Guest Editorial by Richard Salzman
Ten days into the Occupy Wall Street protests, I wrote letters to the editor of several papers complaining about the lack of mainstream media coverage. By the time that letter was printed, they finally got to the story, to their credit.
There are now "Occupy" actions taking place in 1,482 cities across the country (as tracked at OccupyTogether.org), including in my own town of Arcata in Humboldt County, California.
Surprisingly, even as the media has covered the story, many in the mainstream press seem mystified by the motives and/or lack of cohesive message. Does "people's needs, not corporate greed" explain it?
San Francisco Supervisor John Avalos, wants his City to pull its money out of corporate financial institutions and start a municipal bank "so we can control how we are investing in local businesses..." I hope other cities and states will also consider this option.
Long ago, I pulled my money from a big bank and put it into a local credit union. Then it was recently publicized that the CEO of my small "non-profit" credit union was taking home just shy of a million dollars a year in compensation (making the $160k that our county Administrative Officer earns seem pretty reasonable). I'm sure people would love to put their money in a publicly-owned bank whose CEO doesn't get a million dollar annual salary (for more information: publicbankinginstitute.org).
Here are six more excellent ideas some from Senator Bernie Sanders and some from Rolling Stone magazine contributor Matt Taibbi:
1. Break'em up. If a financial institution is too big to fail, it's too big to exist. Start with repeal of the Gramm-Leach-Bliley Act and mandate the separation of insurance, investment and commercial banks.
2. Pay for bailouts. A Wall Street speculation fee on credit default swaps, derivatives, stock options and futures would both pay for the bailouts and do plenty to fight the deficits.
3. Cap credit card interest rates, end usury. Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge 25-30% interest when they received over $4 trillion in loans from us.
4. Tax hedge-fund gamblers. Repeal the carried-interest tax break, which taxes hedge-fund titans only 15 percent on their income.
5. The Federal Reserve needs to provide small businesses in America with the same low-interest loans it gave to foreign banks.
6. Stop Wall Street oil speculators from artificially increasing gasoline and heating oil prices.
To support the Wall Street Occupiers: http://www.nycga.net/how-to-help/
Richard Salzman lives in Humboldt County on California's Redwood Coast, where he works as an Illustrators’ Rep and Political Consultant <www.richardslist.org>.