An Open Letter to the Protesters of OccupyWallStreet

by Marilou Long on October 17, 2011

in Banks,Credit Crisis,Debt,Geopolitical

Many conservatives and libertarians also feel that something has gone wrong over the past several decades regarding both the government’s and large corporations’ role in our society.  It’s not just the banking sector however.  The bailouts also went to auto makers, insurance companies, public sector workers, the GSEs, and industrial companies.  The common factors include privatized gains, socialized losses, leverage, derivatives, and government and corporate corruption.  Here are a couple of talking points that might help you get your message across:

1. Term limits for Congress to reduce the corrupting influence of crony capitalism where the government picks winners and losers.  True capitalism lets losers fail.

2. Get the government out of the venture capital business.  When it guarantees loans, the gains become privatized while the losses are born by the taxpayer.  This asymmetric reward system leads to increasingly risky decision making, ie. Fannie, Freddie, Solyndra, the Too Big to Fail Banks.

3. Reinstate the provision in the Glass-Steagall Act that separated investment banking from commercial banking.  This provision was repealed in 1999 by the Gramm-Leach-Bliley Act.

4. Limit the amount of campaign contributions of public sector unions to officials that can directly influence their pay and work rules.

One other piece of advice – making other peoples’ lives harder, costing your fellow taxpayers millions of dollars in extra police hours, violence, and anti-Semitism do not help you get your message across.

Regards,

Marilou

{ 1 comment… read it below or add one }

Kevin October 18, 2011 at 11:51 pm

What about that “butter or guns” of basic Macro-economics? We are spending way too much on Defense and a chunk of the money goes for Mercenaries. Somehow, the “butter”? How much is being spent in Afghanistan and Iraq? We bomb their Countries and we rebuild their Countries while our Country falls apart.

But the reality? We can’t shift gears too quickly. We need time for the Economy to shift. Sorry, we can’t cut defense by 50% overnight. It would be devastating. My question, to people who understand the process, how quickly can we shift our Priorities?

Why only Unions? Corporations are now people according to the USSC! A Union is also a person.

Another thing? Make our Government Officials more transparent. Perhaps, their daily diaries, people who every staff office meets with, is recorded. We know these people are being paid off and I realize that they will still figure a way but I would love to see some really good ideas about this to make this Goal possible!

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