The mainstream establishment, contrary to how it has handled the corporate-sponsored so-called “Tea Party”, is doing everything it can to denigrate and deligitimize the Occupy Wall Street/Occupy Together movement.

But this tactic appears to be failing.

The Occupy movement is spreading like wildfire, and we can hope that it will engender some real and positive change in our plutocracy. Specifically, let’s hope this people’s movement results in a leveling of the playing field so that anyone willing to put some skin in the game has a shot at winning.

And I’m not the only one who thinks so. Interestingly, Suze Orman agrees.

“Occupy Wall Street”: Approved!

by Suze Orman

In the space of less than a month, the Occupy Wall Street movement has gained national notoriety. A new poll out Monday shows that more than half of Americans are aware of the grass-roots campaign pushing back at the outsize profits, bailouts, and influence of the financial sector. That quick rise has plenty of special interests so worried they have resorted to a pathetic yet popular tact: When you feel threatened, work overtime to marginalize the threat before it establishes traction.

Me? I want to publicly say thank you to the Occupy Wall Street movement. Thank you for not accepting the status quo. Thank you for not assuming there is nothing to be done. Thank you for rattling the cages. Much coverage of Occupy Wall Street has cast this as the beginning of something new. That’s only partly true. What I find so encouraging is that Occupy Wall Street’s more important message is that this marks an end point. An end to just shrugging and putting up with the inequity. An end to patiently waiting for government to get its act together and take steps to reduce the pain felt by millions of Americans who are unemployed, the millions more who are underemployed, and the millions more again who worry that if we indeed slip into a double dip recession they will soon become unemployed. An end to letting Washington just continue further down its dysfunctional dark hole without being called out.

To deride the movement because it has yet to formulate a well-delineated platform says plenty more about the critics than the protestors. Revolutions tend to be messy, especially in the early going. The unholy alliance of much of Congress, K Street and Wall Street that has set the agenda from day one of the financial crisis is simply trying to protect its turf by casting aspersions on the ad hoc nature of the movement to date. I suppose I shouldn’t expect anything less. After all, there’s no way they could stage a substantive rebuttal based on facts. It is a real shame that the progress that Congress made last year in passing consumer financial reforms are now being blocked by these same interests.

The recent New York Times’ report that inflation-adjusted median household income declined 7.6% from June 2009 to June 2011 has garnered much attention. While plenty bad enough, that income drop is really just an emphatic exclamation point to disturbing long-term trend. Adjusted for inflation, median household income has gone no where since the late 1990s. So much for shared prosperity.

As we all know to make up for the lack of income gains, American households borrowed plenty in the ’90s and all the way up to the financial crisis. Yet the response to date has been to bail out the banks but offer virtually nothing to overextended homeowners who are hopelessly underwater on homes. Yes, I am well aware of the various federal housing assistance programs that were launched in the wake of the crisis. But they have been failures. And why is that? Well, our federal government thought it would work to craft programs that offered some small incentives to banks to modify mortgages, and then ask the banks if they would like to participate. It was entirely optional! And we’re supposed to be surprised that three years in, banks — after having happily accepting the bailout money — weren’t exactly eager to participate? Please.

And in my opinion there is no greater example of Washington politicians and K Street lobbyists working against our future prosperity than in the treatment of student loan debt. To be clear, this problem existed even before the crisis; families have been taking on crushing debt to help the kids get ahead for a few decades, as the cost of school has far outpaced inflation. It’s just come to a painful head now: graduates with no jobs, or low paying jobs are justifiably panicked that they will never be able to get the loans paid off. Meanwhile, many well-meaning parents who only wanted to help their kids by taking out loans for college, are now laid off, or in new jobs that pay less. Yet where’s the relief for these borrowers, who took out loans so their kids could compete in the workplace, or better yet, we collectively could compete in the global marketplace? Far from relief, here’s what we have: a bankruptcy system that does not allow student loans to be discharged. Many other debts can be discharged, but not student loans. Look, we want a society where everyone strives to repay their debts. That’s clear. But to single out education loans as the one type of debt that our system specifically prohibits from standard bankruptcy is flat-out wrong. We bail out the banks, but offer nothing to American families that borrowed to become more educated and competitive?

And more recently we now have the big bank-fee dust-up. Financial reform post-crisis has reduced banks’ ability to collect as much fee income. So some banks have responded by announcing plans to roll out new fees to make up for the new restrictions on what they can charge for the old fees. Let’s be clear, this isn’t a matter of the banks being able to make payroll. What’s at stake is the magnitude of their profits. They are piling on new fees to keep their outsize profits up. Sure, that’s absolutely fair play in a capitalistic society. But I don’t think this country was built on the fee income that gouged the little guy. Banks used to rely more on income from lending money to qualified borrowers, be it businesses or individuals. Today, the financial system seems less interested in being an intermediary in financing a growing economy and more interested in collecting fees that have absolutely no connection to participating in economic expansion. Is that really how low we’re going to let the target be set? Occupy Wall Street is issuing an emphatic no. To that, I give a heartfelt, “Approved!”

Original post on the Huffington Post

37 Responses to “Suze Orman Endorses Occupy Wall Street”

  1. And so, the greatest speech ever given will be credited to a comedian. Seems you have to be outside of politics to have an unblurred vision of what we should we working towards.

  2. And here’s a great video from Jest dramatizing how media organizations from the NY Times to Fox News to HuffPost come up with their Occupy Wall Street headlines: CLICK HERE TO READ MORE OR COMMENT Bonus from Dubai (!): h/t TP for the video, Business Insider for the And, of course, let’s not […]

  3. yaman pett says:

    Be the one who help Occupy Wall Street or any where in your state make your voices heard show them the 99% have the power and the VOTE. Amen

  4. Scott Olsen’s message to the Occupy Wall Street Movement: Host Keith Olbermann asked Navy vet and friend of Scott – –

  5. laske naviater says:

    Just watched 1% – South Park’s take on Occupy Wall Street movement. But growing up is in main focus here.

  6. HunterExchange: Africa: G20 Summit – Under the Shadow of the Occupy Wall Street Movement: Can China Save De… h… –

  7. mohd zillano says:

    Nuh, your english level. MEAN IF THOSE CHINESE WERE JAPANESE, I BET YOU KNOW WHAT IS “IF”, WHERE DID YOU GET YOUR EDUCATION? I FEEL SORRY FOR YOU AND YORU FAMILY DUDE.

  8. gracis holman says:

    While protesters at Davis stress that their movement isn’t the same as Occupy Wall Street, their emotional flashpoint might come at an time for Occupiers across the nation

  9. DTN South Africa: Occupy Wall Street protests tally up $13m cost: During the first two months of the Occupy prot…

  10. fossorkson says:

    this is what happens when during the 1850s when they voted a republican president. this is what happens when the wins and i mean because the was bankers the , hard working americans, slavery would have been gone if south one so it didn’t matter it was excuse like 9/11

  11. huk schriscone says:

    Republicans Learn How To Spin Occupy Wall Street | TPMDC: Are you a GOP official scared of being confronted by a…

  12. moerg rah says:

    A New Yorker’s Opinion: Albany Tax Plan’s Debt to Occupy Wall Street: Instead, we now have a general acceptance …

  13. kapenn szile says:

    Now Russia is fighting but they are fighting for real Putin attacks the protesters with Police brutality , there can be over 100 000 protesters tomorrow in Moscow all because Putin wants to be a new Stalin , comparing that to the Wall street protest the wall street protest is nothing

  14. kaman ayak says:

    Arrests at White House Over NDAA Military Detention of Americans, Occupy Wall Street Joins Fight. War Is A Crime .org: –

  15. shaolivie heffey says:

    Sly and The Family Stone, The Meters, Tower of Power, Ohio Players, and of course, Minister of The New New Super Heavy Funk: James Brown. The list goes on. But the illest funk ever was only released on 45s, so you have to get compilations. Google darge and for a good on that.

  16. hilbera menick says:

    We can have Occupy Wall Street protesters sleep in churches, yet they want to take our youth groups out of schools!

  17. Anonymous Defaces Lawyers Website for US Marine
    Caribbean Media Vision
    Anonymous is not exactly going the peaceful route protest like the Egyptians or Occupy Wall Street Movement, but he is making his presence known that he will serve as the Big Brother to Big Brother if in his eyes justice is not served.
    and more »

  18. Occupy Wall Street and Labor: The Closest of Strangers « Talking …: A sign on a lower Broadway storefront win… –

  19. 25, the Vancouver culture jammers known as Adbusters brought new attention to the need to protest the NATO/G8 summit occurring in Chicago from May 19-21. Adbusters played a large role in building the Occupy Wall Street …

  20. the time has come fear and fury is in everywhere now everybody wants to kill for a piece of rotten bread

  21. Calvin Klein Fall 2012: Occupy Wall Street Can’t Shut This Down: Photo: Getty
    Francisco Costa, the king of minim… – http://twitter.com/AK_LS

  22. modes shewist says:

    Occupy Wall Street Finance Reveals Money Woes; Press Team Unfazed In …: NEW YORK, NY – FEBRUARY 29: Pro… –

  23. Countless times I’ve watched Occupy Wall Street protests on livestream wishing I was there with them. So on May 1st, I’m coming out.

  24. Occupy Wall Street resurgence a dud?: Occupy Wall Street hoped to use May Day to shift back into high gear, but …

  25. finally got to listen to Lost. amazing video and message. was the where you walk thru tents, “Occupy Wall Street?”

  26. kuphild says:

    Someone please tell the filthy teens on my corner that Occupy Wall Street ended months ago. I tried, but they don’t respond to me.

  27. Occupy Wall Street organizers said that demonstrators were trying to draw attention to statements made by police commanders over the last few days that protesters were not allowed to lie on the sidewalks.
    Salina Most liked City Room: Wall St. Protesters Lying on Sidewalk Are Arrested on 21 April 2012 (3 months ago).

  28. theodor britz says:

    We know the deal & understand the game. Occupy wall street was against oppressive financial policy, what makes occupy CB …

  29. Judge to Twitter: Hand Over Protestor’s Data or Pay Up: The ongoing saga over one Occupy Wall Street protestor’s… … –

  30. Obama ad: My First Time. It appears Occupy Wall Street has officially taken over Obama’s campaign. The slime beneath the gutter.

  31. kama jolanden says:

    The one good thing that came from hurricane sandy is
    Occupy wall street got clean up and they all got a bath on Obama contributed land

  32. Occupy Wall Street Forgives $100000 of Medical Debt (and Counting!): The group says it has at least two more deb…

  33. Also, in The Dark Knight Rises, Bane & his minions are ultimately the end result of the Occupy Wall Street movement.

  34. Rosa parks refuses to ride in the back and it took 5 years for the freedom writers to come… Will occupy Wall Street still happen? –

  35. sta lelly says:

    RT [007] DC Comics Announces Super-Occupy Wall Street Comics

    Today DC announced two new upcoming books: The… … – http://twitter.com/movimty

  36. eggettitet says:

    I think Carnival should claim the poopcruise was a “Thematic Occupy Wall Street Experience”, and charge passengers for a specialty trip.

  37. delhountu estraine says:

    Not trying to get political but when occupy Wall Street ppl r outside & they’re talking about emails on WTF?!

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