Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

Posted by rojerono

Posted by GioiaMia

To everyone who blames the unemployed, and the poor, and those having a hard time.

I used to be like you, I used to POST on HERE like you. . . my world was rocked, so DRASTICALLY changed that I am ashamed of how I used to think.

I hope and pray that you never get that wake up call. I was much happier and had less stress when I was oblivious -- when it was about "them" doing the wrong thing. They did something wrong. . . "they" must have -- why else are they unemployed? homeless? in debt?

I wish I could go back to thinking like that, because that meant it could never happen to me. . . until it did.

Amen.

Re: Why are there no posts on anything going on in Wall Street?

I'm just so confused by some of the posts on this thread. I'm not struggling. My extended family isn't struggling. I don't personally know many people who are struggling at all. But you don't have to look further than a newspaper, a news program, or these boards to see that it's happening everywhere.

People who have worked their whole lives for the same company are losing their jobs, while the CEO of that same company continues to take obscene salaries. American Express, for example, laid off 4000 workers and that same year, the CEO received $16.8 million. When Schering-Plough merged with Merck, the CEO of S-P received $49.6 million and 16,000 people lost their jobs.

I agree that those at the top deserve to make more than the rest. Otherwise, there would be no reason to climb the ladder. But the person at the top shouldn't be making obscene amounts of money while at the same time laying off workers. My dad runs a small business, and he has gone 2 years now without taking a salary so that he can provide salaries for his people. Where are the big CEOs, who are already millionaires and billionaires, that are willing to make moves like that?

Re: Why are there no posts on anything going on in Wall Street?

this post is something else.

the working 24/7 on wall street comment takes the cake.
i worked with these guys on wall street. dinners, cars home...they are hard workers-but please.

do you know how many people out there hold 2 minimum wage full time jobs????
do you know they would take wall street conditions in a heartbeat? at this point, probably sell their soul?

and really...the comment where they busted their asses and struggled?
THANK GOD in heaven that their are other people out their who have busted their *** and struggled to get where they are-in the form of social workers, teachers, and nurses.

Re: Why are there no posts on anything going on in Wall Street?

I think that this whole "us versus them" mentality (on both sides) is what's taking this argument down the worng path. Sure, SOME DO "milk it" and live above their means and then complain and demand breaks and services. And sure, SOME others DO collect millions while their employees are fired with no compunction.

Why are these things surprising? Look at the way people drive, litter, fight with strangers on the LIRR. Some people are selfish--self obsessed, indifferent to the needs/feelings of others. We see these people every day. The only difference between the "milkers" and the "callous millionaires" is circumstances. They are the same.

Similarly, some people live in true poverty, while others are wealthy beyond imagination.

But most people live in the middle of extremes. Many people, whether they are rank and file Wall Streeters who are lucky enough to be well employed or diligent job searchers/hard workers looking to make ends meet, are just decent people trying to better their famiies. They are the same as well.

This isn't directed at anyone on here--I just feel like it's too easy to fall into the us bersus them mentality of caricaturing everyone--from the banker on the street to the person on the unemployment line (and who's to say that the former doesn't become the latter?)--whom they see as "them."

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

Tilde nailed it.

All of us had a time of "blissful ignorance". I don't begrudge anyone that. Live and learn.
Learn being the operative word there.

Learn what goes on and how money works. Learn about your 401K and other investments that you're planning on using at some point in the future. Learn who's managing it and if it's not Warren Buffet (or even if it is) question their practices and look at those with a critical eye.

Read about credit default swaps and what they caused in 2008 and be on the lookout for the NEXT financial "weapon of mass destruction". Cause as sure as the sun rises there will be one.

I remember gas lines in the 70s, NYC going bankrupt, cops and firemen laid off. I remember the 80s booming economy and "trickle down" economics, followed by the massive insider trading scandals perpetrated by Boesky, Milken, et. al. and the market crash of '87 when friends who had just graduated with their bright shiny diplomas were hiding under their desks on Wall Street. Then the 90s and the internet boom, or "bubble" more accurately, which inevitably would burst and create massive economic upheaval. Fast forward to today. And what lesson has been learned? For me personally, there is NO ONE looking out for my money or my family. There's no financial "sugar daddy" or benevolent company out there and I probably had childish illusions once upon a time that there ever was one. So my gut leads me to critical thinking regarding EVERYTHING. When my job hunt resumes soon I will have tough (hopefully intelligent) questions to ask my potential employers regarding the "package" offered. And hopefully I make a wiser decision based on my needs/desires, and yes, my VALUE out there on the open market.

The economy will ALWAYS shock us and change our circumstances (for better or for worse) but I'm appalled that anyone has their head so deeply buried in the sand as to think it's the average Joe's "fault" that they are un/under employed and struggling right now.

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

To the OP--I like the idea of this protest. The problem I have with it is the lack of cohesiveness at times, but the core message--that 99% of Americans are struggling on some level is a good one, and there wasn't enough media play of this point until recently. So if nothing else, they are drawing attention to issues that affect most Americans. I think the next couple days will be very interesting if unions get involved.

As for some of the other posts, God bless you and your family if this economic downturn has not affected you. Because that could be you in the blink of an eye. No job is safe these days, really no job. And even if you've saved like crazy, you may be out of work longer than you think. Or a serious health issue could wipe you out if your COBRA runs out and you choose not to buy insurance. Sure there are lazy people out there who moan about being out of work but don't do much to find new jobs. But I think there are far more who just can't find a job, any job. But if you think anyone can just pull up their bootstraps and get a job that pays a living wage these days without much delay, I'm sorry, you are deluded.

I don't think most people begrudge people the opportunity to earn loads of money. But the disparity between this roughly 1% of the populace is unsustainable at this point. Too many of the truly wealthy are not paying their share of taxes, and some companies are even worse. There is no incentive to keep jobs here other than to do the right thing as opposed to turning a profit, and clearly, doing the right thing is not a motivator in our system.

Re: Why are there no posts on anything going on in Wall Street?

I agree 1000% with the movement. While I think the protest is drawing attention to the cause, it's disheartening that there is no organization. From what I've heard from my friend that lives down there, it was a bunch of unemployed college students doing the protest who are partying.

But I'd like to see this take momentum. I want to see corporations lose their personhood. I want to see Congress quaking in their boots for their jobs, their livelihood & protected wealth. This could be the spark, game changer if it's done right.

Every single person I know who was laid off, had their benefits cut, their salaries decreased by 10% & then another 10%, my husband is out on a 14 week furlough for the past 3 years.

I'm no chicken little. It is getting worse.

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

Posted by rojerono

Posted by mommy2Alex

Posted by itsbabytime

Posted by DirtyBlonde

Wall Street IS the enemy.

This is one of the reasons our economy is in such trouble right now. This ignorant statement that so many bought into - so many that just don't understand how the financial system works. These same people were cheering when the gov't wouldn't bail out Lehman Bros and were being interviewed saying they got what they deserved - and, look what happened then. When will people learn? Probably never b/c they are too busy blaming everyone else.

And, no, I don't have sympathy for these protestors - not at all. My DH works on wall street and he would never have 5 min of the unlimited supply of time these people have to spend doing something that contributes absolutely nothing to society - b/c he is too busy working 24/7

ITA!! Who do we think provides jobs in this country...umm corporations/small business owners. Should everyone work for the government? It is absurd, of course I company wants to keep its profits, that is why people take risks and open their own companies, not because they want the government to take 1/2 of it away in taxes.


ETA - I know several people who are on unemployment who are milking it for all it is worth, they aren't even attempting to look for a job until unemployment comes close to an end. There was a study done in Europe (I believe) a few years ago that basically said the longer you extend unemployment benefits the longer people will wait to find a job. I know that not everyone who is unemployed are like that but there is a large majority who have that mentality.

You are right. Corporations are not in it to make sure the top execs make money. Wall Street doesn't have any corrupt, greedy, money hungry mongers who broke the system with their own greed and then turned around and asked the government to bail them out. They didn't give tens of millions of dollars to their top dogs the YEAR before asking a goverment with trillions of dollars in debt to give them MORE money.

People like the former CEO of Lehman brothers were completely innocent victims of the scandalous ignorance of the masses.

And a large majority of the folks who are collecting the pittance that is unemployment aren't trying to get jobs because it's FREE money! Why try to get a job when you can collect less than a quarter of what you were being paid to actually work? Who cares if it doesn't cover your mortgage, rent or little things like groceries for your family.. you get to relax and do NOTHING all day! It's so much fun!


*sigh*

I'm going back to bed now because I don't need a job...

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

I wasn't going to touch this with a ten foot pole because of my situation (long term unemployed) but I can't resist.

I have a few things to say:

1. In the past 1.5 years I've been able to, on occasion, come off of unemployment because I have taken literally every category of work - part time, full time temporary, and consulting, in both my old and new fields - when I can get it.

2. Despite some of the disturbing things I've read on this thread, I really don't feel attacked if only because I am confident that I've done everything I can to be productive. (And that is with two children.) Ladies, if you can say the same, ignore the upsetting comments.

3. Thank you to Ophelia, rojerono, colette, and others I might be forgetting for saying what needs to be said.

4. Now I'll address this little gem:

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

Posted by Janice

Posted by mommy2Alex

I am thankful for the firemen, teachers and social workers who want to help society and do sacrifice the dreams of making millions of dollars by doing so. I also think those people lives are enriched by helping others. Other people dream to be the heads of large corporations and make lots of money and then try to do good for society by creating charities or raising monies for c.

sacrifice the dream of making millions? teachers are just trying to make mortgage payments and buy groceries.
outside of nyc.....teachers aren't paid well at all. in nyc-not that great either...but oos-it is sad how much they get paid.

the divide is scary. they are not waiting for a rich cooperation to give them charity....

Re: Why are there no posts on anything going on in Wall Street?

Posted by mommy2Alex

Posted by Janice

Posted by mommy2Alex

I am thankful for the firemen, teachers and social workers who want to help society and do sacrifice the dreams of making millions of dollars by doing so. I also think those people lives are enriched by helping others. Other people dream to be the heads of large corporations and make lots of money and then try to do good for society by creating charities or raising monies for c.

sacrifice the dream of making millions? teachers are just trying to make mortgage payments and buy groceries.
outside of nyc.....teachers aren't paid well at all. in nyc-not that great either...but oos-it is sad how much they get paid.

the divide is scary. they are not waiting for a rich cooperation to give them charity....

What I was saying was that by being a teacher you know that you aren't going to be "wealthy" But that most teachers do it because they love children and want to help educate and raise future generations and that is where they get their satisfication and are doing good for society. From that and not from making boatloads of money. I was saying that others choose a different path and need to be wealthy in order to feel good about themselves and in turn use their money to give to charities. I was in no way saying that teachers are waiting for charitable handouts.

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

we do not have nor will we ever have a purely capitalist system. IT DOES NOT WORK. that is why we don't have it.

I feel like people don't bother trying to absorb things. I feel like I am reading some politico rhetoric.

PAY SOME ******* TAXES.

it does not get any simpler.

I don't care about the dude making 1million dollars on WALL STREET

when I say Wall Street, I am not talking about the people who work there. I am talking about the institution. the companies that we buy in to that DON'T PAY TAXES,

DO NOT PAY TAXES. do you understand that? they make BILLIONS of dollars and DO NOT PAY TAXES.

even your average hollywood movie star pays taxes on his/her absurdly large pay check (or like Wesley Snipes, you spend time in jail)

we own stock in companies that are shipping jobs overseas...headless of the financial collapse that will signal here...so that they're dividends will be higher.

Wall Street and it's fake numbers and inflated bull **** has become more important that JOBS.

it is all cyclical.

I work for Coke. I make the soda. someone buys the soda with money earned FROM ANOTHER JOB, and the money goes to Coke to pay the salary, and Coke pays taxes to the govt to support our social systems.

if person B can't buy coke b/c they can't afford it, I will lose my job. and it coke doesn't pay taxes on its earnings, our social and political system turns to ****.

WE NEED JOBS. we don't NEED STOCKS.

JOBS.
JOBS.
JOBS.

if more corporations would stop worrying about what their stock holders earned and their margins and dividends, maybe they'd stick around to pay and AMERICAN WORKER to do some WORK.

we are so off balance it is not even funny. we have NO INDUSTRY. computers. GONE. customer service. GONE. fabrics. GONE. manufacturing. GONE. even half of our FARMING is gone. more than half. even our PORT SECURITY is outsourced.
WHAT
THE
EFF??????????????????????????

what do we have left.

a bunch of people sitting in offices selling stock in something that we can't afford to buy anymore.

it's over jonny. over. these corporations are LYING through their teeth. their earnings are out of control yet they can't earn less and do it here???? WHY? it's ********. we are going down.

Re: Why are there no posts on anything going on in Wall Street?

Posted by mommy2Alex

Posted by rojerono

Posted by mommy2Alex

Posted by itsbabytime

Posted by DirtyBlonde

Wall Street IS the enemy.

This is one of the reasons our economy is in such trouble right now. This ignorant statement that so many bought into - so many that just don't understand how the financial system works. These same people were cheering when the gov't wouldn't bail out Lehman Bros and were being interviewed saying they got what they deserved - and, look what happened then. When will people learn? Probably never b/c they are too busy blaming everyone else.

And, no, I don't have sympathy for these protestors - not at all. My DH works on wall street and he would never have 5 min of the unlimited supply of time these people have to spend doing something that contributes absolutely nothing to society - b/c he is too busy working 24/7

ITA!! Who do we think provides jobs in this country...umm corporations/small business owners. Should everyone work for the government? It is absurd, of course I company wants to keep its profits, that is why people take risks and open their own companies, not because they want the government to take 1/2 of it away in taxes.


ETA - I know several people who are on unemployment who are milking it for all it is worth, they aren't even attempting to look for a job until unemployment comes close to an end. There was a study done in Europe (I believe) a few years ago that basically said the longer you extend unemployment benefits the longer people will wait to find a job. I know that not everyone who is unemployed are like that but there is a large majority who have that mentality.

You are right. Corporations are not in it to make sure the top execs make money. Wall Street doesn't have any corrupt, greedy, money hungry mongers who broke the system with their own greed and then turned around and asked the government to bail them out. They didn't give tens of millions of dollars to their top dogs the YEAR before asking a goverment with trillions of dollars in debt to give them MORE money.

People like the former CEO of Lehman brothers were completely innocent victims of the scandalous ignorance of the masses.

And a large majority of the folks who are collecting the pittance that is unemployment aren't trying to get jobs because it's FREE money! Why try to get a job when you can collect less than a quarter of what you were being paid to actually work? Who cares if it doesn't cover your mortgage, rent or little things like groceries for your family.. you get to relax and do NOTHING all day! It's so much fun!


*sigh*

I'm going back to bed now because I don't need a job...

Did I say, that there wasn't corruption or greed? No, if you look at one of my earlier posts I did say that we need reforms. What we don't need is to collapse our financial system and start anew which is what these protesters want. They want to end Capitalism, I personally think that is absurd. And lets call a spade a spade, there is plenty of fraud, abuse, greed and corruption in Government. I personally don't want to live in a socialist society with the government controlling and over regulating everything. I think there are parts of our system that work, Number One being Capitalism!!!

Message edited 10/4/2011 10:26:39 AM.

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?

Re: Why are there no posts on anything going on in Wall Street?