As a blogger and supporter of this movement, I have only one other demand to be made, and that is that the government repeals the Supreme Court decision allowing corporations to have the same rights as citizens. This Citizens United decision should be made illegal, and that all contributions and support to candidates be 100% fully transparent in its origins. People have rights, corporations possess the privilege to be a corporation. This is not a right.
Hit bankers where it hurts 10-14-11
I've been down to "Occupy Wall Street" twice now, and I love it. The protests building at Liberty Square and spreading over Lower Manhattan are a great thing, the logical answer to the Tea Party and a long-overdue middle finger to the financial elite. The protesters picked the right target and, through their refusal to disband after just one day, the right tactic, showing the public at large that the movement against Wall Street has stamina, resolve and growing popular appeal.
But... there's a but. And for me this is a deeply personal thing, because this issue of how to combat Wall Street corruption has consumed my life for years now, and it's hard for me not to see where Occupy Wall Street could be better and more dangerous. I'm guessing, for instance, that the banks were secretly thrilled in the early going of the protests, sure they'd won round one of the messaging war. I love it. The protests building at Liberty Square and spreading over Lower Manhattan are a great thing, the logical answer to the Tea Party and a long-overdue middle finger to the financial elite. The protesters picked the right target and, through their refusal to disband after just one day, the right tactic, showing the public at large that the movement against Wall Street has stamina, resolve and growing popular appeal.
Why? Because after a decade of unparalleled thievery and corruption, with tens of millions entering the ranks of the hungry thanks to artificially inflated commodity prices, and millions more displaced from their homes by corruption in the mortgage markets, the headline from the first week of protests against the financial-services sector was an old cop macing a quartet of college girls.
That, to me, speaks volumes about the primary challenge of opposing the 50-headed hydra of Wall Street corruption, which is that it's extremely difficult to explain the crimes of the modern financial elite in a simple visual. The essence of this particular sort of oligarchic power is its complexity and day-to-day invisibility: Its worst crimes, from bribery and insider trading and market manipulation, to backroom dominance of government and the usurping of the regulatory structure from within, simply can't be seen by the public or put on TV. There just isn't going to be an iconic "Running Girl" photo with Goldman Sachs, Citigroup or Bank of America – just 62 million Americans with zero or negative net worth, scratching their heads and wondering where the hell all their money went and why their votes seem to count less and less each and every year.
No matter what, I'll be supporting Occupy Wall Street. And I think the movement's basic strategy – to build numbers and stay in the fight, rather than tying itself to any particular set of principles – makes a lot of sense early on. But the time is rapidly approaching when the movement is going to have to offer concrete solutions to the problems posed by Wall Street. To do that, it will need a short but powerful list of demands. There are thousands one could make, but I'd suggest focusing on five:
1. Break up the monopolies. The so-called "Too Big to Fail" financial companies – now sometimes called by the more accurate term "Systemically Dangerous Institutions" – are a direct threat to national security. They are above the law and above market consequence, making them more dangerous and unaccountable than a thousand mafias combined. There are about 20 such firms in America, and they need to be dismantled; a good start would be to repeal the Gramm-Leach-Bliley Act and mandate the separation of insurance companies, investment banks and commercial banks.
2. Pay for your own bailouts. A tax of 0.1 percent on all trades of stocks and bonds and a 0.01 percent tax on all trades of derivatives would generate enough revenue to pay us back for the bailouts, and still have plenty left over to fight the deficits the banks claim to be so worried about. It would also deter the endless chase for instant profits through computerized insider-trading schemes like High Frequency Trading, and force Wall Street to go back to the job it's supposed to be doing, i.e., making sober investments in job-creating businesses and watching them grow.
3. No public money for private lobbying. A company that receives a public bailout should not be allowed to use the taxpayer's own money to lobby against him. You can either suck on the public teat or influence the next presidential race, but you can't do both. Butt out for once and let the people choose the next president and Congress.
4. Tax hedge-fund gamblers. For starters, we need an immediate repeal of the preposterous and indefensible carried-interest tax break, which allows hedge-fund titans like Stevie Cohen and John Paulson to pay taxes of only 15 percent on their billions in gambling income, while ordinary Americans pay twice that for teaching kids and putting out fires. I defy any politician to stand up and defend that loophole during an election year.
5. Change the way bankers get paid. We need new laws preventing Wall Street executives from getting bonuses upfront for deals that might blow up in all of our faces later. It should be: You make a deal today, you get company stock you can redeem two or three years from now. That forces everyone to be invested in his own company's long-term health – no more Joe Cassanos pocketing multimillion-dollar bonuses for destroying the AIGs of the world.
To quote the immortal political philosopher Matt Damon from Rounders, "The key to No Limit poker is to put a man to a decision for all his chips." The only reason the Lloyd Blankfeins and Jamie Dimons of the world survive is that they're never forced, by the media or anyone else, to put all their cards on the table. If Occupy Wall Street can do that – if it can speak to the millions of people the banks have driven into foreclosure and joblessness – it has a chance to build a massive grassroots movement. All it has to do is light a match in the right place, and the overwhelming public support for real reform – not later, but right now – will be there in an instant.
This story is from the October 27, 2011 issue of Rolling Stone.
Why Occupy Wall Street Is Bigger Than Left vs. Right
by: Matt Taibbi
I was surprised, amused and annoyed all at once when I found out yesterday that some moron-provocateur linked to notorious right-wing cybergoon Andrew Breitbart had infiltrated a series of private e-mail lists – including one that I have been participating in – and was using them to run an exposé on the supposed behind-the-scenes marionetting of the OWS movement by the liberal media.
Demonstrators associated with the 'Occupy Wall Street' movement face off with police in the streets of the financial district of New York.
Spencer Platt/Getty Images
According to various web reports, what happened was that a private "cyber-security researcher" named Thomas Ryan somehow accessed a series of email threads between various individuals and dumped them all on BigGovernment.com, Breitbart's site. Gawker is also reporting that Ryan forwarded some of these emails to the FBI and the NYPD.
I have no idea whether those email exchanges are the same as the ones I was involved with. But what is clear is that some private email exchanges between myself and a number of other people – mostly financial journalists and activists who know each other from having covered the crisis from the same angle in the last three years, people like Barry Ritholz, Dylan Ratigan, former regulator William Black, Glenn Greenwald and myself – ended up being made public.
There is nothing terribly interesting in any of these exchanges. Most all of the things written were things all of us ended up saying publicly in our various media forums. In my case, what I wrote was almost an exact copy of my Rolling Stone article last week, suggesting a list of demands for the movement. I said I thought having demands was a good idea and listed a few things I thought demonstrators could focus on. Others disagreed, and there was a friendly back-and-forth.
So I was amazed to wake up this morning and find that various right-wing sites had used these exchanges to build a story about a conspiracy of left-wing journalists. "Busted. Emails Show Liberal Media & Far Left Cranks Conspired With #OWS Protesters to Craft Message," wrote one.
Breitbart's site, BigGovernment.com, went further, saying that the Occupy Washington D.C. movement is "working with well-known media members to craft its demands and messaging while these media members report on the movement."
The list, the site wrote, include:
...well known names such as MSNBC’s Dylan Ratigan, Rolling Stone’s Matt Tiabbi [sic] who both are actively participating; involvement from other listers such as Bill Moyers and Glenn Greenwald plus well-known radicals like Noam Chomsky, remains unclear.Aside from the appalling fact of these assholes stealing private emails and bragging about it in public, the whole story is completely absurd. None of the people on the list, as far as I know, are actually organizers of OWS -- I know I'm not one, anyway.
In fact, I was surprised by the entire characterization of this list as being some kind of official wing of OWS. I thought it was just a bunch of emails from friends of mine, talking about what advice we would give protesters, if any of them asked, which in my case anyway they definitely did not.
This whole episode to me underscores an unpleasant development for OWS. There is going to be a fusillade of attempts from many different corners to force these demonstrations into the liberal-conservative blue-red narrative.
This will be an effort to transform OWS from a populist and wholly non-partisan protest against bailouts, theft, insider trading, self-dealing, regulatory capture and the market-perverting effect of the Too-Big-To-Fail banks into something a little more familiar and less threatening, i.e. a captive "liberal" uprising that the right will use to whip up support and the Democrats will try to turn into electoral energy for 2012.
Tactically, what we'll see here will be a) people firmly on the traditional Democratic side claiming to speak for OWS, and b) people on the right-Republican side attempting to portray OWS as a puppet of well-known liberals and other Democratic interests.
On the Democratic side, we've already seen a lot of this behavior, particularly in the last week or so. Glenn Greenwald wrote about this a lot last week, talking about how Obama has already made it clear that he is "on the same side as the Wall Street protesters" and that the Democratic Party, through the DCCC (its House fundraising arm), has jumped into the fray by circulating a petition seeking 100,000 party supporters to affirm that “I stand with the Occupy Wall Street protests.”(I wonder how firmly the DCCC was standing with OWS sentiment back when it was pushing for the bailouts and the repeal of Glass-Steagall Act).
We've similarly heard about MoveOn.org jumping into the demonstrations and attempting, seemingly, to assume leadership roles in the movement.
All of this is the flip side of the coin that has people like Breitbart trying to frame OWS as a socialist uprising and a liberal media conspiracy. The aim here is to redraw the protests along familiar battle lines.
The Rush Limbaughs of the world are very comfortable with a narrative that has Noam Chomsky, MoveOn and Barack Obama on one side, and the Tea Party and Republican leaders on the other. The rest of the traditional media won't mind that narrative either, if it can get enough "facts" to back it up. They know how to do that story and most of our political media is based upon that Crossfire paradigm of left-vs-right commentary shows and NFL Today-style team-vs-team campaign reporting.
What nobody is comfortable with is a movement in which virtually the entire spectrum of middle class and poor Americans is on the same page, railing against incestuous political and financial corruption on Wall Street and in Washington. The reality is that Occupy Wall Street and the millions of middle Americans who make up the Tea Party are natural allies and should be on the same page about most of the key issues, and that's a story our media won't want to or know how to handle.
Take, for instance, the matter of the Too-Big-To-Fail banks, which people like me and Barry Ritholz have focused on as something that could be a key issue for OWS. These gigantic institutions have put millions of ordinary people out of their homes thanks to a massive fraud scheme for which they were not punished, owing to their enormous influence with government and their capture of the regulators.
This is an issue for the traditional "left" because it's a classic instance of overweening corporate power -- but it's an issue for the traditional "right" because these same institutions are also the biggest welfare bums of all time, de facto wards of the state who sucked trillions of dollars of public treasure from the pockets of patriotic taxpayers from coast to coast.
Both traditional constituencies want these companies off the public teat and back swimming on their own in the cruel seas of the free market, where they will inevitably be drowned in their corruption and greed, if they don't reform immediately. This is a major implicit complaint of the OWS protests and it should absolutely strike a nerve with Tea Partiers, many of whom were talking about some of the same things when they burst onto the scene a few years ago.
The banks know this. They know they have no "natural" constituency among voters, which is why they spend such fantastic amounts of energy courting the mainstream press and such huge sums lobbying politicians on both sides of the aisle.
The only way the Goldmans and Citis and Bank of Americas can survive is if they can suck up popular political support indirectly, either by latching onto such vague right-populist concepts as "limited government" and "free-market capitalism" (ironic, because none of them would survive ten minutes without the federal government's bailouts and other protections) or, alternatively, by presenting themselves as society's bulwark against communism, lefty extremism, Noam Chomsky, etc.
All of which is a roundabout way of saying one thing: beware of provocateurs on both sides of the aisle. This movement is going to attract many Breitbarts, of both the left and right variety. They're going to try to identify fake leaders, draw phony battle lines, and then herd everybody back into the same left-right cage matches of old. Whenever that happens, we just have to remember not to fall for the trap. When someone says this or that person speaks for OWS, don't believe it. This thing is bigger than one or two or a few people, and it isn't part of the same old story.