Helen of Marlowe's Blog

Advice From The 1%

Posted in corporatocracy, Economy, Government, Winston-Salem by helenofmarlowe on November 17, 2011

Listening to Marketplace the last few weeks I’ve heard two commentaries that were so good I had to look them up and read them. Both are about the Occupy protests.

Here’s commentator Elspeth Gilmore.

Elspeth Gilmore: I am the 1 percent. I recently marched on Wall Street with the 99 percent. I stand with the 99 percent, but I marched for myself, too. For decades, the U.S. economy has been organized to boost the wealth of the 1 percent.
According to the Economic Policy Institute, 40 percent of all wealth gains between 1983 and 2009 went to the 1 percent. Eighty-two percent went to the top 5 percent. All the rules of the economy have been tilted in my favor. Yet it is not in my interest to allow the disparities of wealth to keep growing. We should not have to hoard wealth in this society in order to keep our families healthy or to get an education. Health and a good education should be rights.
My job at Resource Generation is to organize wealthy people under 35 who want to change this. There are more than 1,500 of us who know that our lives would be better if we personally had less and we could all rely on a collective safety net. We need to re-imagine what is possible.
I want to live in a world where we together provide the basic needs of all people: adequate infrastructure and roads, well-funded school systems, clean water systems, innovative transportation and health care for all.
We need a more just economy — and one of the ways to get there is for people like me to pay higher taxes. Lets change the policies that keep the wealth in the hands of a few. Let’s increase millionaire taxes and end loopholes for corporations. Please tax the income from my investments at least as much as my earned income, it’s common sense.
So let me say this as plainly as I can. Tax me, tax the 1 percent. If the 1 percent had less money, we — a 100 percent of us — would be better off.

Of course, listener/reader responses always include the one about how she can give as much as she wants – nothing to stop her from paying extra. I’m never sure whether people who say that actually expect to be taken seriously.

Josh Brown, Reformed Broker, has toned his language down just a bit from a previous column, but still gets his point across. Better actually, I think.  And his clear summary of our grievances  is worth review.

Josh Brown: In 2008, the American people were told that if they didn’t bail out the banks, their way of life would never be the same. In no uncertain terms, our leaders told us anything short of saving these insolvent banks would result in a depression to the American public. We had to do it! At our darkest hour we gave these banks every single thing they asked for. We allowed investment banks to borrow money at zero percent interest rate, directly from the Fed. We gave them taxpayer cash right onto their balance sheets. We allowed them to suspend account rules and pretend that the toxic sludge they were carrying was worth 100 cents on the dollar. Anything to stave off insolvency. We left thousands of executives in place at these firms. Nobody went to jail, not a single perp walk. I can’t even think of a single example of someone being fired. People resigned with full benefits and pensions, as though it were a job well done. The American taxpayer kicked in over a trillion dollars to help make all of this happen. But the banks didn’t hold up their end of the bargain. The banks didn’t seize this opportunity, this second chance to re-enter society as a constructive agent of commerce. Instead, they went back to business as usual. With $20 billion in bonuses paid during 2009. Another $20 billion in bonuses paid in 2010. And they did this with the profits they earned from zero percent interest rates that actually acted as a tax on the rest of the economy. Instead of coming back and working with this economy to get back on its feet, they hired lobbyists by the dozen to fight tooth and nail against any efforts whatsoever to bring common sense regulation to the financial industry. Instead of coming back and working with the people, they hired an army of robosigners to process millions of foreclosures. In many cases, without even having the proper paperwork to evict the homeowners. Instead, the banks announced layoffs in the tens of thousands, so that executives at the top of the pile could maintain their outrageous levels of compensation. We bailed out Wall Street to avoid Depression, but three years later, millions of Americans are in a living hell. This is why they’re enraged, this why they’re assembling, this is why they hate you. Why for the first time in 50 years, the people are coming out in the streets and they’re saying, “Enough.”

Is this Direct Democracy in action? Are any tangible results unfolding?  Will the  ‘Super Committee’ consider and be affected by the Occupy movement?  Are the Occupiers losing public support, as several polls suggest?

It will be interesting these next few weeks as winter, and holidays, and First Amendment lawsuits play out, and the petition asking Mayor Michael Bloomberg to resign in the wake of his eviction of the protesters.  As Thom Hartman puts it, Bloomberg had the wrong target. Instead of evicting the protesters in Zuccotti Park, he should have sent his police  in riot gear to evict Goldman Sachs.

Our  UU (Unitarian Universalist) Fellowship has issued a statement in support of the Occupiers.

Locally, Occupy Winston-Salem has  approval from the City Council’s Public Safety Committee to camp in a parking lot downtown.   The full City Council will have to approve the permit at next Monday’s meeting.  I think they will.

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4 Responses

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  1. Jim Wheeler said, on November 17, 2011 at 12:58 pm

    These two express sentiments I surely agree with – very articulate; thanks, Helen, for sharing them.

    I do believe your link for “John Brown” is mis-addressed. I see no clue to his identity from the link.

    • helenofmarlowe said, on November 17, 2011 at 5:23 pm

      Thanks Jim — looks like I did mis-direct the link, directed it to Marketplace instead
      of to Josh Brown. Thanks for pointing that out. I think I fixed it – hope you’ll try again
      and let me know if I’m still amiss.
      Helen

  2. marx said, on November 23, 2011 at 5:21 pm

    I’ve worked in construction for thirty years or so. I worked on the conversion of the old Sears building in downtown Winston-Salem to a Wachovia credit center. It was oddly funny watching Bud Moore tell us how to build tents to keep rain water out.

    I don’t expect to see major changes in the status quo. Mr Moore is now gone but I expect there is some other suit trying to tell a working hand how to do his job. How to begin to gain some balance or equilibrium between the top 1% and the lower 15% is a difficult problem for economists and politicians.

    I am thankful to have two days of work next week. After that I might as well go hang out with the occupiers.


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