Former Obama Official: Why I Applaud ‘Occupy the SEC’
February 24, 2012
In the months since Occupy Wall Street pitched its first tents last September, one criticism of the movement has been that it does not offer much in the way of solutions. Enter Occupy the SEC, an Occupy offshoot made up of activists and veterans of the financial sector. Instead of taking the public stand of OWS, they’re using a different tactic: They’ve written a detailed 325-page analysis of the Volcker rule. And, in my view, they’ve got it exactly right. First, some background.
When historians look back at this benighted moment in time, they may find themselves puzzled by how we refused to take the necessary steps to improve our economic situation. Depending on what happens in coming months, they may find that the best solutions—aggressive fiscal and monetary stimulus here in the United States, bank recapitalization and debt restructuring in the EU—were left on the table, while millions unnecessarily suffered. A footnote in that history may be the decision of Fannie Mae and Freddie Mac not to do more to help the housing market recover.
This article is a contribution to 'Is There Anything That Can Be Done? A TNR Symposium On The Economy.' Click here to read other contributions to the series. Here’s the policy reality facing the president: The economy is stuck in the mud and the American people are losing faith that policy makers can do anything about it. As long as GDP growth is persistently below trend—trend being around 2.5 percent—the unemployment rate won’t be going anywhere good anytime soon.