4 thoughts on “Occupy Wall Street and oppression


    Many of the banks “too big to fail” don’t want your money if you’re one of the 99 percent.

    No, it’s not a joke, according to The New York Times. Basically, the banks are sitting on so much cash that they don’t want more. That is why they are raising the costs of putting money into a bank and accessing your money. In essence, they don’t really want your business unless you’re in the top 1 percent or are willing to pay “access” fees.

    This sounds absurd, but follow the non-job-creating logic of the banks, according to the Times:

    Though financial institutions are not yet turning away customers at the door, they are trying to discourage some depositors from parking that cash with them. With fewer attractive lending and investment options for that money, it is harder for the banks to turn it around for a healthy profit….

    Normally, banks earn healthy profits by taking in deposits and then investing them or lending them out at substantially higher interest rates than what they pay savers. But that traditional banking model has broken down.

    Today, banks are paying savers almost nothing for their deposits.

    The result: many Americans get as little as .01 percent interest on their savings; get charged as much as $20 a month for banking services such as checking unless they keep several thousand dollars in some big banks; and are, as BuzzFlash at Truthout has noted, even being assessed a monthly fee at Bank of America for using a debit card to access their own money.

    But have interest rates on credit cards fallen as interest on savings accounts have just hovered over going into the negative zone? No, of course not; not only have interest rates on credit cards stayed excessively high, additional charges and increased fines are now being levied on credit card users.

    This is almost like an absurdist comedy, except absurdity has become the reality today when it comes to “banks too big to fail.”

    They don’t even want your money anymore; it might cut into their profits that come from putting you into debt. And too many Americans can’t even afford loans, so the banks are just churning out dividends and bonuses.

    It’s enough to make you want to occupy Wall Street. But who would think of an idea like that?

    Mark Karlin
    Editor, BuzzFlash at Truthout


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