On Actions – MLK Day “Occupy the Dream”

In solidarity with the black community, and Rev. Martin Luther King’s struggle for economic equality, Occupy movements around the country have organized events at 16 Federal Reserve locations on Monday, Jan. 16.

The actions are an effort to bring visibility and awareness to the vast inequalities inherent to the financial system in America.

– Here is a quick primer on just what that that means.-

Those people without companies to hide behind bear the biggest burden of taxes.

Average Americans paid for the bail-out of the banking industry, even when that very industry was at the root of the problem. The Fed, who is supposed to be looking out for these people, instead works to preserve the current system of targeted lending and systematic impoverishment of the population.

As the regulatory agency for the banking industry, they failed to see the housing bubble, or do anything about it. They continue to allow repackaging of debt and risky lending practices that result in high foreclosure rates and diverted responsibility.

The following is an excerpt from their informational booklet on how The Fed works and what they do:

Today, the Federal Reserve’s duties fall into four general areas:

  • conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employ- ment, stable prices, and moderate long-term interest rates

  • supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers

  • maintaining the stability of the financial system and containing systemic risk that may arise in financial markets

  • providing financial services to depository institutions, the U.S. gov- ernment, and foreign official institutions, including playing a major role in operating the nation’s payments system

In reading those points alone, and seeing the shape the economy is in, how well the other banks are regulated, how well protected U.S. consumers are and how sound our financial system is, should give you an idea about how well they are doing their job.

Bankers are making money from trading nothing. The Fed distributes the money the U.S. mints and charges interest for it. They sell bad debt back to the government for cash, leaving consumers with defaulted loans and bankrupted companies that they will never get reimbursed for.

They regulate the system that created the financial crisis. Their policies are the reason banks and real estate companies got away with targeting poor populations for balloon rate mortgages on houses they couldn’t afford, that weren’t really worth what they were priced at, and then foreclosed on them as soon as possible.

Yet, we still pay them every year. We could go back to paying for government services through tax money instead of loans from The Fed, but that would mean we would actually have to pay taxes.

Not the average American though, because we already pay taxes, some pay almost half of their salary to the government, if they still have a job.

This means companies would actually have to pay taxes again.

The majority of tax cuts are for corporations and those already wealthy. If we actually demanded taxation at the same rates for the upper tier of Americans as we do on ordinary citizens, we might just be able to stop borrowing money and pay for our own programs.

Or we could stop spending so much on the military.

Or tax 94% of income over $2.5 million (at least the equivalent amount at the time) as we did in the 1940’s.

Or raise taxes (tariffs) on imported goods, incentivizing U.S. made products, which would stimulate job growth and internal spending.

But all those seem to be too complicated and counter productive to the private company that is supposed to be regulating the public economic sector.

For a simplified explanation of how the fed works, try this link http://youtu.be/Oe0fGXzKb1o. Click this one if you want to read how The Fed sees it http://www.federalreserve.gov/pf/pdf/pf_1.pdf#page=4 and here for some perspective http://www.forbes.com/sites/paulroderickgregory/2012/01/15/and-deliver-us-from-systemic-risk-the-fed-transcripts/.

I am not saying any of this is right, but these are just a few reasons people will be Occupying The Fed today.

You can visit the Occupy the Dream Website for more information. Actions will be held in places like LA, SF, NY and elsewhere. See the list below.

All actions are from 10 a.m. to 1 p.m. unless otherwise noted.

Washington, D.C.

20th Street and Constitution Avenue N.W.
Washington, D.C. 20551
Map

Clergy Point of Contact

  • Pastor Jamal H. Bryant – Dr. Jamal H. Bryant is the Pastor and Founder of Empowerment Temple Church

Contact person: Nicole Kirby
(410) 225-3494
nicolekirby@occupydream.org

Atlanta

1000 Peachtree Street NE
Atlanta, GA 30309
(404) 498-8500
Map

Clergy Point of Contact

Boston

600 Atlantic Avenue
Boston, MA 02210
(617) 973-3000
Map

Clergy Point of Contact

Chicago

When: 3:00 PM

230 South LaSalle Street
Chicago, IL 60604
(312) 322-5322
Map

Clergy Point of Contact

Cleveland

1455 East Sixth Street
Cleveland, OH 44114
(216) 579-2000
Map

Clergy Point of Contact

Dallas

2200 North Pearl Street

Dallas, TX 75201
(214) 922-6000
Map

Clergy Point of Contact

Kansas City

1 Memorial Drive
Kansas City, MO 64198
(816) 881-2000
Map

Clergy Point of Contact

Los Angeles

When: 3:00 PM

950 S. Grand Avenue
Los Angeles, CA 90015
(213) 683-2900
Map

More Details

Minneapolis

90 Hennepin Avenue
Minneapolis, MN 55401
(612) 204-5000
Map

Clergy Point of Contact

New Orleans

Clergy Point of Contact

New York

33 Liberty Street
New York, NY 10045
(212) 720-5000

Map

Clergy Points of Contact

Philadelphia

When: 3:00 PM

Ten Independence Mall
Philadelphia, PA 19106
(215) 574-6000
Map

Clergy Point of Contact

Richmond

701 East Byrd Street
Richmond, VA 23219
(804) 697-8000
Map

Clergy Point of Contact

San Francisco

101 Market Street
San Francisco, CA 94105
(415) 974-2000
Map

Clergy Point of Contact

St. Louis

One Federal Reserve Bank Plaza
Broadway and Locust Streets
411 Locust Street, St. Louis, MO
St. Louis, MO 63102
(314) 444-8444
Map

Wilmington, Delaware

Clergy Point of Contact

2 thoughts on “On Actions – MLK Day “Occupy the Dream”

  1. Pingback: On Actions – MLK Day “Occupy the Dream” | seriousnote | pastorleaders.com

  2. A great MLK quote to enjoy today: “The contemporary tendency in our society is to base our distribution on scarcity, which has vanished, and to compress our abundance into the overfed mouths of the middle and upper classes until they gag with superfluity. If democracy is to have breadth of meaning, it is necessary to adjust this inequity. It is not only moral, but it is also intelligent. We are wasting and degrading human life by clinging to archaic thinking.”

    At http://www.ragingwisdom.com/?p=600, I look at more from the same chapter and share some thoughts they raise about today’s debate over increasing wealth inequality.

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