HOME



Digby's Hullabaloo
2801 Ocean Park Blvd.
Box 157
Santa Monica, Ca 90405



Twitter:
@digby56
@DavidOAtkins

emails:
Digby:
digbysez at gmail
David:
isnospoon at gmail
Dennis:
satniteflix at gmail








Infomania

Salon
Buzzflash
Mother Jones
Raw Story
Huffington Post
Slate
Crooks and Liars
American Prospect
New Republic
Common Dreams
AmericanPoliticsJournal
Smirking Chimp
CJR Daily
consortium news

Blog-o-rama

Eschaton
BagNewsNotes
Daily Kos
Political Animal
Driftglass
Firedoglake
Taylor Marsh
Spocko's Brain
Talk Left
Suburban Guerrilla
Scoobie Davis
Echidne
Electrolite
Americablog
Tom Tomorrow
Left Coaster
Angry Bear
oilprice.com
Seeing the Forest
Cathie From Canada
Frontier River Guides
Brad DeLong
The Sideshow
Liberal Oasis
BartCop
Juan Cole
Rising Hegemon
alicublog
Unqualified Offerings
Alas, A Blog
RogerAiles
Lean Left
Oliver Willis
skippy the bush kangaroo
uggabugga
Crooked Timber
discourse.net
Amygdala
the talking dog
David E's Fablog
The Agonist


Saturday Night at the Movies by Dennis Hartley review archive

01/01/2003 - 02/01/2003 02/01/2003 - 03/01/2003 03/01/2003 - 04/01/2003 04/01/2003 - 05/01/2003 05/01/2003 - 06/01/2003 06/01/2003 - 07/01/2003 07/01/2003 - 08/01/2003 08/01/2003 - 09/01/2003 09/01/2003 - 10/01/2003 10/01/2003 - 11/01/2003 11/01/2003 - 12/01/2003 12/01/2003 - 01/01/2004 01/01/2004 - 02/01/2004 02/01/2004 - 03/01/2004 03/01/2004 - 04/01/2004 04/01/2004 - 05/01/2004 05/01/2004 - 06/01/2004 06/01/2004 - 07/01/2004 07/01/2004 - 08/01/2004 08/01/2004 - 09/01/2004 09/01/2004 - 10/01/2004 10/01/2004 - 11/01/2004 11/01/2004 - 12/01/2004 12/01/2004 - 01/01/2005 01/01/2005 - 02/01/2005 02/01/2005 - 03/01/2005 03/01/2005 - 04/01/2005 04/01/2005 - 05/01/2005 05/01/2005 - 06/01/2005 06/01/2005 - 07/01/2005 07/01/2005 - 08/01/2005 08/01/2005 - 09/01/2005 09/01/2005 - 10/01/2005 10/01/2005 - 11/01/2005 11/01/2005 - 12/01/2005 12/01/2005 - 01/01/2006 01/01/2006 - 02/01/2006 02/01/2006 - 03/01/2006 03/01/2006 - 04/01/2006 04/01/2006 - 05/01/2006 05/01/2006 - 06/01/2006 06/01/2006 - 07/01/2006 07/01/2006 - 08/01/2006 08/01/2006 - 09/01/2006 09/01/2006 - 10/01/2006 10/01/2006 - 11/01/2006 11/01/2006 - 12/01/2006 12/01/2006 - 01/01/2007 01/01/2007 - 02/01/2007 02/01/2007 - 03/01/2007 03/01/2007 - 04/01/2007 04/01/2007 - 05/01/2007 05/01/2007 - 06/01/2007 06/01/2007 - 07/01/2007 07/01/2007 - 08/01/2007 08/01/2007 - 09/01/2007 09/01/2007 - 10/01/2007 10/01/2007 - 11/01/2007 11/01/2007 - 12/01/2007 12/01/2007 - 01/01/2008 01/01/2008 - 02/01/2008 02/01/2008 - 03/01/2008 03/01/2008 - 04/01/2008 04/01/2008 - 05/01/2008 05/01/2008 - 06/01/2008 06/01/2008 - 07/01/2008 07/01/2008 - 08/01/2008 08/01/2008 - 09/01/2008 09/01/2008 - 10/01/2008 10/01/2008 - 11/01/2008 11/01/2008 - 12/01/2008 12/01/2008 - 01/01/2009 01/01/2009 - 02/01/2009 02/01/2009 - 03/01/2009 03/01/2009 - 04/01/2009 04/01/2009 - 05/01/2009 05/01/2009 - 06/01/2009 06/01/2009 - 07/01/2009 07/01/2009 - 08/01/2009 08/01/2009 - 09/01/2009 09/01/2009 - 10/01/2009 10/01/2009 - 11/01/2009 11/01/2009 - 12/01/2009 12/01/2009 - 01/01/2010 01/01/2010 - 02/01/2010 02/01/2010 - 03/01/2010 03/01/2010 - 04/01/2010 04/01/2010 - 05/01/2010 05/01/2010 - 06/01/2010 06/01/2010 - 07/01/2010 07/01/2010 - 08/01/2010 08/01/2010 - 09/01/2010 09/01/2010 - 10/01/2010 10/01/2010 - 11/01/2010 11/01/2010 - 12/01/2010 12/01/2010 - 01/01/2011 01/01/2011 - 02/01/2011 02/01/2011 - 03/01/2011 03/01/2011 - 04/01/2011 04/01/2011 - 05/01/2011 05/01/2011 - 06/01/2011 06/01/2011 - 07/01/2011 07/01/2011 - 08/01/2011 08/01/2011 - 09/01/2011 09/01/2011 - 10/01/2011 10/01/2011 - 11/01/2011 11/01/2011 - 12/01/2011 12/01/2011 - 01/01/2012 01/01/2012 - 02/01/2012 02/01/2012 - 03/01/2012 03/01/2012 - 04/01/2012 04/01/2012 - 05/01/2012 05/01/2012 - 06/01/2012 06/01/2012 - 07/01/2012 07/01/2012 - 08/01/2012 08/01/2012 - 09/01/2012 09/01/2012 - 10/01/2012 10/01/2012 - 11/01/2012 11/01/2012 - 12/01/2012 12/01/2012 - 01/01/2013 01/01/2013 - 02/01/2013 02/01/2013 - 03/01/2013 03/01/2013 - 04/01/2013 04/01/2013 - 05/01/2013 05/01/2013 - 06/01/2013 06/01/2013 - 07/01/2013 07/01/2013 - 08/01/2013 08/01/2013 - 09/01/2013 09/01/2013 - 10/01/2013 10/01/2013 - 11/01/2013 11/01/2013 - 12/01/2013 12/01/2013 - 01/01/2014 01/01/2014 - 02/01/2014 02/01/2014 - 03/01/2014 03/01/2014 - 04/01/2014 04/01/2014 - 05/01/2014 05/01/2014 - 06/01/2014 06/01/2014 - 07/01/2014 07/01/2014 - 08/01/2014 08/01/2014 - 09/01/2014 09/01/2014 - 10/01/2014


 

This page is powered by Blogger. Isn't yours?

Hullabaloo


Friday, October 21, 2011

 
Sophisticated Strategery

by digby

Smart:

Occupy Wall Street held back from rejecting participation in the current American political system Wednesday night when the General Assembly -- the group's main decision-making body -- tabled an official resolution to refuse support for both the Democratic and Republican parties.

It's a sign that the consensus-driven mass of protesters in downtown Manhattan are more concerned with keeping their strategic options open than completely severing ties with a political order they see as fundamentally compromised.

“The Democratic and Republican parties do not represent the people because they’ve been bought and corrupted by Wall Street, and the occupation does not support their candidates," read the statement, which seemed driven by concern on the part of activists that official support from the national Democratic party -- whose leaders have already tentatively embraced the cause -- could destroy the movement's independence.

"The mainstream corporate media is trying to dismiss this movement," said a member of the "We Will Not Be Co-Opted" Working Group as the proposal was offered. "They are constructing a narrative that we are the puppets of the Democratic Party. The Tea Party was co-opted by the Republican Party; we will not be co-opted by the Democratic Party."

Activists are plainly sick of a political culture where leaders of both parties take massive donations from financial companies. But the failure to pass the resolution seemed to indicate a recognition on the part of many that one party is more beholden than the other; indeed, reports that Barack Obama's fundraising from Wall Street is down sharply compared to his 2007-08 campaign provide ammunition for those Democrats who argue that the Dodd-Frank financial reform legislation passed last year was a real win for consumers over big business.

"To be clear, we are in a very good position," said an activist opposed to the resolution in its current form. "Never in my life has a political party been trying to co-opt my agenda! We’re doing very well. We’re reframing the discussion, like certain groups on the other side have been doing for 40 years. If we want 99% to be with us, that includes a lot of people who, for their own reasons, have determined it’s important to engage the political parties that exist. This includes a lot of effective communities. I don’t think now is the time to put up barriers to potential allies."


I'm not a big fan of Ronald Reagan, but I thought he was very politically canny for saying "I don't endorse anyone, they endorse me." That's how the OWS should see it too. It's fine if those sympathetic to either political party endorse their agenda --- and it doesn't mean they endorse the political party in return. In a process like OWS, you can only be co-opted if you want to be co-opted.

(And by the way --- the Tea Party was not "co-opted" by the Republicans. They were already highly partisan Republicans who saw the need to re-brand their affiliation because George W. Bush had tainted the party so badly. This is a dangerous and stupid myth. OWS couldn't be more different and I hope they realize it.)

It's unknown where this is is leading and it's always possible that it will develop into a revolutionary force that aims to overthrow the entire system. But it's far away from that at the moment and the smart thing is to remain political but above politics --- that is, welcome anyone who agrees with their goals and simply ignore those who don't. It's early days and there's no reason to follow anyone's agenda, even including one set forth by those who hate both political parties.

Update: I think this is a sign of the next phase, and it isn't overtly political, but rather going to be a fight for interpretation and framing:

Goldman Sachs, once Wall Street’s highest flier, has been grounded, and it does not bode well for the rest of the financial industry or the New York City economy that depends on it.

The bank, both envied and loathed for its ability to churn out huge profits year after year, reported a quarterly loss on Tuesday — its first since the financial crisis and only its second since going public in 1999.

The misstep by the financial leader speaks to what could be a more lasting shift on Wall Street, which has been steadily retrenching over the last 12 months. While protesters a few blocks away were denouncing greed and “too big to fail” banks, the institutions themselves were coming to grips with the current diminished reality.

Banks, required by regulators to discontinue high-profit businesses like proprietary trading, reduce borrowings and hold more capital, may no longer be able to produce the supercharged earnings that were common before the financial crisis.

Although Wall Street has not changed in some significant ways — top executives are still receiving huge pay packages and its lobbyists continue to have sway in Washington — the industry is facing forces of change unlike anything since the Great Depression. Trading operations are muted. Risk-taking is tempered. And boring businesses are back in vogue.

“These firms are going back to the traditional investment banking model of the 1980s and early 1990s,” said Tom Marsico of the mutual fund firm Marsico Capital Management, once a large owner of financial stocks who shed investments in Goldman and other banks this year.


This is a feint. It's undoubtedly true that Wall Street is feeling the effects of a protracted downturn along with some new pressures from regulations. Boo hoo. But I would bet that this is a result of them finally realizing that acting like asses has bought them a much bigger world of hurt than they bargained for. They are going to launch a full scale PR strategy now in the hopes that they can convince the people that they need to stop the pressure or end up hurting the economy ... and themselves. The pushback is coming and Occupy Wall Street would be wise to have a response ready for that. And they should keep the pressure on.


.

Search Digby!