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More Advice For the Wall Street Protesters

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Over at Mother Jones, Kevin Drum gets behind Matt Taibbi's advice to the Occupy Wall Street protesters – to work up "a short but powerful list of demands" aimed at really cleaning up Wall Street – and throws in a few suggestions of his own:

If it were up to me I'd slot in some kind of leverage requirement in place of the lobbying item, but I recognize that this wouldn't exactly be a populist crowd pleaser. So if that doesn't work, how about banning credit default swaps? Despite the best efforts of several people to convince me otherwise, I remain skeptical that they're a net positive for the financial system. I don't know how practical an outright ban would be unless we got the rest of the world to go along, but it's probably a little bit better as a rallying cry than "Hey hey, ho ho, risk-based capital has got to go, and it should be replaced by a simple leverage ratio of at least 10%."

Meanwhile, on Letterman last night Bill Clinton said the protesters need to start focusing on specific politcal solutions to boost the economy: "I think that, on balance, this [protest] can be a positive thing, but they’re going to have to transfer their energies at some point to making some specific suggestions ... to put the country back to work," he said. A good place to start: Obama's jobs plan. "They need to be for something specific and not just against something because if you’re just against something, somebody else will fill the vacuum you create," he said.

Related
My Advice to the Occupy Wall Street Protesters by Matt Taibbi

 

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