Massive Bank Protest in Chicago

Rebecca Kelley
If you want bank reform, this protest in Chicago over the next two days, Monday, Oct. 26 and Tuesday, Oct. 27, might be the place where you will want to be. Rally organizers including, Public Citizen, the AFL-CIO, and Change to Win, will be in Chicago tomorrow outside the American Bank Association annual meeting at 11:30 a.m., Oct. 26 at 301 North Water Street.

Organizers say it will be a massive rally to blow the whistle on financial institutions that they say, caused the economic crisis by taking billions in taxpayer bailouts. Protesters say Americans are facing shrinking pensions, risk foreclosures and unemployment, state budget cuts, predatory lending, outrageous overdraft fees, and sky-high credit card interest rates.

Reining in the banks is what protestors are demanding along with oversight, accountability and reforms. The organizers of the rally say they organized the protest now because Congress is taking up regulatory legislation this month that includes the idea of a Consumer Financial Protection Agency.

1 in 3 Young Workers Live at Home With Parents

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Tula Connell notes the findings of a new report that suggests many young adults under 35 are still living at home with their parents because they can’t afford to be on their own. Connell bases the findings on “Young Workers: A Lost Decade,” conducted in July 2009 by Peter D. Hart Research Associates for the AFL-CIO and the community affiliate Working America. The nationwide survey of 1,156 people follows up on a similar survey the AFL-CIO conducted in 1999. The deterioration of young workers’ economic situation in those 10 years is alarming.

AFL-CIO Secretary-Treasurer Richard Trumka summed up the report’s findings this way:

We’re calling the report “A Lost Decade” because we’re seeing 10 years of opportunity lost as young workers across the board are struggling to keep their heads above water and often not succeeding. They’ve put off adulthood—put off having kids, put off education—and a full 34 percent of workers under 35 live with their parents for financial reasons.

Just last week we learned that about 1.7 million fewer teenagers and young adults were employed in July than a year before, hitting a record low of 51.4 percent.

As AFL-CIO President John Sweeney said:

Young workers in particular must be given the tools to lead the next generation to prosperity. The national survey we’re releasing today shows just how broken our economy is for our young people…and what’s at stake if we don’t fix it.

Some of the report’s key findings include:

• 31 percent of young workers report being uninsured, up from 24 percent 10 years ago, and 79 percent of the uninsured say they don’t have coverage because they can’t afford it or their employer does not offer it.
• Strikingly, one in three young workers are currently living at home with their parents.
• Only 31 percent say they make enough money to cover their bills and put some money aside—22 percentage points fewer than in 1999—while 24 percent cannot even pay their monthly bills.
• A third cannot pay their bills and seven in 10 do not have enough saved to cover two months of living expenses.
• 37 percent have put off education or professional development because they can’t afford it.
• When asked who is most responsible for the country’s economic woes, close to 50 percent of young workers place the blame on Wall Street and banks or corporate CEOs. And young workers say greed by corporations and CEOs is the factor most to blame for in the current financial downturn.
• By a 22-point margin, young workers favor expanding public investment over reducing the budget deficit. Young workers rank conservative economic approaches such as reducing taxes, government spending and regulation on business among the five lowest of 16 long-term priorities for Congress and the president.
• Thirty-five percent say they voted for the first time in 2008, and nearly three-quarters now keep tabs on government and public affairs, even when there’s not an election going on.
• The majority of young workers and nearly 70 percent of first-time voters are confident that Obama will take the country in the right direction.