“Tea Parties” Against J.P. Morgan

Discussion in 'The Backstage' started by geochem1st, Oct 29, 2009.

  1. geochem1st

    geochem1st V.I.P. Member

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    The protests at the American Bankers Association Conference in Chicago are over, but the campaign of venting anger and criticism against the nation’s largest banks continues.

    Today, protesters in Oregon and Washington are planning to walk into local branches of J.P. Morgan Chase and cancel their personal checking and savings accounts. The act is meant to protest CEO James Dimon’s opposition to the Obama Administration’s proposal to create a new consumer protection agency. [Dimon has said the new agency would create cumbersome, costly restrictions and the banks will likely pass those costs onto the consumers.]

    The protest groups urge the public to switch their accounts in big banks to community banks. But the financial crisis has tarred small banks, too. Many are reeling from their own excessively risky lending practices, mostly to commercial real-estate developers. About half of the 106 banks to fail this year are small banks with $250 million or less in assets.

    We spoke with James Mumm, Director of Organizing at National People’s Action, one of the groups heading the Chicago protests, in addition to the Service Employees International Union.

    Deal Journal: Why are you targeting JP Morgan?

    Mumm: JP Morgan has been a leader in trying to quash financial reform. That’s my personal bank, but not for long. These banks are charging exorbitant credit card fees, while they are borrowing money cheaply from the government and lobbying to stop the formation of a consumer protection agency.

    DJ: Isn’t a good thing that these banks are making money again. Wasn’t that one of the goals of the bail out?

    Mumm:
    We are not against capitalism. But a lot of their ability to get back on their feet comes from charging consumers additional fees. When you are borrowing money from the Fed at 2.5% and then charging these higher rates to your customers, it’s not right. Since banking was invented, there have been great ways to do banking. There are a lot of great community banks that know their costumers and serve their customers fairly. But the top 20 banks control 70 % of the market. It’s tough to go somewhere else. I would like to have a choice.

    DJ: Do you think that the large banks should be broken up?

    Mumm: We do need to bust up the big banks. When we broke up the telephone industry, great things happened. We need to get back to banks that are a manageable size and are helping the American people start business or buy homes, not banks that are making most of their money from fees. That is not a sustainable business. We think you can be a profit center and a moral center. You can do both. You don’t have eight boats and four houses, but you do quite well….But if the government is going to designate banks that are too big to fail. We need to know who they are. They need to name which ones are getting special protection. It’s only fair to us and the other banks that won’t qualify for special protection.

    DJ: Were these protests dominated by labor union members to further a political agenda, as some criticis have suggested?

    Mumm: The protestors included everyday people, farmers and home owners who have faced foreclosure. I would say to the critics that they are sitting in front of a computer not paying attention to reality. We talk to people all the time and you ask them, do we need stricter safeguards on the financial system, and the answer is yes. Our affiliate group is organizing its ninth meeting between Federal Reserve officials and members of the public, in Brockton, Mass. We’ve held these meeting in New York, California and Kansas City. We had 500 people meeting with [Federal Reserve chief Ben] Bernanke in central Illinois recently. These people weren’t bused there. They got there themselves because they were concerned.

    DJ: What was the highlight of the Chicago protest for you?

    Mumm: It was seeing 1,000 people gathered outside of the Goldman Sachs office. A few months ago, I would say that 90% of Americans didn’t’ know what Goldman Sachs was. But they should know. The public should know who Lloyd Blankfein is and that the firm is going to pay billions worth of bonuses this year. If Goldman gave up that money they could lift 4 million people out of poverty or prevent hundreds of thousands of foreclosures. Goldman could be the hero. They could use half that money and be a hero.

    The Coming “Tea Parties” Against J.P. Morgan - Deal Journal - WSJ
     
  2. Hamtone

    Hamtone Senior Member

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    Tea bag em!!!!
     
  3. KSG_Standard

    KSG_Standard Senior Member

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    These aren't the same as the teaparties and they are organized by very different groups, with very different constuencies...it seems to me...
    NTIC - National People's Action
    One DC - HOME
    NTIC - National People's Action
    NTIC - Issues and Campaigns
    * They are community organizers based in Chicago!
    ** Holy Shnikeys!!! The SEIU is helping to organize this as well!!!!They'll be bussing people in from all over America...I wonder if anybody will call these protests what they are? Not grass roots, but astro turf and staged.
     
  4. geochem1st

    geochem1st V.I.P. Member

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    Now you lost me. How come the 'tea parties' that conservatives put on are ok but because some organization is involved, things now become staged? You don't believe that the conservative tea parties weren't organized?
     
  5. Hamtone

    Hamtone Senior Member

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    Tea bag em!!
     
  6. StrangerNY

    StrangerNY Senior Member

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    Dick Armey's Tea Party

    When it was revealed that Armey was involved with FreedomWorks, he exited his job at DLA Piper.

    Spontaneous Uprising? Corporate Lobbyists Helping To Orchestrate Radical Anti-Obama Tea Party Protests

    'Astroturf and staged,' indeed.

    - D
     
  7. KSG_Standard

    KSG_Standard Senior Member

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    Geo, There is some staging and coordination at all of the big protests...But the groups supporting the bank protests are hard core liberal groups that include SEIU (the Labor Union)...They are far less "grass roots" than the tea parties were, and the members/participants in the SEIU based events are almost EXCLUSIVELY liberal Obama supporters. The Tea Party protests against big gov't were made up of Conservatives and Independents...The protests by the Tea Party folks were made fun of and reported on negatively by the majority of the press...these protests will be called noble becuase the media are believers in social/economic justice and other liberal ideals.

    You know exactly what I'm talking about, because you are a smart dude.
     
  8. StrangerNY

    StrangerNY Senior Member

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    See my post above.

    - D
     
  9. KSG_Standard

    KSG_Standard Senior Member

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  10. StrangerNY

    StrangerNY Senior Member

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    Are you going to refute lobbyists' involvement with those 'grass-roots' tea parties, or are you going to do nothing but dismiss sources here?

    Conason's a friend of mine, and he's a good joe. Pun intended.

    - D
     
  11. KSG_Standard

    KSG_Standard Senior Member

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    Your source is more biased than WND...As I said, I believe that there is some coordination and funding from monied sources, behind all of the large scale protests. But I'll stand by my contention that the Tax party, anti big gov't Tea Partiers were a more diverse and more "grass roots" movement than ANYTHING put together by the Social Justice/Community Organizer/SEIU/Organized Labor protestors...
     
  12. StrangerNY

    StrangerNY Senior Member

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    Somewhat less insane, though. :thumb:

    - D
     
  13. geochem1st

    geochem1st V.I.P. Member

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    I think its relativism.

    And from my personal point of view, I believe that if you are going to protest anything it would be worth protesting against Goldman Sachs, J.P. Morgan, Citigroup, Wells Fargo, and the Federal Reserve. Then move on to Washington DC's 'K' Street Lobbying firms. The hijackers of our system.
     
  14. leftyguitarman

    leftyguitarman Senior Member

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    The sad thing is that no matter how hard people protest against these banks, they are still going to run this country.
     
  15. geochem1st

    geochem1st V.I.P. Member

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    .... unless we get election reform.


    Demand publicly-funded elections and a prohibition on elected officials leaving office and becoming lobbyists.
    Have members of Congress who solicit and receive millions of dollars from wealthy interests must vote to remove ALL money from our electoral and legislative process. Tell your members of Congress they must support campaign finance bill H.R.1826.
     
  16. Hemply

    Hemply Senior Member

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    Fuck the Tea Parties send in the Suicide Bombers!
     
  17. twinrider1

    twinrider1 Senior Member

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    I think betting against Jamie Dimon is a losing proposition.

    I cast my blame towards the Moody's and Standard & Poor. The debt rating companies should have hammered the banks and mortgage companies instead of handing out AAAs like candy.
     
  18. pabarge

    pabarge Member

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    Maybe I'm confused but if you think your bank sucks why would you need to wait for a special day to follow a herd into the lobby and transact some business.

    Just go in there tomorrow when they open for business and close your accounts. If you must, give 'em a piece of your mind while you're at it.

    People have been doing this since they hopped off the Mayflower.

    It's called freedom and a free marketplace. <snark>You don't want to toss that away do you?</snark>
     
  19. Scooter2112

    Scooter2112 Senior Member

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    Couldn't agree more. Easy to do... you don't have to take a day off... and the best part is, it's effective. Sever all your ties with that entity.

    When dealing with the private sector, you can do that. With the govt. involved, no such luck. Wanna change doctors? sure! Next year....might not make any difference.
     

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