Occupy Wall Street Demonstrations Block Wall St.
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- Published: Tuesday, 18 September 2012 09:57
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At 7am a large group of 1000 marched on Wall Street and Broadway in an effort to clog the financial district. While some smaller groups did civil disobedience, the larger groups made an effort to slow, not stop traffic with their numbers on the Financial Districts tiny sidewalks.
The core area of Wall St. was blocked with barricades and guarded by police all day. To anyone going to work in the area it was apparent that large protests were going on. The police and activist presence was continuous thru the day with marches going to one location then another.
At noon a large rally of at least one thousand discussed the Robin Hood Tax on Wall Street Trades. Members of ACT UP/NY, National Nurses United and others were among the speakers.
At 1PM about 150-200 marched to Chase Bank and blocked the sidewalks on both sides of the street in a huge circular picket which seemed to infuriate the police. This was followed by threats of arrest, a tense stand-off, and unprovoked arrests of a few activists from Occupy. Activists carried a giant whale to symbolize the "whale" that cost investors billions of dollars after engaging in risky trades, the kind of trades that a Robin Hood Tax would help regulate.
The march continued to Knight Capital, another symbol of risky Wall Street trading, another example of risky Wall Street Trading. At days end more than 150 arrests were tallied from the coalition of environmental, and occupy groups that organized the protests.
The Robin Hood Tax coalition announced that Rep. Keith Ellison (D-MN) introduced the "Inclusive Prosperity Act", HR-6411 in Congress on Friday which could raise up to $350 billion in annual revenues that would be used to breath new life into Main Street communities accross America, as well as international health, sustainable prosperity and environmental prorams.
The legislation embodies the Robin Hood Tax, a 0.5% tax on the trading of stocks and lesser rates on trading in bonds, derivatives and currencies. It marks the return of a sales tax on financial transactions in place from 1914 to 1966 and targets the high-rsk, high-speed trading that dominates the market.
"The money is in the hands of the most privileged and well-to-do Americans, many of whom churn–and I don't say 'trade," I mean 'churn'–stocks, bonds and derivatives on Wall Street," said Rep Ellison during last week's Democratic National convention. "so one of the ways for us as Americans to recoup the money is to tax them when they do this churning of thesefinancical assets. It's a transaction tax. It is appropriately named by its most vigorous advocates a 'Robin Hood Tax.'"