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JPMorgan Influences Small Businesses

BarcelonA – AnarquistA *
unemployment fund
Image by Sterneck

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BarcelonA – AnarquistA *
Photo-Report – March 2014
www.flickr.com/photos/sterneck/sets/72157643657256375

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Barcelona – Arte Rebelde *
Photo-Report – March 2014
www.flickr.com/photos/sterneck/sets/72157643655743885

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Wolfgang Sterneck:
In the Cracks of the World
Photo-Reports:
www.flickr.com/sterneck/sets
Articles (german / english) :
www.sterneck.net

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JO TAMBÉ ESTAVA AL PARLAMENT… I HO TORNARIA A FER

El dia 31 de març comença el judici contra les 20 persones imputades per l’intent de bloqueig del Parlament del 15 de Juny del 2011. Aquell dia s’anaven a iniciar el tràmits per aprovar els pressupostos amb el primer paquet de retallades a Catalunya, que va propiciar el tancament d’empreses públiques, la privatització de la sanitat, les retallades al sector de la cultura, educació, etc.

La mobilització “Aturem el Parlament” va succeir dues setmanes després del brutal desallotjament de la Plaça Catalunya a mans dels antidisturbis dels Mossos d’Esquadra a les ordres del que era conseller d’Interior i ara ho és d’Empresa i Ocupació, Felip Puig. També responsable del dispositiu policial que va disparar contra l’ull d’Esther Quintana.

La criminalització per part de la premsa subvencionada pel Govern i l’escalada repressiva que va venir després (judicis contra persones que volien impedir un desnonament al Clot, nombroses detencions a les vagues generals, multes absurdes per les persones que es manifestaven o per enganxar cartells, etc), va ser i és encara, una resposta planejada per procurar frenar l’augment de la indignació i de la força de les protestes populars contra el poder polític, econòmic i altres injustícies quotidianes, com el patriarcat i el racisme.

Durant aquells dies, la gent es va organitzar arreu per construir política des del carrer, com moltes seguim fent. La política que volem és assembleària, horitzontal, autogestionada, sense representants, és del poble i per al poble, i xoca amb la política institucional que ens governa. La qual ha estat protagonista d’un espiral de corrupció i de tenir llaços, sovint familiars o personals, amb grans empreses privades que reben encàrrecs d’obres públiques i amb els peixos grossos del poder financer.

Aquell dia érem milers de persones les que vam anar a intentar aturar el Parlament, per combatre el drama de tantes vides immerses en la misèria, els acomiadaments per les retallades, els suïcidis pels desnonaments, etc. Perquè moltes d’aquestes barbàries s’aproven dins dels murs d’aquest edifici. Per aquest motiu estàvem assenyalant els culpables el 15 de Juny de 2011 i per això mateix, ho tornaríem a fer sense por, perquè legitimem la nostra actuació, i perquè si la gent del carrer, a qui ens afecta tot això, no lluitem, ningú altre ho farà per nosaltres.

Sabem i tenim clar que aquest és un judici polític, una farsa per atemorir a aquelles que decideixen plantar cara i actuar contra els responsables de tanta precarietat. De fet, ens reafirmem al comprovar que l’acció directa contra els poderosos i generar alternatives de vida els molesta, i molt. Per això, i perquè som conscients del poder que podem tenir quan ens organitzem, no ens volem doblegar davant les seves intimidacions i fem una crida a estendre la solidaritat a aquells i aquelles que pateixen la repressió i la violència quotidiana d’aquest sistema econòmic, en les seves infinitats de formes.

Convoquem manifestació el dia 29 de març a Barcelona a les 18:30 a Plaça Catalunya.

SOLIDARITAT AMB TOTES LES REPRESALIADES I AMB AQUELLES QUE LLUITEN!!

La propera vegada que agafin un helicòpter, que sigui per marxar ben lluny i no tornar a molestar!

encausadesparlament.wordpress.com

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I was at the Catalan Parliament too…
and I would do it again

On March 31st the court case against the 20 people who are charged with an attempt to block the Catalan Paliament on June 15th 2012 will begin. That day in June, the process of implementing the first round of budget cuts in Catalonia began. Cuts that involved closing public companies, the privatization of health care,as well as cuts in the area of culture, education, etc.

The mobilization “Aturem el Parlament” (“Paralize the Parliament”), took place two weeks after the brutal eviction of Plaza Catalunya (Barcelona), by the riot police Mossos d´Esquadra under the command of Felip Puig. He was the minister of the Interior at that time and is currently the minister of companies and labour. He was also responsible for the police operation that shot Esther Quintana in the eye.

The criminalization by the media (that is funded by the state) and the increase of repression which followed (court cases against people trying to prevent an eviction in the neighbourhood of el Clot, many detentions during the general strikes, absurd fees for people protesting or hanging banners with tape etc), was, and still is, a planned response to try to stop the rise of outrage and the strength of popular demostrations against economic and political power, and other daily injustices (such as patriarchy and racism).

During those days, people organized themselves all over to build and create politics from the streets, as many of us continue to do. The politics we want are based in assemblies, horizontal, self-organized, without leaders; they belong to the people and they are for the people, and clash with the institutional politics which govern us. The same institutional politics and their protagonists are creating a corruption spiral and have relationships, mostly family-based, with private companies (that receive contracts for public constructions) and with high-up people with economic power.

That day we were thousands of people trying to paralyze the Catalan Parliament in order to fight the drama of so many lives embedded in misery, the layoffs due to the cuts, the suicides due to evictions, etc. Because many of these atrocities are approved behind the walls of that building. This is the reason that we were pointing out the guilty ones that 25 of June 2012, and because of this, we would to it again without fear. Because we legitimize our action, and because if we, the people from the street -whom are the most affected-, don´t fight, nobody will do it for us.

We know that this is a political court case, a farce to scare those who decide to stand up and take action against thoseresponsibleforall this precariousness. In fact, we reaffirm our ideals and actions after proving that direct action and the creation of alternatives of life bothers them, a lot. Because of this, and because we are aware of the power we can have when we are organized, we don´t want to bow down to their intimidation. We call for a spread of solidarity for all the ones who suffer daily repression and violence within this economic system, in its infinite shapes.

SOLIDARITY WITH ALL THE REPRESSED AND THOSE WHO FIGHT!!

The next time that they take an helicopter, it should be to go far away, and not come back to bother us.

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Repression in Spain. A call for international solidarity

During the last three years Spanish society has witnessed a period of intense social protests against austerity, corruption, unemployment and so on. As in other times in history, the greater and more radicalised the protest the bigger the repression that the state organises against it. Since the general strike in September 2010, a common trend of this repression strategy is been a kind of ‘laissez faire’ in the streets but followed by ´selective´ detentions months later. Police have been literally knocking doors down of those who continuously take part in different actions and demonstrations, and consequently dozens of people have been arrested.

On June the 15th 2011, ten thousand people surrounded the Catalan parliament in Barcelona. That day the government wanted to approve a vast austerity cut in health and education, and the idea was to block politicians from getting into the building. “Inexplicably” the police did not protect some politicians, which caused direct confrontation with protesters, and of course that fact was used by the media as an example of violence against democracy. After that, people were violently dispersed, and the MPs could do their job.

On October the 4th 2011, 22 people were arrested in their homes. They have been accused of a crime against the state, using a law designed for coup leaders and that had never been used before in Spain. They now face a penalty of up to 8 years in jail, whereas some of them have been also accused of different crimes related to other demonstrations. The trial will start in March the 31st 2014 and it is expected to last four days.

There will be a national day of solidarity in Spain on March the 29th with demonstrations in several cities. So we also call for international solidarity.

You can call, email or block different Spanish embassies or institutions. Or you can do whatever you consider appropriate…

“That day we tried to block the Catalan parliament to combat the drama of many lives immersed in poverty, layoffs by cuts, suicides by evictions, etc. Because many of these atrocities are approved behind the walls of that building. We were pointing at the guilty, and because of that we would do it again without fear. We know this is a political trial, a farce to scare those who choose to stand up and take action against those responsible for such precarious living conditions. In fact, we reaffirm it to find that both direct action against the powerful and generate alternative lives bothers them a lot. For this reason, and because we understand the power that we can have as we organise ourselves, we do not want to bow to their intimidation and we make a call to extend solidarity to those suffering the daily repression and violence of this economic system, in its myriad forms”.

encausadesparlament.wordpress.com/manifest-suport/manifes…

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In an effort to motivate small businesses and to bring down unemployment level, JPMorgan Chase & Co. (JPM – Analyst Report) started a new plan to slash loan rates on small businesses, who elect to hire new employees.

JPMorgan will lower the rate by 0.5 percentage points for every brand new employee small businesses appoints, with the limit of three employees.

Apart from lowering loan rates, JPMorgan will also present discounts to small businesses for the opening of checking accounts. The company expects these small businesses to take full advantage of the lower interest rates and help lower unemployment.

The new program initiated by JPMorgan will be applicable to new lines of credit of up to $ 250,000. However, the existing customers can avail this facility by increasing their line of credit by $ 10,000 or more. A small business can save up to $ 4,000 over a period of three years on the balance of $ 65,000 with the discounts and rate cuts, according to the estimate made by the company.

In addition, JPMorgan plans to hold conferences in 11 cities across the country to assist local and small business owners to improve their sales figures and fund their businesses.

Small business lending has been a topic of intense discussion since the financial crisis. Many of the U.S. banks, who had taken government funding were pressurized by the public to help reduce unemployment by providing loans to small businesses. Though these banks are still lending, the demand for loans have been very less due to the financial turmoil and they are not able to find enough credit worthy borrowers.

Besides JPMorgan, other companies have also started a range of programs to help small businesses. In November 2009, Goldman Sachs Group Inc (GS) with the help of Warren Buffett had launched a program to provide $ 500 million of capital to fund small businesses and facilitate education programs. In February 2010, Huntington Bancshares Inc. (HBAN) announced that it expects to double the small business lending over the next three years to $ 1.5 billion.

In the past, Bank of America Corp. (BAC) had announced that it will increase its spending on small and medium-sized and diverse businesses. The company pledged to buy $ 10 billion of products and services from the small companies over the next half-decade, with a 5% increase in spending every year.

Wells Fargo & Company (WFC) had remained one of the main providers of credit to the U.S. economy in first quarter 2010 and continued to lend to credit-worthy customers.

JPMorgan along with several other companies such as Capital One Financial Corp. (COF), U.S. Bancorp (USB), PNC Financial Services Group Inc. (PNC) have started giving a second look to the every rejected small business loan.

JPMorgan continues to make contributions to the economic recovery by lending to small businesses. In the first quarter of 2010, the company’s loan to small businesses increased 31% year over year to $ 2.1 billion. Building on the efforts of the Obama Administration, the company has also launched an initiative to increase small-business lending to $ 10 billion by the end of 2010.

With the aid of its latest program to cut rates for the small business borrowers, JPMorgan will be able to boost its market share in lending business. This will enhance the company’s revenue as new regulatory reforms may lead to reduced revenue in many of its profitable businesses in the days ahead.

Additionally, we predict continued synergies from JPMorgan’s diversification and strong capital position, but a pressurized credit quality and reduced levels of client activity will be a drag on the future earnings. This justifies JPMorgan’s Zacks #3 Rank (Hold), implying that the stock is expected to perform in line with the broader U.S. equity market over the next one to three months. Hence, we maintain our Neutral recommendation on the stock.

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