Forum Post: Boycott Big Five "Malefactors of Great Wealth": Strategy Proposal
Posted 13 years ago on Oct. 7, 2011, 12:35 p.m. EST by stewartburns
(0)
This content is user submitted and not an official statement
Here is a strategy proposal for the new movement for economic justice, from a longtime peace & justice activist & biographer of Dr. King. What might MLK suggest we do? Perhaps:
BOYCOTT THE BIG FIVE "MALEFACTORS OF GREAT WEALTH" (quote by Republican president Teddy Roosevelt): Bank of America, CitiGroup, J.P. Morgan Chase, Goldman Sachs, & Exxon. (Others to follow if necessary)
$2 TRILLION OF SURPLUS PROFITS LYING FALLOW--IT BELONGS TO "WE THE PEOPLE"
DIVEST--AND REINVEST!
Our most powerful tool as citizens is not the Vote (though it is vital), but our power to say NO to injustice, like Rosa Parks and myriad others. In our time we can say NO to flagrant economic injustice--with our buying power. Citizens have used the BOYCOTT very successfully in U.S. history--starting with the Boston Tea Party, more recently with the King-led Montgomery Bus Boycott (1955-56), the United Farm Workers' boycotts, and the worldwide BOYCOTT or DIVESTMENT from South Africa that helped end apartheid.The BOYCOTT or DIVESTMENT is a highly patriotic form of true democracy, and nonviolent in the best Gandhian & Kingian traditions.
Now that the Big Banks and Mega-corporations have gone on STRIKE (GOP House Speaker John Boehner's admission last week), refusing to invest their TWO TRILLION DOLLARS in Surplus Profits that they are sitting on, We the People might consider boycotting and divesting from the Big Five malefactors of great wealth: Bank of America, CitiGroup, J.P. Morgan Chase, Goldman Sachs, & Exxon (bank accounts, credit cards, fossil fuel, university & other institutional divestment, etc.).
Pressure these "economic royalists" (FDR's phrase) to REINVEST their ill-gotten gains in local efforts to green the economy & rebuild our crumbling infrastructure: generating desperately needed JOBS to end our undeclared DEPRESSION, and help to SAVE THE PLANET from climate peril. We the People can demand that the Big Banks and Mega-corporations, starting with the Big Five, TITHE like good people of faith are called to do: to contribute TEN PERCENT of their surplus profits--$200 billlion or more--as grants and no-interest loans to finance locally-controlled infrastructure and green economy initiatives that would generate many good jobs with good benefits.
Please consider this proposal in your committee meetings, web talks, and General Assemblies in NYC and around the nation. Si se puede!
Posted by Stewart Burns, sburns@antioch.edu
We can start with Bank of America, one of the WORST offenders and their corrupt mortgage practices, foreclosure processes and bank fees - B of A needs to go.
JP Morgan is very corrupt in their world-wide market manipulation.
Goldman Sachs and their corruption of practices set up trying to eliminate policies set up to protect consumers and favors FAT CAT banks and hedge fund managers - look up Robert Rubin
As a quasi-Libertarian, THIS is the kind of thing I'm interested in learning more about, and would like to see more people talking about and organizing. I know a lot of people who don't shop at Wal-Mart, and yet it still doesn't seem to be enough to have a large effect on their growth. Stewart, any other ideas/resources about ways to organize boycotts, and about how a boycott can be focused on a particular end/s would be great. Also, lists of SPECIFIC business, like you outlined above are good, as would be lists of specific ways that people can contribute to shopping locally/responsibly (farmers market, no chain restaurants, or atleast only patron chains that are owned locally...Info like what businesses have the best wages/benefits for their employees, etc., would be helpful. Stuff like that. Know of any good resources with info like this?)
Also, I'd like to see pressure put on big business to start profit-sharing with even their lowest-level employees, both domestic AND overseas. It's disgusting that someone who "directly" affects the profit margins gets multi-million dollar bonuses, but someone who indirectly affects the success of a company (janitors, etc), probably get jack shit, or only a small holiday bonus/gift of somekind. Raising minimum wage seems to deter people because it's raising overhead on the front end, but profit-sharing to bridge the income gap seems like one good solution, and a slightly easier sell, maybe??? (except that it still means the multi-millionaires/billionaires will have to let loose a little change from their purses...which, in the end, is what has to happen, which ever way).
Of course sustainability of resources is so important, and is going to be increasingly important as time goes on, so I'm glad you mentioned the "GREEN" economy initiatives. I won't even bother exploring the idea that exponentially growing profit margins are dangerous and ridiculous and unrealistic...like, hello, Facebook...is maintaining $2 billion annual renue really all that bad? Anyway, I'll stop now. Thanks for sharing, Stewart.
p.s...I mention Facebook in light of all the creepy things that are coming out about their user information tracking/monitoring stuff, new features, etc., etc...bleh. They really do seem to be plotting to take over the world...
BOYCOTT BOYCOTT BOYCOTT.....what a bunch of idiots. Dont you understand that the majority of even the most basic retirement plans have energy stocks in them like the EVIL EXXON. Soooooo....yeah...you do that......go ahead and cut off your noses to spite your face.......oooops guess I forgot.......you have to be able to pronounce that eveil 4 letter word to worry about retirement....you know WORK.......dang what a concept
Time for bed, the grown ups are talking
You are referring to the retirement plans that aren't currently worth anything?
BOYCOTT BOYCOTT BOYCOTT.....what a bunch of idiots. Dont you understand that the majority of even the most basic retirement plans have energy stocks in them like the EVIL EXXON. Soooooo....yeah...you do that......go ahead and cut off your noses to spite your face.......oooops guess I forgot.......you have to be able to pronounce that eveil 4 letter word to worry about retirement....you know WORK.......dang what a concept
BOYCOTT BOYCOTT BOYCOTT.....what a bunch of idiots. Dont you understand that the majority of even the most basic retirement plans have energy stocks in them like the EVIL EXXON. Soooooo....yeah...you do that......go ahead and cut off your noses to spite your face.......oooops guess I forgot.......you have to be able to pronounce that eveil 4 letter word to worry about retirement....you know WORK.......dang what a concept
Yes! Boycott the banks. Pool our money together into a massive nonprofit credit union. This could be used to back up some kind of single payer health care system.
Very good! This is what we need! Keep it up. BOYCOTT
Save money as well, by supporting only local banks! Move your money!