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9 comments

1 researchok  Fri, Oct 14, 2011 2:17:08am

Good piece.

2 boxhead  Fri, Oct 14, 2011 2:25:09am

Is it me, or were all those recommendations seem like a step in the correct direction? We need to get American companies back in the business of America.

3 (I Stand By What I Said Whatever It Was)  Fri, Oct 14, 2011 7:15:50am

I think it's a good idea to focus on a few things. It doesn't mean to dismiss other things, but it forces to prioritize and decide on what needs fixing first which in turn helps to actually take things on and get closer to getting them done. Also, a shortened list is much more appealing to the general public, like a concise restaurant menu with 5 or 6 items on it instead of 56. Furthermore, shortening the list to core demands in a legitimate, representative way requires participation of a lot of people to decide which demands those are going to be and how to best formulate them.

4 Obdicut  Fri, Oct 14, 2011 11:03:13am

I highly approve.

5 kirkspencer  Fri, Oct 14, 2011 11:07:04am

The third is irrelevant as well as a pipe dream. It's also been on lists for decades.

I'm especially fond of the first, except they're not monopolies. That's the fact that protects them from the monopoly laws. So breaking them up is a good idea but the mechanism is a bit trickier.

The second is solid and reasonable, as is the fourth.

The fifth is in some ways trickier than breaking up the banks. Not least is the fact of why bonuses were used this way in the first place. It was to cause the top executives to be invested in the companies, to stop the habit of buying companies to destroy them.

They're a nice starting place, but the problems in implementation are worth noting.

6 blueraven  Fri, Oct 14, 2011 11:07:29am

I would like to add campaign finance reform to the list. This post Citizens United world of ramped up anonymous, unlimited donations is a serious threat to our democracy.

7 lawhawk  Fri, Oct 14, 2011 11:10:20am

Some at the OWS protest have made similar calls, but get drowned out compared to those who manage to capture the attention of media types with outlandish claims, masks, or pick prime spots to stand on the periphery of the park.

One guy who I found to be quite articulate about what needs to be done had a list that mirrors some of Taibbi's claims.

It's the fourth photo from the bottom (can't directly link courtesy of Google, even though it's one of my own photos).

He's got five general categories of demands including, an independent inquiry of what happened during the crisis; a roadmap for future reforms, including separating retail from investment banking, campaign finance reform and transparency to eliminate Wall Street money from overrunning Congress, demands for better banking, etc.

Others in the crowd have made calls for taxes on transactions to fund a bailout fund and/or debt relief.

8 (I Stand By What I Said Whatever It Was)  Fri, Oct 14, 2011 11:13:27am

re: #5 kirkspencer

They're a nice starting place, but the problems in implementation are worth noting.

Of course, and they should be noted. As should be noted that some of the core problems are not even mentioned by Taibbi, especially as concerns legislation preventing future messes caused by the trade with fraudulent financial vehicles like the ABSs, the CDOs, or the CLOs. These will always be toxic.

9 (I Stand By What I Said Whatever It Was)  Fri, Oct 14, 2011 11:22:28am

re: #7 lawhawk

Some at the OWS protest have made similar calls, but get drowned out compared to those who manage to capture the attention of media types with outlandish claims, masks, or pick prime spots to stand on the periphery of the park.

The media craving narrative and spectacle instead of progress and debate certainly is a huge risk for OWS going nowhere.

One guy who I found to be quite articulate about what needs to be done had a list that mirrors some of Taibbi's claims.

It's the fourth photo from the bottom (can't directly link courtesy of Google, even though it's one of my own photos).

I think you mean third from the bottom, no?

He's got five general categories of demands including, an independent inquiry of what happened during the crisis; a roadmap for future reforms, including separating retail from investment banking, campaign finance reform and transparency to eliminate Wall Street money from overrunning Congress, demands for better banking, etc.

Those are all rather vague, though. Not saying that Taibbi is detailed enough. But I think you need to be more specific than just asking for transparency and reform.

Others in the crowd have made calls for taxes on transactions to fund a bailout fund and/or debt relief.

Bad ideas, IMHO. The equivalent for a social saftey net for corporations is Chapter 11. And debt relief is always fleecing of the creditors. Danger of writing blank checks is very high when not discussing very concrete cases.


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