The Occupy Wall Street Movement - free speech or a free-for-all?

Much of the criticism levied at the #Occupy Wall Street movement has pinpointed the fact that in general, the protesters lack "direction."   These people are not fools or bums and those who would dismiss them lightly do so at their peril.  They are savvy enough to know something is wrong. Very wrong.  They have the right target in their sites.  They are disgusted with Wall Street and the "too big to fail" banks that have yet to be held to account for the misery they have inflicted on millions of Americans.  They understand that the banks were bailed out.  They understand that instead of lending the largesse from the taxpayers - the banks took the money and locked it up.  They get that the super-rich, the big banks, and multinational corporations are sitting on the trillions of $$ that are desperately needed to kick start our economy.  They understand that until that money circulates - the misery on Main Street will only increase.

But specific demands are harder to get to…

So here are some demands that would give the movement "direction".  They are particularly relevant to an #Occupy Wall Street movement in that it targets Wall Street and the big banks.

1.  Enforce the Volker Rule...

This would merely prevent banks that are backed by the federal government from engaging in speculative behavior that might end up being paid for on the taxpayer's dime.  When Obama suggested this last year he was accused of being a socialist. The mere idea that such a rule might be enforced was likened to Hitler's invasion of Poland.

2. Fund the Dodd-Frank bill including the provisions in the CFPB (Consumer Financial Protection Bureau...

This bill was passed to prevent another crisis of this sort from happening through prudent regulation.  Portions of the bill including the CFPB were enacted to protect Main Street for predatory lenders and extortionary interest rates.

3. Tax stock trades - a few pennies a share - or even a penny a share...

This would immediately cut down on the wild speculation and the trading on algorithms that is causing so much volatility in the markets.  The tax would be inconsequential for the average investor, but for hedge funds moving millions of shares in a split second - it would have an impact.  Perhaps - GASP!  - people would start investing based on the fundamentals of a company. It would change the focus from the fast trade that is totally non -productive in any real sense of the word to a more fundamental approach to investing….which is better for all concerned.

4. Bring back Glass- Steagall...

I wrote about Glass Steagall in a previous blog.

5. Increase the margin requirements on commodities futures trading...

Commodities have been swinging wildly with oil prices all over the map as well as food products such as wheat and coffee.  Increasing the margin requirements would tamp down rampant speculation and in turn, would stabilize prices.

6. Tax income over $1 million an additional 5%...

So I am perfectly clear on this  - this means taxing the income people earn OVER  $1 million by an extra 5%.  That means if a person earns $1,100,000 - they will pay an extra $5000.   Use this money to fund the jobs bill and along with with it vital infrastructure projects.  This will help get America back to work and pave the way for a society that will live in the 21st century instead of in the crumbling remains of the 20th century.

If all of this were enacted - we would be on the road to recovery right now instead of demonstrating in the streets with poverty rates soaring and unemployment through the roof.  This is a self-inflicted crisis that has a solution.  There are many issues in this world that do not lend themselves to viable solutions.  This is not one of them.   The fact that our government lacks the political spine to stand up to the 1% on Wall Street in order to help the 99% on Main Street is nothing short of pathetic.

Intuitively, the 99% finally realize this and is doing what the public should do in such a situation….they are taking their grievances to the streets and are demonstrating peaceably.   Nothing is more uniquely American as that.  Nothing is more un-American than the demonization Americans practicing their right to free speech.

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