Thursday, October 6, 2011

More on Occupy Wall Street

If you missed it, my first post is here.

Betsy Reed at The Nation has an interesting analysis of the march and its supposed lack of demands:
t’s not that the demands being suggested by OWS’s volunteer policy advisors in the blogosphere are not worthy ideas. At a time when we desperately need to rein in financial speculation and change the incentives on Wall Street, a financial transactions tax is a terrific policy proposal. Dean Baker has been talking about it for years. The thing is, we on the left don’t have a scarcity of policy ideas. We are positively bursting with them. Create a housing trust fund! A national infrastructure bank! And, yes, sure, eliminate the carried interest loophole so fat cats don’t get a bigger tax break than working people. (Some even have more radical ideas, which are quite sensible too.) But at best, we get a polite hearing for these ideas, which then fade away or are hopelessly watered down. We simply lack the power to put them into practice.

And in the recent past, even the most smoothly organized, expertly messaged mass demonstrations have not made a whit of difference in this regard. Consider the last big march on Wall Street this past May 12. The coalition behind it was admirably diverse, including unions like the teachers and SEIU’s 1199, as well as local community organizations such as Citizen Action NY, Coalition for the Homeless and Community Voices Heard. The “May 12 Coalition,” which turned out thousands of protesters on the appointed day, presented the Bloomberg administration with a proposal that exhibited great thoughtfulness in its rigor and detail, asking banks like JPMorgan, Bank of America, and Morgan Stanley to take a 20 percent cut in their contracts to handle functions like child support disbursements or income tax remittances for the city. This would have saved $120 million, part of $1.5 billion that could have been extracted from the banking sector to prevent the city from having to slash education and social services, according to the coalition.
I would also like to nominate this song by Bonnie Lockhart as the movement's unofficial anthem:

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