EconomicCrisis.US

The Occupy Movement is not only resulting in the occupation of public space, but also in political space. We are already shifting the dialogue and the movement has just begun.

When we started planning the occupation of Freedom Plaza six months ago, our goal was to create a place where the ignored voices of the American people could be heard. They are starting to be heard thanks to occupations all over the country. If it is not clear to the economic and political elites, this is the beginning of an American revolt.
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Putting odds on a recession is tough. Recently the bond market appeared to be pricing in a 60% chance of recession. Numerous economists are laying odds on the future economy with varied views.

Presidential hopeful Ron Paul has said he would take $1 trillion out of the budget in his first year as president. Herman Cain says he would balance the budget in his first year, a current shortfall of $1.3 trillion.

Taking $1.3 trillion, or anything close to that, out of this economy will take a massive toll in the near term. The other alternative is to continue to kick the can and become Greece in a decade.
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Following are remarks by US Federal Reserve chairman Ben S Bernanke at the Federal Reserve Bank of Boston 56th Economic Conference.

The financial crisis of 2008 and 2009, together with the associated deep recession, was a historic event — historic in the sense that its severity and economic consequences were enormous, but also in the sense that, as the papers at this conference document, the crisis seems certain to have profound and long-lasting effects on our economy, our society and our politics.
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As the Occupy Wall Street movement grows, the response from its targets has gradually changed: contemptuous dismissal has been replaced by whining. The modern lords of finance look at the protesters and ask, ”don’t they understand what we’ve done for the US economy?”

The answer is yes, many of the protesters do understand what Wall Street and the nation’s economic elite have done for the US. And that’s why they’re protesting.

On Saturday, The New York Times reported what people in the financial industry were saying privately about the protests. My favourite quote came from an unnamed money manager who declared, ”Financial services are one of the last things we do in this country and do it well. Let’s embrace it.”
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