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Occupy Austin, Occupy Bronzeville

Occupy Austin and Occupy Bronzeville, joined by people from Occupy Chicago, will begin a new drive to occupy foreclosures at actions on the West and South Sides tomorrow.

They’ll rally with tenants of a foreclosed building who are resisting what they say are illegal attempts to evict them from a 12-unit rental building, just two weeks after foreclosure.

Federal law requires tenants be given at least 90 days to move.  (See the recent Newstips post, Foreclosure and tenants: Banks break the law.)

“We’re saying these folks will not be moved,” said Elce Redmond of South Austin Coalition.  He said Occupy Austin would continue “organizing people on a day-to-day basis against the big banks.”  Their goal is “nonviolent mass organization to fight the greed and corruption of the top 1 percent and restore democracy in America.”

Redmond said the Lawyers Committee for Better Housing is representing the tenants in a lawsuit.

The rally starts at 11 a.m. on Saturday, October 29, at 5960 W. North.

From there the groups will head to a housing resource fair at IIT’s Herman Hall, 3241 S. Federal where they’ll talk with homeowners seeking mortgage modifications.

“We want to see how many homeowners get modifications,” said Willie J. R. Fleming of the Chicago Anti-Eviction Campaign, a core group in Occupy Bronzeville, which is part of a nationwide Occupy the Hood movement.

“There are a lot of resource fairs going on since the collapse of the financial system, but we still have millions of people losing their homes,” Fleming said. “We want to see if this is a real solution or just a dog and pony show.”

They’re laying plans to occupy foreclosed homes as well as blighted commercial spaces, which they want to turn into community centers, he said.  (This is a tactic that’s worked in Boston, Mark Konzcal writes at New Deal 2.0.)

Meanwhile Occupy Chicago is regrouping – and exploring options to lease indoor space — since the city turned down the group’s request for a permanent location on Thursday, spokesperson Sugar Russell said.

They could use a space for teach-ins and trainings, as well as a place to warm up, she said.

But she notes that their current location at LaSalle and Jackson – in front of Bank of America, across the street from the Federal Reserve – is not without its significance.

That’s especially true since last week, when anonymous regulators leaked to Bloomberg that the Fed was okaying BOFA’s shift of trillions of dollars worth of derivatives from its Merrill Lynch unit to a subsidiary that’s insured by the FDIC – over the FDIC’s objections.

The FDIC’s deposit insurance fund finally turned positive in June, now amounting to just $3.9 billion.  A failure by troubled BOFA, which no one seems to be discounting, would require the FDIC to go to Congress for a bailout, possibly several times the size of TARP.

As Robert Reich argues, the situation shows the wisdom of the Glass-Steagall Act, which (until the year 2000) kept investment banks seperate from government-insured commercial banks – and underscores the need to break up “too big to fail” banks.

MSNBC senior editor James Carney calls it “outrageous” that BOFA is “obviously exploiting government backing for profit.”  Bloomberg’s Jonathan Weil says it reinforces the popular impression that the Fed “puts big banks’ interests above those of ordinary taxpayers.”

More from Yves Smith, William K. Black, and most bleakly, Christopher Whalen.  Locally only ENews Park Forest seems to have noted the story.

And more attention is coming.  On Monday, National Peoples Action and the New Bottom Line Campaign will launch an online campaign to press BOFA to stop financing payday loans.

“Big banks like BOFA borrow money from the Fed at less than 1 percent interest, then lend that to payday lenders at 3 percent, who then turn around and lend money in our communities at 400 percent or more,” according to a note from NPA.

Elsewhere, the anti-corporate Adbusters magazine, which initiated the call to occupy Wall Street in September, is urging a global day of action Saturday in support of the “Robin Hood tax,” which is what they’ve dubbed the financial transaction tax.  That idea has gotten some attention in Chicago locally, with a modest proposal from Stand Up Chicago and the Chicago Political Economy Group (see previous post), but it’s a very live issue for the G20 Summit that convenes in Cannes on November 3.

There it’s backed by the governments of France and Germany as well as the European Union, which recently moved to adopt a continent-wide tax on speculation.  It’s being blocked by the Obama administration.

“Let’s send them a clear message: We want you to slow down some of that $1.3 trillion easy money that’s sloshing around the global casino each day — enough cash to fund every social program and environmental initiative in the world,” Adbusters writes.

“It’s obvious you have no idea how to get us out of this economic mess you put us in,” the magazine tells the elite. “So now we are telling you what we want: a radical transformation of casino capitalism.”

The tax would not only raise as much as $400 billion a year and offset the effects of the global crisis, which has thrown 60 million people into poverty worldwide, according to Oxfam America; it would target the spit-second computer-generated speculation that leaves the world’s economy so unstable.

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Category: Austin, banks & credit, Bronzeville, economy, foreclosures, organizing, taxes

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