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When Joe Homeowner bought too much house, essentially betting that home prices would go up, and losing his bet when they dropped, he was an irresponsible putz who shouldn't whine about being put on the street. But when banks bet billions on a firm like AIG that was heavily invested in mortgages, they were making the same bet that Joe Homeowner made, leaving themselves hugely exposed to a sudden drop in home prices. But instead of being asked to "suck it in and cope" when that bet failed, the banks instead went straight to Washington for a bailout -- and got it.

Jack Heyman, a recently retired business agent for the International Longshore and Warehouse Union local 10, drove through the Port of Oakland and called in the following statement to Truthout at 9:25 AM Pacific time:"The port of Oakland is effectively shut down. None of the ships are being worked. There is limited trucking activity by non-union workers but the port is effectively shut down. Trucks waiting to pick up containers are backed up over a mile," Heyman said. The truck backup was confirmed by the Oakland Tribune.According to Heyman, this partial shutdown was initiated by the rank-and-file workers at the port, in solidarity with the call for a general strike by the Occupy Oakland protesters. The union's official position on the strike call was to work in the morning and then join the demonstrations in the evening, but according to Heyman, the rank and file decided to vote with their feet and not fill key jobs at the port this morning.