Forum Post: Time to Focus on Issues

The OWS has done a good job in making its point, but now is the time to enter the next phase and focus on specifics on how to change things. Being angry is useful to a point but without focus it makes it difficult for those who are not sure of where the movement is heading to join in support. There are some key issues which should be priorities for the movement. While this means operating within the system, which may be loathsome, there are benefits to doing so, mostly increasing the likelihood of accomplishing the goal of at least slowing the gap of income inequality. The issues which OWS need to support and focus its energy on are: Quicker and Meaningful Implementation of Dodd/Frank—as the MF Global incident has illustrated, without proper oversight Wall Street will continue to place its emphasis on short-term profits (and the corresponding bonuses that accompany them) and ignore risk. Support Basil III—increased capital requirements will reduce risk and the potential for a government bailout. This will reduce profits financial institutions along with the risk, in turn lowering executive salaries. Campaign Finance Reform—the biggest impediment to any meaningful long-term solution will be a more open and transparent political system. Currently, Wall Street owns Congress along with the NRA, but there interests are dissimilar. This could get even worse if the Conservative’s fight to marginalize unions is successful leaving no counter balance. Accountability for Rating Agencies—so far the rating agencies have been able to blackmail the SEC to limit any accountability for their ratings. If they are unwilling to accept responsibility, an independent or government entity should be created to replace them Increased and immediate Stimulus Program—CBO has recently issued a report showing there was a significant positive impact from the limited stimulus program in 2009. Had this been allowed to continue it is likely employment, and personal income would be at significantly higher levels. It was stopped to support the Conservative’s austerity program which was going to grow the economy (it never did and never will). Just as Conservatives argued quantitative easing would lead to runaway inflation (it did not), the new claim is cutting business taxes and reducing regulation will glad to job growth. There is nothing in economic theory to support this, and what is needed is government spending, especially on decaying infrastructure.