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Dec 11, 2011 9:23 AMPublication: The Southampton Press

'Occupy' To March In Southampton Village On Sunday

Dec 11, 2011 9:23 AM

The group Occupy The Hamptons will hold a march in Southampton Village today to raise awareness of the high rate of foreclosures nationwide and on the East End.

The march will start at 1 p.m. near Agawam Park and will head up Jobs Lane and Main Street and back to Agawam Park, where there will be a short rally.

Following the march, the group will hold a general assembly at the Lutheran Church on Montauk Highway between Water Mill and Bridgehampton.

“We’re announcing to people that our group is here and also to raise consciousness of foreclosures,” said Kyle Cranston, one of the Occupy the Hamptons organizers. “We’re trying to slow down or stop foreclosures until economic conditions can change to the point where things start going back to a more normalized situation.”

The group has been holding weekly gatherings in Sag Harbor since a large rally on October 15 on Long Wharf.

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Banks, consumers, and politicians are all to blame. Especially the politicians. We need to get them out- BUT- no real good options. What a shame. March on Washington!
By realistic (472), westhampton on Dec 11, 11 2:24 PM
2 members liked this comment
Really? We need to raise awareness of the high level of foreclosures? I'd like for Mr. Cranston to define "normalized situation." The occupy movement should direct its attention to the banks who gambled with the financial security of the country and the sleaze who lined their pockets in the process. The foreclosures are a symptom. Focus on the cause.
By double standard (1506), Remsenburg on Dec 11, 11 4:54 PM
3 members liked this comment
And a note to my fellow Americans. Live within your means and be responsible and accountable. Simple math should tell you that if you make $70,000 or $80,000 a year then you can't afford a half million dollar mortgage. If you allow someone to talk you into that then I suggest you purchase a calculator.
By double standard (1506), Remsenburg on Dec 11, 11 4:57 PM
2 members liked this comment
Focus on those who took out a mortgage and had no realistic way to pay it off! Don't blame the banks, blame those who either didn't read the fine print or bit off more than they could chew. Borrowing 100% of the homes' value is not a sound financial move This , of course, doesn't aply to the folks who lost their jobs and fell upon hard economic times.
By bigfresh (4666), north sea on Dec 11, 11 5:02 PM
bigfresh also conveniently leaves out the fact that Alan Greenspan pushed ARMs, and believed everyone should have one.

He then proceeded to raise interest rates nine times in a short time before he left office, and in some cases DOUBLED the mortgage payments for those who practiced what he preached.

"We" have a LONG way to go, folks...
By Mr. Z (11847), North Sea on Dec 11, 11 5:44 PM
1 member liked this comment
Bigfresh - there is enough greed to go around.

Greed - I want a 3000 square foot home on an acre and I'm willing to buy the bs that is presented to me in order to get what I want. "Honey. What does interest only mean?"

Greed - I will take advantage of this customer and tell him/her what they want to hear in order to close a deal. I will skew numbers so they actually think they can afford this home. If they foreclose we take the property and spin it. That's what my manager says ...more
By double standard (1506), Remsenburg on Dec 11, 11 6:42 PM
I also forgot to mention to bf that Fannie, and Freddie are PUBLICLY traded companies who fell prey to the same corporate greed factor companies like AIG spun around the bowl with.

No accounatbility, no real oversight, and a craps table to go with it.

You know what your grand delusion of de-regulation, and "self-policing" gets you? Enron.
By Mr. Z (11847), North Sea on Dec 11, 11 10:50 PM
1 member liked this comment
God forbid we hold the borrowers accountable.
By dnice (2346), Hampton Bays on Dec 11, 11 10:58 PM
I'd be inclined to agree, if not for the slick chicanery on the part of the banks.

In fact, I'd give you 20 borrowers, 80 bankers.

Have you ever heard legal phrase "knew, or should have known"? It means that if the bankers are so d**n smart, worth so much more compensation, and so great at their ****** jobs, there never should have been a market crash. At all.

Apparently, they ain't worth an ounce of salt.
By Mr. Z (11847), North Sea on Dec 12, 11 11:04 PM
They hate capitalists...but they expect the capitalists to provide them with a good paying job...with benefits too!!!
By AnonymousSgh (183), Sag Harbor on Dec 11, 11 5:09 PM
1 member liked this comment
Seriously, you need to switch up to a wide angle lens.

We have not had this great a degree of socioeconomic disparity in a CENTURY.

You have no idea what a Gaussian copula function, the derivatives market, or who David Li is, do you?
By Mr. Z (11847), North Sea on Dec 11, 11 5:56 PM
1 member liked this comment
I've watched the second homes out here go from cottage-sized to mansions to hotel-sized McMegaMansions that cost tens of millions of dollars. Those bulky eyesores are used 8 weekends a year. Being rich is fine, but gambling with the nation's economy, destroying the pensions of millions of hardworking people, jacking up health insurance premiums to sky-high levels and using mortgages like baccarat chips -- all so a few people can compete for the biggest McMegaMansion on the block -- is not the American ...more
By btdt (449), water mill on Dec 11, 11 8:13 PM
2 members liked this comment
Lets start with Jon Corzine
By joe hampton (3461), south hampton on Dec 12, 11 1:10 AM
1 member liked this comment
I'm perfectly happy to start with Corzine.
By btdt (449), water mill on Dec 12, 11 11:03 AM
By joe hampton (3461), south hampton on Dec 12, 11 1:05 AM
get a clue
By razza5351 (551), East Hampton on Dec 13, 11 8:47 AM
Laugh all you want, but waking up today, I see that all of the foreclosures have been terminated and everyone is back, secure in their home!? Not only that, EVERYONE I speak with seems to have had their attention drawn to foreclosures and are very aware of them now.
By Brelane (16), Southampton on Dec 12, 11 6:55 AM
No one held a gun to the head of ANYONE and told them to buy a home. Why not hold the BORROWER responsible for the contract they signed, read the fine print and have an attorney check the contract at closing. It's all about personal responsibility people! I know that the concept of personal responsibility to a liberal is like holy water to a vampire, but you are responsible for any contract you sign.
By bigfresh (4666), north sea on Dec 12, 11 9:06 AM
I don't know if anyone with half a brain would disagree with you. The point is just because someone is dumb enough to allow you to take advantage of them doesn't mean that you have to. The banks were all to happy screw a lot of people over. Should the borrowers been more savvy? You bet. But again, the banks did take advantage too. 2 guilty parties here.
By double standard (1506), Remsenburg on Dec 12, 11 11:18 AM
Golf clap to Phil for the obligatory attack on the right. Tell me, Phil, if you go into a car dealership ill-prepared and spend more money than I do for a car is that another "right wing wet dream" or you just being an easy mark?
I'm not saying it's right for someone to spot you as an easy mark and take advantage of you, but it's not going to kill you if take the time to assess your situation and finances and make smart decisions. If we need Mommy government to hold our hands through everything ...more
By double standard (1506), Remsenburg on Dec 12, 11 8:42 PM
The fact that Greenspan pushed ARMs had alot to do with how many were out there. The "guru" said this was a solid financial product, and sold it as one. And, facts be told, the MAJORITY of those ARM mortgages were affordable, until interests rates were jacked up, promised refinances denied, and in general the derivatives market "screwed the pooch".

The biggest problem, is that people out there TRUSTED a financial institution, and most of them weren't "friends of Angelo".

Why ...more
Dec 12, 11 10:58 PM appended by Mr. Z
AND, aren't these the same cash harlots that said "We can police ourselves."? WAKE UP.
By Mr. Z (11847), North Sea on Dec 12, 11 10:58 PM
@ Cap'n:

Remind me again why housing became so unaffordable? I'd really like to hear your answer...
By Mr. Z (11847), North Sea on Dec 12, 11 11:10 PM
@ ds:

We most likely don't need "Mommy" to always hold our hand. However, in a civilized society laws are enacted so those that do manage to take advantage of someone are summarily punished. What went down over the last thirty years has been the equivalent of fiscal anarchy.

Too much of any good thing, including freedom, is a bad thing.
By Mr. Z (11847), North Sea on Dec 12, 11 11:51 PM
It wasn't ARM's as much as sub prime mortgage loans. Idiotic borrowers, greedy banks and the governments failure to regulate and and recognize the pitfalls are all to blame and once again the tax payers get left footing the bill
By razza5350 (1911), East Hampton on Dec 13, 11 7:10 PM
UMMMM, yeah.

Sub-prime borrowers ordinarily DID NOT qualify for fixed rate mortgages (FRM) with 600 or less credit scores. I won't say it's impossible, but the vast majority of sub-prime loans were ARM, not FRM. The crap seriously hit the fan when Greenspan raised interest rates 17 TIMES between June '04, and when he left the Fed on the last day in January, '06. That's 19 months. Then, the defaults started coming in droves.

And, IRE on the part of banks which go undetected ...more
By Mr. Z (11847), North Sea on Dec 14, 11 12:34 AM
I didn't say that. Sub prime mortgages were normally given at a higher rate to people who could not afford it. Yes they were bundled mostly into ARMs but the better question is why were these people given the loans in the first place and why were financial institutions able to bundle and sell these loans as basically riskless assets which goes back to my point...idiotic borrowers, greedy bankers and failure of the government to regulate and recognize the bad environment that they created
By razza5350 (1911), East Hampton on Dec 14, 11 8:42 PM

Plain, and simple.
Dec 14, 11 10:20 PM appended by Mr. Z
OH, and the lack of oversight was due to people like Ayn Rand, Alan Greenspan, et al., and bigfresh.
By Mr. Z (11847), North Sea on Dec 14, 11 10:20 PM
By bigfresh (4666), north sea on Dec 12, 11 7:25 PM
Dec 12, 11 10:45 PM appended by Mr. Z
The only exception was if the seller actively concealed latent defects or otherwise made material misrepresentations amounting to fraud.
By Mr. Z (11847), North Sea on Dec 12, 11 10:45 PM
Oh, and you do know that Laidlaw v. Organ pertained to the commodities market, specifically tobacco, right?
By Mr. Z (11847), North Sea on Dec 12, 11 10:52 PM
Here is a book that should be REQUIRED READING in high school civics classes:

"In The Great American Stickup, celebrated journalist Robert Scheer uncovers the hidden story behind one of the greatest financial crimes of our time: the Wall Street financial crash of 2008 and the consequent global recession. Instead of going where other journalists have gone in search of this story-the board rooms and trading floors of the big Wall Street firms-Scheer goes back to Washington, D.C., a veritable ...more
By Mr. Z (11847), North Sea on Dec 12, 11 11:22 PM
You may also want to check out Idiot America: How Stupidity Became a Virtue in the Land of the Free by Charles P. Pierce, and The Fifteen Biggest Lies about the Economy: And Everything Else the Right Doesn't Want You to Know about Taxes, Jobs, and Corporate America by Joshua Holland.

A couple more scorchers.
By Mr. Z (11847), North Sea on Dec 12, 11 11:37 PM
I still don't see this as a right vs left issue. I see it as a large amount of Americans living above their means and caring more about keeping up with the Joneses than keeping their finances in order. I see banks enabling the addict and telling them that everything will be ok when they knew damn well it wouldn't.

If Occupy wants to go say "shame on you" to the banks, then go for it. I think that's healthy. But it's about time we all occupy our own homes and become responsible adults. You ...more
By double standard (1506), Remsenburg on Dec 13, 11 7:56 AM
2 members liked this comment
Excuse me but you seem to have left out personal responsibility once again.
By They call me (2826), southampton on Dec 13, 11 12:20 PM
2 members liked this comment
You want proof that OWS is working to change the conversation in America - just read the posts from all of the frightened, right-wing zealots. The world is changing around them and they are terrified of being left behind. Too late.
By progressnow (556), sag harbor on Dec 13, 11 1:50 PM
What has changed? People calling out greed and inequality isn't exactly a game-changer. I'd say the Tea Party has had the larger effect to date (see the 2010 mid terms.) I'm not even a member of the Tea Party, but you have see results for what they are.
Your problem is you see things as us vs. them and a me vs. you with everything. Drop your party garbage and judge things on an issue by issue basis. Either that or believe the nonsense you just wrote above if it brings you comfort.
By double standard (1506), Remsenburg on Dec 13, 11 5:35 PM

Not to be confused with "Independence"...
By Mr. Z (11847), North Sea on Dec 13, 11 6:24 PM
I don't know, Z. I really don't. Sometimes I wish I could buy into party politics. I just don't see how how one basket holds the right answers. Nor do I see any evidence that either party cares more about country than party.
Look at these boards and witness the ugliness that is party politics. Do you see an attempt at consensus here ever? I don't. It's a competition where neither side admits to the failures of their side. It sucks and it's becoming who we are. So I guess in a sense we do have ...more
By double standard (1506), Remsenburg on Dec 13, 11 7:19 PM
1 member liked this comment
You're not the only one who is worried. I chuckled darkly when I got to the line about our "representative government". I got to watch each of the bubbles in the last decade inflate, and pop, and everyone thought I was nuts, 'cause "everything is going great", when I saw failure in the wings. You are correct about the current culture of self interest. I look at these boards and see alot of people who don't see the whole picture, or simply choose to believe they do even if they don't. I see ...more
By Mr. Z (11847), North Sea on Dec 13, 11 11:58 PM
Faux Razza I Mean Progressnow passed Zuccotti Park on Saturday they cleaned up all the defecation and other garbage Its a park again. Nice try!
By They call me (2826), southampton on Dec 14, 11 12:12 PM
This comment has been removed because it is a duplicate, off-topic or contains inappropriate content.
By Mr. Z (11847), North Sea on Dec 14, 11 10:14 PM
You, Eugene Robinson and Robert Reich have a right to spread your propaganda, but your game is over! Barrack Hussein Obama II and his war on American values are done. He will go down in history as the worst president this country has ever had (even worse than the peanut farmer) The socialist dream his father had for this country will not be realized. Michelle can go back into the hole she crawled out of and NOT be proud of her country again. And liberty will be restored. AMEN
By joe hampton (3461), south hampton on Dec 15, 11 12:02 AM
Hey, joe, try dislodging that tea bag from your throat and swallowing some truth - the tea party is over, dude. Your 15 minutes are up. The fascist dream you had for this country will not be realized Get back in your rocker and watch the world pass you by!
By razza5351 (551), East Hampton on Dec 19, 11 6:35 PM
Too much freedom is a bad thing??!! Incredible statement Komrade! There goes any credibility you may have one had. Der Fuhrer, Castro, Mao,Stalin and Kim Jong Il would approve.
By bigfresh (4666), north sea on Dec 13, 11 4:59 PM
1 member liked this comment

1. a: absence of government
b: a state of lawlessness or political disorder due to the absence of governmental authority
c: a utopian society of individuals who enjoy complete freedom without government

2. a: absence or denial of any authority or established order
b: absence of order : disorder

You really aren't that bright, are you?
By Mr. Z (11847), North Sea on Dec 13, 11 5:58 PM
I've actually got a real query for you.

How many times did Alan Greenspan raise interest rates between June 2004, and the date he left office, thus lighting the fuse for the housing bubble implosion?

I'll give you a hint, it ain't less than a "baker's dozen"...
By Mr. Z (11847), North Sea on Dec 13, 11 6:03 PM
You know Z, the parade is long over, but the pathological posting of preposterous prounouncements more suited for my posterior will certainly continue for days to come. To take a page out of your playbook, I would recommend you read some of Larry Winget's work. If you haven't heard of him, you may recognize his greatest titles Shut Up, Stop Whining, and Get a Life; It's Called WORK for a Reason; You're Broke Because You Want to Be; People are Idiots and I Can Prove It and Your Kids are Your Own ...more
By Brelane (16), Southampton on Dec 13, 11 6:41 PM
Z is one of those people that is always playing the victim.
By razza5350 (1911), East Hampton on Dec 13, 11 7:13 PM
Yeah, victim.

A "victim" who continuously works over 60 hrs. a week, year round, and is not "broke". A "victim" whose job(s) you most likely could not do on your best day. A "victim" who actually knows what it's like to live with a disability, and work with it, and through it. A "victim" who survived a lightining strike, and lived to tell about it. A "victim" who will never invest his 401k money every again. A "victim" who actually KNOWS about the criminality, and clandestine undermining ...more
By Mr. Z (11847), North Sea on Dec 13, 11 9:39 PM
1 member liked this comment
You may also want to try "Willful Blindness".

Kind of ironic there are no books defending Wall Street's actions over the last thirty years. Especially how they eliminated position limits, changed the definition of a physical hedger, thus removing "supply and demand" from the price determination of a commmodity.

Now things like gasoline are priced because a speculator says it's worth x amount of dollars per barrel. Saddest thing is, you've been royally reamed, and most likely ...more
Dec 14, 11 11:13 PM appended by Mr. Z
I wasn't going to embellish, but what the H. "Saddest thing is, you've been roll and rockinglly, royally reamed, and DON'T even have a clue as to how...
By Mr. Z (11847), North Sea on Dec 13, 11 11:13 PM
I'm in the infantile stage of suing the Fed for every dime I've ever paid into Social Security, and the right NOT to pay into it should I deem fit.

Anyone else?
Dec 14, 11 10:15 PM appended by Mr. Z
The basis for said suit, is that it has been turned into a Ponzi scheme.
By Mr. Z (11847), North Sea on Dec 14, 11 10:15 PM
Show me the money, not bonds, and I'll let you (The Fed) off the hook...
Dec 14, 11 10:18 PM appended by Mr. Z
bonds = IOU = Madoff
By Mr. Z (11847), North Sea on Dec 14, 11 10:18 PM
This is an interesting social movement with great endurance.
I respect their tenacity. I think by late spring it will grow considerably and
have a major impact on the presidential elections.

By Steven (113), Westhampton on Dec 15, 11 4:44 AM
Yo Z, you have around 30 comments here between your originals and your add ons, and whatever would be the online equivalent to blue in the face is you have got to possess it. Nobody is buying what ya got cookin' over there in the woods of North Sea. Would you describe the "infantile stage of suing the Fed for every dime I've ever paid into Social Security" as posting about it on 27east? This is my Christmas present to you. Get over yourself and give it a rest. It is an interesting social movement ...more
By Brelane (16), Southampton on Dec 15, 11 6:49 AM
Do yourself a favor, and no matter what you think of Arianna Huffington, a Greek-American by the way, give her book "Third World America" a good thumbing. Maybe twice.

Fourteen hours on the road today, and I had the oppurtunity to review it.

I don't care what you think, or even if you read what I have to say. What sucks about that though, is that people who don't care because "I'm doing fine", and "It's not my problem", are why we're in the depths of fiscal disaster.

Have ...more
By Mr. Z (11847), North Sea on Dec 15, 11 10:02 PM
You're losing it Ant..I wouldn't read anything by Arianna Huffington if you paid me cherished US Government Food Stamps. Perhaps you should stop lest you sound like you do. How's your lawsuit going?
By Brelane (16), Southampton on Dec 16, 11 6:22 AM
Biased, are we?

Maybe you should look it over, before thumbing your nose like some petulant kitty cat. It is a solid vat of statistical, and factual information. Though a bit dystopian in it's assumptions, it is a good, comprehensive piece of literature.

The difference between people like you, and people like me is that I don't let personal bias determine the information I accumulate.
Dec 16, 11 1:36 PM appended by Mr. Z
And, there is NO defense for the way the economy has been manipulated in the last thirty years. Even Greenspan recanted his Randian beliefs before Congress. Maybe the rest of you who are brainwashed should consider the same.
By Mr. Z (11847), North Sea on Dec 16, 11 1:36 PM
Crap, I almost forgot.

At last count, 2.5 TRILLION DOLLARS IS MISSING from the Social Security coffers. All that's there is a collection of government issued bonds. Money comes in the front door, and then goes out the back door to shore up the Federal Budget to pay for things like tax cuts. Kind of dubious, don't you think?

Can you say "Ponzi scheme" boys, and girls?
By Mr. Z (11847), North Sea on Dec 16, 11 2:03 PM
“Neither the redemption of trust fund bonds, nor interest paid on those bonds, provides any new net income to the Treasury, which must finance redemptions and interest payments through some combination of increased taxation, reductions in other government spending, or additional borrowing from the public.”

~ 2009 Social Security Trustees Report

The 2010 gets even better, and more evasive in it's language regarding future outlook. There is NO CASH in the account. It's ...more
Dec 17, 11 10:34 AM appended by Mr. Z
Actually, let me put that in plain English. The Reagan FICA increase money will be gone, never having financed the object of it's intent. Benefits will be reduced, with only taxes to back it up. In other words, the Ponzi will finally go "belly up", in 2037.
By Mr. Z (11847), North Sea on Dec 17, 11 10:34 AM
Franklin Delano "Frank" Raines , Obama and Clinton crony with no experience as a finance executive, took $90M in compensation out of a FNMA as CEO while cooking the books the whole time. Hearings held, he skated naturally, now a bag man for Obama and probably lives in an inflated McMansion in the DC suburbs. Most people who work on "Wall Street" never see $90m except on a computer screen. I think the OWS people are looking in the wrong place.
Was there a failure to regulate reasonably and properly?, ...more
By smacw (240), New York on Dec 16, 11 7:24 AM
You really need to blame "The Committee to save the World".

Had they listened to Brooksley Born, instead of lambasting and blackballing here vastly greater experience with derivatives, we would most likely not be in this mess.

It's the same "good ole boy" network of ignoring academia and experience, for power and position.
Dec 16, 11 1:39 PM appended by Mr. Z
BTW, they have one of the correct addresses. We wouldn't have the economic issues currently upon us, without Wall St., AND their lobbyists. It takes TWO to tango, and they are paid up very well with plenty of "the right" dance partners...
By Mr. Z (11847), North Sea on Dec 16, 11 1:39 PM
Not a Ron Paul fan, but IF Barak Hussein Obama, peace be upon Him, had the same scrutiny by the media, He would never have been elected. Sorry Phil, Barry has had a pass from the media since the day He was created,His past associations, college transcripts, "Reverend" Wright, the self confessed terrorist William Ayers, Tony Rezco and His Marxist philosophy for starters were never given the scrutiny they deserved. But have no fear, there's no way He can hide His record since He took office. While ...more
By bigfresh (4666), north sea on Dec 19, 11 4:33 PM
bigfresh serves at the perfect public metaphor for what is happening in congress. The republican party is being split in two - somewhat sane republicans on one side and the teaparty lunatics on the other.

Despite the fact that less than 14% of Americans are self-identified "teapartiers" and their favorability rating hovers below that of the President AND democrats and republicans, John Boehner has let the crazies rule the house. A Christmas present for dems.

As for the presidency, ...more
By razza5351 (551), East Hampton on Dec 19, 11 5:21 PM
Reagan Repblicans, Clinton Democrats, it matters not.

BOTH parties have managed to create a not only fiscal, but regulatory, and legal disaster. After the last Great Depression, some of the most brilliant, and learned minds sat down to answer the question: "How can we prevent this from ever happening again?".

The answer was the Glass-Steagall Act, which basically designed and regulated our economy in a relatively stable manner for about sixty years. Then, bit by bit "smart" bankers, ...more
By Mr. Z (11847), North Sea on Dec 20, 11 11:14 PM
If, God forbid, Barry gets re-elected and His plans are implemented, it will mean the end to the liberal wing of the Demokrat Party, and quite possibly the end of the USA. Socialism has never been an effective way to run a nation.
By bigfresh (4666), north sea on Dec 20, 11 7:50 AM
You don't know the meaning of the word Socialism, and if you did, you would protest a program like Social Security, with it's 100k income cap. Especially if you were poised to turn 62 when the proposed cuts will be effected, should there be no tax increase to 14-15%.

It's so obvious that a Randian, Greespan sponsored, "self correcting", unregulated "free-market" is the way to go. Greed, and fraud will take care of themselves! Of course they will, but only after a massive amount of damage ...more
Dec 20, 11 1:49 PM appended by Mr. Z
Even Greenspan recanted his Randian beliefs before Congress. Maybe the rest of you who are brainwashed should consider the same.
By Mr. Z (11847), North Sea on Dec 20, 11 1:49 PM
Your paranoid fear of DICTATORSHIP, blatantly obvious...
By Mr. Z (11847), North Sea on Dec 20, 11 8:45 PM
Trust me, you're going to LOVE this:

A Sign Occupy Wall Street Is Having Political Impact

By Matt Taibbi

For those saying that Occupy Wall Street hasn't had a concrete effect, take a look at this. It's not much, but it's a little something. The leaders of the House Financial Services Committee announced yesterday that they will be holding hearings on the SEC's practice of concluding settlements with Wall Street defendants without forcing the accused to admit to wrongdoing.

This ...more
By Mr. Z (11847), North Sea on Dec 20, 11 2:14 PM
This comment has been removed because it is a duplicate, off-topic or contains inappropriate content.
By bigfresh (4666), north sea on Dec 20, 11 6:12 PM
Obama and Geithner: Government, Enron-Style:

Obama and the Rule of Law

By Jeff Connaughton

Long silent and now contradictory, President Obama needs to deliver a clarifying speech about our financial markets and the rule of law. Speaking in Kansas on December 6, he said, "Too often, we've seen Wall Street firms violating major anti-fraud laws because the penalties are too weak and there's no price for being a repeat offender." Just five days later on 60 Minutes, he ...more
By Mr. Z (11847), North Sea on Dec 20, 11 11:24 PM
By cutting and pasting this drivel, one should presume that you think pretty highly of Jeff's opinion huh. The majority of this character's life has been spent lobbying on K street for 2 of the most notorious influence peddlers in history, namely Arnold & Porter and Quinn Gilespie, he also was Biden's staff assistant for several years. Jeff Connaughton has more skeletons than my 8th grade science teacher and you prove yet again that your nothing more than an aping bloviator.
Dec 21, 11 12:45 PM appended by Glazed
Its the last line that caught my eye too but I won't read that one either.
By Glazed (21), Southampton on Dec 21, 11 12:45 PM
Well, you know what they say about people who assume things.

If you learned anything from your 8th grade science teacher, I would hope that it would be the capability of critical thought, and empirical analyzation of data.

This man has little to gain politically by making this statement. To my knowledge he is not running for office, nor does he need to pander to the populace to garner votes.

Is it just possible that he may be repentant? In the grand scheme of things, ...more
By Mr. Z (11847), North Sea on Dec 21, 11 6:41 PM
The last line is what caught my eye:

Jeff Connaughton: Where Are the Cops on Wall Street?
by on February 5, 2011

This post is adapted from a speech delivered Nov. 2, 2010, to more than 300 financial regulators and Wall Street executives during a panel discussion entitled “Financial Crisis and Financial Crimes” at the Federal Reserve Bank of New York. I’m going to address briefly four questions, all of which go to the integrity and competitiveness of our capital ...more
By Mr. Z (11847), North Sea on Dec 21, 11 6:51 PM
In that case, don't comment on it.

If you haven't read it, that leaves you unqualified.
By Mr. Z (11847), North Sea on Dec 22, 11 7:15 PM
I'll save you the trouble, and give you the crux of the piece:

"Technology advances in trading markets have caused law enforcement and regulatory agencies to fall far behind in their ability to monitor and detect manipulation by high-speed, algorithmic traders. In only a few years time, the equity markets have jumped from two exchanges to more than 50 trading venues, becoming so mind-numbingly complex that even professional traders have difficulty telling you with confidence what happens ...more
By Mr. Z (11847), North Sea on Dec 22, 11 7:35 PM
Looks like I touched a nerve with 4 replies, one of which was a reply to your own post. The comment ticker can't even keep up with your mayhem. Do you have anything we don't know? The SEC, FINRA, SIPC, FDIC, FBI, Congress, AM Best, the House of Ways and Means, The Fed, AARP are all bought and sold all day. Now what?
By Glazed (21), Southampton on Dec 23, 11 6:13 AM
Stand up, speak up, and act. We have voices, minds, pens, keyboards, and even social media as vehicles to collectively voice the grievances so many have today. All the BS gone on as of late needs to stop.

Our society needs to make some serious fundamental changes if we are going to survive. If you look at all the parallels to the "Robber Baron" era, it's quite staggering. We need a change in social conscience, in societal convention, and general education. In far too many cases, the ...more
By Mr. Z (11847), North Sea on Dec 31, 11 12:43 AM
Wow. Actually, I think it's time to start taxing every time we breathe. Isn't that where most of the CO2 comes from???
By Jan (25), Hampton Bays on Dec 31, 11 6:20 AM
By Mr. Z (11847), North Sea on Dec 31, 11 4:44 PM
Pity the Billionaire: The Unexpected Resurgence of the American Right
By Thomas Frank

Publication Date: January 3, 2012

From the bestselling author of "What's the Matter with Kansas?", a wonderfully insightful and sardonic look at how the worst economy since the 1930s has brought about the revival of conservatism

Economic catastrophe usually brings social protest and demands for change—or at least it's supposed to. But when Thomas Frank set out in 2009 to look ...more
By Mr. Z (11847), North Sea on Jan 1, 12 9:30 PM
In Congress, nearly half the members are millionaires

The Senate's median net worth is $2.63 million; in the House, it's $756,00. Given that, and the way this club often seems so out of touch with the rest of us, I'm making Congress my One-Percenter of the Week.
By MSN Money partner on Thu, Jan 5, 2012 4:56 PM

By Michael Brush

Just a few days into the new year, and we're already blitzed with wall-to-wall election coverage. But the fun is only just beginning. ...more
By Mr. Z (11847), North Sea on Jan 5, 12 11:01 PM
It is a slow day in a little Greek Village. The rain is beating down and the streets are deserted.

Times are tough, everybody is in debt, and everybody lives on credit.

On this particular day a rich German tourist is driving through the village, stops at the local hotel and lays a €100 note on the desk, telling the hotel
owner he wants to inspect the rooms upstairs in order to pick one to spend the night.

The owner gives him some keys and, as soon as the visitor ...more
By Mr. Z (11847), North Sea on Jan 8, 12 12:07 AM
its a slow day alright. these occupy movements don't even occupy the section section above the fold in the newspaper. it is not in the top 5 news stories on the boob tube. seems like obama's last hope may have changed.
By tmarie (30), Southampton on Jan 8, 12 5:47 AM
And the reason ZZZZ's story is set in Greece is because of the bizarre bizzare cradle to grave, government entitlement, union dominated economy. Exactly what the lunatic left wing of the Demokrat Party and their Dear Leader, Barry Sotero are trying to create here. Thanks for the example of why liberalism never works!
By bigfresh (4666), north sea on Jan 8, 12 8:10 AM
It's like the bat, and the ball problem. Let me guess, you said the ball was worth a dime without doing the math, right?

Greece is the distraction for the feeble minded, and it's quite obvious you missed the point of the anecdote.
Jan 12, 12 9:02 PM appended by Mr. Z
Oh, and just for reference "free market socialism" was the most successful form of it in History. The flaw in your arguement is that Socialism has NEVER operated successfully in an Oligarchic dictatorship, or under any type of Oligarchy. Of course, to be successful, we'd have to live in a real "free market" Republic to begin with, not a Socialistic baliout state for the super wealthy, Greenspan appointed, Randian Atlases, now wouldn't we?
By Mr. Z (11847), North Sea on Jan 12, 12 9:02 PM
Also for reference, in the former Yugoslavia, or even modern Croatia, should you have been injured, or out of work for one reason, or another, you didn't/don't lose all that you had worked so hard for, while you produced for society.

Be out of work for more than six months, and try holding on in this alleged "free market". It's more likely you end up like the limping gazelle on the savanna.

GOOD LUCK!!!!!!!!!!!
By Mr. Z (11847), North Sea on Jan 12, 12 9:35 PM
Revolving Door: From Top Futures Regulator to Top Futures Lobbyist

by Matt Taibbi

While America focused on New Hampshire, a classic example of revolving-door politics took place in Washington, going almost completely unnoticed. It’s a move that ranks up there with the hire of Louisiana congressman Billy Tauzin to head the pharmaceutical lobbying conglomerate PhRMA -- at a salary of over $2 million a year -- immediately after Tauzin helped ram through the Medicare Prescription ...more
By Mr. Z (11847), North Sea on Jan 12, 12 9:05 PM
'The Hidden History of Corporations in the United States'
First published February, 2000

When American colonists declared independence from England in 1776, they also freed themselves from control by English corporations that extracted their wealth and dominated trade. After fighting a revolution to end this exploitation, our country's founders retained a healthy fear of corporate power and wisely limited corporations exclusively to a business role. Corporations were forbidden from ...more
By Mr. Z (11847), North Sea on Jan 16, 12 4:00 PM
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