I've Been Mugged

The 3 Horsemen Of the Apocalypse

Learn more about the impacts of "Big Money."

Slamming And Your Home Energy Bills

Recently, an I've Been Mugged reader wrote asking me about what to do with their home energy bill. The reader was concerned that they had been "slammed" -- their energy supplier had been switched without their approval. When thinking about situations like this, it is important for consumers to understand your rights first.

Each state in the USA has a Public Utility Commission (PUC) or state agency to govern and regulate which companies are licensed to sell energy (e.g., electricity, natural gas). So, to understand your rights a good first step is the PUC website for the state where you live.

I'll use the state where I live as an example. In Massachusetts, some private companies are licensed to sell only electricity, some only gas, and some both. The Executive Office of Energy and Environmental Affairs (EEA) provides the lists of licensed energy sellers in Massachusetts. Obviously, this is a list consumers would use to verify any private company selling energy in the state, especially door-to-door sales people.

The same EEA website describes consumers' various rights about energy services. For example, the "Cooling Off Period" describes the length of time consumers can change their mind after switching to a new energy service provider:

"Your choice of a competitive power supplier will not take effect for at least three business days. Should you change your mind during that three day period, you will not incur any charges."

The site also describes consumers' rights about slamming:

"A competitive power supplier may not switch you to its service without your consent. Your consent must take the form of either: 1) a written letter of authorization signed by you; or 2) your oral statement to an independent third party, such as a separate verification company. If you are switched without your authorization, you may file a complaint with the Massachusetts Department of Telecommunications and Energy by calling 1-800-392-6066."

Historically, slamming happened a lot with phone services, but lately it can happen with energy services, too. In 2011, the Georgia Public Service Commission (PSC) fined gas marketer Energy America with a $400,000 penalty for customers it "slammed." While some companies approach consumers at home, others perform phone solicitations.

Before accusing a company of slamming your energy service, I would first check with other members in the home, or a landlord, to see if somebody else signed an order to switch service. Then, I would contact the new energy supplier to get the sales person's name and a copy of that new-service order.

If slamming is still a concern, other steps I might perform in order:

1. Check the website of my existing energy supplier to see what they advise about slamming
2. Check my state's PUC website to understand my rights and what they advise about slamming
3. File a complaint with the PUC in the state where I live
4. File a police report with local law enforcement, since it is fraud to forge another person's signature
5. File a complaint with the Federal Trade Commission
6. Consult with an attorney to see what other options there may be for consumers

Having difficulty finding the website for your state's PUC? This list may help.

When Worlds Collide

MBTA Releases Third Proposal: Smaller Fare Increases And Fewer Service Reductions

Earlier this year, the MBTA held 25 community meetings to collect feedback from the public about its two proposals; each including different amounts of fare increases, service reductions, and service eliminations. Yesterday, the MBTA release a third proposal, based upon feedback from the public, which includes smaller fare increases and fewer service changes than the first two proposals.

Highlights of the latest proposal:

• Reduces its single year deficit from $185 million to $159 million
• 23% overall fare increase
• 35% fare increase for ferry riders
• Green Line: elimination of E branch weekend service between Brigham Circle and Heath Street
• Commuter Rail: elimination of weekend service on Needham, Kingston/Plymouth, and Greenbush lines
• No reduction in RIDE service, but a $5.00 premium territory fare
• Creation of a "Watch List" for low-performing routes

While the overall, average fare increase reportedly is 23%, the actual fare increases for certain segments are greater. These increases are still painful for many residents who can least afford the increases. Single-fare increases:

• Seniors: local bus: 87.5%
• Seniors: rapid transit: 66.7%
• Student: local bus: 25.0%
• RIDE within ADA territory: 100.0%
• RID outside ADA territory: $5.00 surcharge per trip

Fare increases for selected passes:

• Senior/TAP: 40.0%
• Student 5-Day: 25.0%

Several documents describing the latest proposal are available at the MBTA.com website. The fare increases and service changes will affect everyone, not just MBTA customers. The MBTA Impact Analysis (Adobe PDF; 3.4 M Bytes) states the following about air quality and quality-of-life impacts:

"A reduction in transit trips and addition of automobile trips generally causes increases in the generation of CO, VOC, NOx, CO2, and particulates... as the numbers of automobile trips and vehicle hours increase, the congestion on area roadways also increases. This additional congestion results in lower travel speeds (which are associated with higher emissions of pollutants) for all vehicles, not just those of former transit users... Scenario 3 results in increases in all pollutant emissions and an overall worsening of air quality. VOC emissions increase by the greatest percentage, followed by CO and CO2. Scenario 3 bears out a general rule that usually applies in air quality analyses of this kind: any loss in transit ridership that results in an increase in auto vehicle-miles and vehicle-hours traveled will lead to some level of increase in pollutants."

The fare increases and service changes move the state away from sustainable solutions and towards a greater dependence upon automobiles (and petroleum), with both increased air pollutants and greenhouse gas emissions. This is the wrong direction. Commute times will increase and air quality will worsen for everyone. We cannot drive our way out of this problem.

Transportation systems in several American cities face fiscal issues similar to Boston's system. Several consumer groups are planning a national protest about mass transit for April 4, the 44th anniversary of the assassination of Dr. Martin Luther King.

Can Collectors And Cloud Computing Co-exist?

[Editor's Note: today's post is by guest author R. Michelle Green, the Principal for her company, Client Solutions. She is a combination geek girl, personal organizer, and career coach. Michelle helps others improve their use of technology in their personal or professional life. Today, she discusses the new trend in cloud computing and storage.]

By R. Michelle Green

I love looking at my books and records. (If that statement dates me, eh, kiss my AARP card.) I’m often a completist. If I really like something or someone, say David McCallum – I gotta check out the music he created as well. I like to display my stuff, share it with like-minded others. A neighbor once asked why I had so many movies, hadn’t I seen them already? My rejoinder: “why do you have so many books, haven’t you read them already?” She smiled broadly in understanding, and never questioned it again. I may not understand why Leno collects cars, but I grok the desire to collect.

With iPods, Kindles and their ilk, you don’t get to “look” at your stuff the same way.

Used to be you got such insight from that first walk into someone’s home. What’s the focal point of the living room? What has the person taken care to organize? A litmus test for me as a young person was a suitor’s library. My first and last date with one person hinged on their statement, “oh I don’t really like to read.”

And what to make of what we choose to display? Some visible books I haven’t read but plan to; others I’ve hidden precisely because I love them so – I won’t share them with just anyone. I chose my thesis advisor in part because his office contained both books I’d read and others I wanted to read. I didn’t even know that would matter, until it did. Were I choosing an advisor now, would I even have access to his digital tastes? And if I did, what would that knowledge tell me? My Kindle today does not represent my tastes well.

I would love the money and time to gloriously display the things I love. I used to have Scrabble tile holders taped to the wall to display album covers. Oh I know, you can still do that: if you purchase a track with artwork, if you configure your preferences correctly, if the artist/distributor provided artwork.... Many e-readers can’t be configured to display book covers (while their tablet apps might... but will they display them well?…).

If your collection is in the Cloud, do you really own it? Can you bequeath it to family? What happens if the Cloud provider goes bankrupt (or even just has an outage)? Don’t get me wrong. I’ll always be a technophile, and a wannabe early adopter. Using the Cloud will mean I can collect a lot more stuff, with vastly improved ability to access it, and with potentially perfect fidelity and backwards (and forwards?) compatibility. The Cloud satisfies my left brain’s pragmatism.

In some future home, a giant digital wall with cover art from my Cloud may replace my book wall. But what’s my analog today for the delight of sharing my library with visitors? My Interests page – oh sorry, interest feeds, on Facebook? Where people I do and don’t know see it at some time when I’m not present, and who may or may not give me feedback? And whose comments (if they comment) I may or may not get to see??

Sorry. My right brain (my heart?) says: doesn’t quite cut it.

High Value Targets

Report Warns Proposed MBTA Cuts Would Hamper Boston Metro Area's Economy, Jobs And Growth

A Better City (ABC), a nonprofit transportation advocacy organization, has released a position paper about the fare increases and services cuts proposed by the MBTA. ABC analyzed both proposals by the MBTA to close a $161 million budget deficit forecast for the fiscal year beginning July 1, 2012. In its paper, ABC concluded:

"... the T should seek to close part of its budget gap with a more reasonable fare hike and limited service cuts. The T should then work with MassDOT, Massport, the Patrick administration and the legislature to address the remaining budget shortfall for FY 2013, and to begin work on a long-term, comprehensive finance plan for the Commonwealth’s entire transportation system."

The MBTA had proposed service cuts including the termination of late night and weekend commuter rail service, weekend "E" Green Line service, Mattapan Line, many bus routes, and all ferry service. About these cuts, ABC stated:

"... The T should not cut Commuter Rail service after 10pm and on weekends, nor should it cut weekend service on the E Branch of the Green Line or the Mattapan Trolley. Commuter boat service should be preserved, with a lower public subsidy and operated under the auspices of Massport. Due to the severe impact on riders, bus route service eliminations or reductions should be limited to the ten least efficient routes in the system. Going forward, the T should adopt more stringent and rational service planning criteria across all modes and commit to adjusting service accordingly."

According to ABC, everyday the Boston's population doubles as people commute to work. 55% of those work trips, and 45% of all MBTA trips, include commuting to work. The service cuts proposed by the MBTA would make it difficult for employees to get to work, employers to staff positions, patients to visit doctors and hospitals, and customers to visit entertainment venues:

"Across all sectors, ABC member businesses told us they are concerned about the impact that fare hikes and service cuts would have on their employees’ ability to get to work. Some of our members in the hospitality industry noted that the T’s current service hours are not adequate for employees working odd shifts... The viability of T service, then, has a direct impact on the size of this industry’s job shed, and particularly on the job prospects of low-skilled workers... The health care industry operates 24 hours a day, 7 days a week, and the hospitals of the Longwood Medical Area would be particularly impacted by the proposed service cuts to the Green Line E Branch and the Commuter Rail. These cuts would impact the ability not only of doctors, nurses and support staff to get to their jobs, but also of patients to make their appointments... These businesses have also deployed flexible scheduling and staggered shifts to best utilize their real estate and cope with our already-congested transportation network."

The service cuts would force more autos onto already congested roads, resulting in:

"... 55,000 and 92,000 more cars on the road daily... if there were no public transportation in the Boston area, the additional traffic congestion would cost the regional economy $663 million annually. Based on this estimate, if one-tenth of the T’s current ridership elect to abandon the T and drive their commutes... the additional congestion could cost Massachusetts $66 million a year."

Parking around the city, already a problem, would become worse as more people drive and many parking lots are replaced by office buildings:

"ABC members located in the South Boston Waterfront were particularly concerned that changes at the T would increase demand for parking at a time when large lots currently used by commuters to the Waterfront and to the Financial District are slated to be developed over the next decade. South Boston, East Boston and Downtown are all subject to Parking Freezes. The City of Cambridge also enforces a Parking and Transportation Demand Management ordinance. These policies, implemented to curb air pollution, have made both cities heavily reliant on transit to support future economic growth..."

The higher education industry would be similarly affected:

"... increased demand for parking is at odds with their plans to expand. UMass Boston is a commuter school with a 45% transit share. It’s attempting to increase that number to 60% so that it can utilize its surface parking lots for staging construction of new campus buildings. Boston University, which purchases $2.1 million in T passes for faculty, staff and students, and spends $1.6 million operating its shuttle service, is also planning to reduce its parking spaces in order to make room for new construction. T fare hikes and service cuts will make it harder for both these institutions to grow..."

The entertainment and tourism industries would be similarly affected:

"The proposed cuts to evening and weekend Commuter Rail service would have a significant impact on fans’ and patrons’ ability to get into and out of the city for games, concerts and other cultural events."

ABC suggests that the MBTA:

• Limit its fare increase to 25% and pursue smaller, more frequent increases,
• Maintain commuter rail, trolley, and ferry services,
• Cut only the "10 worst" bus lines,
• Better match resources (e.g., buses and trains) to demand

ounded in 1989 as the Artery Business Committee, A Better City is a nonprofit association representing Greater Boston’s business and institutional community on transportation, land development and environmental sustainability. Download the ABC position paper (Adobe PDF, 1.9M Bytes), which is also available here (Adobe PDF, 1.9M Bytes).

National Consumer Protection Week

March 4 - 10, 2012 is national Consumer Protection Week (NCPW). About 30 federal agencies and the U.S. Federal Trade Commission (FTC), plus consumer groups, state, county, and local government agencies are participating with the goal to:

"... focus attention on the importance of consumer information and provide people with free resources explaining their rights in the marketplace."

During the week, various groups will share information and tips about how to:

• Avoid identity theft, and scams,
• Protect your privacy, and
• Manage your money

NCPW began 14 years ago. The website has materials in both English and Spanish. David Vladeck, Director of the FTC's Bureau of Consumer Protection, said:

"The information on NCPW.gov can help consumers understand their rights, protect their privacy online and off, manage credit and debt, avoid identity theft, recognize foreclosure rescue scams, and report fraud... Visitors can download and print materials to share with friends and neighbors, or use the toolkit to plan a larger community event."

To learn more, visit NCPW.gov.

Most Dangerous

Bill Maher: End Abusive Relationships With Your Bank

An important message about the Move Your Money Project from Bill Maher, with his usual wit and humor:

Boston Transit Authority Seeks Public Feedback About Proposed Fare And Service Changes (Part Two)

A prior blog post described a local community meeting held by officials from the MBTA, Boston's transit authority, to collect feedback from the public about which of two fare and service proposals to proceed with. At that meeting, I shared my views about the situation. Earlier this week, a local community meeting drew a large protest:

I have used the “T” subways for many years to commute from home to work in Boston. While living in the Waltham suburb, I used MBTA commuter rail, express buses, and local buses to commute to work. Other mass transit systems I have used:

• While growing up and working in New York City: its MTA buses and subways,
• During college, the bus system in Rochester (NY),
• During graduate study, the elevated trains in Chicago (IL)
• While vacationing in Germany, both the high-speed intra-city rail system and the subway in Cologne,
• While temporarily working in London, its underground and bus systems, and
• While vacationing in Los Angeles, its subway system.

So, I have had plenty of experience using a variety of mass transit systems. I like using mass transit and prefer it over autos.

I read the Information Booklet (Adobe PDF) the MBTA distributed with its two proposed scenarios. I have several concerns.

First, the brochure did not mention nor address the impact upon local small businesses, jobs, and employment. Most Boston residents use the "T" system to get to work or to school. Many use it to shop a businesses within the city. The local community meeting in Dorchester highlighted the fact that many residents (e.g., students, elders and retirees) don't have cars or an alternate means of transportation. They rely on the MBTA.

The large number of service terminations (e.g., bus routes, ferries, "E" line on weekends) spell a disaster for small and local businesses in those areas, who both hire residents as employees and depend upon those residents as customers.

Commuter rail service terminations after 10 pm will likely affect businesses that operate after 10:00 pm. Not just large businesses like the TD North Garden, but numerous small businesses. At the local community meeting I attended, numerous residents shared their feedback about how bus route terminations (e.g., 101 routes in scenario #2) will affect them. Students (e.g., youth) and residents on fixed incomes -- with no alternate transportation -- will be severly affected. Secondary and higher education are huge industries in the Boston metro area. The MBTA proposals don't and should mention how these industries would be affected by the fare increases and service terminations. When service terminations force students to walk to school, there are additional safety issues.

Consumers frequent businesses they can easily and reliably get to. All of the proposed terminations make it more difficult and unreliable for MBTA users -- employees and customers -- to use the MBTA.

It seems that either the MBTA has not considered the impacts upon local businesses and jobs, or does not wish to discuss them. This is odd because the MBTA developed an impact analysis (Adobe PDF) that projected declining air quality from greater auto usage due to service terminations. This is odd because the Big Dig project considered the needs of local businesses along its construction paths:

"But the state had a new task, one that would become a feature of big infrastructure projects nationwide: “mitigation.” Broadly speaking, mitigation was the state’s promise to alleviate the Big Dig’s impact on Boston, from interrupting business to harming the environment. Mitigation eventually accounted for about one-third of the Big Dig’s cost..."

The MBTA needs to do something similar, since it is integral to the health and efficient functioning of the city.

Will students continue to apply to secondary and higher education schools in the area, or will the fare increases and service terminations negatively affect applications? It would be huge disservice if the solution to the MBTA's fiscal mess happened at the expense of the community. There has to be balance.

Second, the MBTA documents did not present utilization rates of the bus routes scheduled for termination. These facts are critical toward evaluating the service cuts. Residents cannot provide informed feedback about the MBTA's proposals without inputs about utilization, the impacts upon employment, and upon jobs.

So, the MBTA has asked the public to "choose the better option," but has not provided all relevant data for the public to make informed choices. That is unfair.

Third, the $4.5 billion debt level and fare comparisons with other cities (Adobe PDF) suggests that a fare is warranted. However, this doesn't give the MBTA a free pass on transparency. I expect the MBTA to do a better job of being transparent about efforts to wring waste out of your system. The documents provided are insufficient.

I talked with MBTA employees (who requested anonymity), and they told me clearly that:

• The MBTA rents a lot of properties it never uses or under utilizes. These properties should be sold or used to increase revenues.
• Better utilization could include options such as power generation (e.g., wind turbines installed on building rooftops) to generate revenue or lower energy costs.
• There are internal human resource programs that cost a lot and drive questionable results.
• Many highways have "aopted a highway mile" programs. The MBTA has not seemed to consider innovative solutions such as this (e.g., 'adopt a station") or similar programs.

Frankly, I don't believe that the MBTA has wrung all of the waste out of its system. Rather, the MBTA seems to take the easy route: raise revenues by raising fares on customers, many of whom are poor and can least afford the proposed fare increases.

Fourth, your proposed fare increases and service terminations seem woefully short-sighted. What about a year from now? How does this solution avoid the situation where we have to revisit your fiscal concerns in a year or two. What about a long-term focus on being environmentally conscious? The proposed solutions don't address this.

The solution for the MBTA's fiscal mess needs to better balance long-term and short-term needs, fit with the city's need to remain competitive and efficient, and fit with the public's desire to use its mass transit system in environmentally friendly ways. My bottom line: the fiscal “cure” should not be worse than the debt “disease.” The surgery should not kill the patient.

New Features Available On I've Been Mugged

I am pleased to announce several new features available on this blog. Perhaps, you have already noticed them.

In the near right column, the "Greatest Hits: Facebook" module has been renamed to "Using Facebook Safely" to better reflect the focused blog posts content in this module. The far right column includes two new modules: "George's Picks" and "Popular Discussions."

The "George's Picks module includes investigative and controversial blog posts which I believe that you won't want to miss. Consider them gems with emerging issues. The "Popular Discussions" module includes blog posts with lots of comments activity.

To explore this blog and find discussions, you can use the tag cloud in the near right column. In the far right column, you can use either the "Recent Comments" or the "Recent Posts" modules.

Thanks for visiting I've Been Mugged. Tell your friends and come back soon!

Big Banks vs. Credit Unions

If you are unsure about whether or not to move your money from a big banks to a small, community bank and credit union, consider the statistics below from Consumer Reports:

Item / Fee	Big Banks	Credit Unions
Non-interest Checking (per month)	$10.27	$6.00
Minimum Balance to Waive Fees	$1,115.97	$500.00
Online Bill Payment (per month)	$6.95	$0.00
Use Another Bank's ATM (per transaction)	$2.21	$1.07
ATM Surcharge (per transaction)	$2.96	$2.79
Overdraft (per transaction)	$34.48	$27.82
Insufficient Funds (per transaction)	$34.48	$27.82
Stop Payment (per transaction)	$31.09	$19.43

To learn more:

• Javelin Research Reports Results About Bank Transfer Day
• Learn About Credit Unions. Free Workshops At A Nearby City
• Keeping Its Commitment To Its Customers: A Bank Does The Right Thing
• Bank of America Merchant Services And Money Network Announce New Payroll Solution
• How To File A Complaint About A Bank
• Move Your Money To... Walmart? A Good Deal?
• Some Banks Reverse Decisions To Add New Debit Card Fees

When Online Convenience Trumps Security

Recently, a coworker said to me that she definitely values convenience over security when it comes to using her mobile device and the Internet. To me, that is a false choice. Consumers can, and should, demand both.

Debit Cards: A New I've Been Mugged Topic

Since many consumers have shifted their purchases from cash and credit cards to debit cards, I have added a new topic in the tag cloud in the near right column. With recent events in the banking industry, new offerings allows employers to perform direct deposits to employees payroll cards, a customized version of debit cards. The "Debit Cards" topic includes this content of interest to consumers and residential banking customers. I hope that you like the new category.

Merry Christmas!

First, I would like to thank everyone for your support and readership. Readership has grown 40% compared to last year. And, the volume of comments has continued steadily, too. Since late September, page views have consistently averaged 22,000 or more monthly. I appreciate your taking the time to read, comment on blog posts, and tell others about I've Been Mugged.

Second, I want to wish everyone an enjoyable and safe Christmas and holiday season.

CUNA Revises Downward Its Estimate Of New Accounts

An I've Been Mugged reader at the American Bankers Association provided a link to this December 6 American Banker article: Credit Unions Eat Crow On Customer Numbers. The article reported that the Credit Union National Association (CUNA) revised downward its initial estimate of the number of new accounts opened at credit unions by consumers who moved their money from large banks during the weeks leading up to Bank Transfer Day.

The CUNA is a trade association of 90 percent of 7,400 state and federally chartered credit unions serving about 93 million Americans. The CUNA originally estimated on November 3 that consumers opened 650,00 new accounts at credit unions from September 29 to November 2. The revised estimate is a third of the initial estimate: 214,000 new accounts at credit unions during this period. The American Banker article concluded:

"The [CUNA] association's scaling back of its numbers on Monday gave credence to banking industry officials and others who criticized the association's methodology last month."

The CUNA has admitted that its initial estimate was "rushed and flawed." The CUNA has not changed its estimate of more than 40,000 new credit union accounts opened by consumers on November 5, Bank Transfer Day.

I found the title of the American Banker article unnecessarily excessive: "Credit Unions Eat Crow On Customer Numbers." First, final new account numbers are not yet available, only estimates. Second, I hope that ABA members stay focused on the needs of consumers rather than this one-upmanship about a single flawed CUNA survey. If big banks truly were meeting consumers' needs, then this move-your-money situation would not exist. Banks have a lot of consumer trust to regain after huge credit card interest rate increases and alleged foreclosure abuses during the past two years. A recent consumer satisfaction survey found:

"Consumer satisfaction with credit unions has soared this year, posting scores well above their large-bank competitors, according to the 2011 American Customer Satisfaction Index... The satisfaction score for credit unions rose 8.7 percentage points to 87 points on a scale of 0 to 100. The index said it is the highest satisfaction score ever for any of the 47 industries."

Third, if you read about the genesis of Bank Transfer Day, it was a voluntary call by a person for consumers to move their money by November 5. Consumers can continue to move their money after November 5, and it may simply take consumers longer to move their money. Fourth, consumers value stability. This analysis suggested that credit unions survived recent economic crises better than commercial banks.

On December 1, the National Credit Union Administration (NCUA) agency reported performance results about credit unions during the third quarter of 2011:

"Membership and Total Assets Growth Continues: Despite a slight decline in number, federally insured credit unions added more than 450,000 members during the third quarter, growing to 91.4 million individuals. In all, membership has increased by almost 1 million during the first 9 months of 2011. Credit union total assets also continued to expand, standing at $951.1 billion on Sept. 30, an increase of almost $8.7 billion for the quarter... For the second quarter in a row, credit union lending increased to end the period at $567.1 billion, an increase of $3.1 billion over the prior quarter. New auto loans and other real estate loans continued to decline, while used vehicle loans, unsecured loans—including credit cards—and first mortgage real estate loans again all rose during the quarter. Notably, demand for non-federally guaranteed student loans jumped 20.5 percent during the third quarter to end at $1.3 billion on Sept. 30."

The NCUA report included only the 7,179 federally insured credit unions, and excluded results for October 2011 and Bank Transfer Day. I look forward to reading in January comprehensive actual results, not estimates, from all sources for all of 2011.

Credit Unions: A New I've Been Mugged Topic

Since many consumers are moving their money from the big banks to community banks and credit unions, I have added a new topic in the tag cloud in the near right column. "Credit Unions" includes content of interest to credit union customers. I hope that you like the new category.

ABC News: The Backlash Is Underway As Consumers Move Their Money To Credit Unions

ABC News broadcast the segment below during the Monday evening national news. In response to new debit fees imposed by the big banks, the backlash is underway as consumers move their money to credit unions and community banks:

The Occupy Wall Street Protests

What do #occupywallstreet protestors want? First, five facts you should know about the wealthiest 1% of the U.S. population:

1. The Top 1 Percent Of Americans Owns 40 Percent Of The Nation’s Wealth
2. The Top 1 Percent Of Americans Take Home 24 Percent Of National Income
3. The Top 1 Percent Of Americans Own Half Of The Country’s Stocks, Bonds, And Mutual Funds
4. The Top 1 Percent Of Americans Have Only 5 Percent Of The Nation’s Personal Debt
5. The Top 1 Percent Take In More Of The Nation’s Income Than At Any Other Time Since The 1920's

Second, browse these fact-filled charts which further explain the situation: trickle-down economics have not worked. Period. Third, this blog has documented many of the excesses of banks and Wall Street firms:

• Details And Transparency Matter As Banks Introduce New Debit Card Fees (October 2011)
• TD Ameritrade Settles Class Action Lawsuit About 2007 Data Breach (October 2011)
• Bank Of America To Settle Class-Action Lawsuit With Overdraft Fee Rebate Program (August 2011)
• Banks To Expand Their Selling of Consumers' Shopping Data (July 2011)
• Banking With Obsolete Debit/Credit Card Technology (May 2011)
• New Fees Coming For Consumers' Bank Accounts; Reward Cards Drive up Debt (January 2011)
• New, Higher Fees And Traps From The Big Banks (August 2010)
• The Big Banks Plan New And Higher Fees (June 2010)
• New York State Attorney General Files Suit Against Bank of America (February 2010)
• Banks Consider Large Annual Fees For Credit Cardholders Who Pay Off Balances (November 2009)
• 5 Tricks Banks Use To Charge Consumers More Overdraft Fees (July 2009)
• Banks: The New Loan Sharks & Extortionists of the 21st Century? (June 2009)
• Banks And Credit Card Issuers Increase Interest Rates On Consumer Credit Cards (February 2009)
• Keeping An Eye On The Bank's Computer (January 2009)
• A Visual Guide To The Financial, Banking, and Mortgage Mess (November 2008)
• Mugged By Wall Street And The Banks (October 2008)
• University Of Michigan Study Finds Widespread Flaws In Online Banking Sites (July 2008)
• Another Data Breach At Bank Of America (June 2008)
• Bank of New York Mellon Data Breach Affects At Least 4.5 Million Consumers (May 2008)

Third, watch the video below. Alan Grayson sums up quite nicely the protestors' demands: