Matthew Priester

This morning I was up early reading articles from the NY Times newspaper on-line edition, there is article from The Opinion Page of The Sunday Review by Nicholas D. Kristof that has some pretty good facts stated in the article.

One of the first facts is that by the C.I.A’s own accord and ranking of countries by income inequality The United States of America is more unequal than a country of like Egypt or Iran Israel. There are almost 100 countries with better equality in income distribution than The United States of America.

Really that is pretty darn interesting that a branch of our own government says our income inequality is worst that other countries.

Here are some of the facts that Kristof outlined in his opinion;

Three factoids underscore that inequality:

The 400 wealthiest Americans have a greater combined net worth than the bottom 150 million Americans.

The top 1 percent of Americans possess more wealth than the entire bottom 90 percent.

In the Bush expansion from 2002 to 2007, 65 percent of economic gains went to the richest 1 percent.

Another NY Times reporter Catherine Rampell wrote in an Economix article writing about Bankers’ Salaries vs. Everyone Else’s

The securities salary is an average of $361,330, 5.5 times the average of the private sector, by comparison 30 years ago it was only as twice as much.

A lot of what Occupy Wall Street and the 99% feel is what corporations such as Bank of America have been doing and not just in the last few weeks as common practice.

As of last week Bank of America released/disclosed that they were paying out to two executives who were forced out do to management reshuffling a sum totaling $11 million dollars.

Yet on 18 October 2011 Bank of America reported a 6% jump in third quarter earnings and a 6.2 billion in profit.

How than is it that a company such as Bank of America which post 6.2 billion in third quarter profits, pays 2 executives 11 million dollars starts laying off 30,000 employees?

When is that good business practice?

But this seems to be a more common practice in todays business world.

After the other day, my wife and I decided to move my checking account out of Chase and close it. It wasn’t a hard decision since Chase has not done anything to try and keep my business except by charging me huge fees and larger still interest rates on my credit cards.

Always racking up charges but never once automatically lowering that rate, yet they all (big banks) will say that they periodically review and if they can they will lower your interest rate. I would like to know of one instance that has happened. Big Banks like Chase, Citibank, Wells Fargo and Bank of America cut profits to help its customers Please!!!

So I have moved 99% all my accounts, my Chase checking is only open till the direct deposit has been completed. Amazingly that in a world of instant everything money transactions in the banking world as in the government world as very slow when they owe you money but if you owe them it instantaneous with fees always added in.

Why when I am owed monies from either Big Banks or the Government I can’t charge them fees, interest payments, and late charges?

I am actually happy about the move, no I would not tell people to move their monies out of a bank or other financial institution and hide it under the sheets but look at smaller banks (local) and or credit unions as a place to establish better relationships.

I for one would not be in the least sad if those big for banks closed up shop, yes the economy will still keep moving on as will I an my family.

It been a beautiful autumn day here in Asheville, while I was out working in the yard that Kim and I were able to purchase. I was thinking about the craziness that we have had to go through with this house, which has been a joy for us to learn and experience together. How having to deal with lawyers (a few have just been fantastic with us) and other banking and mortgage companies, and all the different people involved in this in one way or another.

Which lead me to, Why government officials are not backing and why they should be backing the Occupy Wall Street and the 99%.

First before I go on talking, please go to occupywallst.org to see, read, participate and donate to the Occupy Wall Street

Right Here All Over (Occupy Wall St.) from Alex Mallis on Vimeo.

Also check out Who we are

We as the 99% put those elected officials in office and they are suppose to be working for us the 99%, though I know most if not all elected officials have forgotten that point.

We the 99% elected them, they did not elect themselves and this is not suppose to be and was never intended to be the self serving government that it has become.

As with banks, fees fees and more fees, Really! Wednesday at the Washington Ideas Forum, B of A CEO Brian Moynihan told CNBC’s Larry Kudlow that banks have a inherent right to make a profit.

Excerpt from an article in Chicago Tribune published on 06 October 2011.

Bank of America’s CEO defended his bank’s new $5 fee on debit cards on Wednesday, saying that customers and shareholders understand the bank has a “right to make a profit.”

Bank of America CEO Brian Moynihan defended the move, which the bank announced last week in response to new caps on debit card swipe fees that the banks charge retailers.

Really so you won’t be making as much of a profit, wait a minute CEO Brian Moyniham but you will be making a profit “your inherent right to make a profit” just not as big.

Greed seems to have gotten to them were a $500 million profit isn’t good enough any more they need $1 billion, come on since when.

I have been wondering for some time when that changed, before it was okay to make a profit, no matter how large or how small. Yet for the past decade or more it wasn’t okay to make a profit it had to be a huge profit, plus these profits had to meet or exceed market projections. If they didn’t the “investors” looked down on them and sold off stocks.

I remember just a little while ago Google didn’t meet market projections and the back lash they took from the stock market, but wait a minute they made a huge profit, just a few cents off market projections so they shouldn’t have had that kind of reaction from the stock market. Yet right before the report came out Google announced it was adding a 1000 plus jobs.

You wouldn’t think that taking such a step and making that kind of announcement would hurt especially with millions in profit per quarter again. Wrong “Investors” want you to exceed market projections at the same time either keep employees at the same level or reduce employees.

Not make a profit and add employees, to the “Investors” this is bad.

Don’t believe me watch any news about any company that through corporate restructure, layoffs, bankruptcy, or any other way a corporation choose to get rid of it’s employees, 9 times out of 10 their stocks will go up, for a day, a week, or till the next quarterly report is posted.

I have never understood that kind of logic from “the investor” or the “hedge fund manager” but it happens all the time.

So stand up, read, get information, change, grow, send positive energy, be thankful, be happy, be apart of our world, our government, and OUR future.