Monday, November 14, 2011

The Real Astroturf Wall Street

In my continuing "coverage" of Astroturf Wall Street, I did a bit of digging and found the following. (My responses are in bold.)


Dear fellow Americans,

We are assembled in Zucotti Park — which we’ve renamed Liberty Plaza — in the financial district of New York, because we believe that the American economy is heading in the wrong direction and we have a few ideas for what to do about it. Yeah, like taking a crap on police cars.

There is a feeling shared by a growing number of people on the streets of the world that the global economy has become a kind of Ponzi scheme, a global casino, run by and for the benefit of the 1 percent. You mean like Michael Moore?

We believe that it is possible to inject justice into the global economy. We have come up with the following list of things that can be done right now to rejuvenate democracy and economic justice in our country:

Halt foreclosures for the unemployed, sick and elderly Why? A mortgage is an agreement, and the terms of the mortgage allow for the foreclosure on people regardless of their personal circumstances. There is no exception to paying your mortgage if you get sick, lose your job, or are old.

Increase funding to public services by taxing the richest 1 percent Which will result in the rich paying more, unless they find loopholes, and resulting in nothing positive happening. What happens if those taxes don't solve the problem? What will your solution be? MORE taxes?

Forgive all student loan debt See above regarding mortgages.

Reinstate the Glass-Steagall Act in order to control speculation Glass-Steagall wouldn't have prevented the current situation because it comes from the same entity that allowed the banks to do what they did. Furthermore, what about Freddie Mac and Fannie Mae, two government or quasi-government agencies who back the majority of the loans out there?

Work with the other G20 nations to implement a 1% “Robin Hood” tax on all financial transactions and currency trades You DO realize a) it wouldn't work unless you have an overbearing bureaucracy overseeing it, and b) it would have to include every financial transaction, including donations to charity, right?

Ban high-frequency ‘flash’ trading and bring sanity to the markets In other words, deny the Internet even exists.

Break up the “too big to fail” banks that threaten our future How will this help anything? You're actually advocating weakening the banking industry to try to "save" it. If you break up a big bank into smaller banks, you are ultimately making it easier for banks TO fail, thus worsening the problem. Let's just say I'm glad you're not doctors.

Arrest the financial fraudsters responsible for the 2008 meltdown and bring them to justice If you were serious about this, you'd be trying to arrest Barney Frank.

Ordain a Presidential Commission tasked with ending the influence corporate money has on our elected representatives in Washington A Presidential Commission started up by the current Administration, with a lot of former Goldman Sachs folks on the federal payroll?

If you agree with any of these demands, then join us! We will stay here in our encampment in Liberty Plaza until President Obama responds to each of these demands. This is just the beginning, there is more to come as we work together to reshape America.

— The People’s Assembly of New York City

Read more:

When looking over this manifesto, it's clear there are two motivations at work: greed and envy. Their slogan could easily be "You have what I want. I want what you have." And while we're here, is it any coincidence their "solutions" to the problems serve to make the problems worse?

Sorry, Astroturf Wall Street. Go back to the drawing board and come back when you have a serious proposal on the table.

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