Exactly so. I've been saying since the mid-80's that deregulation would eventually gut the economy. When deregulation made it "legal" for municipalities, etc., to invest public funds... taxpayer money... in unsecure investments and junk bonds, I was the Finance Director for a SoCal city. The counsel was trying to force me to invest city money in pyramid schemes, basically, that was run by the then County Comptroller. I refused and decided to leave my position. A few years later, the city was nearly bankrupt from the bad investments, and the County Comptroller was on trial for fraud.
Quite so, the very top item on the proposed list of demands in formulation by the OWS protesters is passage of Bill 1489 to once again establish the firewall between investment banks and commercial banks.
If that was indeed what the protesters are saying, I'd support them. But they are not saying it. They are not a cohesive movement with clear goals and an identifiable message. They need to organize themselves, like the Tea Party did, and get candidates on the ballot who are quite clearly saying "re-regulate banks and investment houses, protect the principle of public funds by regulating the securities in which they can be invested." Until someone steps into the media spotlight and tells the world decisively what they want, they're just another bunch of anarchists mucking up public streets.
Their main goal is provided on their website ~
"The movement is inspired by popular uprisings in Egypt and Tunisia, and
aims to expose how the richest 1% of people are writing the rules of an unfair global economy that is foreclosing on our future."
About Us | OccupyWallSt.org
"The Sovereign People’s Movement, represented nationally through the people occupying the various Liberty Square locations across this great country, have laid out and democratically submitted and are currently voting on the list of following Demands to then be distilled into one Unified Common demand of the people.
Participate in Democracy and Vote Here to Have Your Voice Heard
First of all. There are no Official Demands of the Occupy Movement. that being said, multiple factions of the movement have been assembling to discuss and vote on the output and message for the movement. Below is a LIST OF PROPOSED “DEMANDS FOR CONGRESS” proposed by the website (occupywallstreet.org) which does not entirely represent the Occupy Wall Street General Assembly. Below this list is a list of grievance that citizens have provided nationally and have voted on in solidarity of the movement.
LIST OF PROPOSED “DEMANDS FOR CONGRESS
1. CONGRESS PASS HR 1489 (“RETURN TO PRUDENT BANKING ACT”
H.R. 1489: Return to Prudent Banking Act of 2011 (GovTrack.us) ). THIS REINSTATES MANY PROVISIONS OF THE GLASS-STEAGALL ACT.
http://en.wikipedia.org/wiki/Glass–Steagall_Act — Wiki entry summary: The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm–Leach–Bliley Act in 1999 effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks. Most economists believe this repeal directly contributed to the severity of the Financial crisis of 2007–2011 by allowing Wall Street investment banking firms to gamble with their depositors’ money that was held in commercial banks owned or created by the investment firms. Here’s detail on repeal in 1999 and how it happened:
http://en.wikipedia.org/wiki/Glass–Steagall_Act#Repeal.
Vote Here #1
2. USE CONGRESSIONAL AUTHORITY AND OVERSIGHT TO ENSURE APPROPRIATE FEDERAL AGENCIES FULLY INVESTIGATE AND PROSECUTE THE WALL STREET CRIMINALS who clearly broke the law and helped cause the 2008 financial crisis in the following notable cases: (insert list of the most clear cut criminal actions). There is a pretty broad consensus that there is a clear group of people who got away with millions / billions illegally and haven’t been brought to justice. Boy would this be long overdue and cathartic for millions of Americans. It would also be a shot across the bow for the financial industry. If you watch the solidly researched and awared winning documentary film “Inside Job” that was narrated by Matt Damon (pretty brave Matt!) and do other research, it wouldn’t take long to develop the list.
Vote Here #2
3. CONGRESS ENACT LEGISLATION TO PROTECT OUR DEMOCRACY BY REVERSING THE EFFECTS OF THE CITIZENS UNITED SUPREME COURT DECISION which essentially said corporations can spend as much as they want on elections. The result is that corporations can pretty much buy elections. Corporations should be highly limited in ability to contribute to political campaigns no matter what the election and no matter what the form of media. This legislation should also RE-ESTABLISH THE PUBLIC AIRWAVES IN THE U.S. SO THAT POLITICAL CANDIDATES ARE GIVEN EQUAL TIME FOR FREE AT REASONABLE INTERVALS IN DAILY PROGRAMMING DURING CAMPAIGN SEASON. The same should extend to other media.
Vote Here #3
4. CONGRESS PASS THE BUFFETT RULE ON FAIR TAXATION SO THE RICH AND CORPORATIONS PAY THEIR FAIR SHARE & CLOSE CORPORATE TAX LOOP HOLES AND ENACT A PROHIBITION ON HIDING FUNDS OFF SHORE. No more GE paying zero or negative taxes. Pass the Buffet Rule on fair taxation so the rich pay their fair share. (If we have a really had a good negotiating position and have the place surrounded, we could actually dial up taxes on millionaires, billionaires and corporations even higher…back to what they once were in the 50′s and 60′s.
Vote Here #4
5. CONGRESS COMPLETELY REVAMP THE SECURITIES AND EXCHANGE COMMISSION and staff it at all levels with proven professionals who get the job done protecting the integrity of the marketplace so citizens and investors are both protected. This agency needs a large staff and needs to be well-funded. It’s currently has a joke of a budget and is run by Wall St. insiders who often leave for high ticket cushy jobs with the corporations they were just regulating. Hmmm.
Vote Here #5
6. CONGRESS PASS SPECIFIC AND EFFECTIVE LAWS LIMITING THE INFLUENCE OF LOBBYISTS AND ELIMINATING THE PRACTICE OF LOBBYISTS WRITING LEGISLATION THAT ENDS UP ON THE FLOOR OF CONGRESS.
Vote Here #6
7. CONGRESS PASSING “Revolving Door Legislation” LEGISLATION ELIMINATING THE ABILITY OF FORMER GOVERNMENT REGULATORS GOING TO WORK FOR CORPORATIONS THAT THEY ONCE REGULATED. So, you don’t get to work at the FDA for five years playing softball with Pfizer and then go to work for Pfizer making $195,000 a year. While they’re at it, Congress should pass specific and effective laws to enforce strict judicial standards of conduct in matters concerning conflicts of interest. So long as judges are culled from the ranks of corporate attorneys the 1% will retain control.
Vote Here #7
8. ELIMINATE “PERSONHOOD” LEGAL STATUS FOR CORPORATIONS. The film “The Corporation” has a great section on how corporations won “personhood status”.
THE CORPORATION [2/23] Birth - YouTube. Fast-forward to 2:20. It’ll blow your mind. The 14th amendment was supposed to give equal rights to African Americans. It said you “can’t deprive a person of life, liberty or property without due process of law”. Corporation lawyers wanted corporations to have more power so they basically said “corporations are people.” Amazingly, between 1890 and 1910 there were 307 cases brought before the court under the 14th amendment. 288 of these brought by corporations and only 19 by African Americans. 600,000 people were killed to get rights for people and then judges applied those rights to capital and property while stripping them from people. It’s time to set this straight.
Vote Here #8
Occupy Wall Street – Official Demands || AK Rockefeller
