The Occupy Wall Street movement has attracted some public attention but hasn't really done anything to achieve its goals. (Actually, it's not clear to me what its goals are, or even if it has any particular goals.) Its activities seem designed to get the attention of local government but not to have much effect on the people and institutions it's complaining about.
Although I'm on the outskirts of the group against which Occupy Wall Street is protesting, I like to see protests done right -- call it an artistic sensibility if you wish. In that vein, I'd like to propose a change in approach.
The problem with occupying Wall Street is that Wall Street, in the sense against which Occupy Wall Street is protesting, is a concept -- a network of people and relationships -- and not a physical place. Yet all they are doing is occupying the physical place. Instead of occupying Wall Street, they should preoccupy Wall Street.
Preoccupy Wall Street? Yes! The PWS movement, as yet unstaffed (I'm inventing it, not joining it), will take as its mission to distract from its tasks those parts of the financial world that got us into this mess, and the senators and representatives who stood by and enabled it, by preoccupying them with responding to the citizens whose lives they've upended. Here are some ways that the PWS movement can preoccupy Wall Street:
1. Call up Phil Gramm at UBS AG and ask him if he still thinks that the Gramm-Leach-Bliley Act was a good idea. (That's the act that legitimized incest between banks and investment banks.) If your senator or representative was in office in 1999 and voted for Gramm-Leach-Bliley, call him or her and ask the same question.
2. Leave a message for your favorite bank president, asking if he or she favors deregulating deposit insurance and letting the marketplace set the rates for deposit insurance so that bad banks have to pay more or go without deposit insurance.
3. Buy a large supply of old Zimbabwean bank notes (the ones that have denominations as high as $100,000,000,000,000 because of hyperinflation and economic collapse). Then pick a day and hire every bike messenger in lower Manhattan to deliver them to the offices of investment bankers, one at a time throughout the day.
4. Call your least favorite bank and ask what rate it will charge you to lend you money to speculate in the stock market. Then ask if that's the same rate it would have offered MF Global before it collapsed on Hallowe'en. (Trick or treat!)
5. Send a note to the offices of some of the 61 members of the House Committee on Financial Services, and ask them if they'll forswear contributions from officers and directors of the institutions they regulate until the mess has been cleaned up and banks have stopped going under. Its members include Michael Capuano and Brad Miller, about whom I've written before. You can even ask Michelle Bachmann what she thinks -- she's a member also!
6. Participants away from Washington and New York can visit the district offices of the nearest members of the Committee, and explain their feelings on their elected representatives accepting gifts from the culprits.
7. Get a thousand or two people together at Wall Street (or its functional equivalent) and have everyone place cell phone calls at the same time, right before the stock market opens. See if everyone can get through.
Many other ways exist to creatively annoy Wall Street that don't require a tent and a portable toilet, and that will get attention of the industry and its regulators more effectively. Don't occupy Wall Street -- preoccupy it!
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