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Saturday, October 15, 2011
Today's Occupy SF March
We've spent a few evenings hanging out at the OccupySF encampment in front of the Federal Reserve Building. Today we went to a march that went from the base camp to City Hall. While not as big as some recent SF marches (particularly right before the Iraq invasion) the energy level and enthusiasm was high. I estimate the crowd at a few thousand. As a veteran of street protests in the Philippines I've always believed that real change requires a parliament of the streets.
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6 comments:
Great march great people I'm looking forward to watching this movement grow and organize. I joined the march today and it felt great to speak my mind and carry my sign. I hope to help reach out cross culturally as I saw alot of white folks. But god damn I love America. The people I saw today reminded me.
Can I ask what exactly were you matching for?
I was at a street fair that got occupied following the times square events.
I don't understand what change you want. Everyone kept chanting about the bailouts.
Firstly, let me say I am for free markets and was against the bailouts. I do not like the government picking winners and lowers in anything.
A few questions :
A. The bailouts came with equity in the banks and was profitable for the govt. CNN did a piece on this. What would people give in exchange for personal bailouts?
B. Why are celebrities and athletes somehow exempt from the vitriol?
C. A common complaint was there are no jobs in my field. One person was a philosopher and wanted to work in philosophy. what type of solution is Pictured?
Anonymous,
OccupySF like other "occupy" movements across the US doesn't have a single set of demands. Personally I think the following things are important:
1. Too big to fail banks need to be downsized. Imagine another financial crisis in the future and with the surviving banks much larger, it's pretty clear that the government will have to socialize losses, again.
2. Serious Campaign Finance reform & and an end to Corporate Personhood: We need to limit corporate influence in politics. The amount of money companies spent on lobbyists and PACs makes it hard for citizens and public interest groups to compete.
3. Executive compensation and bonuses: Bonus payouts and executive compensation should be tied to long-term profits, not to paper profits today that are gone tomorrow.
Ben,
I think all of your points are valid and most people would agree with you. I just saw a fair get shutdown and I was appalled.
Besides bankers which I am not, I know of no one who thinks too big to fail should become "too bigger to fail."
2. Honestly, most people would agree with you. There are several reforms that would tackle this.
(Namely term limits in congress)
3. I am not sure why private business could not do whatever it wants. Are equity payouts sufficient? The people who should have been monitoring risk were ruined the worst. (Take Dick Fuld or Jimmy Cayne)
Anonymous,
>> I am not sure why private business could not do whatever it wants.
This brings us back to the "too big to fail" quandary, which means some banks have an "implicit" government guarantee. (Socialize losses but not profits.)If you have bonuses awarded based on 1-year performance, and there is no downside (other down a $0 bonus), you can see why risk controls might be sloppy. Many traders and bankers switch jobs after they get their bonuses -- what happens if the trades they put on blow up after they leave. Or for that matter, even if they stay, they don't have to return those bonuses.
Are equity payouts sufficient?
>> Maybe, if payable over the long-term. We need long-term performance metrics, given that the amounts can at times be so large.
I agree with you on the too big to fail point. Who wouldn't?
Its just a bit too amorphous of a movement right now. I hear good points and crazy points. Many people would not agree with each other's points.
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