Back on Jan 12, 2012, David Sands posted Occupy Detroit Marches In Solidarity With Emergency Manager Opponents in The Huffington Post. "A spokesman for Occupy Detroit, Writer L. Bush, said he was concerned an emergency Manager in Detroit would disenfranchise voters and strip unions of their bargaining power."

Other early warnings went unheeded. Brandon Turbeville, a former Occupy Interview guest wrote, "In reality, this only further proves the fact that there is no difference between the two major political parties in the United States, or anywhere else for that matter."

Now Detroit is big news. According to Michael Babad, “When U.S. banking analyst Meredith Whitney warned of problems in the $3-trillion U.S. municipal bond market as far back as 2010 she was widely decried by most of Wall Street for being alarmist and had been widely ridiculed for most of the last few years; however nearly three years later her concerns look like being very prophetic,” said senior analyst Michael Hewson of CMC Markets in London.

“It’s probably no surprise that all those analysts who criticized her then have gone awfully quiet given last week’s news over the city of Detroit’s finances, and its decision to file for Chapter 9 bankruptcy.”

“There are five more towns like Detroit in Michigan alone,” Meredith Whitney writes in today’s Financial Times. “There are many more municipalities across the country in similar positions,” she adds. “Detroit’s decision last week paves the way for other elected or non-elected officials to make decisions to save their cities and towns, decisions that probably involve politically unpopular actions that may secure their long-term viability.”

“As jarring as the reality may be to accept, Detroit’s decision last week to declare bankruptcy should not be regarded as a one-off in the U.S. municipal market – which is what the bond-peddlers are now telling their clients,” she writes. “The aftershocks of the largest municipal bankruptcy in U.S. history will be staggering, and Detroit will set important precedents.”

Video here http://www.bloomberg.com/video/whitney-says-wall-street-s-biggest-l...

Occupy is a resistance to austerity. The opposite of austerity is not anti-austerity - it is growth.

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