The Wall Street Sandbox

Who doesn’t like toys? A newly installed sandbox with bulldozers and backhoes was tantalizing for our flock of neighborhood children. Two strong-willed three-year-olds set the tone—the more I have, the more I want, and you can’t have it. The scene degenerated until sand throwing and tears turned the attention of my neighbor and me from tractor repair to our children. With a few firm words, parity in the power to acquire equity was restored.

Our nation has lost that parity. This is the second time in our history. A century ago it led to the Great Depression. We have become so accustomed to greedy children acting out in the Wall Street Sandbox that we as a nation simply roll our eyes and repeat, “That’s Wall Street.”

The year Ronald Reagan was elected, the wealthiest 1 percent collected 10 percent of the nation’s income, and the rest of us shared the remaining 90 percent. Now that 1 percent owns more than the bottom 50 percent of all American citizens. Since 1980 we all contributed to a great national success of our GNP, but the upward redistribution of wealth, because of rule changes, “translates into a trillion extra dollars a year for the richest 1 percent.” (Josh Holland in Alternet.org, October 4, 2011, “If the Top 1% hadn’t ripped off trillions…”)

We adults used to monitor the Wall Street Sandbox. Our oversight through our government stopped unregulated accumulation before it started. Back then, we knew we owned Wall Street and took responsibility for its role in our economy.

Such government intervention after the great depression led to a fairer economy, highways, airports, schools, a safe banking system, libraries, a common defense, etc. and all benefited. Even more importantly, it led to a progressive system of taxation to pay for these priorities and discourage the escalation of massive wealth accumulation that has now made our society unstable.

When Wall Street rolled in crisis as our nation’s biggest banks threatened to collapse, Obama didn’t regulate, he conceded. When the profit-driven medical insurance machine protested Obamacare, Baucus and Obama conceded again to exclude the public option. Like in the Savings & Loan Scandal of the 80’s, we now need a government take-over and jail time, not just a few weak threats, for those who grab our citizens’ earnings and put our nation at risk.

I hoped in vain to hear someone in congress or in the presidential debates speak the truth of what’s gone wrong. Instead they either attack each other, or, following the finger pointing of Glenn Beck, Bill O’Reilly or Rush Limbaugh, attack designated whipping boys like Frances Fox Piven. The really patriotic Americans are those who speak the truth our Wall Street Sandbox children need to hear, without personal attacks.

Just last Monday, a poll was released saying a majority of citizen Democrats, Republicans, and Tea Partiers would agree on Obama’s plan to restore some of the Reagan era tax rates on the 1% richest. Yet the Republican congress maintains its opposition to Obama’s jobs bill, because they can attach the label “tax raise.” They don’t want our American president working to fix that sandbox fracas causing not just a few eye scratches, but massive human deprivation and death world wild.

Some three weeks ago, for the first time in my life I heard massive numbers of grownup citizen voices speaking this truth about Wall Street. Amazingly, these are mostly college kids, or kids who dropped out because they couldn’t get jobs or afford college.

So we can take hope. Not only has the Arab Spring become the American Autumn, we are also building a new private sector on values of “Social Entrepreneurs.” Our private sector with worldwide support is leading the way to restore grownup rules to the world economy, which is similarly in shambles. There really are large international corporations bringing corporate interests of the world back into adult responsibility in our world economy. One of many credible organizations facilitating this revolution is “Bioneers.” Look them up on line, or find

greenwoodback40.blogspot.com

(the following is continued from the shorter version in Big Horn County News)

As the economic equity of our nation is increasingly concentrated among fewer of our citizens, consequences more dire than sand in the eyes threaten our nation and the world. This is hidden from our awareness in America by subtle but pervasive censorship. The institutions of a fair economy, a free press, law-abiding armed forces and police, our system of jurisprudence, and even our capitalist democracy are in trouble, and we are left in the dark as to how and why.

I have a copy on my desk of the most recent edition of Project Censored, released last week. See greenwoodback40.blogspot for a short review.

On Project Censored

Every two years a group of writers and scholars, inspired by reporters such as Walter Cronkite, have been gathering with editor Peter Philips, sociology professor at Sonoma State University, to assemble the research.

A wave of real reform in the worldwide economic institutions of finance and banking is escaping the attention of mainstream American business. Some of the biggest corporations are abandoning venture capitalism, hedge funds, and the modern wave of complex economic risk taking that has burst our American economic bubble. Well before any danger was detected in Wall Street, these reforms were burgeoning.

We are so entrenched in the profound changes in our rules, changes coordinated by the elite of Wall Street and confirmed by all three branches of our government, that we have forgotten the prosperity and freedoms we enjoyed prior to our departure from our original values of American capitalism and from the freedoms enshrined in our constitution and our form of government. The world has noticed, and reacted. Most of the reaction has been building on the writings and history of America.

On the Wall Street Occupation: If it’s like the first Wall Street Occupation of the late 1800’s, these young people will continue for decades to be routed, attacked and arrested by police, and an election will repudiate their dreams and voices until the next Great Depression decades later. I hope and pray this doesn’t happen for us. We Americans, at least 99% of us, need to act grownup about our ownership of that sandbox now. Newly grownup players like Warren Buffet and the Gates family will help us restore grownup rules to the economy now run by our Wall Street Sandbox. Unbelievably, Congress remains stubbornly opposed. Having failed to learn from our history with Wall Street and the Great Depression, we seem destined to repeat it.

On “Bioneers”

It’s not always been this way. The dramatic changes in rules facilitating greed in Walls Street are the focus of a paper by Economists Thomas Picketty and Emanuel Saez of UC Berkeley (elsa.berkeley.edu/~saez/pikettyqje.pdf). Some of their recollections:

Rabobank International's Manager of Corporate Social Responsibility from Holland, which was voted World's Third Most Sustainable Bank; Meiny Prins, CEO of Priva, a leading Dutch environmental services company, who was voted "Dutch Businesswoman of the Year"; Michael Jacobson, Director of Intel's Corporate Responsibility Office; and Hugo Steensma, former director of Sustainable Asset Management and CEO of Rabobank North America.

"Business-As-Unusual: New Models of Enterprise, Ownership and Social Entrepreneurship" will survey the emerging topography of new organizational business and financial species to harness commerce and trade for the common good. Hosted by Michael Marx, Executive Director of Corporate Ethics International and Business Ethics network, the panel also features Steven Hill, leading political thinker and groundbreaking author of Europe's Promise: Why the European Way Is the Best Hope for an Insecure Age; Deborah Hirsh of B Lab, a nonprofit supporting the community of Certified "B Corporations" with comprehensive social and environmental standards; Bodhi Garrett, eco-tourism entrepreneur and founder of North Andaman Tsunami Relief in Thailand; and Jenny Kassan, Managing Director of Katovich Law Group, and board member of the Sustainable Business Alliance.

Unlike the many pessimistic scape-goating pundits on talk radio promoting their side show interests, I believe many of the options we embarked upon in Obama’s election of 2008 are right. The way forward is clear. But overwhelmed by the size of the changes needed, by scary side shows pummeling the populace, the decision itself to move in the right direction has become stymied. We have ground the Obama administration and the nation to a stop.

Christopher Ketcham's essay "The Reign of the One Percenters," was published on Orion's website, is available on Alternet Oct 7, “the_reign_of_the_one_percenters” and is forthcoming in the November/December 2011 issue of the magazine.

Wall street criminals arrested to date: 0

“Occupy Wall Street” citizens protesting Wall Street crimes arrested: over 700.

The largest mass arrest in US history took place last Saturday, October 1, when citizens demonstrating against Wall Street CEO’s who have profited enormously through bailouts from citizen taxpayers while their insider trading and deceptive wealth grabbing schemes remains uninvestigated and not one arrested. There is evidence the NYPD entrapped the Wall Street demonstrators on the Brooklyn Bridge by clearing a traffic lane, then blocking both ends of the bridge and arresting everyone.

http://www.nationofchange.org/eric-cantors-hyper-partisan-hypocrisy-he-hails-tea-party-fighting-condemns-occupy-wall-street-mo