WHAT WE WANT

In deference to my good friend Dorian Dale who originated the Fat Cat Manifesto, and as encouragement to the budding revolutionaries protesting Wall Street, I have taken the liberty of summarizing demands that must be met in order to restore fiscal sanity within the United States. Please feel free to add, tweak, expound, etc.

1. Break Up The Banks. Reinstate Glass-Steagall, an act established in 1933 to protect citizens from the type of corruption that arose in the 1920’s and resulted in the market crash and subsequent Depression.

2. Regulate Swaps and Derivatives. These investments act are allowed to act like unregulated commodities without oversight, regulation or trading limits. The CFTC should govern these activities and provide transparency to ensure these transactions are “on” balance sheet.

3. Close Tax Loopholes. Eliminate the Carried Interest Tax loophole that allows income from financial investing to be treated as capital gains.

4. Limit Speculation. Rampant speculation in the commodities sector has allowed for the introduction of companies with no business interest in commodities to influence the volume and volatility of crucial staples such as energy and food.

5. Eliminate Tax Havens. Penalize companies who utilize off-shore tax havens to house primary business operations and institute sanctions against countries that harbor them.

6. Shred The Pledge. Every lawmaker who signed the Grover Norquist No-Tax Pledge should be required to shred the pledge with the same alacrity with which they signed it.

7. War Tax. Windfall taxes should apply to all war-profiteering companies who received multi-billion dollar contracts for work in Afghanistan and Iraq.

8. Secure Social Security. Phase in a re-enactment over the next ten years of the original Social Security provision that held these funds in trust “Off-Budget” to prevent Social Security funds being used for general budget purposes such as financing war.

 

Author: Jed Morey

Jed Morey is the publisher of the Long Island Press, LI's Cultural Arts and Investigative News Journal. The Press has a monthly circulation of 100,000, and www.longislandpress.com, welcomes more than 500,000 unique visitors every month. He serves on the board of the Holocaust Memorial and Tolerance Center in Nassau County, as well as the President's Council of Big Brothers and Big Sisters of Long Island. In addition to the contributions on this blog, Morey authors a column for the Long Island Press titled "Off The Reservation" and is a staunch advocate for Indian rights. The column was voted Best Column in New York by the NY Press Association in 2010 and third overall in the nation among alternative publications by the Association of Alternative Weeklies in 2012. Morey lives in Glen Cove with his wife, Eden White, and their two daughters.

3 thoughts on “WHAT WE WANT”

  1. Sigh….

    I guess even Marx had to endure the entreaties of his patron, Engels.

    Alas, pining for Glass-Steagall hearkens back to an era when we had a Fat Cat in the White House who was a “traitor to his class” and a Fat Fox at the newly established SEC flushing out other foxes from the pigeon coop. Now all we have in those positions are supplicants and courtesans.

    Fat Cats don’t have wish lists; they make hit lists. Fitzgerald told us “that the rich are different;” yeah, they think a whole lot less about you than they think of themselves.

    Time to build that bridge to Fat Catitude.

    Stay tuned.

  2. Karl,
    I’m not pining for relics or black and white characters from the past. FDR and JPK were dynamic, indeed, but who were they without the positions? We’ve eliminated the ability to replace these supplicants, as you say, with genuine free-thinking, moral members of the intelligentsia. No position, no person.
    There’s work to be done to undo the work that they’ve done. And it takes more than Catitude.
    And I’m counting on the fact that they’re not thinking about anything but themselves.

  3. I’ll have to stroke my beard over these free-thinking moralists of yours. I’ll take critical thinkers with a touch of immorality, myself.

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