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Forum Post: Let's Start with Wall Street

Posted 2 years ago on Feb. 20, 2012, 10:19 a.m. EST by wskelly (0)
This content is user submitted and not an official statement

Since this is a Wall Street protest, why not start by seeking change in the internal operations of these Wall Street businesses?

This is something that Wall Street has direct control over and where there is potential for faster results. For instance, Wall Street is known to work its employees for many more hours beyond the median hour work week. If the work week for a Wall Street employee was capped at say 50 hours versus the 60-70 hours or more that it currently is, then Wall Street would have to replace those lost hours with new hires. This would help with the current unemployment situation we find ourselves in.

Secondly, what if Wall Street were to adopt socially responsible criteria for the businesses with which they are willing to conduct relationships?

Investment banks are the gateway to the public stock markets and debt financing. In a way, they enforce the flow of money between investors, creditors, and the company itself. At the same time, investment banks are the beneficiaries of low-cost (below market rates) government financing through the Federal Reserve. If the Federal Reserve extended financing to investment banks on the condition that the banks's investment banking relationships with companies be conducted only with those who abide by socially responsible businesses practices, then several outcomes may proceed. 1) The optimistic outcome being that companies comply and become more socially responsible to maintain their access to liquidity (money). 2) The pessimistic outcome being that companies (including investment banks) seek to raise liquidity through the non-public market, which begs the question whether non-public markets are socially dangerous. 3) I don't know... others please contriubte.

5 Comments

5 Comments


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[-] 1 points by fairforall (279) 2 years ago

Wouldn't capping at 40 hours result in even more new hires?

[-] 1 points by MsStacy (1035) 2 years ago

You and many others have some very good ideas. What are you prepared to do to make them become law? There is a reason groups get listened to and new laws get made. They make their feelings known, get support from candidates, and vote. So far I've only seen the feelings part dealt with. Time to consider doing the hard work that comes with a republic.

[-] 1 points by DKAtoday (33128) from Coon Rapids, MN 2 years ago

This forum "IS" the 1st step in the process to making change. It is called airing issues, which everyone can have a look at and see how they feel about them.

The action does not take place "HERE", at least nothing past gaining support, to begin with.

It is when ideas and issues have gotten support that things begin to happen elsewhere, and then those things can be introduced back "HERE". Then some direct action can be taken by those who are willing to hop on board. This is the process of education and promoting awareness.

[-] 1 points by MsStacy (1035) 2 years ago

Yes I've heard the argument before, everyone is eager to contribute to awareness and occasionally march for or against something. American society as a whole isn't taking this awareness campaign very seriously because there is no follow up. It's long past time to actually work for political change.

[-] 1 points by DKAtoday (33128) from Coon Rapids, MN 2 years ago

Welcome to the movement.

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