OCCUPY WALL STREET

persiphone · 11-29-2011, 08:43 PM

Occupy Wall Street Takes Aim at Student Debt
By Giuseppe Giannet Mon, Nov 28, 2011

With the ever-increasing chance of eviction facing "Occupy" movements across the country, Occupy Wall Street has been forced to consider its next step. Whether the movement morphs into a political group capable of reform through the ballot box is yet to be seen. However, some specific action is already taking place. One thing Occupy Wall Street has taken aim at is the growing student loan debt carried by the nation's college students. Here are some interesting facts relating to the "Occupy" campaign and student debt in general.

* According to Washington Square News, protesters in Zuccotti Park are trying to gather one million signatures from students vowing to ignore their loan payments. The campaign is consistent with the "Occupy" movement's larger belief that college education is a fundamental right of citizens.

* The campaign is being run by the Education and Empowerment Committee of Occupy Wall Street.

* The price of studying and living on campus at an average public university rose 5.4 percent for in-state students, or about $1,100, to $21,447 this fall, according to CNNMoney. Meanwhile, community college, which is usually a low cost alternative for lower income students, tuition posted an 8.7 percent gain.

* The New York Federal Reserve Bank puts the total student debt at $550 billion, according to the Economist.

* Sallie Mae, the college loan giant speculates there is $757 billion of outstanding student loans.

* Lending this year alone is projected to be in excess of $112 billion, which will send the total student loan debt owed by American students to over $1 trillion.

* Depending on the estimate, America's students now owe more in college loan debt than Americans owe in credit card debt, reports the USAToday.

* According to the Huffington Post, the average debt students owed in 2010 was $25,250, which represented a 5 percent increase from the previous year.

* Out of the nation's 50 states, New Hampshire had the highest average debt load at $31,048, while Utah had the lowest at $15,509.

* The Obama Administration has tried to deal with the student loan crisis by capping monthly student loan payments to 10 percent of discretionary income. The White House estimates this could assist 1.6 million students in lowering their payments.

persiphone · 11-29-2011, 08:51 PM

i thought this was super fancy

We Didn't Know About the Fed's $7.7 Trillion Loans To Wall Street
By Robert Lenzner Forbes – Mon, Nov 28, 2011

......"What you see is all there is. We don't react to things we don't know about."

This remarkable but common sense insight is a major theme of economist Daniel Kahneman's new book, "Thinking, Fast and Slow, " just published and already on the best-seller list.

We did not know that the Fed has spent the mind-boggling total of $7.7 trillion in loans to many of the key financial institutions in the world during the 2008 meltdown; including $1.2 trillion in a single day, December 5th, 2008-- after other costly steps had been taken to put capital in the major banks, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley-- and a host of European banks as well.

Had we known the extent of the money being lent through the Fed open market window-- even though the money had collateral behind it-- would we have been more frightened-- or more secure in our temperament, and so willing to risk our money as well.? I reckon I would have been more frightened, and I'm glad I didn't know.

But, the revelation after the fact is bound to stir up the conspiracy gang and lead to sharp political debate about the independence of the central bank. Thank God Ron Paul has no chance whatsoever.

What we still don't know is whether all that nearly $8 trillion was necessary. Instead of looking backwards, it's more crucial to look forwards.

What don't we know about Europe, about the murky, non-transparent plans to stabilize Italy, France, Portugal, Spain and the U.K.? It's frightening to think what isn't known about the machinations in Paris, Rome, Frankfurt, London and Lisbon All we know is there's a mountain of debt everywhere (see my "The UK has 460% debt to GDP") Both sovereign debt and bank debt-- all interwoven in a web of danger.

We cannot know for certain-- but only imagine-- that the solution will involve that tired warhorse of more debt floated to pay off or service old debt. We can only hope that the ECB, the Bundesbank, the IMF and others will copycat the Fed-- and make funds available.

As our behavior is often ruled by what we can't see, I guess the safest route is to sell European sovereign paper and bank shares. We'll not know the true extent of what is happening in Europe that we can only see on a piecemeal basis-- until we become more aware of what is in store for us.

It all makes me edgy, and wondering about all the other things I don't know-- like the hope that China will have a soft-- not hard landing; that Pakistan's nuclear warheads are indeed under tight, sane control; that Iran is far from developing a nuclear bomb; that the US will resolve the debt crisis at home without going into a lost decade like Japan. That's just the top rung of what we don't know. "What you see is all there is." What level of discount does Kahneman's finding deserve? I'm not sure.

i agree. i think this pit is much deeper than we know about despite all the horrors that have been trotted out thus far. but i've been saying that for a while.

persiphone · 11-29-2011, 09:12 PM

and in other news...from Denver....

Occupy Denver march halts traffic; no one arrested
By: DAN ELLIOTT 11/17/11 10:59 AM
Associated Press

Boisterous but peaceful Occupy Denver protesters marched through downtown Thursday chanting "We are the 99 percent" and bringing traffic to a halt.

Police followed them on horseback, motorcycles and bicycles but made no move to arrest anyone or clear the streets. Officers in squad cars zipped ahead to block traffic on cross streets once it was clear which direction the crowd was moving.

There appeared to be little or no violence, although one protester threw a small white object at an SUV that darted out of an alley and forced one marcher to jump out of the way.

After a rally outside the Denver City and County Building, protesters streamed down a pedestrian mall, stopping in front of a Federal Reserve branch to denounce big banks and corporate excess. They briefly blocked at least two busy intersections before returning to the downtown park where they started.

The crowd appeared to number about 100. Police said they don't issue crowd estimates.

A similar scene involving a crowd of about 300 played out again in the evening.

The rally and march were among several staged across the nation to mark the date two months ago when the Occupy protests started.

One of the Denver protesters, Claudia Livingston, 63, said she lost her job after eight years and hasn't been able to find another. She had to move out of her home and rent it out to pay the mortgage, she said.

"I can't afford to live in my own home," Livingston said.

She went to Thursday's rally to protest what she called violations of the First Amendment Rights of some Occupy Wall Street protesters.

Some Denver bystanders looked on with amusement and few appeared upset — not even the drivers who were forced to wait while the crowd blocked intersections.

"It's good to be right here and see it," said Kai Syliece, 19, who was driving to a college class when she had to wait for the marchers to pass. "We've been talking about this in class."

Russ Glissmann, 48, watched as four protesters briefly sat in the middle of a street facing a half-dozen police cars before they stood and retreated to the curb.

"I think they're absurd," said Glissmann, who works in information technology.

He said he had no beef with the protesters' message, only their methods.

"They have yet to say how they want (the economic system) changed," he said. "They're causing more problems than they're solving."

Police spokesman John White said he didn't know whether the protesters had a permit to march but said the department has allowed the protesters to stage previous marches without official permission.

Denver Mayor Michael Hancock said that's been the city's position throughout the protests

"The whole idea (is), we're not trying to provoke," Hancock said.

"We believe that their right to free speech and assembly is first and foremost," Hancock said, adding that police have confronted protesters only when a situation threatens the health and safety of the public or the protesters.

Police and protesters have had three run-ins, twice at the protesters' encampment near the state Capitol and once on the Capitol steps.

Three protesters face state felony charges from two of those incidents, prosecutors said Thursday. The charges include inciting a riot, assaulting a police officer and resisting arrest.

Prosecutors said at least 23 others have been issued citations on state misdemeanor charges, and more may have been issued citations for violating city ordinances.

SoNotHer · 11-29-2011, 10:56 PM

Good and finally...

Quote:

Originally Posted by persiphone

Occupy Wall Street Takes Aim at Student Debt
By Giuseppe Giannet Mon, Nov 28, 2011

With the ever-increasing chance of eviction facing "Occupy" movements across the country, Occupy Wall Street has been forced to consider its next step. Whether the movement morphs into a political group capable of reform through the ballot box is yet to be seen. However, some specific action is already taking place. One thing Occupy Wall Street has taken aim at is the growing student loan debt carried by the nation's college students. Here are some interesting facts relating to the "Occupy" campaign and student debt in general.

* According to Washington Square News, protesters in Zuccotti Park are trying to gather one million signatures from students vowing to ignore their loan payments. The campaign is consistent with the "Occupy" movement's larger belief that college education is a fundamental right of citizens.

* The campaign is being run by the Education and Empowerment Committee of Occupy Wall Street.

* The price of studying and living on campus at an average public university rose 5.4 percent for in-state students, or about $1,100, to $21,447 this fall, according to CNNMoney. Meanwhile, community college, which is usually a low cost alternative for lower income students, tuition posted an 8.7 percent gain.

* The New York Federal Reserve Bank puts the total student debt at $550 billion, according to the Economist.

* Sallie Mae, the college loan giant speculates there is $757 billion of outstanding student loans.

* Lending this year alone is projected to be in excess of $112 billion, which will send the total student loan debt owed by American students to over $1 trillion.

* Depending on the estimate, America's students now owe more in college loan debt than Americans owe in credit card debt, reports the USAToday.

* According to the Huffington Post, the average debt students owed in 2010 was $25,250, which represented a 5 percent increase from the previous year.

* Out of the nation's 50 states, New Hampshire had the highest average debt load at $31,048, while Utah had the lowest at $15,509.

* The Obama Administration has tried to deal with the student loan crisis by capping monthly student loan payments to 10 percent of discretionary income. The White House estimates this could assist 1.6 million students in lowering their payments.

11-29-2011, 08:43 PM	#1
persiphone Timed Out How Do You Identify?: femme Relationship Status: on a hedonistic hiatus Join Date: Nov 2009 Location: Permanently Banned 12/28/2011 Posts: 462 My Photo Gallery Thanks: 1,574 Thanked 1,562 Times in 380 Posts Rep Power: 0	Occupy Wall Street Takes Aim at Student Debt By Giuseppe Giannet Mon, Nov 28, 2011 With the ever-increasing chance of eviction facing "Occupy" movements across the country, Occupy Wall Street has been forced to consider its next step. Whether the movement morphs into a political group capable of reform through the ballot box is yet to be seen. However, some specific action is already taking place. One thing Occupy Wall Street has taken aim at is the growing student loan debt carried by the nation's college students. Here are some interesting facts relating to the "Occupy" campaign and student debt in general. * According to Washington Square News, protesters in Zuccotti Park are trying to gather one million signatures from students vowing to ignore their loan payments. The campaign is consistent with the "Occupy" movement's larger belief that college education is a fundamental right of citizens. * The campaign is being run by the Education and Empowerment Committee of Occupy Wall Street. * The price of studying and living on campus at an average public university rose 5.4 percent for in-state students, or about $1,100, to $21,447 this fall, according to CNNMoney. Meanwhile, community college, which is usually a low cost alternative for lower income students, tuition posted an 8.7 percent gain. * The New York Federal Reserve Bank puts the total student debt at $550 billion, according to the Economist. * Sallie Mae, the college loan giant speculates there is $757 billion of outstanding student loans. * Lending this year alone is projected to be in excess of $112 billion, which will send the total student loan debt owed by American students to over $1 trillion. * Depending on the estimate, America's students now owe more in college loan debt than Americans owe in credit card debt, reports the USAToday. * According to the Huffington Post, the average debt students owed in 2010 was $25,250, which represented a 5 percent increase from the previous year. * Out of the nation's 50 states, New Hampshire had the highest average debt load at $31,048, while Utah had the lowest at $15,509. * The Obama Administration has tried to deal with the student loan crisis by capping monthly student loan payments to 10 percent of discretionary income. The White House estimates this could assist 1.6 million students in lowering their payments.

11-29-2011, 08:51 PM	#2
persiphone Timed Out How Do You Identify?: femme Relationship Status: on a hedonistic hiatus Join Date: Nov 2009 Location: Permanently Banned 12/28/2011 Posts: 462 My Photo Gallery Thanks: 1,574 Thanked 1,562 Times in 380 Posts Rep Power: 0	i thought this was super fancy We Didn't Know About the Fed's $7.7 Trillion Loans To Wall Street By Robert Lenzner Forbes – Mon, Nov 28, 2011 ......"What you see is all there is. We don't react to things we don't know about." This remarkable but common sense insight is a major theme of economist Daniel Kahneman's new book, "Thinking, Fast and Slow, " just published and already on the best-seller list. We did not know that the Fed has spent the mind-boggling total of $7.7 trillion in loans to many of the key financial institutions in the world during the 2008 meltdown; including $1.2 trillion in a single day, December 5th, 2008-- after other costly steps had been taken to put capital in the major banks, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley-- and a host of European banks as well. Had we known the extent of the money being lent through the Fed open market window-- even though the money had collateral behind it-- would we have been more frightened-- or more secure in our temperament, and so willing to risk our money as well.? I reckon I would have been more frightened, and I'm glad I didn't know. But, the revelation after the fact is bound to stir up the conspiracy gang and lead to sharp political debate about the independence of the central bank. Thank God Ron Paul has no chance whatsoever. What we still don't know is whether all that nearly $8 trillion was necessary. Instead of looking backwards, it's more crucial to look forwards. What don't we know about Europe, about the murky, non-transparent plans to stabilize Italy, France, Portugal, Spain and the U.K.? It's frightening to think what isn't known about the machinations in Paris, Rome, Frankfurt, London and Lisbon All we know is there's a mountain of debt everywhere (see my "The UK has 460% debt to GDP") Both sovereign debt and bank debt-- all interwoven in a web of danger. We cannot know for certain-- but only imagine-- that the solution will involve that tired warhorse of more debt floated to pay off or service old debt. We can only hope that the ECB, the Bundesbank, the IMF and others will copycat the Fed-- and make funds available. As our behavior is often ruled by what we can't see, I guess the safest route is to sell European sovereign paper and bank shares. We'll not know the true extent of what is happening in Europe that we can only see on a piecemeal basis-- until we become more aware of what is in store for us. It all makes me edgy, and wondering about all the other things I don't know-- like the hope that China will have a soft-- not hard landing; that Pakistan's nuclear warheads are indeed under tight, sane control; that Iran is far from developing a nuclear bomb; that the US will resolve the debt crisis at home without going into a lost decade like Japan. That's just the top rung of what we don't know. "What you see is all there is." What level of discount does Kahneman's finding deserve? I'm not sure. i agree. i think this pit is much deeper than we know about despite all the horrors that have been trotted out thus far. but i've been saying that for a while.

11-29-2011, 09:12 PM	#3
persiphone Timed Out How Do You Identify?: femme Relationship Status: on a hedonistic hiatus Join Date: Nov 2009 Location: Permanently Banned 12/28/2011 Posts: 462 My Photo Gallery Thanks: 1,574 Thanked 1,562 Times in 380 Posts Rep Power: 0	and in other news...from Denver.... Occupy Denver march halts traffic; no one arrested By: DAN ELLIOTT 11/17/11 10:59 AM Associated Press Boisterous but peaceful Occupy Denver protesters marched through downtown Thursday chanting "We are the 99 percent" and bringing traffic to a halt. Police followed them on horseback, motorcycles and bicycles but made no move to arrest anyone or clear the streets. Officers in squad cars zipped ahead to block traffic on cross streets once it was clear which direction the crowd was moving. There appeared to be little or no violence, although one protester threw a small white object at an SUV that darted out of an alley and forced one marcher to jump out of the way. After a rally outside the Denver City and County Building, protesters streamed down a pedestrian mall, stopping in front of a Federal Reserve branch to denounce big banks and corporate excess. They briefly blocked at least two busy intersections before returning to the downtown park where they started. The crowd appeared to number about 100. Police said they don't issue crowd estimates. A similar scene involving a crowd of about 300 played out again in the evening. The rally and march were among several staged across the nation to mark the date two months ago when the Occupy protests started. One of the Denver protesters, Claudia Livingston, 63, said she lost her job after eight years and hasn't been able to find another. She had to move out of her home and rent it out to pay the mortgage, she said. "I can't afford to live in my own home," Livingston said. She went to Thursday's rally to protest what she called violations of the First Amendment Rights of some Occupy Wall Street protesters. Some Denver bystanders looked on with amusement and few appeared upset — not even the drivers who were forced to wait while the crowd blocked intersections. "It's good to be right here and see it," said Kai Syliece, 19, who was driving to a college class when she had to wait for the marchers to pass. "We've been talking about this in class." Russ Glissmann, 48, watched as four protesters briefly sat in the middle of a street facing a half-dozen police cars before they stood and retreated to the curb. "I think they're absurd," said Glissmann, who works in information technology. He said he had no beef with the protesters' message, only their methods. "They have yet to say how they want (the economic system) changed," he said. "They're causing more problems than they're solving." Police spokesman John White said he didn't know whether the protesters had a permit to march but said the department has allowed the protesters to stage previous marches without official permission. Denver Mayor Michael Hancock said that's been the city's position throughout the protests "The whole idea (is), we're not trying to provoke," Hancock said. "We believe that their right to free speech and assembly is first and foremost," Hancock said, adding that police have confronted protesters only when a situation threatens the health and safety of the public or the protesters. Police and protesters have had three run-ins, twice at the protesters' encampment near the state Capitol and once on the Capitol steps. Three protesters face state felony charges from two of those incidents, prosecutors said Thursday. The charges include inciting a riot, assaulting a police officer and resisting arrest. Prosecutors said at least 23 others have been issued citations on state misdemeanor charges, and more may have been issued citations for violating city ordinances.