Forum Post: Matt Taibbi Supports OWS here is his suggested platform for change
Posted 13 years ago on Oct. 12, 2011, 3:33 p.m. EST by thebeastchasingitstail
(1912)
This content is user submitted and not an official statement
http://www.rollingstone.com/politics/news/my-advice-to-the-occupy-wall-street-protesters-20111012
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.
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.
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.
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.
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 doesn't go nearly far enough. It's a good start on financial reform, though.
I think a few narrow goals a platform would be a good start and finance-related goals make sense since this began as "Occupy Wall Street".
The things we work for can be expanded as time goes on.
Yes!!!! I totally support this! Matt Taibbi is an excellent reporter!!!!
I am a big fan of Matt Taibbi. This is excellent work and should be well observed by OWS
Thank you, Matt. You single-handedly took on the Wall Street interests when no one else had the balls. If the 99% is smart, they would first read all of your articles and then endorse and adopt your proposed platform.
Here is a piece I believe you would like concerning high-frequency trading:
http://investmentwatchblog.com/the-wave/
good article, the more people actually know about actual Wall Street practices, the more they know serious reform is needed.
That includes real investors and employees of Wall St firms.
Excellent contribution!
I think .1 and .01 percent are kindof low, and I think there could be more categories for varying durations of stock holding, like 1 second, 1 day, 1 month, 1 year, more than a year is my suggestion, with the tax rate descending the longer the stock is held.
I also think that Goldman Sachs, at least that one if not more, should be confiscated for treasonous crimes, some of which were reported in this that Matt wrote: http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511
Who would have thought rolling stone would become more credible than the NYT? Rock and roll.
I can get behind this 100%!! well said, well put, well though out. You have my vote for this.
I would like to see a complete end to lobbying though, and some better oversight on campaign contributions including non-monetary gifts.
Yea, Matt Taibbi does some awesome work.
Yes!
thank you
Of course these are all good steps as i would expect of Taibbi. I have to quibble a bit with 2 and 3 because I'm confused by them. if 2 makes firms pay for their own bailouts why does 3 talk about public bailouts?
I would look for all of this to be augmented by extensive campaign finance reform.
+99%
keep something constructive on top
once again
thanks
Good post.
This financial reform movement has been a dream of mine since 2008, after hearing the Congressional Hearing on Energy Reform and on how Financial Deregulations hurts the hard working Americans, and turns undeserved brokers/executives into overnight Millionaires!
So I feel (and many others) that only way we can get back on safe financial footing again is to close the Enron Loophole, created for energy/oil speculators, and bring back The Glass-Steagall Act of 1933, which prevented the current banking and insurance scams/loopholes. After all, it worked great until late 90's, until when Congress threw it out. Since then, like prior to 1933, we are experiencing what our country went though then, total Wall Street Greed with no Penalties, its all legal Gambling now...thanks to the architects of our new system in 1999, President Clinton and Rep Senator Phil Gramm. Think about where we are now, it all started in 1999 with the subprime loans Gramm was peaching on Senate floor. http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
And for the Free Trade Movement, bringing back the Glass-Steagall Act will not hurt our financial markets or hinder Free Trade, as the GOP rhetoric claims, instead with this back in PLACE bankers can still make millions a day, but not the trillions as they do now on the accounts of hard working Americans.
Bankers need more regulation, not less. Don't let the Bankers new Game to charge for debit cards as the results of the Dodd/Frank Wall Street Reform and Consumer Protection Act surprise you. Right after it passed, we have the banking lobby on national TV saying that "we" will pay for it, after we bailed them out, What nerve! So this is their response to having it their way since 1999: We have have to find a way to give out Executives their way out of line bonuses: Bingo, charge for debit cards! This is them throwing their influence over our Election officials, that are suppose to work for us, after all we voted for them to do the right thing, which doesn't include the banking lobbyist agenda....
Cheers to all that are involved. Let's get focused and bring back Glass-Steagall Act of 1933, they got it right 1933, we don't need to reinvent the wheel because bringing this Act back will create an even playing field once again....and let's also tell Congress to finally Close the Enron Loophole, which allowed Enron to charge what they wanted for energy; they went to jail for this; but no one closed the loophole, why? Re-election Monies from the banks and oil companies! The writing is on the wall.
Why we need Glass-Steagall to be reinstated:
http://www.investopedia.com/articles/03/071603.asp#axzz1aPEc3wXj http://www.counterpunch.org/2008/09/19/shattering-the-glass-steagall-act/
Why are oil prices high?
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related http://www.youtube.com/watch?v=f-kExdTgNZA&feature=channel
Rolling Stones Reporter: Truth about Goldman Sachs--they have cornered the markets, why? Enron Loophole and repeal of Glass-Steagall Act in 1999. http://www.youtube.com/watch?v=waL5UxScgUw
It is only a start. The whole problem is Greed, pure and simple. Our government needs to be much, much smaller with fewer laws that actually mean something. Laws that don't allow for loopholes such as the new Dodd/Frank legislation.
All well and good but does not address the fundamental problem of government. 1% buys their representation, 99% are left with the scraps. We need to get the money out of the political process.
Regarding #5:
Govt should NOT be in the business of regulating how much private citizens are paid. If the Bank is being bailed out, then yes, Govt can have a say, but it should NOT be able to mandate the pay of private citizens.
Corporations are public entities fully regulatable by the public. If you don't want to be regulated, do not work for a company that is created by the government. It's pretty simple.
To learn why corporations are public entities over which the public has unfettered control, see Corporations and the Public Purpose: Restoring the Balance, available at: http://www.corporatepolicy.org/issues/corppurpose.pdf
excellent contribution, thank you
Corporations aren't created by the Govt...they may be legally recognized by the Govt, but there aren't created by it.
Yes, they are. A government creates a corporation by issuing a charter.
No, ppl create a Corporation and Govt merely recognizes it
Govt did NOTHING to create it...it merely issued a legal document which recognized the existence of a group of people coming together to operate a business.
Corporations cannot operate without their government charter. When the charter is revoked, the entity no longer legally exists.
Without the charter, the corporate veil can be pierced and the principals can be held financially responsible for the misdeeds of the whole.
Our individual rights are "endowed by our creator" according to our Constitution - we are born with them.
A corporation only has "rights" that are given to it by the government.
sorry, are you telling me that because Govt has to legally recognize a Corporation with a legal document...and even though Govt did NOTHING to create that Corporation, it didn't bring the people together, it didn't create the products and ideas, etc...that now Govt should be able to regulate how ppl in that Corporation are paid?
sorry, friend...that's Communism.
Yea, no, it really isn't.
If a biz wants to operate as a privately-held sole proprietorship and have the "owner" be completely responsible in the event of criminal misbehavior and/or financial mishandling & thus have no government input into their charter - they are FREE to do that. But when you enter into a charter with the government, you are open to government input.
The Govt cannot tell a Corporation how to pay it's CEO's, Administrative Assistants, IT people, Lawyers, Collection Dept, and Janitors...no matter how much you insist that it can.
All fine goals, but they lack a comprehensive strategy for enforcing them, and although I'm all in favor of taking down today's ineffective and inefficient Top 10% Management Group of Business & Government, there's only one way to do it – by fighting bankers as bankers ourselves. Consequently, I have posted a 1-page Summary of the Strategic Legal Policies, Organizational Operating Structures, and Tactical Investment Procedures necessary to do this at:
http://getsatisfaction.com/americanselect/topics/on_strategic_legal_policy_organizational_operational_structures_tactical_investment_procedures
Join
http://finance.groups.yahoo.com/group/StrategicInternationalSystems/
if you want to support a Presidential Candidate – myself – at AmericansElect.org in support of the above bank-focused platform.