Forum Post: OccupyWallStreet: FOCUS on the Fundamental Problem, Transparency
Posted 13 years ago on Oct. 7, 2011, 2:20 a.m. EST by FrostyM288
(1)
This content is user submitted and not an official statement
As has been stated repeatedly, OWS needs to come up with a set of coherent demands. Many of those stated so far are lacking focus. People are crying for higher taxes on the top 1% (which I support) among many other things, but that taxation will not solve the underlying problem. People are asking for alternative energy research, infrastructure, and even equality issues. However, none of these issues is responsible for today's economy.
The REAL problem is the lack of transparency in Wall Street (and the market in general). Lack of transparency led to under-qualified home-buyers trying for loans from greedy banks. Lack of transparency led to those banks repackaging them into securities and the rating agencies stamping as AAA. Even in Europe, lack of transparency led investors to lend to a weak Greece when they thought they'd be lending to a strong Germany.
IF borrowers had known borrowing would have been so risky, this would have never happened. IF accurate ratings were known for the securities, this would never have happened. In the end, the housing market tanked and the government had to use OUR money to save a completely irresponsible Wall Street that in the end was held unaccountable.
Thus, the core problem boils down to MISinformation. Our stand here is not against the top 1%, it is against the CORRUPT who knowingly deceive in order to profit and we must make our demands reflect that!
So, I ask us to FOCUS on the key issue.
Let Wall Street, the government, the nation, and the world know where we stand.
We stand for Information, Transparency, and Accountability. We stand against Misinformation, Deceit, and Corruption.
Stay focused OWS!
The system is broken, making it transparent will expose it but, unfortunately, it won't fix it. Hamilton and Jefferson had a major disagreement back in the day that has taken about 250 years to test out: Democracy built on a financial system vs. Democracy built on an agraian system. Hamilton won the argument back then and we now see the consequences: Human nature is too corruptible when personal profit is the goal. Jefferson knew that instinctively and promoted the idea that human nature would be best served by striving for personal well being rather than personal profit. If we can pull the plug on the existing exploitation system we have been living in and install a locally-based agraian democracy then I think we all can get to the social justice we are after yet still retain, even enhance, the essence of what it is to be American.
Interesting info. Didn't know that about Jefferson.
However, now of all times is not the time to attempt for localization of powers. Localization of powers leads to competition between those locales (states for instance). Not mentioned in my post, but America is falling behind in the global economy. We are becoming less competitive. One reason is states compete with each other for opportunities and projects from a company. In the end, since there are so many states, states end up losing and companies wining. Another reason is America's failing education. I personally blame this mostly on our current culture. We used to aspire to become the next Edison or Armstrong. Now we aspire to be the next Michael Jordan or Miley Cyrus.
Regardless though. Transparency will solve the problem as long as there is enough choice in the market. Obviously if there was a monopoly or duopoly, then transparency does nothing if the one or two companies/banks choose to be corrupt. However if there are 20 major banks. All it takes is for one bank to be mature and responsible for it to win business from 19 corrupt banks, assuming everything is again transparent. Then, the other 19 are forced to follow suit or go under.