Explaining Southern California's economy

Is the Occupy movement this generation's 'Radical Chic?'

Eric Richardson

Demonstrators gather in Downtown Los Angeles for the "Occupy L.A." protest

The Occupy movement has spread its influence so far now that it's inappropriate to limit it to just Occupy Wall Street. Some common cause is also emerging. Occupy Wall Street, which started out on the lawn in front of City Hall, has declared its intent to march on Los Angeles' financial sector this weekend. This is not Burning Man. This is a movement with a mission.

I know, I know — You didn't even know LA had a financial sector, right? It does, but more importantly, the Occupy movement is now focusing on a coherent foe. "We are the 99%" has decided that they're protesting the 1% — and by that they mean the financial elite. Those who control most of the nation's wealth and through their leverage with high finance, have plunged the U.S. and the world (Hello? Greek debt default?) into chaos and misery.

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Reportings: Steve Jobs' turtleneck; banks attacked; no jobs for grads

Apple CEO Steve Jobs Delivers Opening Keynote At Macworld

Justin Sullivan/Getty Images

Steve Jobs and his signature turtleneck. You can't get one. Not in black, anyway.

Everybody wants a Steve Jobs turtleneck! Right now, you can get it in any color as long as it ISN'T black. (Business Insider)

 

Occupy Wall Street is taking action! If you're angry about debit-card fees, take your money out of the big banks: "Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren't able to pay for our rent, food, medication, utilities, student loans, etc." (CNBC) 

 

Megan McArdle on the chilling threat of no job after college: "No matter how inflated your expectations may have been, it is no joke to have your confidence that you can support yourself ripped away, and replaced with the horrifying realization that you don't really understand what the rules are." (The Atlantic)

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Public intellectuals adopt 'Occupy Wall Street' and 'Occupy LA'

In this three photo combo, Professor of

PAUL J. RICHARDS/AFP/Getty Images

Paul Krugman supports Occupy Wall Street, but he has some ideas about its agenda.

The floodgates have officially opened. New York Times columnist and Nobel-winning economist Paul Krugman has thrown his weight behind Occupy Wall Street (and I'm assuming Occupy LA and Occupy Everywhere Else), endorsing the inchoate anger of the 99%.

Krugman doesn't mince words. The enemy is in his sights, he takes aim, and fires: "What can we say about the protests? First things first: The protesters’ indictment of Wall Street as a destructive force, economically and politically, is completely right."

Krugman is just the latest intellectual personality to lend support to the protesters. Last week, Krugman's fellow Nobel laureate in economics, Joseph Stiglitz, visited Zuccotti Park in lower Manhattan. Former Labor secretary Robert Reich also spoke up for the movement at a conference in Washington this week. 

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Reportings: Chairman Ben; the 99%; iPhone 5 pix; saved from foreclosure

Federal Reserve Chairman Ben Bernanke testifies before Congress this morning. No QE3 (yet) but…sympathy for the Occupy Wall Street protesters? Well, he does have that beard…: "'Like everyone else, I'm dissatisfied with what the economy's doing right now.' He says that protesters have merit in being angry over the economy and Washington." (Business Insider)

Ezra Klein on the humble goals of the 99% Occupy Wall Street protesters (and the Occupy LA protesters, too, by association): "There’s not a lot of evidence that these people want a class war, or even particularly punitive measures on the rich. The only thing that’s clear from their missives is that they want the economy to start working for them, too." (WonkBlog) 

The battle between buyers and sellers of Bank of America stock: "Investors fear that Bank of America might run short of capital because of large mortgage-related settlements it has struck with angry investors who bought securities backed by those problem loans." (AP)

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What is 'Occupy LA' really protesting?

Kevork Djansezian/Getty Images

Following in the footsteps of the Occupy Wall Street protest movement, a group called "Occupy LA" set up shop in front of City Hall over the weekend and have now begun to move around town. 

Back in New York, things had turned ugly, as the two-week protest saw a bunch of protestors arrested as they marched across the Brooklyn Bridge. From what I can tell, Occupy LA was rather more mellow. I asked a KPCC colleague who had visited the protest what the protesters were, you know, protesting. He wasn't sure, but he did say that "We are the 99%" signs were all over the place.

The LA Times explains:

The movement takes issue with corporate influence on government and the shift of wealth and political clout toward the richest 1% of the population. Many protesters carried signs with variations on the slogan "We are the 99%."

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