Articles Posted on December 7th, 2011
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Pulling Back the Curtain on the Wall Street Money Machine
The Fed, it seems, was doing only what banks and the money market do for each other every day: making “liquidity” available at very low interest rates. In 2008, bank liquidity dried up after Lehman Brothers collapsed, and the banks could not get the cheap, ready credit on which their lending scheme depends. The Fed then stepped in as “lender of last resort,” doing what it had to do to keep the banking scheme going.
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OccupySF: Defiant, Not Defeated
At noon today, activists held General Assembly in front of the Federal Reserve. Despite the ransacking of the encampment, spirits were high, and speakers were defiant. Activists made the point that there are several alternative locations for OccupySF already. A new focus on foreclosures is leading to the occupation of vacant bank-owned houses. Petitions were being circulated in support of “Josephine,” who is being evicted by Bank of America.
The Hunger Site
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