What Congress Should Learn from OWS


This post written by me was orginally posted on Policymic and No Labels

 

Occupy Wall Street has taken off. The movement is quickly spreading across the world, with new Occupy movement surfacing seemingly daily. The movement is not without its critics, who point to the vast number of messages coming out of the protests as a sign the movement does not have a singular voice.

While there may be many messages out there from the participants, it is not hard to find some central themes from the movement. Not just Wall Street needs to be listening. Congress can and should learn a lot from the Occupy movement, using the protests as a motivation to end our partisan gridlock and do what is best for the country.

Neither Congress nor Wall Street is innocent when it comes to causes of the current crisis, and because of this, neither has been good at finding solutions. The OWS movement has come clear asks, listed on their website as a series of complaints against the industry.

Here are a couple that Congress should pay particular attention to: stop illegal foreclosures; no more bank bailouts; and create jobs.

All of these have direct links to actions that Congress can take. People are angry that despite the robo-signing scandal, big banks are still trying to foreclose on homes with fraudulent paperwork and/or without being able to produce the note. Congress can pass legislation making this illegal, which would force banks to clean up their paperwork. The robo-signing scandal has banks like Bank of America facing lawsuits that could cripple them.

This leads to another ask of the movement, no more bank bailouts. Congress should listen, stop fighting the provisions in the Dodd/Frank Act that stop too big to fail, and provide a path to winding a bank down instead of bailing banks out.

The biggest grievance of the movement and every other American is creating jobs. Neither side can agree on how to create jobs, but everyone in Congress should take the growing anger as a sign to put aside partisanship and get some legislation passed. Getting people back to work is the single most important demand. Jobs can help homeowners pay their mortgage and avoid foreclosure, help recent grads pay their student loans, can get people spending money to boost the economy, and can create a bigger tax base to generate more tax revenue.

To me, the message is pretty clear: People are clearly angry by the direction of this country. Even though the brunt of the anger is being directed at Wall Street, Congress is not shielded. The messages should not only be heard by the big banks on Wall Street, but also through the halls of Congress. There are specific asks that Congress can act on, and they should listen carefully to the occupiers. Both Congress and OWS are made up of varying people with different mindsets, yet OWS protesters have managed to find a way to work together.

Here is to hoping that Congress is not only listening, but learning from OWS on how to work together, so they can end the gridlock and do what is best for the country.

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My Quick Take on the Jobs Speech


While under ordinary circumstances, this night would have been all about football these aren’t normal times.  The current crisis calls for action to create jobs and address the foreclosure crisis in order for us to move forward. People have been waiting for a comprehensive jobs plan to come out of D.C. and the speech was to deliver that plan.

President Obama was back to his old campaign form.  The speech felt like one of the moving speeches from the campaign, where you were captivated even if you didn’t agree. I think he played both sides well.  For his base, he focused on stimulus through tax breaks for the middle class, and job creation through rebuilding infrastructure.  He also played to republicans by mentioning the corporate tax rate, entitlement reform, and a mention about regulations.  He catered enough to both sides that I think there is real pressure to get something done. Even in a post speech interview Eric Cantor ( R-VA), couldn’t disagree much and admitted there was a lot to work with in the speech.

With all that being said, I think there were some specifics that could have used some more details.  He mentioned that everything would be paid for, but left us waiting for the specifics.  Yes, he mentioned cuts already made, and promised a detailed plan in the coming week, but some of those details would have been useful. When talking about eliminating loopholes to lower the corporate tax rate, while I know there are many options, but mentioning one or two of the possibilities would have been nice.

My biggest issue with the speech, was the plan for the foreclosure mess seemed like an afterthought.  He mentioned a refinance plan to capitalize on the low rates, but left it at that.  I have been critical of his foreclosure prevention plans in the past, and feel that more attention needs to paid to this issue.  I wanted to hear a strategy to address the refinance plan in the speech, but will have to wait for future speeches I guess.

Overall, I though the speech hit the right points, and had Obama in campaign mode, which really helped him shine.  Once the dust settles from this it will be important for us to hold congress accountable to get this done.