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Date: Mon, 17 Oct 2011 22:14:39 -0700 (PDT)
Local: Tues, Oct 18 2011 12:14 am
Subject: Google find read articles/books by Krugman/Stiglitz/Reich/
Baker/Kuttner/Roubini/Galbraith/ Johnson/Madrick/Naomi Klein/ West/
Hacker/McKibben/Ferguson/Lessig/Ratigan/Sachs:The Krugman/Stiglitz
Army Is on the March
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Google find read articles/books by Krugman/Stiglitz/Reich/Baker/
Kuttner/Roubini/Galbraith/ Johnson/Madrick/Naomi Klein/ West/Hacker/
McKibben/Ferguson/Lessig/Ratigan/Sachs:The Krugman/Stiglitz Army Is on
the March
http://www.huffingtonpost.com/miles-mogulescu/the-krugmanstiglitz-arm...
Miles Mogulescu
Entertainment attorney, writer, and political activist
The Krugman/Stiglitz Army Is on the March (and It's Too Late for
Michael Bloomberg to Stop It)
Posted: 10/14/11 05:04 PM ET
When the Pope criticized Stalin's treatment of Catholics, Stalin
famously asked, "The Pope? How many divisions has he got?"
When Paul Krugman criticized the Obama administration for including
too many tax cuts in a too-small stimulus package, Rahm Emanuel
famously asked, "How many bills has he passed?"
As I write, New York's Billionaire Mayor Bloomberg has, at least for
the moment, wisely backed off from a threat of a police action to
remove the #Occupy Wall Street protesters from Zuccotti Park. The
#Occuppy Wall Street/We Are the 99% Movement has reached a critical
mass where, in the face of police repression, it's only likely to grow
bigger, stronger and smarter as it spreads throughout the country and
the world. (When former Egyptian President Hosni Mubarak sent police
and thugs to break up to Tahrir Square protests, their numbers only
swelled.)
The protesters have clearly identified the enemy as Wall Street greed
and the growing concentration of wealth and political power in the
richest 1%. (For those of you in the media or other readers who still
don't get what the protestors are upset about, The Business Insider's
Henry Blodget clearly spells it out in these graphics.) However, the
protesters haven't put forth a traditional list of "demands" or policy
proposals. These may or may not come in time as short-term protests
evolve into long-term movements.
But the problem is not a shortage of policy ideas on how to reduce the
power of the Wall Street financial sector, create jobs, strengthen the
middle class, restructure the economy, and reduce the influence of
money in politics.
The problem is that, until now, there's been no
political force fighting for such principles to give them political
traction.
In short, the likes of Nobel Prize-winning economist like
Paul Krugman and Robert Stiglitz, and former Clinton Labor Secretary
Robert Reich have had no "army" to take on the army of organized money
and lobbyists bent on insuring their ideas get no traction with
politicians who rely on big money to get elected.
With the #Occupy Wall Street protests spreading to cities around the
country and the world, that may be about to change.
The Krugman/
Stiglitz Army* may be starting to march.
Whether or not the somewhat anarchic, consensus-driven General
Assemblies of the various occupations (which are both their strength
and weakness) officially adopt the specific policy proposals of the
likes of Krugman, Stiglitz, Reich, and other creative economic and
political thinkers, the rapidly growing "We are the 99%" movement may
provide the jet propulsion to thrust them into the world of practical
politics.
Many of the people occupying Wall Street and other cities around the
country or engaging in related actions rang doorbells, made phone
calls and gave small contributions as part of a massive grassroots
movement to elect Barack Obama. But after November, 2008, believing
that Obama's election would be enough to bring the "Change they could
believe in", most of them demobilized and went back to their daily
lives, hoping Obama would be a new FDR and enact transformational
structural change to strengthen the middle class and limit the power
of Wall Street.
Once elected, Obama ditched campaign advisors like Joe Stiglitz and
Paul Volker for a Wall Street- friendly economic team led by Larry
Summers and Tim Geithner that did everything in its power to block
structural change to the financial system of the type advocated by the
likes of Stiglitz, Krugman and Reich. (See Ron Suskind's new book
"Confidence Men: Washington, Wall Street and the Education of a
President.")
If there was a popular counter-weight, it came entirely from the Tea
Party right which fought for even less regulation of Wall Street and
even lower taxes on corporations and the wealthy. With financial
backing from the likes of the Koch Brothers, media support from Fox
News, and organizational help from the likes of Freedomworks (headed
by former Republican House Majority Dick Armey), the Tea Party has
succeeded beyond its wildest dreams in substituting deficit reduction
for jobs creation as the political focus not only of Republicans but
also of many Democrats, including Obama (at least until Obama's
rhetorical pivot to jobs creation in the past month).
At the very least, the protests of the #Occupy Wall Street Movement
and the many spin-offs it's likely to generate in coming months have
the power to shift the political debate back from a focus on short-
term deficit reduction to job creation.
On a more profound level, the growing "We are the 99%" movement may
provide the political army to thrust the policy proposals of some of
America's leading public intellectuals into the political arena. In
addition to Krugman, Stiglitz and Reich, they include other economists
like Dean Baker, Robert Kuttner, Nouriel Roubini, James Galbraith,
Simon Johnson and Jeff Madrick; public intellectuals like Naomi Klein,
Cornell West, and Jacob Hacker; climate change activists like Bill
McKibben, and campaigners to get money out of politics like Lawrence
Lessig, Thomas Ferguson and Dylan Ratigan. (See video of Stiglitz,
Madrick, Klein, West, McGibben and Ratigan speaking to the #Occupy
Wall Street demonstrators by clicking on their names, indicating a
burgeoning tie between the people in the streets and the people with
the policy ideas. While Krugman blogs that his position as a NY Times
writer restricts him from joining the protest, he also blogs that "my
army may have arrived".
The policy proposals put forth by some of these creative thinkers**
include:
• Enact robust public infrastructure investment (including green
infrastructure) that stimulates sustained employment-generating
demand.
• Restructure mortgages and other consumer and student debt including
principal reduction (a version of which is supported even by Ronald
Reagan's chief economic advisor Martin Feldstein).
• Break up the
biggest banks so they're small enough to fail.
• Reinstate Glass-
Steagall to separate federally insured commercial banks from risky
investment banks.
• Add surtaxes on the wealthiest Americans.
• Increase the 15% capital gains taxe to more closely equalize tax
rates between wealth and work.
• End the hedge fund manager loophole which taxes their compensation
at 15%.
• Enact a financial transactions tax to raise $100 billion a year and
reduce speculation.
• End the War in Afghanistan and substantially reduce Cold-War level
military budgets.
• Pursue civil and criminal prosecutions of Wall Street speculators
whose fraudulent activities caused the financial crisis--send some
bankers to jail.
• Adopt Medicare For All to join the rest of the advanced capitalist
world in providing universal health care at half the per capita cost
as the US.
• End the influence of money in politics which is often the reason
such common sense reforms fail to get political tractions from
politicians who rely on big money contributions to get elected.
Rolling Stone's Matt Taibbi has just published his own suggested 5
point program which overlaps with much of the above.
Whether or not the the #Occupy Wall Street protesters explicitly adopt
such policy proposals or only generate political energy for the spirit
of them, the Krugman/Stiglitz Army is at last on the march. As Krugman
himself blogs, "this may be the start of something both big and good".
-------------------------------------------------------------------------------------
*Credit to Rick Yeselson writing on Ezra Klein's Washington Post blog
for first alluding to the concept of Krugman's army
**For readers interested in more specific policy proposals on how to
reduce the power of Wall Street, create jobs, strengthen the middle
class, restructure the economy, and reduce the influence of money in
politics, Google and find read articles and books to read by Paul
Krugman, Joseph Stiglitz, Robert Reich, Dean Baker, Robert Kuttner,
Nouriel Roubini, James Galbraith, Simon Johnson, Jeff Madrick, Naomi
Klein, Cornell West, Jacob Hacker, Bill McKibben, Thomas Ferguson,
Lawrence Lessig and Dylan Ratigan, among others.