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(Marketplace)   Those silly hippies of the "Occupy" movement have never done anything worthwhile--except get half a dozen major cities to pass the most signficant bank "transparency" laws enacted in a generation   ( marketplace.org) divider line
    More: Spiffy, Occupy movement, laws  
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7235 clicks; posted to Main » on 17 May 2012 at 12:40 PM (5 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-17 09:23:17 AM  
FTF Blog: "Without any real teeth, it's unclear whether these kinds of ordinances will make any difference in how banks do business."
 
2012-05-17 09:53:13 AM  
its a start.
a small one, but its a start.
 
vpb [TotalFark]
2012-05-17 09:53:39 AM  
If they had GEDs instead of them there majers things they would get jerbs!
 
2012-05-17 09:57:17 AM  

SilentStrider: its a start.
a small one, but its a start.


It's a fairly clever way to regulate the banks because while an entity like the city of LA can't enforce a law that goes beyond its small borders, it CAN decide who it does and does not want to do business with. And being the most populous city in the US, it has considerable economic clout.
 
2012-05-17 10:48:50 AM  
I'm pretty sure federal banking regulations preempt any of these meaningless ordinances.
 
2012-05-17 11:22:39 AM  
This type of ordinance would be better I think if it required every bank to have at its entrances a "Letter Grade" sign like the Dept. of Health requires in many cities now, that shows the letter grade of their most recent inspection. Have the banks have to publicly display their "Transparency" grade and results up front. The "no teeth" here probably has to do with the fact that does every bank do business "directly" with the city, which is where this only applies (at least that it sounds like).
 
2012-05-17 11:40:07 AM  

Actual Farking: I'm pretty sure federal banking regulations preempt any of these meaningless ordinances.


Not at all, that's the beauty of it. LA doesn't say banks MUST do X,Y, Z, simply that if they want to do any business with the city of LA, and it's massive budgets and pension funds, then they have to meet certain requirements.

Nothing pre-emptable about that, city can decide where and with who it wants to spend its dollars
 
2012-05-17 12:44:10 PM  
First of all, these "regulations" are basically non-binding UN-style empty threats.

Second of all, the OWS folks had nothing to do with it. But whatever.
 
2012-05-17 12:44:39 PM  
Unfortunately the majority of bank auditors don't know what to look for.
 
2012-05-17 12:47:12 PM  

Dow Jones and the Temple of Doom: First of all, these "regulations" are basically non-binding UN-style empty threats.

Second of all, the OWS folks had nothing to do with it. But whatever.


Did you not RTFA where the guy whose bill it was specifically credited the Occupiers for helping him get ti passed? And No, the bill IS binding on anyone who wants the City of La's business
 
2012-05-17 12:47:29 PM  
Without any real teeth, it's unclear whether these kinds of ordinances will make any difference in how banks do business.

Lulz.

Off to the protest over by the Prudential center!

Watch my Twitter Feed, #officerisuggestyouuseyournightstick!
 
2012-05-17 12:48:35 PM  
...and it only took 5,000 arrests! It's almost as if the government is working against the citizens *gasp*
 
2012-05-17 12:48:36 PM  
BUT WHAT DO THEY WANT?!?!?!?!?

*runs screaming into the night*
 
2012-05-17 12:52:53 PM  

Magorn: Dow Jones and the Temple of Doom: First of all, these "regulations" are basically non-binding UN-style empty threats.

Second of all, the OWS folks had nothing to do with it. But whatever.

Did you not RTFA where the guy whose bill it was specifically credited the Occupiers for helping him get ti passed? And No, the bill IS binding on anyone who wants the City of La's business


www.starpolisher.com

B-b-but FoxNews told me they just shiat on cars
 
2012-05-17 12:54:30 PM  

Magorn: Dow Jones and the Temple of Doom: First of all, these "regulations" are basically non-binding UN-style empty threats.

Second of all, the OWS folks had nothing to do with it. But whatever.

Did you not RTFA where the guy whose bill it was specifically credited the Occupiers for helping him get ti passed? And No, the bill IS binding on anyone who wants the City of La's business


" Roberts was there to support a new policy called the Responsible Banking Ordinance-- it will force banks doing business with LA to provide detailed information on things like how many foreclosures they do, and how many loans they give -- neighborhood by neighborhood. The idea's that if banks have to make that stuff public, the public can hold them accountable."

I don't really see how this ordinance is really going to result in any meaningful change.
 
2012-05-17 12:54:43 PM  
So when they stopped notorious camping and started badgering politicians, things got done?

Christ people, the Tea Party figured that step out by week 2.
 
2012-05-17 12:54:49 PM  

Magorn: And being the most populous city in the US, it has considerable economic clout.


Ever heard of a place called New York City? Pretty sure it has lots of people.
 
2012-05-17 12:57:03 PM  
t2.gstatic.com
 
2012-05-17 12:59:22 PM  

Dow Jones and the Temple of Doom: Magorn: Dow Jones and the Temple of Doom: First of all, these "regulations" are basically non-binding UN-style empty threats.

Second of all, the OWS folks had nothing to do with it. But whatever.

Did you not RTFA where the guy whose bill it was specifically credited the Occupiers for helping him get ti passed? And No, the bill IS binding on anyone who wants the City of La's business

" Roberts was there to support a new policy called the Responsible Banking Ordinance-- it will force banks doing business with LA to provide detailed information on things like how many foreclosures they do, and how many loans they give -- neighborhood by neighborhood. The idea's that if banks have to make that stuff public, the public can hold them accountable."

I don't really see how this ordinance is really going to result in any meaningful change.


more like, if they throw them a bone, maybe they'll stop complaining.

/The more optimistic side of me is hoping that this is the start of something bigger...
//no. no it's not.
 
2012-05-17 12:59:25 PM  

This text is now purple: So when they stopped notorious camping and started badgering politicians, things got done?

Christ people, the Tea Party figured that step out by week 2.


I'm just happy some of the "occupiers" are actually focusing on banking and wall street reform instead of the blanket "worldwide revolution".
 
2012-05-17 12:59:44 PM  
Socialism.
 
2012-05-17 01:00:42 PM  
Did y'all see how the fracking protesters have lead to Vermont to pass laws outlawing the practice of fracking in the state of Vermont.

Shows how protesting can lead to useful measures. Yeah.

Doesn't matter that its been over 25 years since an oil or gas well has been drilled in the state and the state has no oil and gas production. Its a start.

\Same effect as outlawing wild elephant hunting in Vermont.
 
2012-05-17 01:01:25 PM  

EngineerAU: Magorn: And being the most populous city in the US, it has considerable economic clout.

Ever heard of a place called New York City? Pretty sure it has lots of people.


Pre-9/11 thinking.
 
2012-05-17 01:02:14 PM  
In before all the standard anonymous Occupy-HateTM

It's a good start indeed.
 
2012-05-17 01:03:58 PM  
Actually the bank reforms that happened over the past 4-5 years would have happened had there been bums hanging out in the parks pretending to be freedom fighters or not, but dream the dream I guess.

/oh and...they would have happened regardless of who the President was, let's not go there either
 
2012-05-17 01:05:46 PM  
Six different cities.

See? No unifying message.
 
2012-05-17 01:06:54 PM  
So, in and amongst the rapes, vandalism, and drugs someone used the movement to get focus on their pet project.

From the article, only two have actually passed anything. The others seem to be in process, but we only have direct attribution to one instance (the author does stat the NYC Occupiers helped, but we don't have a direct link there), not six.

Also, from the article, the bills have no teeth. This could mean a few things:
1 - The City can ask, but the bank is under no actual obligation to provide and this isn't deemed as a breach clause, so they can't actually enforce the regulation.
2 - The City can ask and require for any new business, but existing business is set.
3 - The penalty for non-compliance is so small as to be negligible.

In terms of actual outcome, just because the bank provides this doesn't mean anything will actually happen that harms the banks.

So, in the real of things, great job. The Occupiers got a Participant medal. Just like kindergarten, but less rapey.
 
2012-05-17 01:08:02 PM  

hdhale: Actually the bank reforms that happened over the past 4-5 years would have happened had there been bums hanging out in the parks pretending to be freedom fighters or not, but dream the dream I guess.

/oh and...they would have happened regardless of who the President was, let's not go there either


Oh shush, you're ruining it for the rubes. Let them think they've done something.
 
2012-05-17 01:08:50 PM  

ronaprhys: So, in and amongst the rapes, vandalism, and drugs someone used the movement to get focus on their pet project.

From the article, only two have actually passed anything. The others seem to be in process, but we only have direct attribution to one instance (the author does stat the NYC Occupiers helped, but we don't have a direct link there), not six.

Also, from the article, the bills have no teeth. This could mean a few things:
1 - The City can ask, but the bank is under no actual obligation to provide and this isn't deemed as a breach clause, so they can't actually enforce the regulation.
2 - The City can ask and require for any new business, but existing business is set.
3 - The penalty for non-compliance is so small as to be negligible.

In terms of actual outcome, just because the bank provides this doesn't mean anything will actually happen that harms the banks.

So, in the real of things, great job. The Occupiers got a Participant medal. Just like kindergarten, but less rapey.


Apparently we did not go to kindergarten together.

/Rape, coloring, nap time and rape
 
2012-05-17 01:09:55 PM  

ronaprhys: So, in and amongst the rapes, vandalism, and drugs someone used the movement to get focus on their pet project.

From the article, only two have actually passed anything. The others seem to be in process, but we only have direct attribution to one instance (the author does stat the NYC Occupiers helped, but we don't have a direct link there), not six.

Also, from the article, the bills have no teeth. This could mean a few things:
1 - The City can ask, but the bank is under no actual obligation to provide and this isn't deemed as a breach clause, so they can't actually enforce the regulation.
2 - The City can ask and require for any new business, but existing business is set.
3 - The penalty for non-compliance is so small as to be negligible.

In terms of actual outcome, just because the bank provides this doesn't mean anything will actually happen that harms the banks.

So, in the real of things, great job. The Occupiers got a Participant medal. Just like kindergarten, but less rapey.


Hey maaan, this is like, the start of a revolution maaaan!
 
2012-05-17 01:13:42 PM  

Dow Jones and the Temple of Doom: I don't really see how this ordinance is really going to result in any meaningful change



I can sort of see how this ordinance could help. If a bank's loans are transparent I will definitely choose the bank which doesn't give loans to low income people who are unlikely to be able to pay them back.
 
2012-05-17 01:13:46 PM  
...until the very first time one of these ordinances interfere in any way with operations at a National bank when they'll be swept clean in a heart beat.
 
2012-05-17 01:13:55 PM  

Dow Jones and the Temple of Doom: First of all, these "regulations" are basically non-binding UN-style empty threats.

Second of all, the OWS folks had nothing to do with it. But whatever.


And, Third, only New York city actually passed the ordinance, not a "half a dozen" as subby claimed. The rest are merely considering similar ordinances.

That said, I think a bank can ignore these style of ordinances. The federal government regulates banking, and likely will claim that even minor ordinances, such as these, are exclusive to the feds.
 
2012-05-17 01:14:00 PM  
They also got some NYC cops to beat the crap out of them, so... they got that going for them, which is nice?
 
2012-05-17 01:15:15 PM  
Yeah but the teabaggers get people elected, and look at how much they've accomplished.
 
2012-05-17 01:21:29 PM  
Does this mean they can now stop blocking rush hour traffic when I want to go home after work and have a beer?

Honestly you think the bus you are blocking is full of 1%ers?
 
2012-05-17 01:21:40 PM  

hdhale: Actually the bank reforms that happened over the past 4-5 years would have happened had there been bums hanging out in the parks pretending to be freedom fighters or not, but dream the dream I guess.


You mean banking reform of the past several years is because of the near banking system collapse in 2008 and subsequent trillion dollar public bailout? I would have sworn it was because of some hippies trashing public parks and pooping in bank lobbies a few months back.
 
2012-05-17 01:23:22 PM  
The retard occupy chicago people put couches in banks yesterday and sat down. well that will change things. idiots. and then they protested foreclosures done by the local sheriff who actually has proposed legislation to help those who are being foreclosed and called a moratorium on them before. morons.

ugh, all these dopes in Chicago this weekend should be brutal.
 
2012-05-17 01:26:51 PM  

Dow Jones and the Temple of Doom: I don't really see how this ordinance is really going to result in any meaningful change.


Well, I don't know about L.A., because of the relatively small city council it has and the lack of authority as a feudal lord enjoyed by the individual councilmen, but I can see how it could be quite effective in Chicago.

Here in Chicago, the 50 aldermen each enjoy substantial authority over crap in their respective wards - permits, business licencing, construction plans, can all be denied by the alderman. The wards are also small enough that vocal groups do not have to be large in order to get the alderman's attention and concern.

OK, so here's how it would work: The city requires banks to provide this disclosure (digitally, and coded so that it can work with the Department of Innovation and Technology's GIS database). The aldermen of wards most negatively effected (and/or with the most vocal complainers) can then raise a stink. This stink may take the form of banding together with the other angry aldermen to require the city to stop doing business with said bank, bad-mouthing the bank in the media and encouraging consumers and businesses to boyott the bank. Keeping an eye out for businesses and homeowners who pay their city taxes or licensing fees with cheques drawn on such banks and then "encouraging" such businesses and homeowners to find another bank in order to reduce the likelihood of permit/licensing/inspection problems.
 
2012-05-17 01:28:36 PM  
Cool, apparently subby has a time machine. Just pass along next months winning lottery numbers and I'll be happy.
 
2012-05-17 01:31:13 PM  
Useless gesture, much like the temper tantrum that is occupy. Keep thinking you are relevant and have influence.
 
2012-05-17 01:34:07 PM  
yes, they take credit for this.

just like 0bama is taking credit for all of the good things to have ever happened via the government with that new website of his.
 
2012-05-17 01:39:58 PM  
This is a score for the ows stinkhippies? All that raping, killing, trashing, destructing private property, stealing, noise, crying, complaining, creating a public nuisance, bothering citizens, child molestation, anti America chants, laziness, interfering with law enforcement, rioting, looting, public intoxication, drug use, public indecency, urinating in public, crapping in public, clogging city streets, stopping traffic, threatening the lives of Americans, fraud, not showering for days, wearing stupid looking outfits, bullying, and other acts of extremely unpatriotic and antisocial behavior. Got 6 banks to enact some dopey laws that the reporter doesn't know will even affect how banks do business. HaHa, what a bunch of losers. Go get a job stinkhippie, McDonalds is always looking for fry machine operators.
 
2012-05-17 01:40:08 PM  

dkrel: Does this mean they can now stop blocking rush hour traffic when I want to go home after work and have a beer?

Honestly you think the bus you are blocking is full of 1%ers?


Student protesters in Montreal have spent the last few months interrupting traffic because they are upset that their tuition is going up. Note they currently have the lowest tuition fees in North America.

So... if people protesting massive corruption on wall street that caused a global recession upsets you, you best avoid this city.

/ I would much rather know my commute is being affected by OWS than a gaggle of entitled brats
// interrupting traffic is anti-productive to both their causes
 
2012-05-17 01:45:21 PM  
I'm sure they'll claim they were responsible for freeing the Israelites from Egypt too.
 
2012-05-17 01:56:46 PM  

Digital Communist: dkrel: Does this mean they can now stop blocking rush hour traffic when I want to go home after work and have a beer?

Honestly you think the bus you are blocking is full of 1%ers?

Student protesters in Montreal have spent the last few months interrupting traffic because they are upset that their tuition is going up. Note they currently have the lowest tuition fees in North America.

So... if people protesting massive corruption on wall street that caused a global recession upsets you, you best avoid this city.

/ I would much rather know my commute is being affected by OWS than a gaggle of entitled brats
// interrupting traffic is anti-productive to both their causes


Don't really care what they are protesting, just get your ass out of the street. I agree interrupting traffic is very counter productive, not winning alot of support at that moment.
 
2012-05-17 01:57:13 PM  
IF these farking idiots "occupied" the ONE place that NEEDS to be "occupied", CONGRESS, I'd support them.

Congress is the ONLY body that can facilitate the changes we need, as they are the body that facilitated our downfall in the first g'damn place.

Congress looks at these idiots and laughs, just as they look at ALL of us and laugh.

"Stupid citizens! FARK you and give us MORE of YOUR money NOW biatches! WTF you gunna' do bout' it?"
 
2012-05-17 02:06:05 PM  
WAAAAAAAH!
i18.photobucket.com
I spend my life in my mom's basement, hiding from the world, and I'm intimidated and diminished by people who have the balls to go out and do something about it, so I shall snivel and cry and try to talk down what they accomplish!
WAAAAAAH!
 
2012-05-17 02:08:40 PM  

Hagenhatesyouall: IF these farking idiots "occupied" the ONE place that NEEDS to be "occupied", CONGRESS, I'd support them.

Congress is the ONLY body that can facilitate the changes we need, as they are the body that facilitated our downfall in the first g'damn place.

Congress looks at these idiots and laughs, just as they look at ALL of us and laugh.

"Stupid citizens! FARK you and give us MORE of YOUR money NOW biatches! WTF you gunna' do bout' it?"


Yup. This. They lost me when I walked by Zuccatti park and saw a sign that said "castrate all men."

That's when I decided I don't follow their ideologies.
 
2012-05-17 02:09:27 PM  

Hagenhatesyouall: Congress looks at these idiots and laughs, just as they look at ALL of us and laugh.



ramblingrhodes.mu.nu
I love listening to your little piss-ant soldiers trying to talk tough. They make me laugh. If Matrix was here, he'd laugh too.
 
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