Here is what the Wall Street Occupation is all about:

BY: EconFriend

Here is what the Wall Street Occupation is all about: Demand Side vs Supply Side economics. Or in conventional wisdom, 99% vs 1%.

1. Wall Street "has to be well capitalized and well financed for the economy to recover."

2. Business people are job creators.

3. The government never created a job.

4. Government should be run like a business.

5. Save the banks. Screw the public and home owners.

6. Senators and Congressment represent us.

All six (above) are wrong. All are wrong-headed supply side perspectives.

The Dems, Progressives, free thinkers and liberal elites (to me this is a favorable term for the ability to learn and think) need to rephrase the whole break-down in politics as Demand Side economics vs Supply Side Economics.

The Republicans, Banksters, Business Tycoons, their lobbyists and henchmen are still using the the same, self-serving, but deceptive supply-side language.

The supply side economics of Arthur Laffer and unregulated markets of actor Ronald Reagan have been discredited and should now be discarded.

70% of our economy is consumer drive. Period. That means, the 99% (we the people) need the capital and financing - not the banks.

That means, the 99% (we the people) create the demand - not the businesses.

One. Banks should only be intermediaries. They should be processing and holding our savings and capital - not theirs (excluding their business equity and prudent and statutory capital reserves against their lending). Period.

Two. No business person will create a job, unless and until he has demand for a product or service. For 99% of all businesses, this is not the chicken and egg dilemna of which comes first. Except for a very few entrerenuerial and/or start up companies, 99% of all businesses do not expand staff until the cash register rings with sales. Consumer demand represents 70% of the revenue for all goods and services. Demand drives jobs. Not tax credits. So, for me this simple - we must drive consumer demand. Period.

Three. How can a Senator, Congressmen, Governor, or the like, receiving a US Federal government paycheck, say the governemtn does not create jobs. They each have a government job. Their staffs have federal governemnt jobs. I could continue this to every level of local, county, state and national governement and all the public and quasi-public agencies. What about public policy? Public streets and roads don't promote the automobile (sales maufacturing and service)? NASA doesn't promote the aerospace industry? Marine ports and air ports don't promote commerce? The bid myth is, big business loves the government for all the contracts and federal government revenue they receive. They want the greed part, but not the governement services part of government. Government produces Jobs. Period.

Four. Running a government like a business is supply side economics again. Cut the budget when things get bad. Lay off the workers. Cut services and programs. Protect the owner's equity stake. But, our government is not a private enterprise. We own it. It serves us all. I suggest, we run the government like we run our families and households. When times are good, we spend some, but also save and invest some. When times are bad, we tighten the belt a little, but keep paying the bills. And, if we lose our job, we tighten a little more and live off savings and investments - deficit financing - spending more than we take in. It's OK to have deficit spending. When times get better, we pay off the debt and start saving and investing again.

Five. If Joseph Stiglitz is right, there were only $600B in sub-prime loans and $600B in ALt-A loans, for a total of $1.2 Trillion in sub-prime and Alt-A loans, before the economy tanked. Rember, the economy collapsed because the banks feared each other - inter-bank credit fears - not because of consumer fears, or at the time job-losses. Most of the beforementioned loans were not in default. It ended up, however, the banker's own deriative products failed (read-up above derivatives thanks to Enron /Republican Senator Phil Gramm). Then, Bush and Obama's treasury secretaries bailed out Wall Street, instead of bailing out Main Street. We are still giving Billions to the banks. We could have simply given a short mortgage payment holiday to anyone in trouble and handled the whole thing for a few hundred million dollars - with no recession, no GM problems, no national debt problems.

Six. When the economy failed, our Senators and Congressmen immediately defaulted to the aid of Wall Street and Business. They did not default to the aid of Main Street. Senators and Lobbyists are supposed to be our lobbyists to Washington. We elect them. We pay them. They have all forgotten who they work for. Throw them all out for those who commit to represent us. That, of course, means, getting corporate money out of politics.

So, here is my seventh point. Corporations are not people. They certainly are not citizens. They have no responsibilites as citizens - so they can't be us. They do not serve in the jury box. They can not enter the voting booth. They do not sign up for selective service and, if we had a draft, do not serve.
A few good, liberal minded Mayors could get a few court cases going on this fast - supoena a few CEOs and Board Chairmen to serve in community jury boxes on long difficult cases. They will fight back in two seconds and show their true colors. Barack Obama should direct the selective service to require every CEO and Board Chairman sign up for selective service. They would also fight back and show their true colors. Since corporations are not people and they certainly are not citizens, they should not be allowed to corrupt our government or our elections. Politicians that are sucking at the tit of business, the chamber of commerce, business lobbyists and wall street should be removed from office.

So this is simple:

(1). Let the big banks fail. Smaller regional banks will take their place and, in the long run, provide us more security through smaller scaled banks and diversity.

(2). Stimulate the economy through the 99%. Tax businesses and the rich.

(3) and (4). Keep up government employment and spending. Author public policy thats promotes jobs and economic expansion.

(5). Save homeownership. Stop foreclosures. Redirect the government hand-outs and provide a mortgage holiday.

(6). Fire the rascals. Hire citizen politicians. Get rid of the career class, wall street and business aligned types roaming the halls of congress.

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