clapping and some booing, he climbed the cathedral steps to condemn "greed" and "corruption". By mid-afternoon seven tents had been erected in bright sunshine outside St Paul's.

Assange aside, perhaps the strangest event of the day came when a bride arrived at the side-chapel in St Paul's. Across the road, scores of police were changing into riot gear as she entered the cathedral. Mark Townsend in London

Asia, Australia and New Zealand

In Auckland, New Zealand's biggest city, 3,000 people chanted and banged drums, denouncing corporate greed. About 200 gathered in the capital Wellington and 50 in a park in the earthquake-hit southern city of Christchurch.

In Sydney, about 2,000 people, including representatives of Aboriginal groups, communists and trade unionists, protested outside the central Reserve Bank of Australia.
Hundreds marched in Tokyo, including anti-nuclear protesters. In Manila a few dozen marched on the U.S. Embassy waving banners reading: "Down with U.S. imperialism" and "Philippines not for sale".

More than 100 people gathered at the Taipei stock exchange, chanting "we are Taiwan's 99 percent" and saying economic growth had only benefited firms while middle-class salaries barely covered soaring housing, education and health care costs.

In Hong Kong, home to the Asian headquarters of investment banks such as Goldman Sachs, over 100 people gathered at Exchange Square in the Central district. The Correntewire blog has some great pictures of the Honk Kong protests Reuters

Daisann Mclean has written up the Hong Kong protests here, with colourful pictures by Freeman Lam

3.36pm: We've been asking protesters in London and New York what the movements can learn from each other.

Ethan McGarry, 18, who travelled to New York from Boston today, said i was "fantastic" how the Occupy movement had spread to the UK and elsewhere. "People identify with us, then hey will find reasons in their own community for action."

Lauren Zygmont travelled from the Occupy Denver protest to New York a week ago. "Borders don't matter at all," she said. "Were all human beings, were all in this together. This is a global movement."

In Zuccotti Park, Tim, who declined to give his name, had a message for protesters in London and elsewhere: "Let the cops be the bad guy," said Tim who declined to give his last name.

Another long term protest organiser, Chuck Scheid, echoed that theme and stressed the importance of non-violence. "If anyone starts to break windows then isolate them and let the police do their job. Don't give the police an excuse to run full tilt at the crowd," he said.

Ryan Irvan, an American at the London protests, said he desperately hoped the UK Occupy movement could mimic the success of its New York counterparts. Irvan, 26, from Arkansas, said: "It seems more organised from the start, they can go on from here."

Kap, a London protester who intended to stay overnight, has just lost his job in youth services. He said: "This is about building a community from the bottom. We are doing it in solidarity with New York, Syria, everywhere people are rising up against capitalist society. "

James, 32, a protester from south London, said: "The assembly that started here today is based on a methodology that's been going on inspired by the May 15 movement in Spain and is being employed by the occupy groups all over the world now.

Jon Villada, an unemployed 24-year-old from Bilbao, Spain, and a member of the Spanish 15-M protest initiative, said: "For the 15-M movement our main objective is to make politicians understand that they have been elected to govern for us, not for multinationals, markets, financial agents or whatever. This protest is more global, there is people from all around the world and they have focused on financial institutions and powers."

Interviews by Lisa O'Carroll, Adam Gabbatt, Paul Harris, Mark Townsend, Press Association

3.10pm: In London, Mark Townsend reports that there have been some scuffles on steps of St Paul's Cathedral as police and protesters clashed. He says riot police now at summit of the steps up to the global landmark. Hundreds of protesters are sat below, and Mark warns of a likely flashpoint ahead.

2.49pm: In Madrid, Giles Tremlett has just returned from the huge protest there, where the city's central square is overflowing with people supporting the "indignado" ("the indignant") movement, which has been building throughout this year as Spain's financial woes have mounted.

Madrid's Puerta del Sol is packed to overflowing this evening (live feed from state television TVE here) as Spain's indignados return to the place where their protests started back in May.

Tens of thousands have filled the plaza and adjoining streets, though there are no official figures yet on numbers. Police in Barcelona estimate that 60,000 people have taken to the streets there and organisers in Seville, southern Spain, believe they have 20,000 people out. With another 60 cities organising protesters, and local news agencies giving numbers in their thousands or tens thousands from several of them, the overall indignado turnout looks set to rise above 200,000.

The protests have been entirely peaceful, with children walking alongside parents and Spain's indignados feeling a sense of pride that their May camp-outs in the Puerta del Sol and dozens of other city squares have helped inspire demonstrators around the globe.

Policing has been light-handed so far. Even though the numbers out on the streets far exceed those in London and most cities around the globe, Spanish police obviously do not feel the need to kettle or use any of the tactics favoured by their counterparts in London or New York.

Helicopters hovering overhead, however, and we won't know exactly how this has played out until late tonight when the protests are over.

They are a warning to Spanish politicians, who are preparing for a November 20 general election, that the indignado movement remains alive and well.

2.43pm: There are about 1500 protesters in Washington Square Park, New York, listening to speeches, while NYPD officers keep their distance.

Paul Harris reports that the plan is to set off for Times Square at 3pm, earlier than the previously planned 5pm march.

1.31pm: One of the remarkable features of the Occupy movement is how it is now spreading across the world. One of the largest demonstrations today was in Spain – the Guardian's correspondent, Giles Tremlett, has filed this dispatch from Madrid where more than 10,000 people have gathered today.

Spain's Indignados, who started the global protest movement in May, are out in some 60 cities today.

I'm with at least 10,000 marchers who have gathered in the centre of Madrid at the Plaza de Cibeles. More people are arriving all the time as half a dozen different marches converge in a city where austerity measures have included cuts in teachers' numbers.

"Hands up! This is a robbery!" is one of the cries of the peaceful protest on a sunny autumn afternoon.

Marchers are now heading towards the Puerta del Sol, where the global protests started with a massive spontaneous camp out on May 15. It looks like the crowd is now growing considerably.

1.28pm: Adam Gabbatt, who has been with protesters marching through Lower Manhattan today, thinks there may have been at least 1,000 and possibly 2,000 people on the march, which passed the offices of JP Morgan Chase, taking in a couple of Chase bank branches en route. (The investment bank JP Morgan Chase last year made a huge $4.6m donation to the New York city police federation, and Chase retail bank is number 1 in the foreclosures chart in the US, and is being investigated in New York for allegedly fraudulent foreclosures.)

The march headed north up Broadway, making life difficult for participants of the Avon breast cancer 39.3 mile walk which is taking place today, before heading east to West Broadway and Washington Square park.

A student general assmbly took place there at 12 noon, and marchers will gather with their student cohorts ahead of the main event of the day - the 5pm convergence on the iconic Times Square which is being billed by organisers as an opportunity to "take Times Square". It's unlikely we'll see a Zuccotti Park-esque camp springing up, but with the permanently-packed Times Square being one of the most popular tourist spots, it'll certainly be interesting.

1.21pm: And in New York, it seems the Occupy movement is gathering strength. At one point on Thursday it seemed like it could all be over, when the owners of Zuccotti Park said they planned to clean up the plaza and prevent people from using sleeping bags and other camping gear – in effect, an eviction. The NYPD were standing by to enforce the new rules, leading to fears of an ugly confrontation.

But, after intervention from, among others, New York state senator David Squadron in a late-night call to the Brookfield Properties CEO, the company backed down – and Paul Harris remarks on the protesters seem newly emboldened.

Today's march seems to show how the Occupy Wall Street movement continues to grow. Last week marchers were told to trickle up to Washington Square for a General Assembly. This week, perhaps emboldened by Friday mornings victory against eviction, they march right through lower Manhattan. The police seem very happy to just escort them. Watching them go through the wealthy TriBeCa neighbourhood it is slightly surreal to see brunching New Yorkers watch the march go by. Some wave and flash peace signs. Most just smile or look bemused. Nearly all take pics on their phone.

12.53pm: Adam Gabbatt writes: Protesters here in New York have been remarking on how the protests have spread to London and other places. 18-year-old Ethan McGarry, who had travelled down from Boston for the day.

He said it was "fantastic" how the occupy movement had spread to the UK and elsewhere. "People identify with us, then hey will find reasons in their own community for action."

Lauren Zygmont had travelled from the Occupy Denver protest to New York a week ago ago. "Borders don't matter at all," she said. "Were all human beings, were all in this together. This is a global movement."

Dave Bonan, who was at OWS on day one, said it was "a little surreal" that the protest had spread. "I didn't expect it to last more than 15 mins," he said. "The fact it lasted more than a day inspired people all over the world to capitalise - no pun intended - on our success."

Bonan said the movement had spread because "folks are angrier, their wallets are getting hit now". Asked if he had a message for protesters elsewhere in the world, he said: "Decentralized movements are mire effective than movements with leaders." He added: "It's good to have our brothers and sisters involved."

12.45pm: Good afternoon and welcome to our continuing live coverage of the Occupy protests. As the focus switches from London to New York, here is a summary of events so far today.

More than 950 demonstrations against the global financial system and corporate greed are being held in more than 80 countries around the world today. Inspired by the huge rallies organised by 15-M movement in Spain and more recently Occupy Wall Street, tens of thousands of people have taken to the streets from as far afield as Seoul and Rome.

In New York Occupy Wall Street protesters have renewed their protests following yesterday's celebrations after a planned "clean-up" of their camp in Zuccotti Park in Lower Manhattan was called off. A march this afternoon has taken in branches of JP Morgan Chase bank; later, there's a plan to occupy Times Square.

In London about 1,000 protesters massed outside St Paul's Cathedral in a bid to occupy the London Stock Exchange in the nearby Paternoster Square. But the square was closed off by police and private security and the demonstration remained focused on the steps around the cathedral after attempts to enter failed. Police moved in to contain the crowd and two people were arrested for assaults on officers.

Wikileaks founder Julian Assange addressed the crowd on the steps of St Paul's Cathedral. He attacked a greedy and corrupt financial and political system that had united individuals from Cairo to London.

Matt Wells

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Demonstrators rampage through Rome, clash with police (Reuters)

via Yahoo! News: Top Stories on 10/15/11

Cars burn during a demonstration of the 'Indignant' group against banking and finance in Rome October 15, 2011. REUTERS/Alessandro BianchiReuters - Hundreds of hooded, masked protesters rampaged through Rome in some of the worst violence in the Italian capital for years Saturday, torching cars and breaking windows during a larger peaceful protest against elites blamed for economic downturn.

Worldwide 'Occupy' protests held over financial crisis - BBC News

via World - Google News on 10/15/11


Telegraph.co.uk

Worldwide 'Occupy' protests held over financial crisis
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Protests at financial mismanagement and government cutbacks have been held in cities around the world. At least 20 people were injured in clashes at the biggest rally, in Rome, as riot police fought masked militants who had attacked property. ...
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G20 Finance Ministers Pledge To Ensure Banks Have Enough Capital

via Radio Free Europe / Radio Liberty on 10/15/11

Financial leaders of the world's 20 biggest economies are going to pledge to make sure banks have enough capital and access to funding.

G-20 Seeks Broader Solution for Europe Debt Crisis

via NYT > Europe by By LIZ ALDERMAN on 10/15/11

Finance ministers meeting in Paris faced new hurdles after ratings agencies issued warnings about European banks.

Opinionator | The Stone: Occupy Wall Street's 'Political Disobedience'

via NYT > Opinion by By BERNARD E. HARCOURT on 10/13/11

The Wall Street protests represent a refusal to engage the worn-out ideologies rooted in the Cold War.

Zuccotti Park Is Privately Owned, but Open to the Public

via NYT > Home Page by By LISA W. FODERARO on 10/14/11

Zuccotti Park was created by the developers of 1 Liberty Plaza in exchange for the relaxation of some zoning rules.

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WSJ.com: Opinion: Best of the Web Today: The Left's Nervous Breakdown | Peter Wallison: Wall Street's Gullible Occupiers | Rove: Democrats Court the Wall Street Protestors | Thomas Fleming: Wall Street Protesters Channel Thomas Jefferson | What's Occupying Wall Street?

"PERISCOPE - ПЕРИСКОП" via Mike Nova

Best of the Web Today: The Left's Nervous Breakdown

via WSJ.com: Opinion on 10/11/11

Obama has failed, and his supporters are turning to nihilism.

Peter Wallison: Wall Street's Gullible Occupiers

via WSJ.com: Opinion on 10/12/11

The protesters have been sold a bill of goods. Reckless government policies, not private greed, brought about the housing bubble and resulting financial crisis.

Rove: Democrats Court the Wall Street Protestors

via WSJ.com: Opinion on 10/13/11

The strategy risks alienating independents and blue-collar voters.

Thomas Fleming: Wall Street Protesters Channel Thomas Jefferson

via WSJ.com: Opinion on 10/13/11

The sage of Monticello thought highly of forgiving all debts. James Madison set him straight.

What's Occupying Wall Street?

via WSJ.com: Opinion on 10/14/11

The protestors have a point, if not the right target.

Peter Wallison: Wall Street's Gullible Occupiers - WSJ.com

via online.wsj.com on 10/15/11

  • OPINION
  • OCTOBER 13, 2011, 7:31 P.M. ET

Wall Street's Gullible Occupiers

The protesters have been sold a bill of goods. Reckless government policies, not private greed, brought about the housing bubble and resulting financial crisis.

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By PETER J. WALLISON

There is no mystery where the Occupy Wall Street movement came from: It is an offspring of the same false narrative about the causes of the financial crisis that exculpated the government and brought us the Dodd-Frank Act. According to this story, the financial crisis and ensuing deep recession was caused by a reckless private sector driven by greed and insufficiently regulated. It is no wonder that people who hear this tale repeated endlessly in the media turn on Wall Street to express their frustration with the current conditions in the economy.

Their anger should be directed at those who developed and supported the federal government's housing policies that were responsible for the financial crisis.

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The Occupy Wall Street protesters in New York appear unfocused and disorganized. WSJ's Hilke Schellmann takes a peek into the inner workings of the organization and how it is trying to manage communal living in a public space.

Beginning in 1992, the government required Fannie Mae and Freddie Mac to direct a substantial portion of their mortgage financing to borrowers who were at or below the median income in their communities. The original legislative quota was 30%. But the Department of Housing and Urban Development was given authority to adjust it, and through the Bill Clinton and George W. Bush administrations HUD raised the quota to 50% by 2000 and 55% by 2007.

It is certainly possible to find prime borrowers among people with incomes below the median. But when more than half of the mortgages Fannie and Freddie were required to buy were required to have that characteristic, these two government-sponsored enterprises had to significantly reduce their underwriting standards.

Fannie and Freddie were not the only government-backed or government-controlled organizations that were enlisted in this process. The Federal Housing Administration was competing with Fannie and Freddie for the same mortgages. And thanks to rules adopted in 1995 under the Community Reinvestment Act, regulated banks as well as savings and loan associations had to make a certain number of loans to borrowers who were at or below 80% of the median income in the areas they served.

Research by Edward Pinto, a former chief credit officer of Fannie Mae (now a colleague of mine at the American Enterprise Institute) has shown that 27 million loans—half of all mortgages in the U.S.—were subprime or otherwise weak by 2008. That is, the loans were made to borrowers with blemished credit, or were loans with no or low down payments, no documentation, or required only interest payments.

Of these, over 70% were held or guaranteed by Fannie and Freddie or some other government agency or government-regulated institution. Thus it is clear where the demand for these deficient mortgages came from.

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Peter Wallison on how reckless government policies caused the financial crisis.

The huge government investment in subprime mortgages achieved its purpose. Home ownership in the U.S. increased to 69% from 65% (where it had been for 30 years). But it also led to the biggest housing bubble in American history. This bubble, which lasted from 1997 to 2007, also created a huge private market for mortgage-backed securities (MBS) based on pools of subprime loans.

As housing bubbles grow, rising prices suppress delinquencies and defaults. People who could not meet their mortgage obligations could refinance or sell, because their houses were now worth more.

Accordingly, by the mid-2000s, investors had begun to notice that securities based on subprime mortgages were producing the high yields, but not showing the large number of defaults, that are usually associated with subprime loans. This triggered strong investor demand for these securities, causing the growth of the first significant private market for MBS based on subprime and other risky mortgages.

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Millionaire rap mogul Russell Simmons (center) joins the anti-Wall Street protests.

By 2008, Mr. Pinto has shown, this market consisted of about 7.8 million subprime loans, somewhat less than one-third of the 27 million that were then outstanding. The private financial sector must certainly share some blame for the financial crisis, but it cannot fairly be accused of causing that crisis when only a small minority of subprime and other risky mortgages outstanding in 2008 were the result of that private activity.

When the bubble deflated in 2007, an unprecedented number of weak mortgages went into default, driving down housing prices throughout the U.S. and throwing Fannie and Freddie into insolvency. Seeing these sudden losses, investors fled from the market for privately issued MBS, and mark-to-market accounting required banks and others to write down the value of their mortgage-backed assets to the distress levels in a market that now had few buyers. This raised questions about the solvency and liquidity of the largest financial institutions and began a period of great investor anxiety.

The government's rescue of Bear Stearns in March 2008 temporarily calmed the market. But it created significant moral hazard: Market participants were led to believe that the government would rescue all large financial institutions. When Lehman Brothers was allowed to fail in September, investors panicked. They withdrew their funds from the institutions that held large amounts of privately issued MBS, causing banks and others—such as investment banks, finance companies and insurers—to hoard cash against the risk of further withdrawals. Their refusal to lend to one another in these conditions froze credit markets, bringing on what we now call the financial crisis.

The narrative that came out of these events—largely propagated by government officials and accepted by a credulous media—was that the private sector's greed and risk-taking caused the financial crisis and the government's policies were not responsible. This narrative stimulated the punitive Dodd-Frank Act—fittingly named after Congress's two key supporters of the government's destructive housing policies. It also gave us the occupiers of Wall Street.

Mr. Wallison is a senior fellow at the American Enterprise Institute. He was a member Financial Crisis Inquiry Commission and dissented from the majority's report.

Rove: Democrats Court the Wall Street Protestors - WSJ.com

via online.wsj.com on 10/15/11

  • OPINION
  • OCTOBER 13, 2011, 12:17 P.M. ET

Democrats Court the Wall Street Protesters

The strategy risks alienating independents and blue-collar voters.

more in Opinion | Find New $LINKTEXTFIND$ »

By KARL ROVE

At his recent news conference, President Barack Obama praised Occupy Wall Street, saying, "It expresses the frustrations that the American people feel." Former House Speaker Nancy Pelosi praised the protesters, saying, "God bless them for their spontaneity." Vice President Joe Biden claimed the protesters had "a lot in common with the tea party." And the Democratic Congressional Campaign Committee is circulating a petition seeking 100,000 signers to declare, "I stand with the Occupy Wall Street protests."

The political calculation behind all this is obvious: Democrats hope Occupy Wall Street will boost their party's chances in next year's election as the tea party did for the GOP in 2010. But Democratic leaders are wrong in believing that Occupy Wall Street is the liberal alternative to the tea party.

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The tea party is a middle-class movement of people who want limited government, less spending, less debt, low taxes, and the repeal of ObamaCare. Occupy Wall Street isn't a movement. It's a series of events populated by a weird cast of disaffected characters, ranging from anarchists and anti-Semites to socialists and LaRouchies. What they have in common is an amorphous anger aimed at banks, investors, rich people and bourgeois values.

The Occupy Wall Street protesters in New York appear unfocused and disorganized. WSJ's Hilke Schellmann takes a peek into the inner workings of the organization and how it is trying to manage communal living in a public space.

The tea party reveres the Constitution and wants to change laws to restore the country to prosperity. Occupy Wall Street started by occupying a New York City park and then blocked the Brooklyn Bridge, sparking the arrest of hundreds.

The tea party files for permits for its rallies and picks up its trash afterwards. Occupy Wall Street tolerates protesters who defecate on police cars, allows the open sale of drugs at protests, and features women walking around rallies topless.

The tea party has settled down to democracy's patient, responsible work, either by exerting influence on the Republican Party nomination process or educating Americans on the issues in order to hold politicians in both parties to account.

By comparison, Occupy Wall Street seems alienated by the American political system. It has no concrete agenda and no plan to become a political institution. Yet it needs both things to have an impact on politics or policy. Without them, Americans will be interested in Occupy Wall Street's weird and off-putting side show for only so long.

The fact that it lacks a clear program means that Occupy Wall Street is susceptible to being captured by even more extreme elements. It's no accident its rallies and marches around the country include signs extolling wacky causes and marginal, but highly organized, left-wing groups. Nothing draws ideologues who know what they want as fast as a malleable crowd that doesn't.

What Democrats eager to latch on to the Occupy Wall Street protests don't seem to fully grasp is that these events are in part an expression of deep dissatisfaction with Mr. Obama and other D.C. Democrats. Some young Occupy Wall Street participants are angry because their economic future seems so bleak. They want someone to hold responsible for the absence of jobs. Others see Mr. Obama as insufficiently liberal. And some are simply nutty: A third of the protesters polled by New York magazine say the United States is as bad as al Qaeda.

While Mr. Obama and other top Democrats may be momentarily excited by the notion of a long-term relationship, Occupy Wall Street may not want to even go out for a date. The refusal of protestors in Atlanta to allow Congressman and civil rights icon John Lewis to address their rally is just one sign this may not be a terribly Democratic-friendly crowd.

Rushing to identify with Occupy Wall Street could well threaten Mr. Obama's re-election by putting off the very swing voters whom the president needs. It could further diminish the president's support from center-left business leaders, already sick of Mr. Obama's class warfare and faux populism. Appearing to condone the crude personal behavior of Occupy Wall Street protestors can also further erode Mr. Obama's standing with culturally conservative blue-collar voters.

Before they go much further with this courtship, the president and other Democrats need to remember it's always dangerous to associate with people who are just plain kooky.

Mr. Rove, the former senior adviser and deputy chief of staff to President George W. Bush, is the author of "Courage and Consequence" (Threshold Editions, 2010).

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Thomas Fleming: Wall Street Protesters Channel Thomas Jefferson - WSJ.com

via online.wsj.com on 10/15/11

  • OPINION
  • OCTOBER 13, 2011, 7:25 P.M. ET

Wall Street Protesters Channel Thomas Jefferson

The sage of Monticello thought highly of forgiving all debts. James Madison set him straight.

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By THOMAS FLEMING

'We demand the forgiveness of all debts." After several days of listening to the Occupy Wall Street protesters, I had begun to lose all hope of grasping exactly what they wanted, beyond some sort of "change." I was almost relieved to hear this endorsement of a solution to a specific problem, especially pertinent to protesters in their age group who owe millions of dollars to the federal government for the money they borrowed to go to college.

Many of the protesters who demand relief from college loans, of course, want to divert attention from their personal benefit—so they've escalated it to an overall cancellation of every debt in the country, from home mortgages to the red ink on credit cards.

Did they know, on this point, they were echoing Thomas Jefferson? If so, these protesters and their sympathizers might want to think twice.

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Do protesters know that they're echoing Thomas Jefferson?

Debt forgiveness was not original with Jefferson, who enunciated it in a letter to his favorite correspondent, James Madison, on Sept. 6, 1789, when the French Revolution was picking up steam in Paris. Since 1784, Jefferson had been America's ambassador to France. There he had an on-the-ground view of the emergence of the historic upheaval, which he totally endorsed. The forgiveness of all debts was one of the early demands of the rebels, who declared, as Jefferson wrote in his letter, that "The earth belongs to the living."

This struck Jefferson, who was already in considerable debt back in America, as a brilliant idea. (He would die owing the equivalent of a million modern dollars.) He rushed to communicate the idea to his favorite political disciple.

Madison already had pushed through the Virginia legislature a bill by Jefferson to end the Anglican (Episcopal) Church's status as the state's established religion. Perhaps Tom thought another year of dexterous politicking by the canny Madison could turn Monticello's ledgers from red to black.

Jefferson's letter was enthusiastic, even giddy. Not only should debts be forfeited by every generation, he wrote Madison, but all the acts of government, from a constitution to the most trivial laws. By his calculations, a generation completed its career every 19 years. Thereafter, a new debtless generation would take charge, ruled by a new majority, ready and eager to create its own laws.

In a masterpiece of understatement, James Morton Smith, the editor of "The Republic of Letters," a three-volume collection of their correspondence, says Madison's reply to Jefferson's proposal was "a severe test of their friendship." Point by point, the younger man demolished Jefferson's silliness with polite but irrefutable logic.

Every generation should write its own constitution? Having just emerged from a bruising, exhausting two-year struggle to write and ratify the American charter, Madison thought repeating this task would create "pernicious factions" that would repeatedly deadlock, leaving the nation with no government at all during such "interregnums."

The earth belongs to the living? This, Madison remarked, referred to the earth "in its natural state only." It omitted the crucial importance of the improvements made by the dead, from which the living benefit. The same was true for debts, many of which were contracted by governments and individuals to "benefit posterity as well as the living generation." There was, Madison thought, "a foundation in the nature of things" for the descent of obligations from one generation to another. "Mutual good is promoted by it."

Madison closed by diplomatically suggesting that the United States, just beginning its career under the new Constitution, was not ready for such "philosophical legislation." It would take a long time for the "sublime truths" of philosophy to become visible "to the naked eye of the ordinary politician." Although I am sure Madison did not intend it, those closing words come close to sarcasm.

Jefferson never mentioned the idea again to Madison or anyone else.

Mr. Fleming, a former president of the Society of American Historians, is the author, most recently, of "The Intimate Lives of the Founding Fathers" (Smithsonian, 2009).

Review & Outlook: What's Occupying Wall Street? - WSJ.com

via online.wsj.com on 10/15/11

What's Occupying Wall Street?

The protestors have a point, if not the right target.

more in Opinion | Find New $LINKTEXTFIND$ »

In the matter of Occupy Wall Street, the allegedly anticapitalist movement that's been camped out in lower Manhattan for the past few weeks and has inspired copycat protests from Boston to Los Angeles, we have some sympathy. Really? Well, yeah.

OK, not for the half-naked demonstrators, the ranting anti-Semites, Kanye West or anyone else who has helped make Occupy Wall Street a target for easy ridicule. But to the extent that the mainly young demonstrators have a valid complaint, it's that they are trying to bust their way into an economy where there is one job for every five job-seekers, and where youth unemployment runs north of 18%. That is a cause for frustration, if not outrage.

The question is, outrage at whom? On Wednesday, Occupy Wall Street marched on J.P. Morgan Chase's headquarters, after having protested outside CEO Jamie Dimon's home the previous day. That's odd, seeing that J.P. Morgan didn't take on excessive mortgage risk and didn't need (although it was forced to take) TARP money. The demonstrators also picketed the home of hedge fund mogul John Paulson, who made much of his recent fortune betting against the housing bubble, not helping to inflate it.

As for Wall Street itself, on Tuesday New York state Comptroller Thomas DiNapoli issued a report predicting that the financial industry will likely lose 10,000 jobs by the end of next year. That's on top of the 4,100 jobs lost since April, and the 22,000 since the beginning of 2008. Overall New York-area employment in finance and insurance has declined by 8.9% since late 2006. Even Goldman Sachs is planning layoffs.

Peter Wallison on how reckless government policies caused the financial crisis.

The Occupy Wall Street protesters in New York appear unfocused and disorganized. WSJ's Hilke Schellmann takes a peek into the inner workings of the organization and how it is trying to manage communal living in a public space.

So much for the cliche of Wall Street versus Main Street, the greedy 1% versus the hard-done-by 99%. That may be the core conviction of Occupy Wall Street and its fellow-travelers, and it may be a slogan in nearly every Democratic campaign next year, including President Obama's. Whether or not that's smart Democratic politics, the voters will decide.

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Occupy Wall Street protesters march around One Chase Manhattan Plaza on Wednesday in New York.

Still, if anyone in the Occupy Wall Street movement wants an intellectually honest explanation for why they can't find a job, they might start by considering what happens to an economy when the White House decides to make pinatas out of the financial-services industry (roughly 6%, or $828 billion, of U.S. GDP), the energy industry (about 7.5% of GDP, or $1 trillion), and millionaires and billionaires (who paid 20.4% of all federal income taxes in 2009). And don't forget the Administration's rhetorical volleys against individual companies like Anthem Blue Cross, AIG and Bank of America, or against Chrysler's bondholders, or various other alleged malefactors of wealth.

Now move from words to actions. Want a shovel-ready job? The Administration has spent three years sitting on the Keystone XL pipeline project that promises to create 13,000 union jobs and 118,000 "spin-off" jobs. A State Department environmental review says the project poses no threat to the environment, but the Administration's eco-friends are screaming lest it go ahead.

Dorothy Rabinowitz on the Occupy Wall Street protests.

Then there are the jobs the Administration and its allies in Congress are actively killing. In June, American Electric Power announced it would have to shutter five coal-fired power plants, at a cost of 600 jobs, in order to comply with new EPA rules. Those same rules may soon force the utility to shutter another 25 plants. Bank of America's decision last month to lay off 30,000 employees is a direct consequence of various Congressional edicts limiting how much the bank can charge merchants or how it can handle delinquent borrowers.

These visible crags of the Obama jobs iceberg are nothing next to the damage done below the waterline by the D.C. regulations factory, which last year added 81,405 pages of new rules to the Federal Register, bringing the total cost to the U.S. economy of regulatory compliance to an estimated $1.7 trillion a year.

Less easy to quantify, but no less harmful, are the long-term uncertainties employers face in trying to price in the costs of ObamaCare, Dodd-Frank, the potential expiration next year of the Bush tax cuts, the possible millionaire surcharge, the value of the dollar and so on. No wonder businesses are so reluctant to hire: When you don't know how steep the trail ahead of you is, it's usually better to travel light.

This probably won't do much to persuade the Occupiers of Wall Street that their cause would be better served in Washington, D.C., where a sister sit-in this week seems to have fizzled. Then again, most of America's jobless also won't recognize their values or interests in the warmed-over anticapitalism being served up in lower Manhattan. Three years into the current Administration, most Americans are getting wise to the source of their economic woes. It's a couple hundred miles south of Wall Street

Wall Street protests go global; riots in Rome

via News's Facebook Wall by News on 10/15/11

Wall Street protests go global; riots in Rome
Wall Street protests go global; riots in Rome
ROME (Reuters) - Thousands of demonstrators took to the streets across the globe Saturday to denounce bankers, politicians and businessmen for ruining the world's economies, with violence breaking out in Rome as angry protestors torched cars and smashed bank windows.

Occupy Wall Street: legal observers give protesters advice - video | World news | guardian.co.uk

via www.guardian.co.uk on 10/15/11

Members of the National Lawyers Guild give Occupy Wall Street protesters advice on dealing with the police during their march to Foley Square in New York

Occupy Wall Street tries to maintain message - video | World news | guardian.co.uk

via www.guardian.co.uk on 10/15/11

Demonstrators aim to reach those who 'freeload' at protests on day 24 of a grassroots movement that has spread through the country, now reaching 70 cities

Демократия под натиском капитала

via Русский Журнал on 10/14/11

Я считаю правильным, осуждая авторитарные меры, не упускать из виду глобальной перспективы. В некотором смысле то, на что сетуют россияне, обвиняя Путина в антидемократической политике, является частью всеобщей глобальной тенденции.

Политический смысл акции "Оккупируй Уолл-Стрит"

via Русский Журнал on 10/14/11

Если все эти протестные движения в разных странах мира – от Тель-Авива до Афин, Мэдисона, Мадрида, а теперь и Нью-Йорка – выражают неудовлетворение существующими структурами политического представительства, то что же они предлагают в качестве альтернативы? Что это за "реальная демократия", к которой они призывают?

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йен шапиро

via Александр Морозов on 10/14/11

http://www.russ.ru/pole/Demokratiya-pod-natiskom-kapitala
хорошее интерью с Йеном Шапиро о демократии.
(Правда, в нем напрашивается незаданный, к сожалению, вопрос: а как интерпретировать ситуацию, когда большинство энергично выступает за "несменяемость власти").

Новая прекрасная Америка и осада Уолл-стрит

via Русский Журнал on 10/15/11

Движение "Захватим Уолл-стрит" стало очередным поводом считать, что почтенная американская мечта теряет силу. В американском культурном пространстве появился образ класса не просто богачей, но “Superrich” – сверхбогатых, которые делают, что хотят, обладая особыми правами и не подпадая под юрисдикцию закона.

ROUBINI: The Instability of Inequality | ROUBINI: Нестабильность неравенства | Raw Video: Thousands March on DC for Jobs | Wall Street protests go global; riots in Rome

ROUBINI: The Instability of Inequality

via Project Syndicate by Nouriel Roubini on 10/12/11

ROUBINI: The Instability of Inequality

NEW YORK – This year has witnessed a global wave of social and political turmoil and instability, with masses of people pouring into the real and virtual streets: the Arab Spring; riots in London; Israel’s middle-class protests against high housing prices and an inflationary squeeze on living standards; protesting Chilean students; the destruction in Germany of the expensive cars of “fat cats”; India’s movement against corruption; mounting unhappiness with corruption and inequality in China; and now the “Occupy Wall Street” movement in New York and across the United States.

While these protests have no unified theme, they express in different ways the serious concerns of the world’s working and middle classes about their prospects in the face of the growing concentration of power among economic, financial, and political elites. The causes of their concern are clear enough: high unemployment and underemployment in advanced and emerging economies; inadequate skills and education for young people and workers to compete in a globalized world; resentment against corruption, including legalized forms like lobbying; and a sharp rise in income and wealth inequality in advanced and fast-growing emerging-market economies.

Of course, the malaise that so many people feel cannot be reduced to one factor. For example, the rise in inequality has many causes: the addition of 2.3 billion Chinese and Indians to the global labor force, which is reducing the jobs and wages of unskilled blue-collar and off-shorable white-collar workers in advanced economies; skill-biased technological change; winner-take-all effects; early emergence of income and wealth disparities in rapidly growing, previously low-income economies; and less progressive taxation.

The increase in private- and public-sector leverage and the related asset and credit bubbles are partly the result of inequality. Mediocre income growth for everyone but the rich in the last few decades opened a gap between incomes and spending aspirations. In Anglo-Saxon countries, the response was to democratize credit – via financial liberalization – thereby fueling a rise in private debt as households borrowed to make up the difference. In Europe, the gap was filled by public services – free education, health care, etc. – that were not fully financed by taxes, fueling public deficits and debt. In both cases, debt levels eventually became unsustainable.

Firms in advanced economies are now cutting jobs, owing to inadequate final demand, which has led to excess capacity, and to uncertainty about future demand. But cutting jobs weakens final demand further, because it reduces labor income and increases inequality. Because a firm’s labor costs are someone else’s labor income and demand, what is individually rational for one firm is destructive in the aggregate.

The result is that free markets don’t generate enough final demand. In the US, for example, slashing labor costs has sharply reduced the share of labor income in GDP. With credit exhausted, the effects on aggregate demand of decades of redistribution of income and wealth – from labor to capital, from wages to profits, from poor to rich, and from households to corporate firms – have become severe, owing to the lower marginal propensity of firms/capital owners/rich households to spend.

ROUBINI: Нестабильность неравенства

via Project Syndicate by Нуриэль Рубини on 10/12/11

ROUBINI: Нестабильность неравенства

НЬЮ-ЙОРК. Этот год стал свидетелем глобальной волны социальных и политических потрясений и нестабильности, когда толпы людей хлынули на реальные и виртуальные улицы: Арабская Весна; беспорядки в Лондоне; протесты среднего класса в Израиле против высоких цен на жилье и инфляционного давления на стандарты жизни; протесты чилийских студентов; уничтожение в Германии дорогих автомобилей «жирных котов»; движение в Индии против коррупции; растущее недовольство коррупцией и неравенством в Китае; а сейчас движение в Нью-Йорке и по всей территории США «Оккупируйте Уолл-стрит».

Хотя эти протесты не имеют единой темы, они по-разному выражают серьезную озабоченность мирового рабочего и среднего класса их перспективами перед лицом растущей концентрации власти в руках экономической, финансовой и политической элиты. Причины их беспокойства достаточно ясны: высокая безработица и неполная занятость в развитых и развивающихся экономиках; неадекватные навыки и образование для молодых людей, чтобы они могли конкурировать в условиях глобализации; возмущение против коррупции, включая легализованные формы, такие как лоббирование; а также резкий рост неравенства доходов и благосостояния в развитых и быстрорастущих странах с развивающейся экономикой.

Конечно, дискомфорт, который чувствует так много людей, нельзя свести к одному фактору. Например, рост неравенства имеет много причин: прибавление 2,3 миллиардов китайцев и индийцев к глобальной рабочей силе, которые сокращают рабочие места и заработную плату неквалифицированных рабочих голубых воротничков и белых воротничков оффшоров в развитых странах; технологическое изменение, вызванное смещением квалификации; эффекты по принципу «победитель получает все»; появление уже на ранней стадии неравенства доходов и богатства в быстрорастущих экономиках с ранее низким уровнем доходов; и менее прогрессивное налогообложение.

Увеличение левереджа частного и государственного секторов и связанные с ним пузыри активов и кредитов частично являются результатом неравенства. Посредственный рост доходов за последние несколько десятилетий для всех, кроме богатых, создал пропасть между доходами и устремлениями расходов. В англо-саксонских странах ответом стала демократизация кредитов – через финансовую либерализацию – способствуя росту долгов частного сектора, по мере того как домашние хозяйства заимствовали, чтобы восполнить эту разницу. В Европе разрыв был заполнен общественными услугами – бесплатным образованием, здравоохранением и т.д. – которые не полностью финансировались за счет налогов, увеличивая государственный дефицит и долг. В обоих случаях уровни задолженности стали непосильными.

Фирмы в развитых странах сегодня сокращают рабочие места вследствие неадекватного конечного спроса, который привел к избыточной мощности, а также к неуверенности относительно будущего спроса. Однако сокращение рабочих мест далее ослабляет конечный спрос, поскольку это сокращает трудовые доходы и увеличивает неравенство. Поскольку затраты фирм на труд являются чьими-то трудовыми доходами и спросом, таким образом то, что индивидуально рационально для одной фирмы, является деструктивным в совокупности.

В результате получается, что свободные рынки не генерируют достаточный конечный спрос. Например, в США сокращение затрат на труд резко уменьшило долю трудовых доходов в ВВП. По мере истощения кредитов воздействие на совокупный спрос десятилетий перераспределения доходов и богатства – от труда к капиталу, от зарплат к прибыли, от бедных к богатым и от домашних хозяйств к корпоративным фирмам – стало тяжелым, вследствие меньшей предельной склонности фирм/капитала, владельцев/богатых домашних хозяйств тратить.

'Occupy' activists launch protest in Hong Kong

via News's Facebook Wall by News on 10/15/11

'Occupy' activists launch protest in Hong Kong

'Occupy' activists launch protest in Hong Kong
'Occupy' activists launch protest in Hong Kong Protesters launched worldwide street demonstrations Saturday against corporate greed and biting cutbacks in a rolling action targetting 951 cities in 82 countries, including Hong Kong. Duration: 00:48 From: AFP Views: 0 0 ratings Time: 00:49 More in News & Politics...

Around the World, Protests Against Economic Policies

via News's Facebook Wall by News on 10/15/11

Around the World, Protests Against Economic Policies
Around the World, Protests Against Economic Policies
In dozens of cities around the world on Saturday, people took to the streets as part of a planned day of protests against the financial system.

Demonstrators rampage through Rome, clash with police

via News's Facebook Wall by News on 10/15/11

Demonstrators rampage through Rome, clash with police
Demonstrators rampage through Rome, clash with police
ROME (Reuters) - Hundreds of hooded, masked protesters rampaged through Rome in some of the worst violence in the Italian capital for years Saturday, torching cars and breaking windows during a larger peaceful protest against elites blamed for economic downturn.

See more of "PERISCOPE - ПЕРИСКОП" via Mike Nova ...

"PERISCOPE - ПЕРИСКОП" via Mike Nova

Raw Video: Thousands March on DC for Jobs

via News's Facebook Wall by News on 10/15/11

Raw Video: Thousands March on DC for Jobs

Raw Video: Thousands March on DC for Jobs
Raw Video: Thousands March on DC for Jobs Thousands of demonstrators have packed the lawn in the shadow of the Washington Monument to hear various labor, education and civil rights leaders, including the Rev. Al Sharpton. (Oct. 15) From: AssociatedPress Views: 136 11 ratings Time: 00:42 More in News & Politics...

Occupy Europe

via News's Facebook Wall by News on 10/15/11

Occupy Europe

Occupy Europe
Occupy Europe Oct. 15 - Demonstrators worldwide shout their rage against bankers and politicians as part of the occupy movement taking hold around the globe. Deborah Lutterbeck reports. From: ReutersVideo Views: 0 0 ratings Time: 02:55 More in News & Politics...

Violence erupts in Rome

via News's Facebook Wall by News on 10/15/11

Violence erupts in Rome

Violence erupts in Rome
Violence erupts in Rome Oct. 15 - Violence erupts in the streets of Rome during demonstration to show solidarity with the Occupy Wall Street movement in the United States. Rough Cut (no reporter narration) From: ReutersVideo Views: 0 0 ratings Time: 01:59 More in News & Politics...

Violent protests break out in Rome

via News's Facebook Wall by News on 10/15/11

Violent protests break out in Rome

Violent protests break out in Rome
Violent protests break out in Rome Oct. 15 - Demonstrators in Rome set fire to cars and smash windows during a protest in the Italian capital. Rough cut (no reporter narration) From: ReutersVideo Views: 0 0 ratings Time: 00:48 More in News & Politics...

Europeans Struggle Toward Debt Solution

via News's Facebook Wall by News on 10/15/11

Europeans Struggle Toward Debt Solution
Europeans Struggle Toward Debt Solution
At a G-20 meeting, finance ministers grappled with the particulars of quelling the debt crisis ahead of a European Union gathering on Oct. 23.

Around the World, Protests Against Economic Policies

via News's Facebook Wall by News on 10/15/11

Around the World, Protests Against Economic Policies
Around the World, Protests Against Economic Policies
In dozens of cities around the world on Saturday, people took to the streets as part of a planned day of protests against the financial system.

Demonstrators rampage through Rome, clash with police

via News's Facebook Wall by News on 10/15/11

Demonstrators rampage through Rome, clash with police
Demonstrators rampage through Rome, clash with police
ROME (Reuters) - Hundreds of hooded, masked protesters rampaged through Rome in some of the worst violence in the Italian capital for years Saturday, torching cars and breaking windows during a larger peaceful protest against elites blamed for economic downturn.

Wall Street protests go global; riots in Rome

via News's Facebook Wall by News on 10/15/11

Wall Street protests go global; riots in Rome
Wall Street protests go global; riots in Rome
ROME (Reuters) - Thousands of demonstrators took to the streets across the globe Saturday to denounce bankers, politicians and businessmen for ruining the world's economies, with violence breaking out in Rome as angry protestors torched cars and smashed bank windows.

Occupy Wall Street not slowing down

via News's Facebook Wall by News on 10/15/11

Occupy Wall Street not slowing down

Occupy Wall Street not slowing down
Occupy Wall Street not slowing down Occupy Wall Street protesters march on Day 29 of the movement. From: CNN Views: 0 0 ratings Time: 01:01 More in News & Politics...

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Wall Street protests go global; riots in Rome

via News's Facebook Wall by News on 10/15/11

Wall Street protests go global; riots in Rome
Wall Street protests go global; riots in Rome
ROME (Reuters) - Thousands of demonstrators took to the streets across the globe Saturday to denounce bankers, politicians and businessmen for ruining the world's economies, with violence breaking out in Rome as angry protestors torched cars and smashed bank windows.