Showing posts with label Wall Street. Show all posts
Showing posts with label Wall Street. Show all posts

Wednesday, May 16, 2012

Robert Reich Explains How We Need A New Era Of Reform Based On Public -- Not Private -- Morality

Romney Has Public Morality And Private Morality Upside Down

by Robert Reich, cross-posted from his website



Mitt Romney’s reaction to J.P. Morgan Chase’s mounting losses from reckless trades is “the market will take care of it.” His spokesman says “no taxpayer money was at risk” so we don’t need more financial regulation. Romney has even promised to repeal Dodd-Frank if he’s elected president.

Yet at the same time, Romney has come out strongly against same-sex marriage. He’s also against abortion. He has no problem with government intruding on the most intimate of decisions a person makes.

He’s got private and public morality upside down. He doesn’t want to regulate where regulation is necessary — at the highest reaches of the economy, where public immorality has cost us dearly, and will cost even more unless boardroom behavior is constrained. Yet he wants to regulate where regulation is least appropriate — at the level of the individual, in bedrooms and other intimate spaces, where private morality should govern.

This is a dangerous confusion. It should be a matter of personal choice whom to marry and when to have children. But it is undoubtedly a matter of public choice whether big banks should be allowed to take the kind of risky bets that plunged the economy into the worst downturn since the Great Depression, and whether people with great wealth and should be able to buy our democracy with huge campaign contributions.

Please see the attached video and pass it on.

 Robert Reich is Chancellor's Professor of Public Policy at the University of California at Berkeley.  He writes a blog at www.robertreich.org.  His most recent book is Beyond Outrage.

Monday, May 14, 2012

JP Morgan: Bank Or Casino?

Robbie Conal
The New York Times reports that JP Morgan, "which emerged from the financial crisis as the nation’s biggest bank, disclosed on Thursday that it had lost more than $2 billion in trading, a surprising stumble that promises to escalate the debate over whether regulations need to rein in trading by banks."  Its CEO, Jamie Dimon, blamed “errors, sloppiness and bad judgment” for the loss, which stemmed from "a hedging strategy that backfired."

Surprising?  Hardly.  As Travis Waldon writes at ThinkProgress, these are the kind of errors that "could have been prevented were it not for extensive lobbying efforts from banks like JPMorgan, which has spent nearly $10 million on lobbying since the beginning of 2011 (including nearly $2 million already this year)."

Robert Reich reminds us that Dimon has incessantly argued against government regulation of Wall Street:
Last year he vehemently and loudly opposed the so-called Volcker rule, itself a watered-down version of the old Glass-Steagall Act that used to separate commercial from investment banking before it was repealed in 1999, saying it would unnecessarily impinge on derivative trading (the lucrative practice of making bets on bets) and hedging (using some bets to offset the risks of other bets).
And since then, Reich continues, "J.P. Morgan’s lobbyists and lawyers have done everything in their power to eviscerate the Volcker rule — creating exceptions, exemptions, and loopholes that effectively allow any big bank to go on doing most of the derivative trading it was doing before the near-meltdown."

As Waldon writes, "Thursday’s events prove that Wall Street hasn’t learned its lesson from the last crisis, and that America’s 'too big to fail' institutions are too irresponsible to avoid failure. The Volcker Rule, watered down as it may be, is aimed at preventing that. Unfortunately, Dimon and his Wall Street colleagues remain committed to making sure it won’t."

Matt Taibbi explains why we should care "if some idiot trader (who apparently has been making $100 million a year at Chase, a company that has been the recipient of at least $390 billion in emergency Fed loans) loses $2 billion for Jamie Dimon."
Because J.P. Morgan Chase is a federally-insured depository institution that has been and will continue to be the recipient of massive amounts of public assistance. If the bank fails, someone will reach into your pocket to pay for the cleanup. So when they gamble like drunken sailors, it’s everyone’s problem.
Taibbi concludes:
 If J.P. Morgan Chase wants to act like a crazed cowboy hedge fund and make wild exacta bets on the derivatives market, they should be welcome to do so. But they shouldn’t get to do it with cheap cash from the Fed’s discount window, and they shouldn’t get to do it with money from the federally-insured bank accounts of teachers, firemen and other such real people. It’s a simple concept: you either get to be a bank, or you get to be a casino. But you can’t be both. If we don’t have rules to enforce that concept, we ought to get some.

Tuesday, May 1, 2012

Welcome To The 2012 Hunger Games

Sending Debt Peonage, Poverty, and Freaky Weather Into The Arena

By Rebecca Solnit, cross-posted from TomDispatch

When I was growing up, I ate books for breakfast, lunch, and dinner, and since I was constantly running out of reading material, I read everyone else’s -- which for a girl with older brothers meant science fiction. The books were supposed to be about the future, but they always turned out to be very much about this very moment.

Some of them -- Robert Heinlein’s Stranger in a Strange Land -- were comically of their time: that novel’s vision of the good life seemed to owe an awful lot to the Playboy Mansion in its prime, only with telepathy and being nice added in. Frank Herbert’s Dune had similarly sixties social mores, but its vision of an intergalactic world of disciplined desert jihadis and a great game for the substance that made all long-distance transit possible is even more relevant now.  Think: drug cartels meet the oil industry in the deep desert.

We now live in a world that is wilder than a lot of science fiction from my youth. My phone is 58 times faster than IBM’s fastest mainframe computer in 1964 (calculates my older brother Steve) and more powerful than the computers on the Apollo spaceship we landed on the moon in 1969 (adds my nephew Jason). Though we never got the promised jetpacks and the Martians were a bust, we do live in a time when genetic engineers use jellyfish genes to make mammals glow in the dark and nerds in southern Nevada kill people in Pakistan and Afghanistan with unmanned drones.  Anyone who time-traveled from the sixties would be astonished by our age, for its wonders and its horrors and its profound social changes. But science fiction is about the present more than the future, and we do have a new science fiction trilogy that’s perfect for this very moment.

Sacrificing the Young in the Arenas of Capital 

The Hunger Games, Suzanne Collins’s bestselling young-adult novel and top-grossing blockbuster movie, is all about this very moment in so many ways. For those of you hiding out deep in the woods, it’s set in a dystopian future North America, a continent divided into downtrodden, fearful districts ruled by a decadent, luxurious oligarchy in the Capitol. Supposedly to punish the districts for an uprising 74 years ago, but really to provide Roman-style blood and circuses to intimidate and distract, the Capitol requires each district to provide two adolescent Tributes, drawn by lottery each year, to compete in the gladiatorial Hunger Games broadcast across the nation.

That these 24 youths battle each other to the death with one lone victor allowed to survive makes it like -- and yet not exactly like -- high school, that concentration camp for angst and competition into which we force our young. After all, even such real-life situations can be fatal: witness the gay Iowa teen who took his life only a few weeks ago after being outed and taunted by his peers, not to speak of the epidemic of other suicides by queer teens that Dan Savage’s “It Gets Better” website, film, and books aspire to reduce.

But really, in this moment, the cruelty of teens to teens is far from the most atrocious thing in the land. The Hunger Games reminds us of that.  Its Capitol is, of course, the land of the 1%, a sort of amalgamation of Fashion Week, Versailles, and the KGB/CIA. Collins’s timely trilogy makes it clear that the 1%, having created a system of deeply embedded cruelty, should go, something highlighted by the surly defiance of heroine Katniss Everdeen -- Annie Oakley, Tank Girl, and Robin Hood all rolled into one -- who refuses to be disposed of.

Now, in our world, gladiatorial entertainment and the disposability of the young are mostly separate things (except in football, boxing, hockey, and other contact sports that regularly result in brain damage, and sometimes even in death). But while the Capitol is portrayed as brutal for annually sacrificing 23 teenagers from the Districts, what about our own Capitol in the District of Columbia? It has a war or two on, if you hadn’t noticed.

In Iraq, 4,486 mostly young Americans died.  If you want to count Iraqis (which you should indeed want to do), the deaths of babies, children, grandmothers, young men, and others total more than 106,000 by the most conservative count, hundreds of thousands by others. Even the lowest numbers represent enough kill to fill nearly 5,000 years of Hunger Games.

Then, of course, there are thousands more Americans who were so grievously wounded they might have died in previous conflicts, but are now surviving with severe brain damage, multiple missing limbs, or other profound mutilations. And don’t forget the trauma and mental illness that mostly goes unacknowledged and untreated or the far more devastating Iraqi version of the same. And never mind Afghanistan, with its own grim numbers and horrific consequences.

Our wartime carnage has been on a grand scale, but it hasn’t been on television in any meaningful way; it’s generally been semi-hidden by most of the American media and the government, which censored images of returning coffins, corpses, civilian casualties, and anything else uncomfortable (though in our science-fiction era when every phone is potentially a video camera, the leakage has still been colossal). Most of us did a good job of being distracted by other things -- including reality TV, of course.  The US Ambassador and military commander in Afghanistan were furious not that our soldiers struck jokey poses with severed limbs, but that the Los Angeles Times dared to publish them last month. And those whistleblowers who took the effort to reveal the little men behind the throne are facing severe punishment.  Witness one Hunger-Games-style hero, Bradley Manning, the slight young soldier turned alleged leaker, long held in inhumane conditions and now facing a potential life sentence.


The Return of Debt Peonage

In The Hunger Games, kids in poor families take out extra chances in their District lottery -- that is, extra chances to die -- in return for extra food rations; in ours, poor kids enlist in the military to feed their families and maybe escape economic doom. Many are seduced by military recruiters who stalk them in high school with promises as slippery as those the slave trade uses to recruit poor young women for sex work abroad.

And then there’s another form of debt peonage that is far more widespread in our strange and ever-changing land: student loans. The young are constantly told that only a college education can give them a decent future. Then they’re told that, to pay for it, they need to go into debt -- usually into five figures, sometimes well into six. And these debts are, in turn, governed by special laws that don’t allow you to declare bankruptcy -- no matter what.  In other words, they are guaranteed to follow you all your life.

One of my close friends wept when her husband began to earn enough money to pay off her $45,000 loan, structured so that it looked like she would continue to pay interest on it for the rest of her life; not so dissimilar, that is, from the debts sharecroppers and workers in company towns used to incur.

In other words, we’re creating a new generation of debt peonage. And she’s not the worst case by far. Early in the Occupy Wall Street moment, she told me, someone arrived at Zuccotti Park in downtown Manhattan with markers and cardboard on which participants were to write their debt.  What shocked her was how many of the occupiers in their early twenties were already carrying huge debt burdens.

According to the website for Occupy Student Debt, 36,000,000 Americans have student debts.  These have increased more than fivefold since 1999, creating a debt load that’s approaching a trillion dollars, with students borrowing $96 billion more every year to pay for their educations. Two-thirds of college students find themselves in this trap nowadays. As commentator Malcolm Harris put it in N + 1 magazine:

“Since 1978, the price of tuition at U.S. colleges has increased over 900%, 650 points above inflation. To put that number in perspective, housing prices, the bubble that nearly burst the U.S. economy, then the global one, increased only fifty points above the Consumer Price Index during those years. But… wages for college-educated workers outside of the inflated finance industry have stagnated or diminished. Unemployment has hit recent graduates especially hard, nearly doubling in the post-2007 recession. The result is that the most indebted generation in history is without the dependable jobs it needs to escape debt.”

About a third are already in default. You can only hope that this bubble will burst in a wildcat strike against student debt, and if we’re lucky, a move to force tuition lower and have a debt jubilee.

The rest of us, the 99%, need to remember that, when it comes to public education, the crisis has everything to do with slashed tax rates -- to the wealthy and corporations in particular -- over the last 30 years. We went into bondage so that they might be free. Getting an education to make your way out of poverty and maybe expand your mind is becoming another way of being trapped forever in poverty. For too many, there’s no way out of the hunger labyrinth.

The Labyrinths of Poverty 

Which brings us to the hungriest in our 2012 real-life version of the Hunger Games: the poor. The wealthiest and most powerful nation the world has ever seen is full of hungry people. You know it, and you know why. In this vast, bountiful, food-producing, food-wasting nation, it’s a crisis of distribution, also known as economic inequality, described at last with clarity and force by the Occupy movement.

One of the sad and moving spectacles of camps like Occupy Oakland last year was the way they became de facto soup kitchens as the homeless and hungry came out of the shadows for the chance at a decent meal. Some of the camps had really dedicated chefs who cooked superbly.  They also had rudimentary medical clinics where the poor received the healthcare they couldn’t get anywhere else.

We are in a new era of desperation, when lots of people who were getting by these last several decades aren’t anymore. There are no jobs, or the jobs available pay so abysmally that workers can barely survive on them.

Of course, we do have one arena in which meals are guaranteed, and the population there keeps growing. Six million Americans live there, and it often does get gladiatorial inside. It’s called prison, and we have the highest percentage of prisoners per population in the world, higher than in the USSR gulags under Stalin. Half of them are there for drug offenses, 80% of those for simple possession.

Which, as I’m sure you’ve noticed, hasn’t stopped the flow of drugs meant to numb the pain we’re so good at creating here.  We should create a measure for Gross National Suffering (GNS) before we even think about the Gross National Happiness they measure in Bhutan.

And once our prisoners get out, they’re a stigmatized caste, uniquely ill-suited to survival in this economy -- speaking of hunger, debt, poverty, being branded for life, and hopelessness. Like universities, prisons are profitable industries, though not for the human beings who are the raw material they process.  In this age, both systems seem increasingly like so many factories.

In the Shadow of 900 Tornados

But if you want to think about all the ways we’re dooming the young, there’s one that puts the others in the shade, a form of destruction that includes not just American youth, or human youth, but all species everywhere, from coral reefs to caribou. That’s climate change, of course.

Our failure to do anything adequate about it has rocketed us into the science-fiction world Bill McKibben so eloquently warned us about in his 2010 book Eaarth. His argument is that we’ve so altered the planet we live on that we might as well have landed on a new one (with an extra “a” in its name), more turbulent and far less hospitable than the beautiful Holocene one we trashed.
There were 160 tornados reported on March 2nd of this year. Remember that, in April of 2011, 900 tornadoes were ripping up interior United States, and this April was similarly volatile.  Remember the unprecedented wildfires, the catastrophic floods, the heat waves, the bizarrely hot North American January and other oddities? That’s science fiction of the scariest sort, and we’re in it. Or on it, on the crazy new planet we’ve made ourselves. Here in the USA sector of Eaarth in the year 2012, 15,000 high-temperature records were broken in March alone, and summer is yet to come. A town in north-central Texas hit 111 degrees -- in April! What turbulent planet is this?

One grain of good news: a lot of us, even in this country, finally seem to be of aware of the strangeness of the planet we’re now on. As the New York Times reported, a new survey “shows that a large majority of Americans believe that this year’s unusually warm winter, last year’s blistering summer, and some other weather disasters were probably made worse by global warming. And by a 2-to-1 margin, the public says the weather has been getting worse, rather than better, in recent years.”
If you want to talk about hunger, talk about the unprecedented flooding that’s turned Pakistan from one of the world’s breadbaskets into a net food-importing nation, with dire consequences for the agricultural poor. Talk about China’s many impending ecological disasters, its degraded soil, contaminated air and water, its many systems ready to collapse. There’s more disruption of food production to come, a lot more, and lots more hunger, too.

Around this point in science fiction books and even history books, a revolution seems necessary. The good news I have for you this May Day is that it’s underway.

Revolution 2012

2011 was the year of strange weather, but it was also the year of global uprisings, and they’re far from over. They erupted in Russia, Israel, Spain, Greece, Britain, much of the Arab-speaking world, parts of Africa, and Chile, among other spots in Latin America (some of which got their revolutions underway earlier in the millennium). Uprisings have blossomed even in what the rest of the hungry world sees as the elite Capitol, the United States, and much of the English-speaking world, from London to New Zealand.

Remember that revolution doesn’t look much like revolution used to. That might be the most retrograde aspect of the very violent Hunger Games trilogy, the way in which the author’s imagination travels along conventional or old-fashioned lines. There, violence is truly the arbitrator of power, along with cunning, whether in the ways the teenagers survive in the gladiatorial arena or the Capitol, or how both sides operate in conflicts between the Districts and the Capitol. In our own world, the state is very good at violence, whether in its wars overseas or in pepper-spraying and clubbing young demonstrators. You’ll notice, however, that neither the Iraqis, nor the Afghanis, nor the Occupiers were subjugated by these means.

Violence is not power, as Jonathan Schell makes strikingly clear in The Unconquerable World, it’s what the state uses when we are not otherwise under control. In addition, when we speak of “nonviolence” as an alternative to violence, we can’t help but underestimate our own power.  That word, unfortunately, sounds like it’s describing an absence, a polite refraining from action, when what’s at stake -- as demonstrators around the world proved last year -- is a force to be reckoned with; so call it “people power” instead.

When we come together as civil society to exercise this power, regimes tremble and history is made. Not instantly and not exactly according to plan, but who ever expected that?

Still, many regimes have been toppled by this power, and the capacity to do so is ours in the present.  As Erica Chenoweth and Maria Stephan point out in their recent Why Civil Resistance Works: The Strategic Logic of Nonviolent Conflict, since 1900 people-power campaigns have been successful in achieving regime change more than twice as often as violent campaigns.

It’s May Day, a worldwide General Strike has been called, and last week tiny Occupy Norman (Oklahoma) announced that it “had won a major battle”: their city is moving all its money out of Bank of America into a local bank. Last fall’s Move Your Money campaign included city money from the outset and quiet victories like this could begin to reshape our economic landscape. Activism in the streets is so intimidating that next month's G8 Summit scheduled for Chicago will hole up at Camp David instead.

Meanwhile last week, both the Wells Fargo and General Electric shareholders’ meetings were under siege from Occupy activists.  The Wells Fargo meeting and protests took place in San Francisco, and afterward an arrested friend of mine posted this on Facebook: “I forgot to mention that Max gave me the Hunger Games salute in jail today. It was awesome.”

In this way do fiction and reality meld in misery and triumph as, this very day, janitors in California go out on strike, and even Golden Gate Bridge workers will be protesting. May Day actions are planned across the globe.

Still alive and kicking, Occupy is chipping away in a thousand places at the status quo. 350.org, the little organization that defeated the Keystone XL Pipeline (so far), is holding a global Climate Impacts Day on May 5th and plans to take on the petroleum industry in its next round of actions.
Of course, this is only a beginning, and the banking and oil companies, the 1%, and the prison and education rackets are more than capable of pushing back.  So we need one more tool in our arsenal, and that’s a picture of what we want, of what a better world looks like. McKibben’s Eaarth and Deep Economy offer such a picture, as does William Morris’s News from Nowhere, even 120-odd years later, but we won’t get that from The Hunger Games, which, for all its thrilling, subversive, and surly delights, is all dystopia all the way home. We may still get it, however, on our stranger-than-fiction planet.

May Day is a day of liberation -- a day to be seized and celebrated, a day to remember who was shot down on it and who fought for it.  It’s a day to join those who fought and fight for liberation, to imagine what its most delicious and profound possibilities might look like.

So skip work, flip a bird at the Capitol, commit your deepest love and solidarity to the young whose lives are being gambled away, feed the hungry, take a long look at how beautiful our planet still is, find your way into solidarity and people power, and dream big about other futures. Resistance is one of your obligations, but it’s also a pleasure and a way of stealing back hope. 

Rebecca Solnit grew up in California public libraries and is thrilled to be revisiting them all over the state as part of the Cal Humanities California Reads project, which is now featuring five books, including her A Paradise Built in Hell: The Extraordinary Communities That Arise in Disaster. 

Monday, April 30, 2012

Occupy May Day

Eric Drooker
 By Sarah Van Gelder, cross-posted from Yes Magazine

If the mainstream media was confused about Occupy Wall Street in its early days in Zuccotti Park, they’re bound to be completely befuddled this May Day.

May Day already has a lot piled on it. In pre-Christian Europe, May Day was a time to dance, light bonfires, sing, and carry on in celebration of the changing seasons. May Day also marks the anniversary of the 1886 Haymarket massacre, which occurred during a Chicago strike for the eight-hour work day. Also called International Workers’ Day, it’s a holiday in more than 80 countries.

And most recently, the U.S. immigrants right movement has used May 1st for massive street demonstrations and strikes aimed at reforming laws and policies that result in imprisonment, deportation, and discrimination against undocumented people.

This May Day, the Occupy movement is getting involved, calling it “The day without the 99 percent.” What will May Day look like with so many traditions riding on it?

May Day Collaborations—from Bike Caravan to Free University

The way plans are shaping up, in at least some locations around the United States, it could be big, festive, and importantly, include elements of all the May Day traditions. And it could be profoundly different than the big days of action we’ve seen in the past. In the weeks leading up to May Day, various movements have been collaborating. And people will not only be protesting, they’ll be liberating spaces for education, the arts, general assemblies, and teach-ins.

There will be marches, of course. Some permitted, planned, and predictable. Others will be spontaneous, possibly disruptive. In spite of all the police planning (and collaboration with Wall Street private security forces) law enforcement will be kept guessing.

There will be fairs, free food, teach-ins, music, bicycling, marches, and fiestas.

In New York, occupiers are leading up to May Day by organizing 99 pickets in support of workers around the city, from jazz musicians to taxi drivers to laundry workers. The LGBTQTSGNC (Lesbian, Gay, Bisexual, Queer, Trans, Two-Spirit and Gender Non-Conforming) contingent will be out in force. They’ll be a “Guitarmy” marching from New York’s Bryant Park to Madison Square Park, with 1,000 guitars.

At Madison Square Park, there will be a Free University, organized by students fed up with tuition hikes and a student debt burden that’s now reached $1 trillion. Educators will bring classes to the park, there will be skill sharing and workshops.

At Bryant Park, they’ll be a “free” market—where everything is actually free— as well as public art and “opportunities for action.”

In Los Angeles, bike and car caravans will travel to the city center from the four cardinal directions. Along the way, there may be union strike action, and there will be “flash occupations,” free food, and direct action along the way, targeting the foreclosure crisis. Tuition hikes, income inequality, immigrant rights, police violence, the criminalizing of the homeless—the Los Angeles caravans each will focus on some combination of these topics.

In the San Francisco Bay area, nurses and social workers have declared a strike. Bridge and transportation workers and occupiers will attempt to shut down the Golden Gate Bridge. There will be “flying pickets” to shut down banks and business associations.

In Seattle, the group Hip Hop Occupiers to Decolonize is inviting artists, families, and the general public to a day of music, dance, live art, and speakers. There will also be marches of immigrants, occupiers, and workers.

Seattle occupiers will be serving free breakfasts to get the day off to a good start, something that can get you fined in Philadelphia, where the mayor has made it illegal to feed the hungry in city parks.
In Portland, occupiers plan to occupy a vacant home and hold a block party.

In Kalamazoo, Mich., they’ll be camped out on the sidewalk in front of the Bank of America, and there’s a good chance they’ll be doing civil disobedience to stop the auction of public land for hydraulic fracking.

The list goes on and on, from small towns in Wyoming to the place where it all started, lower Manhattan.

This broad range of topics and tactics may bewilder mainstream pundits, but it reflects a transformation in activism as profound as anything that’s happened in social change over the past decades. People are moving out of their isolated interest groups and causes. They’re coming together in a shared analysis, demonstrating their agreement about sources of some of our biggest problems—the overwhelming power of Wall Street and big corporations and our society’s continuing struggle with exclusion of people based on their race, gender, sexual orientation, immigration status, etc. And they’re developing shared ambitious goals and bold strategies that add up to real power and real possibility.

As often happens in the planning of a big event, some of the most important work began well before the actual day, with undocumented workers, union organizers, occupiers, and students coming together to plan events. They’re mixing it up across races, ages, backgrounds, and interests.

It’s a day without the 99 percent, say organizers. No work. No school. No housework. No shopping. No banking.

Even more than what people won’t be doing on May 1, though, the day is about showing up and protesting, but also building the world we want.



Creating a Different World

That part of Occupy seldom gets reported on. The media is too fixated on police action and on its own angst over whether Occupy has (or should have) a list of demands. What is too often missed is that the movement is about occupying the space and the time to create a different world. People outside the political establishment understand that conventional way of doing things doesn’t work anymore. Too many people are hurting.

The wealth of the 1 percent, dangled in front of the rest of us like a carrot, is more and more out of reach. The austerity budgets, the decaying of our towns and cities, the decline of schools and rising costs of college, the disruption of people’s live through immigration raids and deportations, the foreclosures, evictions, homelessness are increasing people’s thirst for change.

And we’re using up our heritage of natural resources, undermining the stability of the climate and the ecological systems that support life in order to channel more and more wealth to the 1 percent?
Few now believe that one or two changes in policy will solve The Mall of this. A financial transaction tax and the restoration of Glass-Steagall would help—and there will be people calling for both on May Day. But what people increasingly understand is that these fixes would not be enough.
Instead, it will take we the people recreating a society, way of life, democracy, and livelihoods that make sense for today.

This May Day—of, by, and for working people (and people who wish they had work), immigrants, and everyone else in the 99 percent—could be a place to begin creating that new world.

Sarah van Gelder is co-founder and executive editor of YES! Magazine and editor of This Changes Everything: Occupy Wall Street and the 99 Percent Movement. She will be doing live commentary on May Day at Free Speech TV, as part of a collaborative effort of independent media organized by The Media Consortium.