Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

   Having lost their gas-powered generators, the protestors at Occupy Wall Street are turning to a more eco-friendly alternative: pedal power.

   Keegan Stephan, a bike mechanic and environmentalist at the Zuccotti Park site of the protest in New York, has been pedaling a stationary bronze Schwinn bicycle to provide energy for the protesters’ encampment….

   How does the contraption work? The bike is connected to a flywheel, which in turn connects to a dynamo, the Times explains. That dynamo creates energy, which flows through a motor and a one-way diode to charge a black battery.

   When fully charged–after about 6 hours of pedaling–the battery might provide power for around 100 hours, Stephan estimated. It’ll be used to power laptops, cellphones, and other devices being used by the protesters. ….

   Then Friday, police confiscated the gas-powered generators that the protesters–some of whom have slept in the park for more than a month–had been using. The Fire Department has said that storing large amounts of fuel in the park violates fire codes [and, pragmatically, they’re not wrong].

   That’s when Stephan’s contraption–joined since Saturday by three other bikes attached to motors that Occupy Boston protestors had shipped down to New York–suddenly came in handy.

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

November 1 is the 305th day of the year (306th in leap years) in the Gregorian calendar. There are 60 days remaining until the end of the year.

On this day in 1512, the ceiling of the Sistine Chapel in Rome, one of Italian artist Michelangelo’s finest works, is exhibited to the public for the first time.

Michelangelo Buonarroti was commissioned by Pope Julius II in 1508 to repaint the vault, or ceiling, of the Chapel. It was originally painted as golden stars on a blue sky. The work was completed between 1508 and 2 November 1512. He painted the Last Judgment over the altar, between 1535 and 1541, on commission from Pope Paul III Farnese.

Michelangelo was intimidated by the scale of the commission, and made it known from the outset of Julius II’s approach that he would prefer to decline. He felt he was more of a sculptor than a painter, and was suspicious that such a large-scale project was being offered to him by enemies as a set-up for an inevitable fall. For Michelangelo, the project was a distraction from the major marble sculpture that had preoccupied him for the previous few years.To be able to reach the ceiling, Michelangelo needed a support; the first idea was by Julius’ favoured architect Donato Bramante, who wanted to build for him a scaffold to be suspended in the air with ropes. However, Bramante did not successfully complete the task, and the structure he built was flawed. He had perforated the vault in order to lower strings to secure the scaffold. Michelangelo laughed when he saw the structure, and believed it would leave holes in the ceiling once the work was ended. He asked Bramante what was to happen when the painter reached the perforations, but the architect had no answer.

The matter was taken before the Pope, who ordered Michelangelo to build a scaffold of his own. Michelangelo created a flat wooden platform on brackets built out from holes in the wall, high up near the top of the windows. He stood on this scaffolding while he painted.

Michelangelo used bright colours, easily visible from the floor. On the lowest part of the ceiling he painted the ancestors of Christ. Above this he alternated male and female prophets, with Jonah over the altar. On the highest section, Michelangelo painted nine stories from the Book of Genesis. He was originally commissioned to paint only 12 figures, the Apostles. He turned down the commission because he saw himself as a sculptor, not a painter. The Pope offered to allow Michelangelo to paint biblical scenes of his own choice as a compromise. After the work was finished, there were more than 300. His figures showed the creation, Adam and Eve in the Garden of Eden, and the Great Flood.

Who would have ever thought that these two would ever be on the same page.

Our Congress today is a forum for legalized bribery. One consumer group using information from Opensecrets.org calculates that the financial services industry, including real estate, spent $2.3 billion on federal campaign contributions from 1990 to 2010, which was more than the health care, energy, defense, agriculture and transportation industries combined. Why are there 61 members on the House Committee on Financial Services? So many congressmen want to be in a position to sell votes to Wall Street.

We can’t afford this any longer. We need to focus on four reforms that don’t require new bureaucracies to implement. 1) If a bank is too big to fail, it is too big and needs to be broken up. We can’t risk another trillion-dollar bailout. 2) If your bank’s deposits are federally insured by U.S. taxpayers, you can’t do any proprietary trading with those deposits – period. 3) Derivatives have to be traded on transparent exchanges where we can see if another A.I.G. is building up enormous risk. 4) Finally, an idea from the blogosphere: U.S. congressmen should have to dress like Nascar drivers and wear the logos of all the banks, investment banks, insurance companies and real estate firms that they’re taking money from. The public needs to know.

Capitalism and free markets are the best engines for generating growth and relieving poverty – provided they are balanced with meaningful transparency, regulation and oversight. We lost that balance in the last decade. If we don’t get it back – and there is now a tidal wave of money resisting that – we will have another crisis. And, if that happens, the cry for justice could turn ugly. Free advice to the financial services industry: Stick to being bulls. Stop being pigs.

Can anyone imagine a common thief being caught by police and sentenced to pay back half of what he took? Just one low-ranking individual in that case was charged (case pending), and no individual had to reach into his pocket to help cover the fine. The settlement Goldman paid to to the government was about 1/24th of what Goldman received from the government just in the AIG bailout. And that was the toughest “punishment” the government dished out to a bank in the wake of 2008.

The point being: we have a massive police force in America that outside of lower Manhattan prosecutes crime and imprisons citizens with record-setting, factory-level efficiency, eclipsing the incarceration rates of most of history’s more notorious police states and communist countries.

But the bankers on Wall Street don’t live in that heavily-policed country. There are maybe 1000 SEC agents policing that sector of the economy, plus a handful of FBI agents. There are nearly that many police officers stationed around the polite crowd at Zucotti park.

These inequities are what drive the OWS protests. People don’t want handouts. It’s not a class uprising and they don’t want civil war — they want just the opposite. They want everyone to live in the same country, and live by the same rules. It’s amazing that some people think that that’s asking a lot.

Wonders will never cease

The Obama administration is about to screw Main St. one more time by letting the banks get away with mortgage and foreclosure fraud with a pittance of a fine and indemnifying the banks from state-level prosecution for a series of crimes at practically all stages of the mortgage process. It has been pointed out that by not enforcing the law, which includes investigating and prosecuting fraud, Barack Obama is in violation of his oath of office. Remember? The one he took on front of a rapt nation on the steps of the Capitol where he swore to up hold the Constitution and Law. I don’t recall any part of that oath including letting the banks get away with bringing the US economy to its knees through fraudulent practices.

Cutting to the chase: if you thought this was the deal that would hold banks accountable for filing phony documents in courts, foreclosing without showing they had the legal right to do so and generally running roughshod over anyone who opposed them, you are likely to be disappointed.

This may not qualify as a shock. Accountability has been mostly A.W.O.L. in the aftermath of the 2008 financial crisis. A handful of state attorneys general became so troubled by the direction this deal was taking that they dropped out of the talks. Officials from Delaware, New York, Massachusetts and Nevada feared that the settlement would preclude further investigations, and would wind up being a gift to the banks.

It looks as if they were right to worry. As things stand, the settlement, said to total about $25 billion, would cost banks very little in actual cash – $3.5 billion to $5 billion. A dozen or so financial companies would contribute that money.

The rest – an estimated $20 billion – would consist of credits to banks that agree to reduce a predetermined dollar amount of principal owed on mortgages that they own or service for private investors. How many credits would accrue to a bank is unclear, but the amount would be based on a formula agreed to by the negotiators. A bank that writes down a second lien, for example, would receive a different amount from one that writes down a first lien.

Sure, $5 billion in cash isn’t nada. But government officials have held out this deal as the penalty for years of what they saw as unlawful foreclosure practices. A few billion spread among a dozen or so institutions wouldn’t seem a heavy burden, especially when considering the harm that was done. {..}

The deal being discussed now may also release the big banks that are members of MERS, the electronic mortgage registry, from the threat of some future legal liability for actions involving that organization. MERS, which wreaked havoc with land records across the country, was sued last week by Beau Biden, Delaware’s attorney general, on accusations of deceptive trade practices.

The MERS registry was also subpoenaed last week by Eric Schneiderman, the attorney general of New York, as part of his investigation into the fun-while-it-lasted mortgage securitization fest. If he were to sign on to the settlement, his investigation into MERS could not move forward.

Angry yet?

Morgenson highlights another feature of the plan:

   One of the oddest terms is that the banks would give $1,500 to any borrower who lost his or her home to foreclosure since September 2008. For people whose foreclosures were done properly, this would be a windfall. For those wrongfully evicted, it would be pathetic. Roughly $1.5 billion in cash is expected to go into this pot.

“Pathetic” isn’t strong enough. Let’s look at the damages sought by Nevada attorney general Catherine Masto in her second amended complaint against Bank of America: civil penalties of $5000 per violation, or $12,000 for elderly or disabled borrowers. An individual loan can, and likely does, have multiple violations. The suit also seeks restitution, costs for wrongful foreclosures, plus the cost of damage to municipalities and homeowners from unnecessary vacancies. Note that an AG victory on the issue of wrongful foreclosure would pave the way for private lawsuits, and here the damages would be massive, particularly if state law or precedent allows for penalties (as we’ve noted, Alabama has statutory tripe damages for wrongful foreclosure, and recent rulings have had applied penalties in excess of nine times).

And what did Masto get from a different servicer, Morgan Stanley’s Saxon? The settlement is estimated to average somewhere between $30,000 and $57,000 per borrower. And the basis of action wasn’t erroneous or fraudulent foreclosures, but deceptive practices in mortgage lending and securitization.



Look at the MERS compplaint filed by Delaware AG Beau Biden. He’s suing MERS over deceptive practices, at $10,000 per violation. It’s quite possible that he may find more than one violation per mortgage. And I would imagine that success against MERS would pave the way for actions against servicers who relied on MERS in the face of knowledge of its deficiencies.

In other words, the suits filed by two AGs alone make a mockery of these negotiations.

So, how much are the banks contributing to the president and the attorney generals who are going to try to let them off the hook?  

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Paul Krugman: Bombs, Bridges and Jobs

A few years back Representative Barney Frank coined an apt phrase for many of his colleagues: weaponized Keynesians, defined as those who believe “that the government does not create jobs when it funds the building of bridges or important research or retrains workers, but when it builds airplanes that are never going to be used in combat, that is of course economic salvation.”

Right now the weaponized Keynesians are out in full force – which makes this a good time to see what’s really going on in debates over economic policy.

What’s bringing out the military big spenders is the approaching deadline for the so-called supercommittee to agree on a plan for deficit reduction. If no agreement is reached, this failure is supposed to trigger cuts in the defense budget.

New York Times Editorial: Flat Taxes and Angry Voters

By wide margins, Americans are now telling pollsters they want a tax system that raises more money and is more fair by asking the rich to pay more. They are connecting the dots between the lavish high-end tax cuts of the past decade and today’s serious problems – including widening inequality and mounting deficits – and demanding change. The Republican presidential candidates aren’t listening.

Take the flat tax plan of Gov. Rick Perry of Texas. For all his talk about how it would make filing easier – that is dubious – what it would really do is give high-income Americans a big tax break, while almost everyone else could expect relatively modest tax savings or none at all.

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

October 31 is the 304th day of the year (305th in leap years) in the Gregorian calendar. There are 61 days remaining until the end of the year.

This day is internationally known as Halloween, also known as All Hallow’s Eve, Reformation Day, and Day of the Dead for the Philippines

On this day in 1926, Harry Houdini, the most celebrated magician and escape artist of the 20th century, dies of peritonitis in a Detroit hospital.

Houdini was born Erik Weisz in Budapest in 1874, the son of a rabbi. At a young age, he immigrated with his family to Appleton, Wisconsin, and soon demonstrated a natural acrobatic ability and an extraordinary skill at picking locks.

He went on his first international tour in 1900 and performed all over Europe to great acclaim. In executing his escapes, he relied on strength, dexterity, and concentration-not trickery-and was a great showman.

In 1908, Houdini began performing more dangerous and dramatic escapes. In a favorite act, he was bound and then locked in an ironbound chest that was dropped into a water tank or thrown off a boat. In another, he was heavily bound and then suspended upside down in a glass-walled water tank. Other acts featured Houdini being hung from a skyscraper in a straitjacket, or bound and buried-without a coffin-under six feet of dirt.

In his later years, Houdini campaigned against mediums, mind readers, fakirs, and others who claimed supernatural talents but depended on tricks. At the same time, he was deeply interested in spiritualism and made a pact with his wife and friends that the first to die was to try and communicate with the world of reality from the spirit world.

Eyewitnesses to an incident in Montreal gave rise to speculation that Houdini’s death was caused by a McGill University student, J. Gordon Whitehead, who delivered multiple blows to Houdini’s abdomen to test Houdini’s claim that he was able to take any blow to the body above the waist without injury.

The eyewitnesses, students named Jacques Price and Sam Smilovitz (sometimes called Jack Price and Sam Smiley), proferred accounts of the incident that generally corroborated one another. The following is Price’s description of events:

   Houdini was reclining on his couch after his performance, having an art student sketch him. When Whitehead came in and asked if it was true that Houdini could take any blow to the stomach, Houdini replied groggily in the affirmative. In this instance, he was hit three times before Houdini could tighten up his stomach muscles to avoid serious injury. Whitehead reportedly continued hitting Houdini several more times and Houdini acted as though he were in some pain.

Houdini reportedly stated that if he had time to prepare himself properly he would have been in a better position to take the blows. He had apparently been suffering from appendicitis for several days prior and yet refused medical treatment. His appendix would likely have burst on its own without the trauma. Although in serious pain, Houdini continued to travel without seeking medical attention.

When Houdini arrived at the Garrick Theater in Detroit, Michigan on October 24, 1926, for what would be his last performance, he had a fever of 104 F (40 C). Despite a diagnosis of acute appendicitis, Houdini took the stage. He was reported to have passed out during the show, but was revived and continued. Afterwards, he was hospitalized at Detroit’s Grace Hospital.

Houdini died of peritonitis from a ruptured appendix at 1:26 p.m. in Room 401 on October 31, aged 52.

After taking statements from Price and Smilovitz, Houdini’s insurance company concluded that the death was due to the dressing-room incident and paid double indemnity.

Houdini’s funeral was held on November 4, 1926 in New York, with more than 2,000 mourners in attendance. He was interred in the Machpelah Cemetery in Queens, New York, with the crest of the Society of American Magicians inscribed on his gravesite. To this day the Society holds a broken wand ceremony at the grave site in November. Houdini’s widow, Bess, died on February 11, 1943, aged 67, in Needles, California. She had expressed a wish to be buried next to him but instead was interred at the Gate of Heaven Cemetery in Westchester, New York, as her Catholic family refused to allow her to be buried in a Jewish cemetery out of concern for her soul.

Samhain is one of the eight festivals of the Wiccan/Pagan Wheel of the Years that is celebrated as the new year with the final harvest of the season. It is considered by most practitioners of the craft to be the most important of the eight Sabats and one of the four fire festivals, Imbolc, Beltane and Lughnasadh. Beginning at sundown on October 31 and continuing through the next day, fires are lit and kept burning to recognize the shortening of days and the coming of winter’s long cold nights.

Many of the traditions practiced in the US have come from Ireland, Scotland and Whales. The carving of gourds and pumpkins used as lanterns, the wearing of costumes and masks, dancing, poetry and songs, as well as some traditional foods and games can be traced back to medieval times and pre-Christian times.

Two Roman festivals became incorporated with Samhain – ‘Feralia’, when the Romans commemorated the passing of the dead, and ‘Pomona’, when the Roman goddess of fruit and trees was honoured. The Halloween tradition of bobbing for apples is thought to derive from the ancient links with the Roman fruit goddess, Pomona, and a Druidical rite associated with water.

It is also the time of the year that we reflect and honor our ancestors and especially those who have departed since last Samhain. According to Celtic lore, Samhain is a time when the boundaries between the world of the living and the world of the dead become thinner, allowing spirits and other supernatural entities to pass between the worlds to socialize with humans. The fires and the candles burning in western windows are believed to help guide the spirits of the departed to the Summerlands. Like all Wiccan festivals, Samhain celebrates Nature’s cycle of death and renewal, a time when the Celts acknowledged the beginning and ending of all things in life and nature. Samhain marked the end of harvest and the beginning of the New Celtic Year. The first month of the Celtic year was Samonios – ‘Seed Fall’.

The Catholic church attempted to replace the Pagan festival with All Saints’ or All Hallows’ day, followed by All Souls’ Day, on November 2nd. The eve became known as: All Saints’ Eve, All Hallows’ Eve, or Hallowe’en. All Saints’ Day is said to be the day when souls walked the Earth. In early Christian tradition souls were released from purgatory on All Hallow’s Eve for 48 hours.

We decorate our homes with candles, gourds and dried leaves. Meals are traditionally lots of veggies, fruit, nuts and breads served with wine, cider and hearty beer. We make a hearty stew that is served with a whole grained bread and deserts made with apples, carrots and pumpkin. One of the sweet breads that is traditionally served is barmbrack, an old Irish tradition. The bread is baked with various objects and was used as a sort of fortune-telling game. In the barmbrack were: a pea, a stick, a piece of cloth, a small coin (originally a silver sixpence) and a ring. Each item, when received in the slice, was supposed to carry a meaning to the person concerned: the pea, the person would not marry that year; the stick, “to beat one’s wife with”, would have an unhappy marriage or continually be in disputes; the cloth or rag, would have bad luck or be poor; the coin, would enjoy good fortune or be rich; and the ring, would be wed within the year. Today, the bread usually contains a ring and a coin.

What ever you believe or not, Samhain has meaning for us all since the Wheel turns for all of us. So light a fire or a candle and dance with us as the Veil Thins.

Blessed be.