Tuesday, October 18, 2011

Thom Hartmann: Wall Street Profits while the People Protest

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You need to know this. As the Occupy Wall Street movement begins it's second month - and Occupy movements in major cities across Europe dig in for the long haul too - popularity for the demonstrators is soaring. According to a new Quinnipiac poll of New York City voters - 2/3 of respondents say they agree with Occupy Wall Street. And 87% say that it's ok that people are camped out in the streets. Even among Republicans - Occupy Wall Street is popular - with 52% of Republicans saying they support the movement. But there is one group that doesn't support Occupy Wall Street - the police. In the last month - well over 1,000 people have been arrested for engaging in peaceful civil disobedience - or misdemeanors like walking in the road or sleeping in a park. Meanwhile - the men and women responsible for stealing $7 trillion worth of wealth out of the middle class in 2008 - the banksters on Wall Street - have not faced police officers once. So Occupy Wall Street isn't just about an unequal economy - it's about unequal justice system too.
Third quarter profit numbers are out - and as you'd expect - Wall Street is making a killing while Main Street is drowning. Some of the nation's biggest banks saw big gains over the last three months. Wells Fargo profits are up 21% to $4 billion. Citibank profits are up 73% from last year to $3.8 billion. And JP Morgan made $3 billion bucks too. Corporate profits as a share of our nation's GDP are higher than at any other point in this nation's history since 1950. But when it comes to small business on Main Street - the picture is grim. According to a report from the National Federation of Independent Businesses - two out of every five business reported falling profits. So when is Main Street going to get its $17 trillion bailout just like Wall Street?
(What effect do you think the protest will haves Tell us here.)

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