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Why the US Economy Stinks

April 30, 2012

Five Banks hold 56% of the US EconomyFive banks — JPMorgan, Bank of America, Citigroup Inc. , Wells Fargo & Co. , and Goldman Sachs Group Inc. together held $8.5 trillion in assets at the end of 2011, equal to 56 percent of the U.S. economy, compared with 43 percent in 2006, according to central bankers at the Federal Reserve.

Occupy Wall Street will join scores of labor organizations observing May 1, traditionally recognized as International Workers’ Day. They plan marches from Union Square to Lower Manhattan and a “pop-up occupation” of Bryant Park on Sixth Avenue, across the street from Bank of America’s Corp.’s 55-story tower.

“We call upon people to refrain from shopping, walk out of class, take the day off of work and other creative forms of resistance disrupting the status quo,” organizers said in an April 26 e-mail.

(see complete article and details)

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