Elections 2012: ‘Bank of America Protesters’ Too Young To Understand Economy,’ Says Romney

The candidate said the protesters rallying against Bank of America in Charlotte are too young “to really understand how the economy works.”

Mitt Romney said protesters targeting Bank of America's shareholder meeting in Charlotte this week are too young to understand the economy. Photo: forwardstl/Flickr

“Unfortunately, a lot of young folks haven’t had the opportunity to really understand how the economy works, and what it takes to put people to work in real jobs, and why we have banks, and what banks do,” Romney told WBTV in Charlotte.

He went on: “It’s a very understandable sentiment if you don’t find a job, and you can’t see rising incomes. You’re going to be angry and looking at someone to blame.”

Obma’s main rival said the protesters’ blame should be targeted at “the president and the old school liberals that have not gotten this economy turned around.” He made a not-so-subtle 2012 push, insisting he’s the one who “understands how to get the economy going again,” The Huff Post writes.

The protesters held massive demonstrations outside of Bank of America’s shareholder meeting in Charlotte on Wednesday, dozens of them entering the proceedings to criticize the behemoth financial institution’s policies on mortgages, worker rights, tax avoidance, banking fees, foreclosures and energy financing.

Protest organizers explained the move saying there were so many reasons to dislike the bank that it was relatively easy to pull together a large group, some from as far away as Portland, San Francisco and New York.

“We see Bank of America as the worst of the worst,” said Amanda Starbuck, a director at the environmental advocacy group Rainforest Action Network, which organized the protests. “There’s a lot of momentum around Bank of America.”

“We’re taking a chance to almost bypass the political protests and go directly to the corporations,” Starbuck added.

As a result of protests, four people were arrested while trying to force their way into the annual Bank of America shareholders’ meeting.

Charlotte-Mecklenburg Police Department Major Jeff Estes reported that the four people who were arrested were charged with crossing a police line, a misdemeanor. He also revealed that the protest was peaceful.

“There’s been no property damage, and nobody was injured. We’re pleased with the outcome,” he said.

Meanwhile, on stage, CEO Brian Moynihan’s attempts at sidestepping hard questions or deflecting answers failed as attendees shouted “amen” after anti-Bank of America statements were made other shareholders.

At least 20 shareholders delivered their speeches at the meeting. And results showed that almost all disapproved of various Bank of America practices.

Sister Barbara Bush, who works with troubled homeowners in Cincinnati, reported about 41 percent of the people she works with are Bank of American borrowers, but finds that the bank is the hardest and most frustrating to deal with, writes The Washington Post.

“We find that we have no one to talk to because no one calls us back,” Bush said. Chief Moynihan said about 50,000 bank’s employees dedicated were hired to work with troubled homeowners.

Reverend Mike McCarthy of Iowa said Bank of America provides millions of dollars in credit to one of the nation’s largest payday lenders, Advance America.

“The payday loan industry is devastating our cities… Bank of America must get out of this industry,” McCarthy said. Mr Moynihan promised that the bank will continue to assess the business of payday lending.

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