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Newsday’s Ellis Henican argues the banks need to start lending again to ease national tensions.
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We'll be -- Wall Street protests is going even though for 700 of them were arrested over the weekend now.
Some of the demonstrators say they want an end to the banking industry others say they -- free health care and they have been to bits and anti Israel signs in the crowd so what exactly.
Do they want Newsday columnist Ellis Henican is here.
Alice.
It seems like this group at the eleven already we have in the started.
But you're pretty sympathetic to these guys aren't.
Well listen yes and -- no justice no peace when we get that out right before we get started that and you'll let let let's listen.
This is kind of a rag tag group the numbers have gone up and down and you you you right it's a fair that this thing they seem to want.
Twenty different things some of which are contradictory to each other but you know -- -- Do seem to be finally after a couple of weeks in the streets tapping into some emotion out there and I believe I don't know it was -- -- -- -- But I believe that there is still across America a lot of rushed rationed toward Wall Street the belief that hey all the rest of us is suffering -- those guys suck.
Are a little bit.
Well -- and there's no doubt there's a lot of of frustration toward Wall Street.
-- -- by the same token you know I'm not sure of this is a grassroots movement it or not but.
When I see Michael Moore go down there when I see Susan Sarandon go down there when I see unions start to support these guys.
It feels like a typical left this sort of event.
That.
That we've seen before it in different ways well.
Is certainly righted the beginning I mean the first week of this was you know pretty grungy kids there was a topless demonstration of some of the women I know that offends you Charles -- but.
But as the -- isn't going on I do sense a little bit of a broadening of these people.
Will seeing whether their two wet -- tap into that broader based concern out there.
And also look talking about and it just and stuff -- some kind of a transaction tax on Wall Street hello that -- No way come on now let's what do you talking about a transaction -- -- hey let me say this about that I do agree with you at some level and here is why.
I think Wall Street and in corporate America they've all grown a little too arrogant they're all overplaying their hand and they're not hiring people are not putting people back to work.
You know other signs of arrogance Bank of America just last week say hey we think we should you should now pay money for using your debit card in the store where they can pay more for that.
I don't think there's any sense of the reaction.
That they're getting out there in the real world where real appeal people are are going to the store there there filling up their tank with gas.
And I think there needs to be some kind of you know.
We really tough thinking about what they're doing and if it's adding to the bottom line of this country or taking away.
Well well well well put -- and don't forget to this comes after the huge Wall Street bailout you know we gave them.
Huge amounts of our money we saved many of these big banks and I think there is a persistent feeling that there and it isn't just a budget topless chicks in Wall Street it's it's it's people real people out there that people you're talking about.
Who say you know maybe they should do something -- -- in exchange for all that money we gave I don't.
Anything three Alison OK what -- slowly -- us what.
The regulations on these banks now what all the prohibited stuff that'd been put upon these companies I get the notion that we bail them out but look.
You and I both know that government got its money back.
And these banks now are sitting on cash because the uncertainty.
Out there because of the administration's policies -- frank.
It debilitating and that is why unfortunately -- -- customer are now suffering He can continuously point the finger at these bank.
Well this diligently people in business always belly about this in some sometime legitimately so but it.
Have some kind of response would like to I'll give you one more one point I think Jerry -- -- added a second ago.
Is that you know they -- -- -- -- some of this money to businesses that are growing need the money that these terrorists we don't have been -- our.
-- -- -- -- -- urgency because President Obama was swept into office.
Railing against the reckless loans that Wall Street may have in the first -- -- you know okay.
You can't have it both ways can you didn't look generally say hey you guys by the way if you look at the stocks the stock price of all of these companies this morning.
I don't know how cocky they could be -- -- -- have been employed at Bank of America in my 401K decided -- that stock in it was their all time low or Citigroup.
I wouldn't be that cocky -- be afraid -- how I'm going to live my did later years allied with two point.
You can't have it both ways -- -- you know what you can't punish the banks in at the same time expect mainstream deprive it.
Which goes on a goldilocks guy wanna not too hot I want it not embolden you know what we've seen in both the right -- haven't haven't just a little bit rational business decision making is that too much to ask for.
You know I want to bring the call in the call my daughter -- works for me -- she's right on sense -- right on right on Broadway there.
She told me that email this morning that these kids have been very very rooted somewhat intimidating.
I'm not sure you passed by the Obama on the way to the exchange would have you have to you tell us about.
Would you think that's going on with the.
Well -- is not one day it's been good.
End sorry guys it's not one day it's been weeks actually that they've been outside the Barry's just keep getting bigger and and farther away from the exchange.
It's quite hard to navigate outside.
They get quite loud outside sometimes they don't quit down the -- numbers obviously is not like what you see on the weekends.
But that they were marching by the other day all the cops were lined up and they were saying something to the extent of banks got bailed out we got left out.
-- I'm so there there's certainly expressing.
There how dis pleased they are with everything not sure what they're accomplishing -- and then now.
Just and then making themselves known Aaron is a lot of tourists who come here from all over the world.
So they see these folks so certainly could create a lot of congestion and I'd say confusion -- -- I'm not sure that anybody's really.
Getting their point.
That could what does that mean right banks got them that we got left out they want their handout to is that they're -- -- -- -- home everything would be okay and they see the bail out I think you're absolutely I think is that these banks haul fouled and and everything out -- He went dad.
Down the toilet.
-- everybody would be suffering a whole nation would be suffering south I think it and in fact they've all been helped out a certain extent.
-- -- -- I think the real -- let's get these banks back in the lending business right helping companies Grohl treating treating customers and rational way.
Exercise some prudence don't go off the deep end but I think -- was something we did sort of -- their lives didn't.
Again -- you know for a while I'm not pro I was a for the bailouts but I will tell you this much you can't have it both ways I mean.
Every time a bank makes alone it is taking a certain amount of risk we're telling banks these days is that they.
You can only take you you know we're we're narrowing the parameters of what -- they can take in that we're saying watch these risk even pay off.
You're gonna have to give up more sports you know if -- does this award thereabouts is by the way to lend money.
That's the only reason someone goes into the banking industry is to lend out money I think that a lot to do it if they weren't gonna be bill and -- the denies it wasn't all going to be taken from them at the end of the day.
Let me let's work.
Before -- edited maybe we can I'll do Nicole's -- together what is it banks got bailed out.
We got left out when things that with me now that will you know what will stick to the first one note just has no place to go and Al Sharpton as the residual.
I don't know we're -- -- watch those topples when.
