Occupy Wall Street Should Make 4 Demands

Author and Historian Webster Tarpley, In “An Emergency Program for Anti-Wall Street Protestors: Don’t Let Soros Hijack the Movement“, offers 4 Key Demands that the “Occupy Wall Street” protestors should include:

1. Student Loan Amnesty.
2. Stop Foreclosures
3. Defend and fully fund the social safety net.
4. Pay for healthcare and social services with a 1% Wall Street Sales Tax.

In order to win, the anti-Wall Street protests must agitate for a series of demands including the following:

1. Student Loan Amnesty. The common experience of many of the protesters is that of being crushed by an outrageous burden of high interest student loans. Today it is common for graduating seniors to carry $50,000, $75,000, or even $100,000 of debt. Add the costs of an advanced degree in teaching, law, or medicine, and the debt burden becomes astronomical. The exorbitant cost of a college education reflects the increasing immiseration of the United States over the past 40 years, as the overall standard of living has declined by two thirds or more in terms of real wages and other considerations. These debts are owed to the same zombie bankers who cashed in on the Bush bailout of 2008, and the even larger loans issued by Ben Bernanke of the Federal Reserve over recent years. This is a system of brutal primitive accumulation against the life chances everyone who knows that they need a college degree to be employable in the 21st century. Total students loan indebtedness is now approaching $1 trillion. This grinding debt is destroying the futures, the lives, and the hopes of college students and recent graduates.

When a debtor country like Greece is unable to pay its debts, it is normal to hear talk of a haircut for the bondholders and bankers. It is time for the Wall Street zombie banks to take a haircut on student loan debt. Most of this debt cannot be paid off, but an entire generation can be ruined by a futile attempt to pay it back.

A leading demand must therefore be a total cancellation of all outstanding student loan debt, meaning a total and immediate forgiveness of all payments of principal and interest coming from this category of borrowing. Carter granted Vietnam draft resisters an amnesty. If Obama wants to keep his job, he must deliver a student loan amnesty to save not just a single generation, but the entire future of the United States and beyond. Otherwise, dump Obama in 2012! The zombie bankers have been pampered enough. It is time for them to take a bath, so that a generation might live. This is also the best stimulus program possible.

2. Stop Foreclosures. Since students alone will never be enough to make a revolution, it is necessary to put forward additional measures to defend other parts of the population from the depredations of Wall Street. In the area of home foreclosures, the bankers have trampled on the law to seize millions of homes, some of which never had a mortgage, and many of which were current in their payments. The banks have used corrupt robo-signers, robo-cops, and robo-judges to carry out these fraudclosure thefts. The answer is to make foreclosure a federal crime, so that anyone who throws an American family out on the street will end up in Leavenworth. Again, the zombie bankers can eat the losses, which are unavoidable in any case. This is not an impossible demand: under the New Deal, the Frazier-Lemke Act stopped all foreclosures on homes, provided only that the owners could get a minimal payment plan approved by any judge in any court. With the help of popular pressure and public opinion, foreclosures virtually came to a halt. This is what we need to be demanding today.

3. Defend and fully fund the social safety net. Wall Street and Washington elites agree that the American people ought to be subjected to genocidal austerity – cuts so draconian that they will kill people. The goal is obviously to fund bigger and better bailouts of Goldman Sachs and J.P. Morgan Chase when they go bankrupt the next time around. Real unemployment in the United States is now about 25%, meaning that 30 million people cannot find work, and many have been looking for years. Therefore, we need to extend jobless benefits to all unemployed, including those who have been out of a job for 99 weeks and more. 46 million Americans are now surviving thanks to Food Stamps, but the reactionary Republicans are demanding savage cuts, and Obama is more than likely to cave. We also need to defend programs that specifically help children and young. These include S-CHIP, which gives health care to poor children; Head Start, which provides breakfast and preschool for poor kids; and WIC, which provides high-protein meals for pregnant women, nursing mothers, and infants. Older people have special problems, including that Wall Street speculators have destroyed the value of their 401(k) and IRA retirement plans. This means that Social Security pensions should be increased, and not cut, as the Republicans and Obama both want. Obama has already cut $500 billion out of Medicare, but he wants to cut it even more, and the Tea Party is eager to help him. The best healthcare would be to open Medicare to all Americans, while making the investments needed to maintain quality. Medicaid gives healthcare to poor people of any age, and these payments must be maintained.

4. Pay for healthcare and social services with a 1% Wall Street Sales Tax. When they hear demands like these, Fox news commentators will demand to know how these programs can be paid for. The answer is simple: the Tobin tax or Wall Street sales tax. Today the total financial turnover of the banksters in terms of buying, selling, and other trading comes to well over three quadrillion dollars yearly – that’s more than 3,000 trillion dollars. The rest of us pay sales tax on most purchases, often including the groceries, but Wall Street zombie bankers and hedge fund hyenas pay absolutely zero on that colossal sum. The most unfair aspect of the entire US tax system is that Wall Street pays virtually no taxes. It is time for the bankers to cough up 1% of every stock, bond, and derivatives transaction, be it program trading, high frequency trading, or computerized flash trading at the rate of one million transactions per second. The total revenue could be split between the federal government and the states, and would amount to hundreds of billions of dollars, perhaps even trillions – depending on how determined the speculators are to keep up their dirty deals. There is nothing impossible about this demand: the federal government had a financial transaction tax from the time of World War I in 1967. And even today, the largely right wing governments of the European Union are about to enact their own Tobin tax. Why can’t it be done here as well?

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