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Occupy Movement right about global recession (see MOD WARNING Post #14)

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  • Registered Users Posts: 17,797 ✭✭✭✭hatrickpatrick


    yore wrote: »
    Are you a private sector worker with a pension? Have a share account in your local Credit Union? (standard CU accounts are share accounts)


    If so, you are probably a "bondholder". Better regulations protect bondholders :rolleyes: . The EU effectively retroactively tried to make up for bad holes in regulation by forcing the Governments to pay out senior bondholders. bondholder only decide who to, or who not to, invest their money in. They don't make any business decisions. If you want to get technical, yeah there can be negative/positive bond covenants, but these are built into the bond and again the investor can only decide whether or not to buy the bond. they can't change it.

    "Bondholder" has just become a bogeyman word. People use it without knowing what it means.

    No actually I don't have any of the aforementioned accounts.
    Bondholders decide who to, and who not to, invest their money in. "Investments may fall as well as rise in value" goes the disclaimer on every single financial advertisement on our radios and televisions.
    Why should I have to pay for a screwup I had absolutely no stake in whatsoever? I neither forced a bondholder to invest in Anglo, brought down Anglo, or stand to lose based on those bonds collapsing in value.

    To take such debts and force them on the general population is obscene, and where it gets even more obscene is the return we get - no control whatsoever over those banks, as they hike up charges, fees, interest rates, and continue refusing to lend to small businesses.

    What's happening across the entire Western world with regard to private speculative debt of the few being forcefully repaid by everyone is one of the greatest shames of so-called "capitalism". Even more shameful when you consider that the money to pay back these clowns could have built enough hospital units to house every citizen in this country, and could have paid for every Irish student's college fees for years to come.

    That's what Occupy is ultimately about. The 1% being looked after at the expense of everybody else.

    To get back on topic, this is hopefully the first of many results from Occupy. Acknowledgement is a first step. A small one, but a step nonetheless.


  • Closed Accounts Posts: 39,022 ✭✭✭✭Permabear


    This post has been deleted.


  • Registered Users Posts: 8,934 ✭✭✭20Cent


    Permabear wrote: »
    This post had been deleted.

    Who are you replying to?

    No one said that "everybody was just sitting around scratching themselves until the Occupy movement arrived "

    No one said that the Financial Regulation bill due to Occupy.


    What has been said by the director for financial stability in the Bank of England says that Occupy helped stir the BOE to bring about these changes.
    Quote
    "I wish to argue tonight that both are wrong – that Occupy’s voice has been both loud and persuasive and that policymakers have listened and are acting in ways which will close those fault-lines. In fact, I want to argue that we are in the early stages of a reformation of finance, a reformation which Occupy has helped stir."

    So is he lying or just placating the crowd? I'll take him at his word if you have evidence of otherwise please post it up.

    Full speech is here, he is saying this is just the start of a long overdue overhall:
    He also mentions ring fencing too big to fail institutions.
    http://www.bankofengland.co.uk/publications/Documents/speeches/2012/speech616.pdf


  • Closed Accounts Posts: 5,797 ✭✭✭KyussBishop


    Permabear wrote:
    This post had been deleted.
    Speaking of 'perverse incentives', what kind of incentives do you think decriminalizing fraud (sorry, 'deregulation') is going to cause?

    Any fraudulent actions that are allowed to pass in a market that create 'bad money' (through fraud), push out 'good money' (legitimate business) from the market, because legitimate business cannot complete with profits from fraud; that's the greshams dynamic deregulation imposes on a market.

    It's completely specious to suggest that government is the only possible way to trigger such negative incentives, and the entire argument rests upon treating 'regulation' as some broad, undefined bogeyman (refusing to address specific policies/regulations), that gets railed upon with emotionally-tinged hyperbole/scaremongering/rhetoric, rather than actual arguments.

    Totally insane to suggest there will be "more rational risk assessment" in a market that becomes completely opaque due to removing regulations, where nobody has the information to perform adequate risk assessments; working in finance, you know all of this perfectly well, which makes it all the more disingenuous that you expect anyone to believe that.
    Permabear wrote:
    20Cent wrote:
    Depends what you consider to be fraud. Selling bonds as triple A when they are known to be total sh1t isn't fraud apparently.
    Were they known to be fraudulent? By whom? When?
    And here we go on cue: Edging closer to making direct apologist arguments, for specific instances of fraud.


  • Closed Accounts Posts: 21,727 ✭✭✭✭Godge


    You seem to be inventing a narrative purely to suit your argument. That Haldene is being disingenuous about his sentiments in that speech and is apparently now subversively plotting to go against his mandate and his previous actions and statements about regulation etc.
    You're claiming he is misleading you and i as to the influence of Occupy and to his real intentions. Claiming he is just paying lip service to the general public as to the nature of the crisis and it's solution.

    So who is grasping at straws exactly? The OP?

    No, I don't think you understand my point.

    Haldane was speaking in a personal capacity and not representing the views of the Bank of England, his speech which I provided a link to, clearly states this. Why would he do this? Flying a kite is one possibility, losing the argument around the board table at the Bank of England and letting off steam is another, testing a policy option before an audience a third, I am sure there are many more.

    One thing we can be clear on is that he was not stating current Bank of England policy or perspective on the issue.

    I never said he was paying lip service to the public, I just said he was doing what all good guests do and throwing some polite compliments (meaningless ones in this case) towards his host.

    Nothing anyone has said here contradicts that.

    Still waiting for direct democracy and the reclamation of our oil and gas.


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  • Closed Accounts Posts: 175 ✭✭The Bishop!


    Godge wrote: »
    One thing we can be clear on is that he was not stating current Bank of England policy or perspective on the issue.

    Well, i'm not sure we can be clear on that at all.

    Am i missing something? Surely he was speaking in his capacity as director for financial stability.
    It was a recorded speech with media present.
    I never said he was paying lip service to the public, I just said he was doing what all good guests do and throwing some polite compliments (meaningless ones in this case) towards his host.

    Perhaps you're right. The fact that he was was there though and saying that, rather than being down at the LSE or somewhere saying exactly the opposite speaks for the movements sway imo.


  • Registered Users Posts: 6,696 ✭✭✭Jonny7


    Sorry, but i don't have time to reference every individual thing achieved by every branch of Occupy worldwide. For starters one could go here to read about Occupy the SEC. Or here for Occupy Nigeria. That's real change right there.
    Certainly that can't yet be classed as 'success' on the big issues; for some, nothing the movement does will ever be seen by them as a success.
    But a big achievement so far imv is that they've helped to put inequality and it's pernicious effects firmly on the agenda. For that alone they should be applauded.

    Yes they certainly showed up inequality, tweeting about evil corporations on their iphones.

    This is the first I've even heard of them in 6 months, and that's only because a UK banker stood up and mentioned them.

    Am firmly behind the protesters in Madrid, the austerity protests in Greece, the protests against Putin in Moscow, I've been in a fair few protests myself.

    Occupy is the worst protest movement I've ever encountered. How are people with jobs, kids, responsibilities supposed to occupy government and corporate premises for more than a few days? What bright spark thought that up.

    I've read through countless minutes of their meetings, it's nothing but camping arrangements.

    Anarchists, anti-capitalists, anti-globalists diluting any semblance of a message with their "tear-it-all-down" solution to world problems.

    Not even the tea-party has managed to piss off a larger cross-section of society than the occupy movement - that's their only achievement.


  • Closed Accounts Posts: 175 ✭✭The Bishop!


    Jonny7 wrote: »
    Anarchists, anti-capitalists, anti-globalists diluting any semblance of a message with their "tear-it-all-down" solution to world problems.

    If the above is correct, then i'm really confused.

    Why did Anthony Haldene, the director of financial stability from the Bank of England decide to waste his time and destroy his reputation attending a gathering of such "tear-it-all-down" anarchists?

    Either Haldene was totally misinformed about his target audience or you're talking out of your hole to suit your poor argument. My money is on the latter...


  • Registered Users Posts: 12,472 ✭✭✭✭Sand


    If the above is correct, then i'm really confused.

    Why did Anthony Haldene, the director of financial stability from the Bank of England decide to waste his time and destroy his reputation attending a gathering of such "tear-it-all-down" anarchists?

    Either Haldene was totally misinformed about his target audience or you're talking out of your hole to suit your poor argument. My money is on the latter...

    My money is on the former tbh.

    Though you might be overstating the importance of the Occupy movement by thinking that a banker destroys his reputation by attending a gathering of the Occupy lads. Most bankers would see it as either a hilarious story, or have such short term memory that they cant even remember who Occupy are supposed to be.


  • Banned (with Prison Access) Posts: 6,798 ✭✭✭karma_


    Permabear wrote: »
    This post had been deleted.

    In fairness, this is pretty much the definition of libertarianism.


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  • Registered Users Posts: 6,696 ✭✭✭Jonny7


    Why did Anthony Haldene, the director of financial stability from the Bank of England decide to waste his time and destroy his reputation attending a gathering of such "tear-it-all-down" anarchists?

    I'm the one who is confused, why do you suddenly believe this man?

    I'm in finance, call me cynical but I'll wait to see if there is any evidence of this so called banking "reformation".
    Either Haldene was totally misinformed about his target audience or you're talking out of your hole to suit your poor argument. My money is on the latter...

    I would strongly suggest the banker is as misinformed about the Occupy movement as they are about banking.


  • Closed Accounts Posts: 175 ✭✭The Bishop!


    You know what they say say about protest movements don't you?
    :)

    Have you studied their history?


  • Closed Accounts Posts: 175 ✭✭The Bishop!


    Smugness aside sand you're seriously going to explain to me how this guy is totally wrong aren't you??...

    This i look forward to..


  • Registered Users Posts: 12,472 ✭✭✭✭Sand


    Smugness aside sand you're seriously going to explain to me how this guy is totally wrong aren't you??...

    This i look forward to..

    I'm not being smug - I happily predicted that Occupy Dame Street were basically some eejits desperately imitating the Americans they decry so much and that it would all end in them declaring victory and going home.

    Ah right - smug.

    The guy threw the Occupy guys a few bones - the desperate siezing upon praise from the master shows the true nature of the Occupy movement. Vindicated by praise from the unreformed entity that they sought to reform.

    Permabear has already highlighted how it arrived far too late. Apparently, 3-4 years after global financial amargeddon it dawned on these "prophets" that unregulated banksters might be a problem.

    Ah right - smug.


  • Registered Users Posts: 12,472 ✭✭✭✭Sand


    Cat got your tongue Sand? So what's your plan then liver lips?

    Ah man, you accuse me of being smug. Then you post stuff like this. How can I not be smug?


  • Closed Accounts Posts: 175 ✭✭The Bishop!


    The smugness was in reference to me mate. I was very smug earlier.:)


  • Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    Permabear wrote: »
    This post had been deleted.

    If it is the same liberal policy wealth the west had, good luck to them. They'll be bankrupt in 10 years too.

    Eventually they'll run out of places to bankrupt with plans that only play for a year or two ahead to the CEO's next bonus.


  • Banned (with Prison Access) Posts: 13,018 ✭✭✭✭jank


    Occupy Dame Street? These are the same guys who supported a landlord who owned 17 or so properties when he refused to pay back a loan he got for the sum of a few million, all because he was a little old?
    This occupy movement?

    If it came down to supporting either Hitler or a bank, these guys would support Hitler.


  • Closed Accounts Posts: 5,797 ✭✭✭KyussBishop


    Yes it's amusing the level posters go trying to 'pooh pooh' Occupy :) I mean it clearly offends, as much as posters try to disclaim that, as the level of sneering against the whole movement (and it's not just against ODS) usually revolves around arguments over petty issues, that deliberately ignore the primary generalized goals of the group, and instead focuses on specific issues from fractious parts of Occupy, which are specifically what the movement overall has avoided taking on as core policy.

    The arguments always rely upon treating Occupy as a group with homogeneous policies, and fallaciously generalizing one parts policies onto the entire group, when their policies are not homogeneous but deliberately generalized and non-specific.

    Again, it's really an attack on protesting itself, or on the very idea of trying to tackle income inequality, as that is one of the only base defining goals of the protest movement (and that is its power, as that goal will stay standing, where individual policies may not, giving the movement longevity to resurge later, even when support wanes now).

    Came across this article on the topic earlier (some good and very relevant discussion in comments)
    http://www.nakedcapitalism.com/2012/10/bank-of-englands-anthony-haldane-deems-occupy-a-success.html


  • Closed Accounts Posts: 175 ✭✭The Bishop!


    jank wrote: »
    Occupy Dame Street? These are the same guys who supported a landlord who owned 17 or so properties when he refused to pay back a loan he got for the sum of a few million, all because he was a little old?
    This occupy movement?

    If it came down to supporting either Hitler or a bank, these guys would support Hitler.

    Bit of a false dichotomy there jank in fairness. Hitler or a bank?:o


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  • Closed Accounts Posts: 1,127 ✭✭✭yore


    Yes it's amusing the level posters go trying to 'pooh pooh' Occupy :) I mean it clearly offends, as much as posters try to disclaim that, as the level of sneering against the whole movement (and it's not just against ODS) usually revolves around arguments over petty issues, that deliberately ignore the primary generalized goals of the group, and instead focuses on specific issues from fractious parts of Occupy, which are specifically what the movement overall has avoided taking on as core policy.

    The arguments always rely upon treating Occupy as a group with homogeneous policies, and fallaciously generalizing one parts policies onto the entire group, when their policies are not homogeneous but deliberately generalized and non-specific.
    No, the problem is that they resemble incoherent rabble. "Generalized and non-specific policies" = "no policies". How can they claim credit for something as a movement when they didn't call for something as a movement. It'd be a bit like the GAA claiming they were right about the recession because Paddy from Ballybog expressed an opinion down the pub after a match that there wasn't enough regulation.

    Or here's another example. I (Yore) think that Ireland needs a new childrens hospital. I await my medal in a few years when (if) there's one built. Perhaps boards.ie can now claim the credit for causing it to happen and making the government realise it was needed.

    Again, it's really an attack on protesting itself, or on the very idea of trying to tackle income inequality, as that is one of the only base defining goals of the protest movement (and that is its power, as that goal will stay standing, where individual policies may not, giving the movement longevity to resurge later, even when support wanes now).

    No. See earlier posts. They don't give a shite about real income inequality. They're just very rich people who want more of what the very very rich people have.

    It's not a "movement" for Christ's sake. It's just rabble. If they can't agree on a policy, how would they ever implement a change? Because they wouldn't be able to agree how to do it. If one gets his way, sure all the others will start attacking him then.

    It's just protest for the sake of protest. Or another word for it - tantrum
    Came across this article on the topic earlier (some good and very relevant discussion in comments)
    http://www.nakedcapitalism.com/2012/10/bank-of-englands-anthony-haldane-deems-occupy-a-success.html

    Sorry, I didn't bother clicking on the link. If you are relying on a website called "nakedcapitalism" and referencing discussions in the comments, then I'm not expecting a balanced discussion. You might as well be directing me to stormfront website to read some "interesting discussions" on people from Africa.


  • Closed Accounts Posts: 5,797 ✭✭✭KyussBishop


    yore wrote: »
    No. See earlier posts. They don't give a shite about real income inequality. They're just very rich people who want more of what the very very rich people have.
    Heh, ya you're right I guess, anyone who has a problem with anything in the western world should just shut up; it's not as bad as Somalia after all so what have they got to complain about anyway, the rabble rousing rousers.


  • Registered Users Posts: 6,696 ✭✭✭Jonny7


    Yes it's amusing the level posters go trying to 'pooh pooh' Occupy :) I mean it clearly offends, as much as posters try to disclaim that, as the level of sneering against the whole movement (and it's not just against ODS) usually revolves around arguments over petty issues, that deliberately ignore the primary generalized goals of the group, and instead focuses on specific issues from fractious parts of Occupy, which are specifically what the movement overall has avoided taking on as core policy.

    You have claimed you aren't familiar with Occupy so why are you commenting?

    Their "primary generalized" (whatever that is) goals have changed and fluctuated depending on what stage they were at, where they were located and which direction the wind was blowing.

    A random group of protesters united by grievances with everything under the sun.

    They have taken our houses through an illegal foreclosure process, despite not having the original mortgage.
    They have taken bailouts from taxpayers with impunity, and continue to give Executives exorbitant bonuses.
    They have perpetuated inequality and discrimination in the workplace based on age, the color of one’s skin, sex, gender identity and sexual orientation.
    They have poisoned the food supply through negligence, and undermined the farming system through monopolization.
    They have profited off of the torture, confinement, and cruel treatment of countless animals, and actively hide these practices.
    They have continuously sought to strip employees of the right to negotiate for better pay and safer working conditions.
    They have held students hostage with tens of thousands of dollars of debt on education, which is itself a human right.
    They have consistently outsourced labor and used that outsourcing as leverage to cut workers’ healthcare and pay.
    They have influenced the courts to achieve the same rights as people, with none of the culpability or responsibility.
    They have spent millions of dollars on legal teams that look for ways to get them out of contracts in regards to health insurance.
    They have sold our privacy as a commodity.
    They have used the military and police force to prevent freedom of the press.
    They have deliberately declined to recall faulty products endangering lives in pursuit of profit.
    They determine economic policy, despite the catastrophic failures their policies have produced and continue to produce.
    They have donated large sums of money to politicians, who are responsible for regulating them.
    They continue to block alternate forms of energy to keep us dependent on oil.
    They continue to block generic forms of medicine that could save people’s lives or provide relief in order to protect investments that have already turned a substantial profit.
    They have purposely covered up oil spills, accidents, faulty bookkeeping, and inactive ingredients in pursuit of profit.
    They purposefully keep people misinformed and fearful through their control of the media.
    They have accepted private contracts to murder prisoners even when presented with serious doubts about their guilt.
    They have perpetuated colonialism at home and abroad.
    They have participated in the torture and murder of innocent civilians overseas.
    They continue to create weapons of mass destruction in order to receive government contracts.*



  • Registered Users Posts: 8,934 ✭✭✭20Cent


    Just a note on a few points that have come up in the discussion.

    The whole leaderless concept seems to be causing confusion. It is usually desirable for a movement to have a spokesperson or figurehead, the advantage is one port of call for questions, statements etc. The media like it because they know who to call and it defines something in a nice package for easy reporting. The problem is that a leader requires to get their authority from somewhere. Often they are the founders of the movement or someone elected to the position by its members. Occupy grew organically as a grass roots movement there was no one person behind it. A lot of people from all walks of life came together in protest at what they see happening in the financial industry. Watch the Oscar winning documentary "Inside job" its the best summary of the issues involved imo.

    Even if there was a leader it would take from the message. Say there was someone then the attention would turn on them, if they were a socialist, libertarian or a guy with long hair that would become the issue and define the movement instead of the out of control financial sector. Yes it is a bit anarchic but thats also a strength, the message still got through even the Bank of England are acknowledging that.

    The movement was ignored by the media at the start but as the numbers grew and thanks to being promoted online it couldn't be ignored anymore. If it was just a traditional march it would have disappeared but the Occupy idea took legs and spread worldwide. The authorities saw this was gaining momentum and tried to stamp it out with violence, video of peaceful protesters being pepper sprayed and the largest mass arrest of US history 700 people. Even if one disagrees with the aims of the movement this should be a shocking thing. The authorities eventually managed to evict the camp after much legal battling and old fashioned intimidation. The movement has changed now and is going in different direction, debates, workshops, film screenings etc etc etc.

    Occupy London are holding a program of events called the Putney debates. This is where Andrew Haldane the Executive Director for Financial Stability in the Bank of England made the comments in the op. Haldane has responsibility for developing Bank policy on financial stability. Despite several unsubstantiated claims in this thread Occupy did not start high fiving each other and declaring victory it just stared more debate. Haldanes point that inequality is directly linked to the debt crisis was an important fact imo. If the Bank of England acknowledge this we might be getting somewhere.
    Occupy Damestreet are still going, there was a series of events last month ,Occupy Wall Street have set up a relief effort distributing resources and volunteers to help individuals and communities devastated by Hurricane Sandy, you won't read about either of these in the media though.

    We are used to having someone tell us solutions but in this case we all know it is a wide ranging problem with no single solution. The best protesters and citizens can do is increase awareness and try to make sure that reform will come about in order to stop the same thing happening again.
    This is what Occupy are doing imo and are doing a pretty good job of it. Its still being talked about, income inequality has gone from something never mentioned to one of the most discussed topics. People are seeing the links between politics and high finance. The changes aren't revolutionary they are far more subtle but its undeniable that its there. Asking which legislation or changes come directly because of it is a waste of time and just a method to pour scorn and mock what has been a very successful movement. The vitriol reflects more on those doing it than the movement itself. My own theory is that people blame the messenger more often than the message.What comes of this is yet to be seen its small steps along the way. Haldanes comments are only a small part of it.


  • Registered Users Posts: 6,696 ✭✭✭Jonny7


    20Cent wrote: »
    Just a note on a few points that have come up in the discussion.

    The whole leaderless concept seems to be causing confusion. It is usually desirable for a movement to have a spokesperson or figurehead, the advantage is one port of call for questions, statements etc. The media like it because they know who to call and it defines something in a nice package for easy reporting. The problem is that a leader requires to get their authority from somewhere. Often they are the founders of the movement or someone elected to the position by its members. Occupy grew organically as a grass roots movement there was no one person behind it. A lot of people from all walks of life came together in protest at what they see happening in the financial industry. Watch the Oscar winning documentary "Inside job" its the best summary of the issues involved imo.

    That's not what happened. People who saw 'Food inc' started turning up, people who saw 'Fog of War' and 'No end in sight' turned up. So everyone with a greivance to do with anything, right or wrong, was turning up, and making it into a rudderless mess - no one, not even Occupy could figure out exactly what they were protesting, what their aims where and how they would effectively solve it.

    Like any rational person I agree with many individual points on their own merit, but the movement itself is atrocious.


  • Registered Users Posts: 8,934 ✭✭✭20Cent


    Even RTE are reporting it now.
    Interesting article by their Economics Correspondent Seán Whelan.

    http://www.rte.ie/blogs/business/2012/10/30/inequality-caused-banking-collapse-says-bank-of-england-director/

    This might just be the speech of the year. Andrew Haldane, the Executive Director of the Bank of England in charge of Financial Stability, and a top policy making official at the bank, went to a meeting organised by Occupy Economics last night, and said “Occupy has been successful in its efforts to popularise the problems of global finance for one very simple reason: they are right”.

    Furthermore he told them Occupy’s voice had been both loud and persuasive, and that policymakers have listened and are acting in ways that will amount to what he described as a “reformation of finance”.


    he sees the financial crisis as primarily one of a system with built in incentives for self-harm. Avoiding those self- destructive tendencies – too much borrowing, poor governance, sky high pay and bonuses, lack of competition – means changing root and branch the incentives and culture of finance.

    Will be great for real capitalism if this comes about.
    The current crony, insider trading, fixed system locks out real innovators and development.


  • Registered Users Posts: 6,696 ✭✭✭Jonny7


    20Cent wrote: »

    Will be great for real capitalism if this comes about.
    The current crony, insider trading, fixed system locks out real innovators and development.

    The naivity of this is absolutely mindblowing.


  • Banned (with Prison Access) Posts: 6,798 ✭✭✭karma_


    Jonny7 wrote: »
    The naivity of this is absolutely mindblowing.

    Could you please explain why you think this is naivety?


  • Closed Accounts Posts: 39,022 ✭✭✭✭Permabear


    This post has been deleted.


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  • Registered Users Posts: 8,934 ✭✭✭20Cent


    Permabear wrote: »
    This post had been deleted.

    Link to his speech here:
    http://www.bankofengland.co.uk/publications/Pages/speeches/2012/616.aspx

    He's very unequivocal about the contribution Occupy made. The bit you consider ludicrous is just the start of what he said. :D

    Have been looking up a few of his other speeches he's been saying the same things about the need for reform and the dangers of the current setup for a while now in front of many different audiences. That he's "going rogue" lying or something doesn't stand up to the evidence. Will post more about it later.


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