Occupy Detroit: Banks Need A Haircut

DETROIT (WWJ) - Need a haircut?  The protesters involved in the "Occupy" demonstrations in Detroit and across the country say the BANKS need haircuts ... so thousands of barbers are visiting the "Occupy" locations ... giving free haircuts to anyone who wants one.

In banking, a "haircut" is when a lender adjusts the terms of a loan to decrease the debt on the borrower.  The protesters contend that banks often take "haircuts" when dealing with corporate clients ... but not the general public.

It's been more than a week now since the Occupy Wall Street - like protest began in Detroit, complete with demonstrations against joblessness.

WWJ spoke with U.S. Senator Carl Levin and asked if he has met with the Occupy Detroit protestors or plans to,  Levin tells Newsradio 950: "Not yet."

"I have not and I don't plan to, but it's just a matter of scheduling, I don't have a problem with meeting with them or talking with them - I understand their frustration and as long as these are peaceful demonstrators, which they are, I think we all ought to defend their right to demonstrate whether we agree with them or not," said Levin.

Senator Levin, who's working to get a proposed jobs bill approved in the Senate, says he shares and understands the protestors' frustration with some of the Wall Street institutions.