The Elections won’t bring progressive change, so what can?

By Jack A. Smith,
Hudson Valley Activist Newsletter editor

Less than six months before the November presidential elections in an exceptionally distressed United States the narrow, unpleasant parameters of political possibility are emerging. Two alternatives confront the American people, both to the right of center.

  1. If President Barack Obama is reelected, with the Democratic Party retaining control of at least one chamber of Congress, there probably will be four more years of economic stagnation, high unemployment, increasing poverty and inequality, more wars, erosions of civil liberties and global warming.
  2. If Mitt Romney is elected, with the right/far right Republican Party dominating either House or Senate, every particular of the travail afflicting the country today will be multiplied, with emphasis on fulfilling the desires of the 1% at the expense of the 99%.

What else could be expected during the present conservative era? Paul Krugman, the liberal Nobel Prize-winning economist and New York Times columnist, recently described Obama, whom he supports, as having ruled like “a moderate Republican circa 1992.” Viewing the ultra-conservatives, African American professor and left intellectual Cornell West detected “creeping fascism.”

In today’s society — based on gross economic inequality facilitated by a two-party political system spanning center right to far right and where big money is the decisive factor in the electoral process — an ostensibly democratic election can hardly mitigate the worst of abuses afflicting working people and their families much less bring about substantial reform.

This dreary reality is offset by an important new development. For the first time over the last several presidential elections — when voters are usually cheering exclusively for their candidate — masses of people are protesting in the streets against inequality of income and opportunity, and the class war waged by the wealthy, as well as global warming, ending wars, dismantling NATO and the like. Some unions, too, are not simply backing Obama but protesting on their own against Wall Street’s depredations.

Thirty years of wage stagnation, the growing rich-poor chasm, evisceration of the so-called American Dream and the long, painful effects of the Great Recession are the objective conditions behind the developing political consciousness of many Americans. Like the Roman Catholic church after widespread evidence of priests molesting children, sacrosanct capitalism — the economic holy of holies — is finally attracting public criticism for its crimes and hypocrisy, not yet on a huge scale but growing.

The sudden entrance of Occupy Wall St. last September with an open critique of the substantial excesses of capitalism in American society, following the democratic Arab Spring and Wisconsin uprising, has energized much of the left and progressive forces. Nationwide May Day actions and the 15,000 who demonstrated against NATO in Chicago later in May, among other protests, including civil disobedience, are encouraging harbingers that many more people eventually will take their grievances to the streets and meeting halls, where all social progress begins. If this momentum manages to continue for the next few years it could become a broad and diverse national movement for social change — but it’s still a big “if.”

The political system seems no longer accountable to the public. Several matters of great importance to the American people do not even figure in this year’s election because both ruling parties basically agree about them and there’s little to squabble about but details. The administration has taken the U.S. up to its elbows in the quagmire of war, so the conservatives cry, “up to the shoulders!” Here are some issues the voters won’t be able to influence at the ballot box:

  • President Obama is presiding over U.S. wars in Afghanistan, Pakistan, and Yemen, killing “terrorist suspects” in Somalia and wherever the CIA targets its drones. May opinion polls show 66% of the American people want the expensive 10 ½ -year-old stalemated Afghan conflict to end, and 40% — many of whom want it terminated now — are strongly opposed. Only 27% support the war, 8% strongly. For all the chatter about nearing the end of the Afghan war at the NATO summit in Chicago May 20, Obama days earlier announced that he was prolonging the war a decade after his “final” pullout date at the end of 2014. An undetermined number of special forces combat troops, military trainers, and CIA paramilitaries will “defend” the corrupt Kabul government until 2024. American taxpayers will foot the bills — several billion a year. Progressive Democrats in Congress seek to restrain Washington’s penchant for wars, but they are consistently ignored and occasionally berated by the Obama Administration for their efforts.
  • Most citizens want cuts in the war budget. But as they go to the polls, the American people will be lugging a military and national security behemoth on their recession-bent backs, costing about $1.2 trillion a year. Rumors of meaningful reductions are illusory. The Pentagon accounts for over half of this amount (about $642 billion for fiscal 2013); the rest goes to Homeland Security, 17 spy agencies, nuclear weapons, interest on past war debts, and so on.
  • Global warming is here and getting worse while the White House is opening up new areas to drill for oil and supports massive development of shale-derived natural gas (a fossil fuel that requires fracking to extract), “clean” coal (though it does not yet exist), nuclear power (with no safe place to locate spent fuel), and dirty tar sands oil. The Obama Administration’s support for alternative non-carbon energy development is a token tossed to the environmental movement. Meanwhile, the U.S. — which demands to be recognized as world leader — is using its leadership to undermine international progress in fighting climate change. Big business and Wall St., primarily concerned with expansion and greater profits, heartily approve. Like Rhett Butler, the conservatives, frankly, just don’t give a damn.
  • Since he has borrowed populist phrases for the election, some of from Occupy, President Obama has finally mentioned the words inequality, poverty and low wages, but he has done nothing to remedy this extensive social iniquity since taking office and will not put forward an anti-poverty program if reelected.

Economic inequality dropped in United States between 1930-1980, mostly because of Roosevelt’s New Deal, World War II, 25 years of post-war development and a strong union movement, followed by Johnson’s Great Society programs and progressive social changes in the 1960s. The turnaround became visible with the conservative backlash of the mid-’70s and it’s continuing today. Taking office in 1980, Republican reactionary Ronald Reagan’s pro-business, anti-worker policies led the way to ever greater inequality from one administration to another, while the Democrats shifted toward the center and now the center right, contributing toward this historic setback for the American people.

Today, the U.S. is the most economically unequal of the top 20 advanced, industrialized capitalist economies in the Organization for Economic Cooperation and Development (OECD). American capitalism also pays the lowest wages to its working class compared with OECD countries. Almost 25% of the American work force receives low wages (about $10 an hour down to minimum wage and below), usually without any benefits or healthcare. One in two Americans is low income or poor. The poor account for one in seven people. About 47 million Americans require food stamps to eat. Food stamps are the only “income” for six million of them. The impact of economic inequality, of course, is worse for African Americans and Latinos.

This catastrophe has not come about by mistake; it’s the political system’s payoff to the ever-richer plutocracy, the fractional pinnacle of the 1%. Inequality of this caliber is a major source of the increasing depletion of democracy in America as well.

  • The Obama Administration has responded more resourcefully to the Great Recession than the conservative opposition, but it only goes a quarter or half way in remedial action, which adds to the stagnation and prolongs the pain for the working class, lower middle class and a large sector of the middle class as well. When Obama delivers on the economy — whether in the stimulus, jobs, foreclosures, bank regulations, or infrastructure — it’s always partial and inadequate because the main concessions are made with the power structure up front before the inevitable compromises with the right wing. There’s a difference between talking like a fighter when trawling for votes, and avoiding confrontation as president. Krugman says

    we have responded to crisis with a mix of paralysis and confusion.

    This is a major reason why over 22 million Americas need but cannot secure full time work.

  • President Obama has retained all former President Bush’s many erosions of civil liberties, particularly the onerous Patriot Act, and added many of his own, such as when he approved of indefinite detention for suspects, including American citizens. A unique coalition of liberals and conservatives in the House tried to pass legislation to reject indefinite detention May 18, but the effort was defeated. The U.S., under Obama, is becoming a full fledged surveillance state. Tom Engelhardt writes that

    30,000 people [are] hired to listen in on conversations and other communications in this country.

  • Any listing of the important issues that are not part of the election campaign and over which the citizenry has no say must include a foreign/military/national security policy based on exercising world hegemony backed by military power. What’s the “pivot” to East Asia really all about, other than to weaken China in its own sphere of possible influence and cling to world domination? Why has the U.S. been taking steps to bring about regime change in Syria, other than to dominate yet another country and weaken Iran in the process? Why did Obama facilitate a violent civil war for regime change in Libya, other than to gain another oil-rich client state, but this time with an enormous aquifer under its sands which may become more precious than the oil as water supplies dwindle through North Africa? Why did the president get behind the coup in Honduras, other than to dispatch a potentially progressive regime friendly to Venezuela? Further, why does Obama still maintain Cold War sanctions and a trade blockade against Cuba, other than to win Florida votes in November? Why is Washington supporting the vicious Sunni monarchy in Bahrain which routinely oppresses and attacks the Shi’ite majority seeking equality, other than satisfying the obnoxious rulers of Saudi Arabia? Why is Obama now fighting a war in Yemen (Obama just sent in American special forces as well as drones), other than to keep the new president, who ran unopposed with strong U.S. support, in his pocket, and to bestow another favor upon the Saudi lords? Why is the administration seeking to strangle Iran, other than to prevent an Iran-Iraq alliance that might compromise U.S. hegemony in the Middle East, especially the Persian Gulf, through which 40% of the world’s oil must pass? And what is the real purpose of the Oval Office’s new “scramble for Africa,” other than establishing a military presence throughout the continent while elbowing China out of the way to grab natural resources, trade and markets.

President Obama blames all his failures in office on the conservatives and the recession, and most Democrats accept this explanation. Even progressive Democrats, well aware of Obama’s abundant shortcomings, will cut him slack for fear of the “greater evil.”

The corrosive impact of far right ideology in America must not be underestimated. But despite Don’t-tread-on-me Tea Party reactionaries and conservative obstruction in Congress, Democrats in the House and Senate remain responsible for many unmet objectives and a weak legislative record. Led by Obama, they would not fight for progressive goals and spent much of the time trying to fulfill the naïve presidential fantasy of “governing like Americans, not Republicans or Democrats.” Once the conservatives understood Obama would rather compromise than fight they attacked full force and virtually paralyzed the Democratic agenda.

The silence of some Democratic politicians toward the erosion of civil liberties, indifference to climate change and support for unnecessary wars — a silence many would have broken had a Republican been in the White House — should subject them to publicly wearing scarlet letters inscribed with a “C” (for craven) around their necks.

Despite the stagnant economy — the main issue in the election according to 86% of potential voters — the Republican Party’s lurch to the far right and the bizarre legislative behavior of the Tea Party-influenced GOP House majority led by the ineffable Speaker John Boehner seem to have at least evened the election odds. Stranger things have happened in American politics, but it remains very doubtful that the critically important independent voters will swing toward fringe conservatism. This factor, in our view, gives Obama the edge.

In this connection the April 28 international edition of Britain’s conservative magazine, The Economist, wondered “What happens to a two-party political system when one party goes mad?” The article quotes the following from the new book “It’s Even Worse Than It looks,” a product of one author from the establishment Brookings Institute and the other from the conservative American Enterprise Institute:

The Republican Party has become an insurgent outlier — ideologically extreme; contemptuous of the inherited social and economic policy regime; scornful of compromise; unpersuaded by conventional understanding of facts, evidence and science, and dismissive of the legitimacy of its political opposition.

Many right wing voters despise Romney, a shape-shifting opportunist whom they distrust, but they will stick with him because Republican leaders and funders insist he has the best chance to defeat the “big government socialist” whom many Tea Partiers scandalously allege conceals his “true” nationality and religion. Those funders, by the way, will see to it that — as opposed to 2008 — the Republicans will spend at least enough money to buy the election as the Democrats, so the race should be close.

Once a moderate Republican, Romney adopted far right positions on most issues to secure the nomination, calling for severe cutbacks in social programs for the poor, unemployed, foreclosed and similarly discarded, among a plethora of counterproductive social and economic nostrums satisfying to the Rush Limbaughs and Michele Bachmanns. Now he’s in a tight bind. It is absolutely necessary to gravitate partially toward the center, where the independent votes are, but he is under considerable restraint from his own unforgiving constituency.

Consistent with mendacious ultra-conservative propaganda, Romney attributes the economic crisis entirely to Obama’s presidency, without suggesting that the Great Recession emanated from the millionaire tax cuts, war spending and the huge deficits of his Republican predecessor (following years of Clinton Administration deregulations of banking and Wall St. that set the stage for what by now had become a “winner take all” economic system.)

Romney’s nonsensical economic speech in Iowa May 15 was an epic self-exposure. While promising to cut social spending, increase the war budget and not raise taxes, he declared:

President Obama is an old-school liberal whose first instinct is to see free enterprise as the villain and government as the hero…. America counted on President Obama to rescue the economy, tame the deficit and help create jobs. Instead, he bailed out the public sector, gave billions of dollars to the companies of his friends and added almost as much debt as all the prior presidents combined.

Virtually every word was a lie, according to an analysis of the entire speech by the Associated Press the next day which pointed out that

the debt has gone up by about half under Obama. Under Ronald Reagan, it tripled.

AP didn’t mention Romney’s political characterization of Obama, but he’s hardly a liberal — as was clear during his first term, and his adhesion to “free enterprise” capitalism is indissoluble.

Romney has been sharply critical of Obama on two of the biggest issues of the campaign — healthcare and the Afghan war — despite the fact that his own past positions on both matters were nearly identical to those of his rival. Obama’s healthcare plan is based on the program Romney implemented as governor of Massachusetts. And despite far more hawkish rhetoric to please the far right during the primaries, the Republican’s views on Afghanistan did not differ markedly from those of Obama. In recent weeks before and after the NATO summit, Romney has hardly spoken of the Afghan war, obviously recognizing that his primary views are anathema to the American people as a whole.

Obama and Romney have agreed on other issues. An article in Grist April 24 by Lisa Hymas pointed out that Obama’s “smart growth” initiative — the Partnership for Sustainable Communities — was also created in the mold of a Romney program…. As governor, Romney actively fought sprawl and promoted density. He ran on a smart-growth platform:

Sprawl is the most important quality-of-life issue facing Massachusetts,

he said in 2002…. Under President Obama, the EPA moved from praising Romney’s smart-growth office to mimicking it. It went into effect in June 2009. Romney also supported abortion rights, environmentalism and immigration as governor.

These “coincidences” are the outstanding ironies of the campaign so far. “Far right” Romney and “liberal populist” Obama have both resembled “moderate Republicans” when in power. Obama will revert to his center-right configuration if reelected, but if Romney ever gets to the White House his constituency will force him to largely govern as an ultra-conservative.

A principal Republican issue in the past several presidential elections has been that the Democrats were “weak on defense,” including in 2008 when Obama opposed the Iraq war, but the right wing has lowered the volume significantly because it can’t work this year.

The Democratic Party, of course, voted for, supported and funded the Afghan and Iraq wars, but Obama defeated pro-war Hillary Clinton for the Democratic nomination because his critique of the disastrous adventure in Iraq accorded with that of most Democratic primary voters — then turned around when elected and stole the Republican thunder by transforming into a war president. He governs foreign/military affairs as a hawk, juggling several bloody conflicts simultaneously, abjectly pandering to the armed forces and fostering the growth of militarism in American society. A year after the Arab Spring in the Middle East and North Africa, the Obama Administration has launched its own Imperialist Spring in the same region.

Many Democrats voted for Obama in the 2008 primaries because he was considered a “peace candidate” of sorts. A recent article by Atlantic Magazine staff writer by Conor Friedersdorf compiled a brief partial account of Obama’s “peace” record:

  • Obama escalated the war in Afghanistan, adding tens of thousands of troops at a cost of many billions of dollars.
  • He committed American forces to a war in Libya, though he had neither approval from Congress nor reason to think events there threatened national security.
  • He ordered 250 drone strikes that killed at least 1,400 people in Pakistan.
  • He ordered the raid into Pakistan that killed Osama bin Laden.
  • He ordered the killings of multiple American citizens living abroad.
  • He expanded the definition of the War on Terrorism and asserted his worldwide power to indefinitely detain anyone he deems a terrorist.
  • He expanded drone attacks into Somalia.
  • He ordered a raid on pirates in Somalia.
  • He deployed military squads to fight the drug war throughout Latin America.
  • He expanded the drone war in Yemen, going so far as to give the CIA permission to kill people even when it doesn’t know their identities so long as they’re suspected of ties to terrorism.
  • He’s implied that he’d go to war with Iran rather than permitting them to get nuclear weapons.”

No matter who wins in November virtually nothing listed in the above paragraphs will change, except for the worse should Romney enter the White House. Butt does this suggest about the notion that free elections are the very essence of Washington’s claim to enjoy a superior democracy when the choice is really between bad and worse?

Progressive change certainly remains possible in America, although neither ruling party is equipped to bring it about. These parties were not prepared to end the Vietnam war either, or to get rid of Jim Crow, or to implement the eight-hour day, or to allow women the democratic right to vote. But the people organized radical mass movements to fight for these goals and won.

The struggles of various organizations that began coalescing early last year, propelled several months later by Occupy’s left critique of inequality, Wall St. and the 1% ruling plutocracy, have the potential to become a mass movement. Many such potentials have come along and faded for various reasons, including some that were co-opted or lost their vision. But broad and deep movements — as long as they are massive, activist, radical and well organized — also have significantly changed American history for the better. That’s the light at the end of this increasingly dismal electoral tunnel.

jacdon@earthlink.net,
P.O. Box 662,
New Paltz, NY 12561
available from Hudson Valley Activist Newsletter
©2012

Get up, stand up

Michael Moore
New York, NY
March 17, 2012

available from Alternative Radio

You can listen to Michael Moore speak for himself here.

Michael Moore first brought his humorous and progressive analysis to mainstream audiences with the award-winning documentary Roger & Me. His Bowling for Columbine won an Academy Award. His film Farenheit 9/11 broke box office records and won the top prize at Cannes. His latest films are Sicko and Capitalism: A Love Story.

I have to tell you, I have never seen a political or a social movement catch fire faster than this one. It really just took a few weeks before they started to take polls of Americans and they found that the majority of Americans supported the principles of the Occupy movement. This was back in October.

Then they took another poll, and it said 72% of the American public believes taxes should be raised on the rich. Seventy-two percent. I don’t think there was ever a poll that showed a majority in favor of raising taxes on the rich, because up until recently the vast majority of our fellow Americans believed in the Horatio Alger theory, that anyone in America can make it, it’s an even and level playing field.

Now the majority, the vast majority, at least know that that’s a lie. They know that there’s no truth to that whatsoever. They know that the game is rigged, and they know that they don’t have the same wherewithal on that playing field that the wealthy have.

What I am so happy with and what we are blessed with with Occupy Wall Street is that the hardest part of the job is done. Think about this. We don’t have to struggle for years to convince the American public that these banks are out to ruin their lives. We don’t have to work for years to convince our fellow Americans that the health insurance companies put profit ahead of their own health. We don’t have to do any of that anymore, do we?

You live in the real world, right? You know this. At work, at school, in the neighborhood, at church, at temple. You know this, right? This is where people are at. They are already there. They are with us. So we should just go, Wow, the biggest job. I have so many slacker tendencies, so this is what I really like. I just like the fact that the toughest part of the job is over.

Now, now we have tens of millions of our fellow Americans agreeing with us that the rich are up to no good, that these corporations have sold them out, they’ve sent their jobs someplace else to exploit people around the world, made them cut back on their health care, on their vacation days, on their sick days, made them work longer hours for less pay.

Somebody asked me a while ago, “How did this occupy Wall Street start? Who organized this?” They tried to look for the one person that organized it. There is no one person. I said, “If anybody organized it, I’ll tell you where to go. Go talk to Goldman Sachs. They organized it. They organized this movement. Go talk to Cigna Health Insurance. Go talk to BP. Just go down the list. They did the bulk of the work for us.” They opened the eyes and took the scales off those eyes of our fellow Americans, who woke up finally to realize that their best interests were not at the hearts of those in charge.

That’s where our fellow Americans are at; that’s where the majority of our fellow Americans are at.

So what are we going to do with this now? Because we’re not used to this. We’re not used to after just a few weeks being handed an army of millions of people who want to see change take place in this country, who want their lives back. Or a life at all. They never had the chance to have that life.

In case you’ve forgotten how lonely it is to be on the left in this country, to be for peace, women’s rights and gay rights and ending racism in this country, ending the prison-industrial complex in this country, it has seemed through most of our lives that we were never going to live to see the day when things would get better. Even the optimists amongst us, and I consider myself one of those. I’m not really a cynic. I have a really strong belief that people are good at their core and they just get messed up somewhere along the way. But I do believe that a majority of people, in the end, will to want do the right thing, if presented with all the information, if not kept in the dark.

Of course, we know that’s how fear works. You can make a country afraid by keeping them ignorant and stupid. That has been the equation. People don’t know what’s going on, so then they become afraid. And what does fear lead to? It leads to hate. And what does hate lead to? It leads to violence or wars.

Why are we such a warlike people? I don’t think Americans—we don’t really see—it’s never really discussed that way, is it? I remember there was an essay by D. H. Lawrence that he wrote back in the early part of the 20th century. He said, When you think of the Americans—he said something to the effect that they were a great bunch of killers. That’s the story history will record. History will not be kind to this era.

So I thought that this era would just continue on for the rest of my life. And I would keep going to things like this and go back to making movies and I’ll write books and I’ll do these things and I’ll put my part into this as best I can, but always knowing that the good days are someplace way off in the distance.

I no longer feel that way. I feel that that time is now. And I think it is so important for us, who don’t have much experience leading a majority, to very quickly learn how to do it. Because we have the majority of Americans with us. They’re not always necessarily going to stay with us. Because of the lousy education system, because of the control of the media and the little information that does get out to people, they can be easily manipulated back into a different place. So how long will we have here before we say to our fellow Americans, the majority, “Let’s go. Let’s go get this. We can do this. We’re a democracy.”

See, they know that the corporate chieftains, the people on Wall Street here are the real power. They know that now. They know that what’s left of our democracy is a thread or two. Those threads are the United States Constitution. There’s that problem with that piece of paper that still exists, that does give us the right to go into a booth and close the curtain and elect somebody, anybody, to stop this. We are never hopeful about that, right? Talk about being on the losing end of things and having to settle for Democrats over and over again, to the point where the kink in your neck is just “ooooohhh.” But right now the people are with us.

So I’d like to talk a little bit tonight about what we should do with that. I’d like to just throw my ideas out there. The great thing about Occupy Wall Street is that it’s open to anybody’s ideas. This is a horizontal organization; it’s not a vertical thing. “Who is the spokesperson here?” And everybody raises their hand. Because everybody has a story to tell. Everyone has been affected by this disparity of wealth in this country, so everyone is a spokesperson, everyone is the leader of Occupy Wall Street.

If you’re living in Boise, Idaho, and you want to start Occupy Boise, just do it. You don’t have to write in to national headquarters here for permission, and then we’ll take 10% of the dues that you collect. There’s no grants you have to write. You just have to exercise your constitutional rights as a citizen of this country. And we, those of us here, at least in New York at Occupy Wall Street, we want you to do this. We don’t want to be in charge of Occupy Boise. You know what Boise needs and you need to occupy it.

That’s why there are Occupies now in over 1,000 towns and cities in this country. It’s amazing. I’ve been to small towns in Michigan. I remember in the early weeks I went to a place called Niles, Michigan. I went to Grass Valley, California. Where is Grass Valley, right? It’s up near Nevada City. And there were like 400 people there at a demonstration at Occupy Grass Valley.

I saw this throughout the fall, everywhere I went. There were all these Occupies, and it was clear that nobody was going to wait for permission to do it. People knew this was the moment to seize, and people seized the moment. This is incredible that this has happened. And it continues on in different ways. People have had teach-ins, students have occupied college boardrooms, nurses have continued demonstrating and fighting for health care rights for all of us. It continues on.

And Wall Street has become afraid of us. No one has ever been afraid of us. They see us coming down the street with our all-yellow Workers World banners, all the same signs from the RCP. Here we come. They see us coming and they’re, like, it’s been embarrassing. Laughing at us every time for the last 30 years. They’re not laughing anymore. They’re afraid. The CEOs of Goldman Sachs and JP Morgan have been canceling things right and left because they do not want to be out in public making an appearance. They cannot go out in public to make an appearance. And why can’t they do that? We’re nonviolent people. Why? You can leave the house anytime you want, Jamie Diamond, Lloyd Blankfein. You can leave anytime you want. It’s a free country and we are nonviolent people. So what are you afraid of? They’re not afraid, actually, of us in this room, the Left Forum. They’re not afraid of us. They’re afraid of those tens of millions of Americans that they have screwed over the last decades. That’s who they are really afraid of. And who would know better than Lloyd Blankfein or Jamie Diamond how many people have been hurt by their mortgage fraud, by how they invested teachers’ pension funds?

When I went down there to film that scene, to put the crime-scene tape around the Stock Exchange, clearly I couldn’t get a permit to do that. And there’s all those barricades. You know what it’s like across the way here. So I decided, I’m going to do it anyways. Of course, the police show up, and this cop is coming toward me. And I went, Oh, geez. I don’t want to get arrested here, I’ve got to finish this. So I see him coming and he’s about 10-20 feet from me. And I said, “Officer, it’s just a piece of comedy and it will be over shortly. I’ll clean it all up. Don’t worry.” And he comes up to me and he says, “Don’t worry, Mike. You take all the time you want.” He said, “These bastards in here have lost millions of dollars of our pension funds.” That’s who they’re afraid of.

What if the cops and the firefighters and the nurses and the teachers and the auto workers and the steelworkers and the person who is bumping out your car and putting some Bondo on it, what if they actually decided to become politically involved? What would happen then? They’re so afraid this is going to happen because they know what I said at the beginning of this, that the American public is already convinced that we’re right and Wall Street is wrong. They already know this. Yes, Wisconsin is going to be the first, I hope, wonderful example of how the people are going to respond, in another month or two.

If you don’t mind, I would like to just throw out a few ideas here, a few tactical ideas and a few strategy ideas.

The purpose of Occupy Wall Street is to Occupy Wall Street.

Let’s never forget that. I said, this movement, by and large, the fuel of this is coming from young people, young adults. Those of you who know, who have been involved in Occupy Wall Street who are my age or older, it’s been just the most amazing thing to watch. And it’s been very important for us to not have them do it our old way, because I kind of like their new way. It’s a little messy, it maybe seems a little goofy sometimes, but there’s real heart there, isn’t there?

If you spend any time at the Occupies with any of these young people, one of the most encouraging things to see is the kind hearts that they have. The level of racism in the younger generation is almost nonexistent. Sexism, almost nonexistent. I will say without a doubt, whether it’s Alabama or New York City, that this younger generation has done a better job with these issues than we have. They’re already trying to see to it that this world is a less racist, less sexist, less homophobic place to live in. That’s very encouraging.

And it’s very encouraging, too, to see young people at Occupy, at the general assemblies, wanting to give everybody a chance to have their say. It’s like the opposite of our old way, where the left would just spend most of its time fighting each other. They don’t want to do that. They don’t want to fight each other. In fact, they want to do the opposite. They want to let everybody do whatever.

That’s the other thing with us. We’re such pessimists. Mike, don’t come out here and tell us everything is good. No, it’s horrible. That’s how I get up in the morning, because the world sucks. What’s Michael Moore saying? He’s saying the revolution might actually happen? He’s saying it is happening. Whoa. What are we going to do? Here’s a few things.

In this movement and for this movement to grow, we need to use our sense of humor. We need to employ satire and humor on a level that the left has not been used to for many, many years. I will submit to you that I believe, and I can say through my own personal experience, that humor is a great vehicle for your political message. It’s a welcoming vehicle. It’s why Jon Stewart and Stephen Colbert are so popular, because they’re able to impart information by using a sense of humor. This is so important in this movement. We need to go to The Yes Men. I think they should be a very important part of this movement. Because I want to see The Yes Men do their thing. They’ve actually started a thing called Occupy the Boardroom. I have a feeling that means they’re going to be doing something. I don’t know what that is. But I think that that is such a powerful way to drive these points home to people who are not on the official left.

We need to demonstrate differently. I don’t ever want to get on another bus in Chinatown and head down to Washington, D.C. That’s it. I’m officially resigning from that. The ways that these young people, the new ways that they’ve come up with to demonstrate, I love them. Have you seen it? Have you seen the silent-treatment protests? Have you seen this?

At UC Davis, after the cops pepper-sprayed those kids, a couple days later they lined the sidewalk that the chancellor was going to have to walk out of to her car with a few hundred people. And as she walked out, they said nothing. They just stared at her. Complete silence. She had to walk this walk of shame through them. Their silence was louder than anything.

A couple weeks ago women’s groups in Virginia did the same thing when the governor there proposed that women go through a “transvaginal probe.” If they had decided that they were going to have an abortion, they would have to have this probe. To protest this, the women organized, again, hundreds of people. They surrounded the capitol building and the steps. All the legislators going in had to walk through—you could have heard a pin drop it was so quiet. The quietness of it was deafening. And it looked like these politicians were doing a perp walk. I’m sorry we don’t have video here to show you this. Go online and watch this. It’s so cool. We need to come up with things like that, different ways to demonstrate, to make our point. I think it’s very powerful.

The use of social media. This I don’t really needing to go into. Everyone gets this now, right? People with no color in your hair or those with no hair? There aren’t any holdouts still, are there? Please don’t hold out. This is one of the most incredible inventions in the history of mankind, and we can use it. We can use it for the greater good. I encourage people to do that. If you don’t have a Facebook account, think about getting one. You don’t have to tell everything you did at the mall today, what you had for breakfast and lunch. You don’t have to do that. You can just use it with your other politically aware and active friends and you can share articles you run across, you can put these links up. You can educate people with this, you can encourage people to do this.

Two other ideas on this, and then I want to give you some strategy ideas. Two more of the tactics. I think that it’s very hard for average Americans to protest these days because of the time it takes. So many of our fellow Americans are having to work two jobs to get by. They work one on the books, one off the books. Or their health problems have gotten so bad because they haven’t had the money to get their teeth fixed. And if you don’t fix your teeth, you then eventually can’t chew food very well. And when you can’t chew food very well, you have to eat a lot of Wonder Bread and simple carbohydrates, because that’s all the mouth can handle. When you eat that, you have all the health problems that go with that. You’re so focused on your health and trying to get better and trying to get somebody to help you, because you can’t find the right help, and you certainly can’t afford it. And you’re fighting the insurance company, call after call, day after day, to try to get them to cover this procedure. These, of course, are the very people that would love to be with us but can’t, because just getting through the day is a struggle. That’s why I want to say to you that for every American who is in that position we need to go and get somebody who isn’t to join us in this movement, to be the stand-in for that person who can’t be there because of the suffering they’re going through. We should make that a commitment.

Don’t do meetings. Keep the meetings to a minimum. This movement needs action. I think in our past movements we’ve had way too many meetings. Does everybody agree with us? I do not want to go another meeting. I love the general assembly idea, and I think there’s things there that could make it even better, probably. But the idea of thinking that you’re actually being politically active by going to a meeting isn’t really true. You’re politically active when you actually take an action against those in power or for those who have a solution to help us out of the mess we’re in. That’s political action. Not a meeting.

Finally, I was on this panel with Naomi Klein here back in the fall, who is, I think, a hero. She said, I think it’s also important that we’re all kind to each other, that we make sure that in the infancy of this movement we take this pledge, really, amongst ourselves to be kind and generous to each other, and to understand that each of us, all of us, everybody has something they’re going through. And if they’re not going through it, their spouse is going through it or their kids are going through it, their parents are going through it, their neighbors are going through it. Somebody that they’re deeply attached to is going through something really bad. We need to make commitment to not have the typical infighting that goes on and to be kind to each other. To hear everyone out and then do what the majority feels like we should do, but respect the minority and make sure they always have a voice, because they’ll be there to keep the majority honest. I just wanted to second what she said.

If this were like a real army and I was a general, I would have my pointer and I would have, “Here’s how we’re going to do this. We’re not going to talk up here. This is the reality. There’s where they’re at, here’s where we’re going, here’s how we’re doing it.” So just kind of imagine the imaginary pointer and Wall Street and corporate America and everybody else up there on the screen. I get stopped a lot by people on the street, people when I’m traveling. Again, these are not political people. They say to me, “What can I do? I really want to get involved in this. What can I do?” They always say, too, that they really can’t sleep overnight in a park. I say, “That’s okay, you don’t have to sleep overnight in the park. There are many things we can do.” I think it’s very important that this movement make people aware of the fact that there are many avenues into this movement where they can join it and be part of it. That staying overnight in encampments is not the only way.

But thank God for those encampments. Thank God for the anarchists who started this on September 17. I’m telling you, this movement probably wouldn’t have got the traction it had if that first group of people hadn’t decided to go right into the face of power in that first week and not give up. Because at first they were ignored. Nobody covered them on the news, on the national news at all. And then when they started into the first week, it was basically, Oh, look at these hippies with their tambourines and their drums.

But by the end of the first week, when a march took place over by Union Square and the New York city police in the form of one individual decided to pepper-spray four women who were already penned in by the police and pepper-sprayed them in the eyes, that image went out across the country, went out in a viral way, as they say. People saw that and they felt one thing: They were being pepper-sprayed in the eyes. That’s what they felt. There was a catharsis. And the following Saturday, even more people decided to show up and decided to go on to the Brooklyn Bridge, and the New York City police made the huge tactical mistake of arresting over 700 people. I’ve never heard of an arrest that large in New York City. It was just amazing.

Ray Kelly yesterday was complaining about how they’ve spent $17 million on police overtime dealing with Occupy Wall Street. And I said, “I hope it’s $170 million this year. And you should make the people on Wall Street who you’re protecting pay for it. Because you don’t really have to protect them, because we are a nonviolent people. We are not going to harm anyone in the Goldman Sachs building. So why all the cops?

And to the undercover New York City cops who are in here tonight, I just want to say thank you for coming. We welcome you. You are the working class. Don’t be tools for the people who want to hurt you. Join us. Come be with us.

Number one, I think it’s very important that we occupy Wall Street. I think it’s important that Zuccotti Park keep going. If we can’t stay there overnight—where did I see this yesterday—was it in Memphis?—where they said no tents could be in the park, so all the demonstrators showed up wearing a tent. Where was that? The cops didn’t know what to do because they were clothes, they weren’t really tents, but they were tents. That’s the kind of jujitsu that we can do with them, because they just don’t know where we’re coming from. “Who’s the leader? Who’s the spokesperson?” We need for Zuccotti Park to continue.

I can tell you, most of the time I’m in Michigan, and Zuccotti Park is known by people all across the country. It is the holy grail. It is the epicenter to people who don’t live here.

You probably didn’t even know there was a Zuccotti Park before Occupy. I didn’t. I had never heard of it. But trust me, people out there have heard of it. I think it’s very important. Those of us who were down there a lot in the fall, after just a month or two those big red Big Apple tourist buses put us on the stop. It was like a group of senior citizens from Omaha. They all get their cameras out and they’re going like this. We have to keep this going.

One of the best mornings I saw was that day that we decided to really get on Wall Street early in the morning and tried to delay the opening of the Stock Exchange. I don’t know if anybody was there. There were hundreds of people there. It really did look like we were actually in the army, because we had all these different routes in, and when one would get to a block, we would radio over to the other and everybody would shift over to that. “No, there’s no cops over here. C’mon, we can go through here.” It was exciting and it was interesting to see how scared the Stock Exchange was that they weren’t going to be able to open on time. It was critical to them that they never miss a minute of their dirty work.

I said this in The Nation, and I want to say this here. We need daily and weekly nonviolent assaults on Wall Street. Nonstop. Nonstop. And it certainly would start with the people who live just a few hours’ drive from here. They would certainly do this. We should really think about organizing this, because it’s important for us to be visible and it’s important for the American public and the way that we/they have been trained with the visual media. It’s very easy for those in power to create out of sight, out of mind. We must not leave their sight. That’s why Zuccotti Park has to continue and we have to have these daily demonstrations of trying to get through those barriers to get to the Stock Exchange, because all we want to do is politely ask them to stop.

Other things in terms of direct action that I think we need to do—and some of them are already happening— the Occupy Our Homes movement is incredible. Some of the people who started this movement I had in my film three years ago. They were Take Back the Land. We followed them in the Miami area and put them in the movie. And then Marcy Kaptur, the congresswoman from Ohio, who in the film just told people,

Do not leave your homes. Do not let them evict you. Do not leave your home. They can’t find the mortgage, they can’t find the paperwork. Go to court and tell the judge to make them show you the mortgage. They can’t show you the mortgage because they cut it up a thousand ways, bundled it, and shipped it off to be sold in China or Switzerland or someplace.

So the whole Occupy Our Homes movement.

But I think we need to grow this, because what I would like to do, and I will do this as a citizen, I want us to be able to sign up in my neighborhood in Michigan to say that if anyone in our village where I live, if we hear of anyone being evicted by a bank, I commit to show up and stand in the doorway. Just imagine every town across America having a “mod squad” of people who will come at a moment’s notice and risk being arrested to stand there to prevent that family from being tossed out on the curb. The students have to continue occupying their schools and universities. The sit-ins. Stopping the business of the board of regents or trustees, doing whatever we can to support these students. And really, people of my age, like I said earlier, we done them wrong by allowing this system to come up to such a disgusting place that it’s now the number one cause of debt in this country, student loans. So students, do this. And we, your parents, will back you and we’ll be there for you.

We need to occupy our health care system. In the same way that we have these strike forces in our communities to show up when someone is being evicted, when someone is denied a treatment or a procedure or a surgery because their health insurance company said they weren’t covered or they don’t have health insurance, we have to stand up for them. We have to go that hospital and demand that they receive this treatment. If you live near one of the regional headquarters or main headquarters of the health insurance companies, we need to walk into their lobbies and occupy them. We need them to stop this.

We need to occupy our jobs. There are many examples taking place right now where workers are just refusing to allow these things to continue. We need to encourage people to sign union cards and be represented in the workplace. Like what happened at the glass factory in Chicago. When they try to move the company someplace else, don’t let them. Sit down. Bolt the doors. You can’t leave. You can’t leave, glass company, because my tax dollars gave the Bank of America, which is funding you—that’s my money. First you take the bailout from me, and now you throw me out of a job with that money. Are you fucking crazy?

And my last idea for direct action and civil disobedience is that we need to occupy peace. We often forget to talk about the wars we are currently fighting. We’re fighting wars in seven or eight countries right now, not just Iraq and Afghanistan. We’ve got our troops in many places around the world that are doing things, sometimes covertly, sometimes in the shadowy parts of what we would consider legal behavior in this country. The $2 billion to $4 billion a week that we spend on these wars, we’ve been doing this now for over 10 years. Just imagine those 10 years at $2 billion to $4 billion a week: 10 times 52 weeks, 520 weeks times $2 to $4 billion. How many schools could that have helped? How many people could that have covered with health problems? We can’t ignore this aspect of it, of how the military-industrial complex still runs large parts of this country.

That’s number one, direct action and civil disobedience. Number two, we need to provide for people so they can do individual actions. This is for a lot of people who are not necessarily political people. When they say to you, “What can I do? What can I do to be part of Occupy Wall Street?” I always say to them, “You’re part of Occupy Wall Street just by saying you’re part of Occupy Wall Street. At the moment you say ‘I Occupy Wall Street,’ you are occupy Wall Street. That’s it. You are now in the movement.”

Here’s something you could do. Make a sign and put it in your window or out on your lawn that says “We Are The 99%.” Imagine in the suburbs across America turning into a subdivision with street after street filled with these yard signs saying “We Are The 99%.” The politicians, the banks, no matter where they turned, if they were in a city, you would look up at an apartment building and you would see those in the windows, “We Are The 99%” or “We Support The 99%.”

It’s a very simple thing to do, is to make that, put it on your cars, put it in your home, put in on the lawn. But the lawn, just imagine the visual of looking down a street and seeing sign after sign after sign after sign after sign, “We Are The 99%,” “We Are The 99%,” “We Are The 99%,” or looking at an apartment building and seeing that. That’s a very simple thing that we can get started and get people to do. It’s something every American can do. We can encourage them to do what some have already done: Move their money out of these banks and put it in a credit union or a locally owned bank.

I think people need to be able to feel free to occupy their block. If you live on Oak Street, you could start an Occupy Oak Street. Just go and knock on the doors of your neighbors and ask them who would like to get involved in this. And if they say, “What are we going to do?” you can say, “We’re going to start by putting signs up saying ‘We Are The 99%.’” “Okay. What’s the next thing we’re going to do?” “We’re going to go and take our money and put it in the credit union.” “Yes, that sounds like a good idea. What else can we do?”

So those are some ideas that people can do as individuals. I think we need to create more of that for people on an individual basis who are not able to go to demonstrations or sleep overnight in the park. There are things any American can do, no matter what their station in life is. I think we really need to get behind that.

The final and third area is the area we don’t really want to talk about a lot because it has a lot of stinky poo around it, and that’s electoral politics. But there are those among us in the United States of America who do believe that electoral politics will do some good. We need to honor that and respect that and create a place for them within this movement so that they can take the principles of Occupy Wall Street and try to find candidates to run for office who believe in these things.

Or what they could be doing this year is do what I did in Flint with the guy who is running for Congress there. I asked him to take a pledge that his top priority in Congress will be to remove the money from politics, take all the money out. I think in every congressional district we should be asking the people running for Congress, Will you do this? Will you commit to doing this? And then when they get elected, hold their feet to the fire so that they do it.

I think that there are some of us who also need to push past the kind of visceral reaction I think a lot of us have toward politicians and electing politicians and thinking that they’re going to be the be-all and end-all for us, because we know that’s not true now. We’ve lived through enough of this. We know from just the last election of who our president is that he didn’t turn out to be everything that we wanted him to be. So people get disillusioned when that happens, because they put all their eggs in that election basket, and then the politician doesn’t come through and then it’s, like, Why did I bother?

The people that run now for office, those of you who have lived long, like I have, do you agree that the gene pool of politicians has been depleted? It’s beyond the incestuous part of depleting a gene pool. It’s sort of like when you have a Xerox copy and you make a copy of a copy, and then you make a copy of a copy of a copy, and then a copy of a copy of a copy of a copy? By the time you get to the tenth copy, what does it look like? That’s what we’ve got now in the state houses and in Congress.

We can stop that by running for office ourselves. No matter how much they can put into these elections with all their money, what they can’t do is, when we go in that voting booth, they can’t put their hand in our hand and pull the lever or punch the card or draw an X. They can’t do that. We really do hold the power. You know what? That’s got to scare the shit out of them—that there are more of us than there are of them. What if we actually ever decided to realize that and exercise our power? Where would they be then?

I don’t think they’re just sitting there at the country club or up in their penthouse apartments enjoying this. They’re not enjoying it. They’re really worried that we may figure out how to organize the tens of millions who support us. Can you imagine the dreams they have? As dark as we see the world, as unhopeful as we are about the future of this planet, trust me, their dreams are real nightmares these days. And that’s a good thing.

So we need to not ignore electoral politics. We need to get involved in it. And we need these two constitutional amendments that are being proposed now. We need our mass organization that we have around the country that’s going to build to get behind these constitutional amendments.

Number one, corporations are not people.

And, number two, we need an amendment that has all the electoral reforms that we need: taking money out of politics, moving election day to the weekend so more people can vote, making voter registration easy for people, preferential voting systems. There’s a whole bunch of them. And let’s go back to a paper ballot, please.

So direct action, individual action, and electoral politics.

The final thing that I want to say tonight is this is an evil system. It’s an evil system that is set up for the benefit of the few at the expense of the many. I get tired when I go on these talk shows and they say, “What’s the solution?” and I say, “Number one, capitalism has to go,” and they’re, like, “Whoa. You mean crony capitalism, Mike.” “No, I don’t think you need to put an adjective to it or repeat yourself by saying ‘crony’ and ‘capitalism.’” The sort of liberal media establishment want to hang on to this old Adam Smith idea of capitalism. They think it can come back magically someday, where if everybody just puts in a hard day’s work and you get paid for that, you can do better in life. I say to them, “Well, yes, but that’s not what capitalism is. You have to define a word by the way it is enacted and used now.

You don’t define marriage as a man has to ask permission of the woman’s father to marry her, and then, when married, the woman has no property rights and cannot divorce her husband. That is not how you would define marriage, is it?” “Of course not.” “Well, I hate to tell you, 100 years ago, that’s what the word ‘marriage’ meant. And then it changed.

And ‘capitalism’ may have meant something else, and there might have been a kinder, gentler version of it somewhere back there. But those days are long, long gone. Whatever kind of imagery you have of this pie-in-the-sky thing, Horatio Alger, everybody has got a chance, it was bullshit then, but it’s really bullshit now.”

So I want us in the long run, through this movement, to develop an economic system that will ensure that everyone has the means for food, for housing, for a job, for health, for transportation, for education, for a vacation, and where every American can truly feel that they can run for office because they don’t have to have a dime in the bank to do so.

I want someday for this country to say that the Earth’s resources don’t belong to a corporation, they belong to everyone. I want it to be a crime for anyone to make a profit off someone who is ill. I want education to be our top priority, because a democracy cannot survive with an uneducated and illiterate public. I don’t think anybody should have to work more than four days a week.

I’m just trying to make us look better for the history books. When they call us wage slaves, I want us to gradually get to the point where more than 50% of our time is really for us and our families and the other stuff, yes, we have to do because these lights have to go on and we’ve got to sweep the floor, we’ve got to do these things. I want to see the concept of a business be something that the workers own. I put a couple of examples in my film on cooperatives. This is such a great idea. Or even do it just as a nonprofit.

In closing, I just want to thank you for letting me speak here tonight to throw out some of my ideas on what we need to do. I really want to encourage you to not let this moment slip by. Our ship has really come in. The spotlight is on Occupy Wall Street.

And, again, thank you, everybody, for coming here tonight. Let’s not lose the moment. The moment is ours and our fellow Americans’. Occupy Wall Street!

For information about obtaining CDs, MP3s, or transcripts of this or other programs, please contact:
David Barsamian
Alternative Radio
P.O. Box 551
Boulder, CO 80306-0551
(800) 444-1977
info@alternativeradio.org
www.alternativeradio.org
©2012

Banks, fraud, and looting

William Black
Kansas City, MO
November 29, 2011

available from Alternative Radio

You can listen to William Black speak for himself here.

William Black is Associate Professor of Economics and Law at the University of Missouri-Kansas City. He was litigation director of the Federal Home Loan Bank Board and senior deputy chief counsel of the Office of Thrift Supervision. He is the author of The Best Way to Rob a Bank Is to Own One.

The focus of this talk is not on the plight of those who are unemployed but why people are unemployed in a situation of what is still the wealthiest country in the world, and why one aspect of America, the 1%, are getting incredibly wealthy.

The bright lie that you’re hearing is that it’s the bank CEOs, the ultra-wealthy Americans, who are the productive class. They are the opposite. When they operate as they are supposed to operate, under their models, they are parasites. But they rarely operate that well. Normally they operate to destroy wealth and destroy jobs. And they are the massive destroyers of both. The idea that we owe them thanks is an obscenity. The idea that we owe our jobs to them is an obscenity. That the wealth of the nation comes from their efforts is a lie, that we must not drive them overseas. But they are fine in driving all other businesses in America overseas.

It’s only a crisis if it’s their jobs. We must not tax them, we must not criticize them, and we assuredly must never regulate them.

This enormous lie of the productive class has spawned a whole series of other lies that beset our nation. That we simply have to accept that tens of millions of Americans should be unemployed. That we should simply accept that it’s acceptable that 20% to 25% of all children in America are in poverty. That we cannot afford to educate our children anymore, we cannot afford health care for everyone, we cannot afford to pay for Social Security. That our kids have to come out of college with massive debts that leave them behind the eight ball for 20 years, and that only our top graduates can get good jobs, and they’re the only ones who deserve to get good jobs. All of these are lies. But these are the lies that at least we sort of know are being sold. We have many more hidden lies that are so embarrassing we try never to admit them in society.

That is, that it’s really okay that the median white family has wealth 20 times that of the median black family. I’ll say that again: 20 times larger median wealth. And 18 times larger than the median wealth of a Latino family. And that it’s okay for the unemployment rate for blacks to be twice that of whites. Indeed, that’s not only acceptable, that’s kind of appropriate, goes the line.

So what we need to do is what the Society of Friends, the Quakers, uniquely, in their theology say, and that is, we have an ethical duty to speak truth to power instead of pandering to power. The economics profession overwhelmingly serves the 1% and panders to that power. Here’s, in fact, what a very conservative French economist, Frédéric Bastiat, said a long time ago.

When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.

That is precisely what we have. We now have looting from the C suite, the CEO, the CFO level, with impunity. And we have a system of so-called ethics or philosophy that delights in the impunity of the elites to defraud us.

I’m going to bring you a vision of what it looks like to the 1%. I’m not going to put words in their mouths. I’m going to quote their words, in context, extensively to show you what they think about us. This is the view from the 1% in what should be one of the most infamous memoranda in the world, a Citicorp 2005 document. This went to their private wealth group, private banking group. To get private banking, basically you have to have an income or wealth of a million dollars. So this is the elite of the elite that this goes to. And you have to envision the jolly tone of all this.

In early September we introduced the idea that the U.S. is a Plutonomy—a concept that generated great interest from our clients.

What’s a plutonomy? A plutonomy is when you have rule by the wealthy and where the wealth of the nation immensely disproportionately goes to a very small group.

Citigroup’s wealthy clients were thrilled to hear that the U.S. was ascending to [this] exalted state…., [that is, their definition of a plutonomy] where economic growth is powered by and largely consumed by the wealthy few.

So they send this message out to their wealthiest clients, who respond with great interest to this idea. Note that small idea that the economic growth is supposedly powered by the wealthy few. So you already have this great lie that starts everything—the great lie that they are somehow a unique productive class.

[T]he top 1% of households in the U.S. (about 1 million households) accounted for about 20% of all U.S. income in 2000

—by the way, since that time this has gone up considerably—

slightly smaller than the share of income of the bottom of 60% of households put together.

So that top 1% back in 2000 was equivalent roughly to the bottom 60% in terms of income. Again, this is much worse since then.

That’s about 1 million households compared with 60 million households, both with similar slices of the income pie!

Notice the exclamation point.

Clearly, the analysis of the top 1% of U.S. households is paramount.

We don’t even have to analyze you folks anymore. You don’t count. Only the 1% count. And once you get to wealth, which is far more unequal than income, this is the disparity:

…the top 1% of households also account for 33% of net worth, greater than the bottom 90% of households put together.

The top 1%—and this is worse since these statistics were computed—more than the bottom 90%.

It gets better. It gets better or worse, depending on your political stripe.

So tell me, what political stripe delights in the 1% having everything? The 1%. Exactly so. They are delighted.

It gets better.

Remember the current campaign about “It gets better”? They have their own campaign about “It gets better.” We’ll get even wealthier.

The top 1% of households account for 40% of financial net worth, more than the bottom 95% of households put together.

So that stock market stuff, that almost exclusively went to the top 1%.

But it really didn’t go to the top 1%. As Citicorp analysts helpfully tell us, it really went to the one-tenth of the 1%. Citi then warns that focusing on the top 1% masks the fact that their share of the pie is

almost entirely driven by the fortunes of the top 0.1%, roughly 100,000 households.

Citi goes on to praise the changes in taxes and the changes in senior executive compensation that have driven the tremendous increase in the share of the pie taken by these 100,000. One of our family rules is you can never compete with his unintentional self-parody. If we had written this stuff, people would have said, “This is absurd, class-bashing, da-dah-da-dah-da-dah-da-dah-da- dah.” No, they really do think this way. When they’re writing and talking to themselves, this is how they really talk about us.

They have a wonderful phrase that they’ve minted, The Managerial Aristocracy. Remember, they’re writing this to The Managerial Aristocracy, which obviously has no sense of humor and no sense, absolutely no sense, of morality or any of that stuff in any of the major religions about difficulty in getting into heaven.

[W]hile in the early 20th century capital income was the big chunk for the top 0.1% of households, the resurgence in their fortunes since the mid-eighties was mainly from [—what if we wrote this phrase?—] oversized salaries.

This is how they think about it themselves, as oversized salaries.

The rich in the U.S. went from coupon clipping, dividend-receiving rentiers to a Managerial Aristocracy [—and note the next word—] indulged by their shareholders.

You don’t even have to go to the Catholic Church in the old days to buy an indulgence. This is really quite wonderful. So it’s a Managerial Aristocracy.

Modern executive compensation has produced not just the 1% but the one-tenth of 1%. The C suite is taking virtually all of the gains in wealth, even from the people lower down in the food chain.

Remember that Bastiat warned that a moral code would arise glorifying the plunder. Cue Citicorp.

Society and governments need to be amenable to disproportionately allow/encourage the few to retain that fatter profit share. The Managerial Aristocracy, like in the Gilded Age, the Roaring Twenties, and the thriving nineties, needs [—needs? This is like when your 12-year-old daughter comes and tells you she needs—] to commandeer a vast chunk of that rising profit share, either through capital income, or simply paying itself a lot.

It “needs to commandeer” this. Commandeer is a word you use when you seize something you’re not entitled to. And what they need, therefore, is a philosophy to be brooded about by those schlubs in the media and such who are stooges for the 1% that says, “Oh, yes, okay, good. Outsized income, vast chunk by simply paying yourself a lot? Sounds good to us.”

And what’s the great excuse for this that Citicorp offers?

These are brave entrepreneurs taking risk.

Unlike the rest of us, who don’t have any risks in our lives, the CEOs, as it turns out, are the people who are most at risk in America. And how many people think that has any existence in any plane of reality?

We think that despite the post-bubble

—the bubble they’re talking about is an earlier bubble; this is the high-tech bubble of 1990s and such.

We think that despite the post-bubble angst against celebrity CEOs….

If we called them “celebrity CEOs,” oh, that would be class warfare. What do they call them internally? Oh, yes, they’re celebrity CEOs.

…the trend of cost-cutting, balance sheet-improving CEOs might just give way to risk-seeking CEOs, releveraging, going for growth and expecting disproportionate compensation for it.

This is written in 2005, when they are causing through their frauds the housing bubble to hyperinflate. What did they do? Massively increased risk, releveraged—that means have lots and lots of debt—and grew really rapidly, and then looted the place through. This is the road map that Citi laid down. And its exactly what they did—if you just add one little world, the F word. This is the F word you can use in polite society, except in economics, where there’s a tribal taboo against it. It’s called fraud.

This is a direct quotation from the same memorandum, their ode to inequality.

We project that the plutonomies…will likely see even more income inequality

—by the way, they were right again—

disproportionately feeding off a further rise in the profit share in their economies. capitalist-friendly governments, more technology-driven productivity, and globalization.

Because globalization in this context means we send the jobs abroad to cut costs and increase that capital profit share.

Really, you can’t make this up. They do it so much better than if we tried to do it. They then go to this line. And if you’re following it, this is the Atlas Shrugged, Ayn Rand-ish type nonsense. They ascend to poetry, which is hard for bankers.

The earth is being held up by the muscular arms of its entrepreneur-plutocrats, like it or not.

I don’t know if you’ve noticed this, but we bailed them out. And we bailed them out to the tune of trillions of dollars. So if they were supposedly holding the Earth, they kind of dropped the ball, type of thing. But, of course, they were never holding the Earth, they were never creating the profits. It’s the people in this room who are creating the profits, many through a lifetime, many on the journey, as students and such.

So welcome. And you now have a new phrase for yourself, because you now know what they call you, us. We are the “multitudinous many,” which at least is alliterative. No money comes with it, you will notice, but we exist.

In a plutonomy…there are rich consumers, few in number but disproportionate in the gigantic slice of income and consumption they take.

Again, if we wrote this and said that, that would be class warfare. Inside the tent they’re quite happy to admit that that’s exactly what they take. This is not sharing the pie; this is: We get the pie and we take it. And then “There are the rest,” the 99%,

the “non-rich,” the multitudinous many, but only accounting for surprisingly small bites of the national pie.

Again, they say it directly in ways we could never say. They know that is the system is completely rigged to give them “gigantic slice[s]” of the pie and to give everybody else “surprisingly small,” and diminishing, “bites.” Remember, they told us plutonomy will create ever greater income inequality. And not even to the benefit of the 1% so much as the benefit of the one-tenth of 1%. I don’t know what they’re going to live with when the rest of us have been wiped out. And they don’t know either, because they certainly don’t know how to work.

This is the bonfire of the inanities. Since we think the plutonomy is here, is going to get stronger, its membership swelling from globalized enclaves in the emerging world

—this is like one of those novels, exciting, it’s got a hunk on the cover, I guess—

we think a plutonomy basket of stocks should continue to do well. These toys for the wealthy [—okay, that’s worth emphasizing—] toys for the wealthy have pricing power and staying power. They are Giffen goods,

which is an obscure economics concept: more desirable and demanded the more expensive they are. Remember, they’re writing this memo to the one-tenth of 1%, and they’re telling the one-tenth of 1%, You’re a bunch of morons. You are completely interested in who has more toys when they die. That’s your version of life. And you overpay deliberately for your toys so you can brag about how much money you overspent getting that car, that plane, that luxury limousine, etc., etc., etc. You are the most disgusting people we can imagine. Thank you for sending us your money. Bastiat turns out to have been an optimist.

This is Citicorp again:

At the heart of plutonomy is income inequality.

So you want an admission? Talk about an admission. The definition of plutonomy—the thing they love, the thing their clients love—the heart, the core of it is income inequality. It’s not something temporary, it’s not something incidental to the model. The heart and soul of their model is producing massive inequality.

Societies that are willing to tolerate/endorse income inequality are willing to tolerate/endorse plutonomy.

So let’s think about the difference between those two words: tolerate and endorse. Bastiat’s point was that you would get a whole crop of people who would endorse and try to claim that this was good, to plunder. Does anybody know any columnists like this? Does anybody know any politicians like this? Does anybody know a network like this? This is their heart and soul. And that’s horrific.

But notice what they also say. It’s not enough that there are the groups that endorses this obscenity. This obscenity can only continue from those who tolerate. As soon as we refuse to tolerate, it will end. So as horrific, as despicable as their own words make them out, we don’t need them to fix this. We the 99% can fix it. We have to stop tolerating a system that is based on an enormous lie, that is based on consigning huge chunks of America—and the rest of the world, by way—to unemployment and poverty.

That is precisely why they are trying to make it so difficult for the 99% to vote. This is why you see effort in state after state to keep you from the polls. Because it’s the next sentence that is explains it.

An examination of what might disrupt plutonomy, or worse, reverse it

— Citicorp has taken a stand. Gee, I’ll bet you didn’t know that they were in favor of plutonomy until we got to this point in the memo. But here it slips out that they’re all in favor of it.

Will electorates continue to endorse it or will they end it?

We can end it. That’s what Occupy really is fundamentally about. That’s what raised, in political science jargon, the salience. We now find that inequality is being discussed in the media more than 10 times as much as it was before the Occupy protest began.

It would be bad enough if the Citicorp memorandum was true, that these people really held up the Earth for the rest of us and then took virtually all the profits. But it isn’t true. That is the great lie. Because it is these folks who are the great job killers. They became wealthy, overwhelmingly, not through skill, not through risk taking, not through hard work, not through individual brilliance, not through any of this Ayn Rand nonsense, but through good old-fashioned fraud. They are destroying the world, not holding it up. They are the great job killers. They are the engines of mass destruction of societal wealth. They promote social Darwinism. They are Bastiat’s nightmare made real.

So let me start talking about how all of this came about in terms of this disaster and how these people became wealthy. I’ll just take the most recent crisis, although I’ll refer briefly to some comparisons to the savings and loan crisis. The FBI warned in open testimony in the House of Representatives in September 2004, over seven years ago, when there was plenty of time to stop it, that there was an epidemic of mortgage fraud and predicted that it would cause a financial crisis if it were not stopped. Those are their words. It was picked up, as I say, in the national media.

We’ve seen this before, in the savings-and-loan crisis. This NCFIR acronym stands for the national commission that looked into the causes of the savings- and-loan crisis. I’m quoting from the official report.

The typical large savings and loan failure grew at an extremely rapid rate, achieving high concentrations of assets in risky ventures. Every accounting trick available was used. Evidence of fraud was invariably present, as was the ability of the operators to milk the organization,

by which they mean loot it through executive compensation. At the typical large failure fraud “was invariably present.”

Two of the best economists in the world looked into this, and they published an article in 1993. The title of it pretty much says it all: “Looting: The Economic Underworld of Bankruptcy for Profit.” Plunder, per Bastiat. Looting is when the CEO loots his corporation, the corporation fails—that’s a bankruptcy—but he walks away wealthy. Have we seen any of that? All the time. The regulators saw this in the savings-and-loan crisis and began cracking down promptly. This is what George Akerlof and Paul Romer said. In fact, they made this the concluding paragraph to their article in order to emphasize it.

Neither the public nor economists foresaw the savings-and-loan deregulation of the 1980s was bound to produce looting, nor, unaware of the concept, could they have known how serious it would be. Thus, the regulators in the field, who understood what was happening from the beginning, found lukewarm support at best for their cause.

They’re being polite. We found total opposition.

Now we know better. If we learn from experience, history need not repeat itself.

So we knew what had caused it, we had an early warning from the FBI in September of 2004, and this is what happened instead.

In the savings-and-loan debacle, which I say here was 40 times worse, just the losses in the household sector in this crisis, according to the national commission that investigated the causes, just the household sector are $11 trillion. A trillion is a thousand billion. The savings-and-loan crisis cost $150 billion. So if you just took the household-sector losses—and there are far more losses—it’s actually 70 times larger than the savings-and-loan crisis. In the savings-and-loan crisis, our agency, that Office of Thrift Supervision made well over 10,000 criminal referrals, produced over 1,000 felony convictions in cases designated as major. Indeed that understates the degree, because we prioritized the absolute worst 500 to 600, and we prosecuted virtually all of them. We got a 90% conviction rate. It can be done, but it’s hard. You need systems and you’ve got to work cooperatively.

So what did the same agency, the Office of Thrift Supervision, do in this crisis where, remember, there was an epidemic of fraud identified as early as 2004? They made a grand total of zero criminal referrals. You can do the math. They weren’t about to make referrals.

The concept that people who wore nice suits could be criminals? Of course they can’t. They are the 1%. In fact, they are the only-tenth. In fact, they’re the 1/1000 of 1%. They must be good people.

At its peak we had 1,000 FBI agents working savings-and-loan cases alone. As recently as fiscal year 2007 we had a grand total of 120 FBI agents, one-eighth as many agents, for a crisis actually much larger than 70 times greater. There were well over 1 million cases a year of mortgage fraud. What are 120 agents going to do if they’re assigned to look at a million a year? This is like going to the beach, throwing handfuls of sand into the ocean, and wondering when you can walk to Hawaii. It ain’t ever going to happen. Every year you’re a million cases farther behind.

You have to go at the crooks, the crooks in the C suite. That is what they absolutely refuse to do. Because they had no criminal referrals. And there are no police on elite white-collar criminals.

Here’s a thought experiment. What if you had, say, in 2001, August, called up the Houston Police Department and said, “I think some really bad things are happening in Enron. Can you look into that for me?” We have roughly a million cops. How many of them look for elite white-collar criminals? Zero. Does the FBI patrol a beat? No. They’re in offices in various places. The only folks who are there, who can be there, are the regulatory cops on the beat. No. All of them had been pulled.

Where are all the cops now? Doing pepper spray. We won’t go after the real criminals, but we’ll go after peaceful protesters. In New York alone they had roughly 1,000 police assigned on the big crackdown day. Eight times as many FBI agents as we have looking at the little people, never at the big people in this crisis. As a result, we have no convictions of anybody senior on Wall Street. The only convictions we have is for somebody doing coke, type of thing, and they weren’t even terribly senior.

The FBI, to their credit, realized this was a disaster, realized it couldn’t possibly work, that every year you were more than a million cases farther behind. So they went to the Justice Department and they said, “We have to change the way we’re doing this. We have to have a national task force that prioritizes and we have to go after the major criminal lenders.” At which point Attorney General Mukasey—this was under President Bush, but don’t worry, I have no good things to say about his successor, President Obama—refused to create a national task force and said, famously, “This is simply white-collar street crime.” It’s just all trivial stuff. We can’t be bothered to look at any of the big folks.

How many people remember the 1990-1991 crisis in non-prime lending? It’s sort of a quick question because there wasn’t really one. Like all good frauds, it arose in Orange County, California, and we were the regional regulators for California and the West. And we said, “This is insane. You’re doing loans that are overwhelmingly fraudulent, that must lead to enormous losses. You can’t do this. So the leading place, which was called Long Beach Savings, gave up its federal charter, gave up Federal Deposit Insurance, became a state mortgage bank for the sole purpose of escaping our jurisdiction. Long Beach not only made liars’ loans and all kinds of fraudulent loans, it had a nice twist. It targeted minorities. Because it’s easier to do this to people who know can’t read English, for example, when you provide documents in English.

We gave a parting gift to them: a criminal referral to the Justice Department for discrimination in lending, which the Justice Department could still do, even though the place wasn’t federal. They found discrimination in lending. Then 49 state attorney generals, the attorney general of the District of Columbia, and the Federal Trade Commission all sued this entity for the third strike, because they were doing the same thing. After each time, of course, they said, “We’ll never do anything bad again.” They settled for over $400 million.

Then the CEO of that entity, which had changed its name to Ameriquest, which some of you will recognize, was, A, indicted, B, sued in personal capacity, or, C, made ambassador to the Netherlands. Got it in one. So we made him our ambassador to the Netherlands. And I bet you can guess why we made him our ambassador to the Netherlands. He was the leading contributor to President Bush. So what if he targeted minorities and was a three-time loser on fraud and caused hundreds of millions or billions of losses to people and cost tens of thousands of people their houses. Not my house. No problem. That was bad, but that’s politics.

You want to know why we knew there was going to be a crisis? Because, remember, Ameriquest, three-time losers, every day, every week, all year, what it does is fraudulent loans, where it is predatory and aims at minorities. That’s its reputation. Two entities rushed to acquire it and its personnel, who commit these frauds. Those two entities were Citicorp and Washington Mutual. This is the most notorious, abusive, illegal lender in the world, and two of our most prestigious banks rush to acquire them. I know it will shock you, but when they did that, Citicorp and Washington Mutual immediately began doing massive amounts of fraudulent loans. That’s when you knew that there was going to be a disaster.

It was followed by massive foreclosure fraud. The foreclosure fraud involved—really simple—we file an affidavit. An affidavit is done under oath. The affidavit is supposed to support the foreclosure. The affidavit in about five key spots was a lie. And they admitted it was a lie. By the way, the government didn’t discover this. Big law firms didn’t discover it, attorney generals didn’t discover it. Some very small law firm just finally took a deposition and said, “When you say this, what was your basis?” Whereupon—you can go online and see this on videotape—the person says, “Oh, no. I just was told to say that.” So they committed a felony, actually five different felonies typically, and they did it 10,000 times a month for over a year. So well over 100,000 felonies times 5, if you want to make it even bigger.

What would happen to any of us if we did that? Nobody has been indicted by the federal government. But the federal government is actually trying to negotiate a deal to give these frauds not only immunity from the criminal law for the foreclosure frauds but for the underlying frauds in making the fraudulent loans. It’s trying to give them immunity not just from prosecution but even from investigation so that we’ll never have the facts. That is how far we have descended into crony capitalism. Indeed, we have the Washington Post complaining, How dare the state attorney generals get in the way of giving this kind of immunity?

I told you about the FBI warning. The industry’s own experts gave this warning about liars’ loans. First a little data on liars’ loans. We know overwhelmingly it was the lenders who put the lies in liars’ loans. And they grew massively. You see that AltA, which is a euphemism for liars’ loans, grew 340% between 2003 and 2006. Except that this is not an accurate statistic, because this author, the Federal Reserve Bank of St. Louis, which is really right-wing, thinks that subprime loans can’t also be liars’ loans. And that’s simply false. In fact, by 2006, half of all the loans called subprime were also liars’ loans. So that’s actually well over a 500% growth in liars’ loans.

Anyway, the higher level of home originations after 2003 was largely sustained by the growth of subprime and liars’ loans. What does that mean? That means the bubble, folks. This is what hyperinflated the bubble. It was the liars’ loans overwhelmingly. By 2006 roughly one out of every three home loans in America made that year was a liars’ loan. The industry’s own antifraud experts reported to the industry that 90% of liars’ loans were fraudulent. Think about that again. Ninety percent. Here’s the other key: nobody—categorical statement—nobody ever mandated or pushed any lender to make liars’ loans. No governmental entity ever did so. Fannie Mae and Freddie Mac were never required to make liars’ loans. So this is a really great natural experiment, as we call it, to determine why the lenders were making these loans.

Why would you continue to make loans like this if you were told that 90% of them were fraudulent? Would any honest lender do that? Do you know what the industry did in response to the FBI warnings and their industry’s own warnings? They massively increased the amount of liars’ loans they made. That is only consistent with one explanation—that they intended the frauds to occur. This is the actual language of the warning: “They are open invitations to fraudsters.”

That’s a pretty in-your-face warning: If you make these loans, their own experts said, you are making an open invitation to them to commit fraud. And this is the third part: “The stated income loan deserves the nickname used by many in the industry, the ‘liar’s loan.’”

Step back and think about that as well. I showed you how Citicorp talks behind closed doors when it’s talking to the top 1% or top tenth of 1%. This is how the lending industry talked to itself behind closed doors. It called them fraudulent loans, it knew they were fraudulent loans. And you have people telling us we can’t prosecute this? This is a relatively straightforward prosecution.

What we have, to come back to Bastiat, is a complete collapse in ethics. Again, it’s not just the perpetrators; it’s the folks that allow it to happen. Which is to say, us. If we allow it to happen, it will happen. It will get ever worse. So this is the national commission to investigate the causes of this crisis:

We conclude that there was a systemic breakdown in accountability and ethics. The integrity of our financial markets and the public trust in those markets are essential to the economic well-being of our nation.

How many people have seen the Frontline documentary “The Warning”? You can see it for free on the Frontline site. I highly recommend it. But you will see in that documentary that Alan Greenspan, actually in the very first meeting with Brooksley Born, who was trying to regulate credit default swaps, said,

We’re clearly going to disagree, because you think fraud provides a basis for regulation.

Most people kind of do.

Only the Fed had authority, under an obscure kind of law called HOEPA, Home Ownership and Equity Protection Act, to regulate all entities making mortgage loans. And the great, great bulk of the entities making the liars’ loans were not federally regulated. So only the Fed could have stepped in and used that authority. And Greenspan refused to do anything, even after all these warnings about fraud. Because, after all, fraud can’t exist. And who are you going to believe, Ayn Rand or the facts? Greenspan was an Ayn Rand devotee.

I’ll end on this note. All of us, I would guess, other than some maybe really young people, have worked for businesses. This is not hostile to businesses, to prevent fraud, to prevent this mass unemployment that it caused. In fact, effective regulatory cops on the beat are the only thing that make it possible in finance for honest bankers to stay in business. Again, this was explained by that same economist who got the Nobel Prize, George Akerlof. He said,

Dishonest dealings tend to drive honest dealings out of the market. The cost of dishonesty, therefore, lies not only in the amount by which the purchaser is cheated. The cost also must include the loss incurred from driving legitimate businesses out of existence.

So we are the people, insisting on the rule of law, who are the real friends of honest businesses. The other folks are the death of honest businesses.
If you think that this is something that only economists have figured out, and only did it recently, there’s this guy named Jonathan Swift, who two centuries ago pointed out,

Where fraud is committed or connived at or hath no law to punish it, the honest dealer is always undone and the knave gets the advantage.

That is exactly what happened. The knave, the plunderer, the looter, the bankster got the advantage.

I will leave you with a fraud recipe which explains why we have mass unemployment, mass destruction of wealth. This is what Akerlof and Romer referred to as “a sure thing.” If you follow this recipe, three things in life are guaranteed. I’ll explain. Here’s the recipe:

  1. Grow like crazy as a lender.
  2. By making really, really, really crappy loans, but at a premium yield. That just means high interest rate.
  3. Have extraordinary leverage. That just means a lot of debt.

Remember that memo by Citicorp? Grow like crazy, releverage, high-risk assets? And put aside next to no loss reserves. Akerlof and Romer says this is a sure thing in producing three events:

  1. You are mathematically guaranteed in the short term to report record albeit completely fictional income;
  2. With modern executive compensation, the top officers are guaranteed to become extraordinarily wealthy; and,
  3. —let’s think through that recipe again—it also maximizes losses and produces disasters.

If we wanted to create a formula for producing massive losses, grow like crazy, make really crappy loans with extraordinary leverage, which increases the losses, and no reserves against the ultimate disaster that’s coming. That would be the perfect recipe.

And what happens if a bunch of us follow the same recipe, at the same time? We hyperinflate the market. And where normal businesses, knowing there was a glut, would cut back, under the fraud recipe, what do you do in a bubble? You go faster. You just hit the accelerator to the floor and keep it there.

Does any of this involve risk as we conventionally think of risk? No, it is a sure thing. These people hate risk. They want to make sure that all the risk falls on the 99%. They want a sure thing. This is the recipe that they used in finance to produce the massive wealth.

And, of course, it kicks through other things. All the lawyers and the top accounting firms produce their one-tenth of the 1% in the key partners as well from this same dynamic.

Now you know from the inside view at Citicorp, in their explanation to the wealthy, that that is exactly how they want it. That is what they are determined to continue. Their great fear is precisely all of you taking the time to come and express your statement that you will not allow it to continue, you will stop it.

They cannot defeat the 99% if the 99% act. Yes, it is the oldest of lessons from labor. With unity in numbers we have strength. We still have important aspects of democracy. It is slipping into crony capitalism. Crony capitalism always destroys and perverts democracy, if it’s allowed to continue. But we can take back the nation.

Thank you very much for all of your support.

For information about obtaining CDs, MP3s, or transcripts of this or other programs, please contact:
David Barsamian
Alternative Radio
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©2012

A new economic paradigm

Gar Alperovitz
Interviewed by David Barsamian
Cambridge, MA
January 19, 2012

available from Alternative Radio

You can listen to Gar Alperovitz speak for himself here.

Gar Alperovitz is Professor of Political Economy at the University of Maryland and co-founder of the Democracy Collaborative. He is the author of numerous books, including Unjust Deserts, Making a Place For Community, Rebuilding America, Atomic Diplomacy, The Decision to Use the Atomic Bomb, and America Beyond Capitalism.

In a New York Times op-ed on December 15, 2011, you wrote, “A mere 1% of Americans own just under half of the country’s financial assets and other investments. America, it would seem, is less equitable than ever. But at another level, something different has been quietly brewing in recent decades.” What’s been brewing?

What’s interesting—and, again, the press doesn’t cover this—is just below the surface of what the press normally sees. There are thousands and thousands of institutions that democratize the ownership of wealth. Political and economic systems are defined in terms of their power. But who owns the capital?

In the U.S. 1% owns just under half of the investment capital, 5% owns 70%. Literally, a medieval power structure. So if there is to be a democratic alternative, what you look for is: Are there ways that democratic ownership can happen? Indeed, if you look closely, there are some 13 million people involved in one form or another of worker-owned companies, a form that changes who owns; there are 130 million people involved in credit unions and co-ops, another democratized form of ownership; there are 4,000 or 5,000 neighborhood corporations, devoted to neighborhood development; there are 2,000 utilities that are owned by cities. People don’t realize that. A quarter of the American electricity supply is essentially socialized in a radically decentralized way, utilities and co-ops, city-owned utilities. And it’s been growing. There’s a whole quiet building up of a different model that has a very American tone to it but goes at the central question of who owns capital, who owns the wealth. That I think is a critical basis for possible longer- term change.

And what do you mean by a particular American tone?

Unlike France, for instance, or Russia or the former Soviet Union, we have a very decentralized tradition, localism and states and kind of participatory American idea that comes from the agricultural frontier days. So there is something in the culture that can go many different ways: it can go far to the right, to individualism, but it also has community spirit and a kind of you-can do-it, roll-up- your-sleeves, we-can-try-something-here.

The models that are interesting—and I think of this as a long historical development—are very much at the local, neighborhood, workplace level of democratizing. I see that, one, as a precondition of how you could actually develop a system which was not state-dominated but also change who owned the productive capital. That’s a precondition, building up that kind of an experienced culture and also a vision, models of what could be. It also in a funny way has a Gramscian aspect, because it cracks open in a very American way the ideological question. That is to say, it opens up the question of who owns capital in a practical way rather than in a challenging way. That’s another question. The challenge part is needed. But here you have ordinary Americans doing worker-owned companies. What do we make of that? Why not? And why can’t that expand?

You write further, “If such cooperative efforts continue to increase in number, scale and sophistication, they may suggest the outlines, however tentative, of something very different from both traditional corporate-dominated capitalism and traditional socialism.”

That is what’s interesting about this to me. At one level this is all very positive, it’s all useful and it’s helpful and it’s a good thing to do. But much more interesting is whether or not these kinds of developments, if we are aware and self-conscious and clarify the meaning, give people a sense, and even an ideological perspective, of what might be possible. Re-creating a sense of the possible and a sense of vision and something beyond rhetoric, something that gives content to an alternative structure of beyond corporate capitalism and beyond the traditional state socialist models. You need to have that if you’re to build a movement that gets beyond rhetoric and also has something concrete to do and say.

So, yes, I see it as both useful to do no matter what, but also laying down ideas and practices and experience and expertise of how actually do you do a good worker-owned company, not rhetorically. And what are its limits? There are problems with worker-owned companies, too. Getting much more sophisticated about what it is we want and what it is that makes sense.

And you realistically observe that these efforts are minor compared with the power of Wall Street banks and the other giants of the American economy. Are they willingly going to go along with the weakening and evisceration of their own power?

Of course not. The struggle for real triumph over the systemic issues is a many-decade struggle. So if you say now is the fight, tomorrow, it’s obvious that the deck is stacked. If that’s where the confrontation comes, that’s not going to happen. On the other hand, if you take—I wear a hat as a political economist and historian, but if you stand back and ask, how does historical change really take place, what you’re looking at is decades of developmental struggle, both negative, challenging, and the creation of ideas, projects, vision, concrete ideology.

What I think is interesting is the failures of the American system. I think they are endemic now. I don’t think they are going to go away, I don’t think the pendulum is going to swing. I think we’re into deep stagnation and decay and pain. That is the forming ground of people waking up and saying something is profoundly wrong, not just who wins the next election. Occupy cracked open the debate about the 1% and the 99%. But that would not have happened if people didn’t feel there was something wrong. Much more important even than Occupy is that there is a sense in the public that something is wrong. So I see it as a long, long battle and a long developmental process.

Another way to look at it is—and we’ve been doing a fair amount of work in the Midwest, where the destruction of cities is just powerful—that’s the internal empire. And at the tail end of the internal empire the pain is greatest. But it’s also the place where people are struggling to build something new. So if you see it historically—you can even see it in traditional terms—many of the preconditions of even the New Deal were developed in the states and localities, some of them state by state, decade by decade. The women got the vote in the 19th century decade by decade by decade, one state and another state and another state, until finally they accumulated enough power to go national.

This is the prehistory of a possible transformation, not the history of it. My heroes are the civil rights workers in Mississippi in the 1930s and 1940s. That’s when the real work was done, laying the groundwork and building up ideas and people and inspiration that ultimately could become the 1960s. That’s the hard place. Something roughly analogous is the way I think about this period.

In America Beyond Capitalism, to reinforce what you said about Americans in large numbers feeling that something’s not quite right, you write, “Repeated studies have shown the majority of Americans know full well that something fundamental is going on with ‘democracy’“— and I’m interested that you put “democracy” in quotes; I’ll ask you to explain that in a moment—“and four out of five judge that government leaders say and do anything to get elected, then do whatever they want, and another study found that seven out of ten felt that ‘people like me have almost no say in the political system.’”

Not only is that now true, that people sense that and they know money is dominating, and even more so with the Citizens United decision, that people understand that. But what’s very interesting—and, again, if you’re thinking about transformative change in stages of development— three decades ago the numbers were just the opposite. If you asked somebody, “Do the politicians or the president or the Congress do what people say?” they said, “Well, of course they do what the people say.” So there has been a major ideological shift, consciousness shift, negative in this case, that something is wrong, it’s all rigged, or Washington is broken or whatever the language is, or four out of five saying they will just do anything to get elected. That is a—more important than the shift— a profound change in the sense of direction of understanding in the ordinary public. You can’t get to much more fundamental change until you eliminate the possibility of believing in some of the foolishness. That’s going on big time in the U.S. People sense there’s something profoundly wrong. They don’t quite know what to do with it, they are still struggling with that. But awareness has grown over my lifetime in a way that’s astounding.

You suggest these efforts toward building some kind of alternative worker-owned structures will take many decades, that we’re now in the incipient stages. Am I summarizing correctly?

Not only worker ownership. Municipal ownership. That was the early part of the Debs revolution, was about municipal ownership and neighborhood development. All forms of changing, not just worker ownership. We are potentially in the incipient stages. We are further along than that. There’s lot on the ground. As I say, 130 million people are involved in credit unions and co-ops. A very American institution that doesn’t get taken seriously, except all of a sudden $4 billion or $5 billion have been shifted from big banks to credit unions as a matter of ideology, a matter of saying, We don’t want to be with the big banks. Let’s go there.

Some cities now are saying, Why can’t we set up a city bank or a city credit union? The state of North Dakota has an old state public bank. Publicly owned banks. In San Francisco they have about $28 billion in regular float, cash around. Why should that go to Bank of America? Why not put it in a city bank? Why not set up a city bank or a credit union?

Worker ownership is part of this, but there are all kinds of models that are emerging quietly that the central principle is democratizing ownership in one form or another, from my point of view, as the preliminaries to the transformation, or to an America beyond capitalism.

You trace the origins of this movement to actually a failed effort. In 1977 in Youngstown, Ohio, a big steel plant closed down, 5,000 workers lost their jobs. You were involved in an effort then to get that plant going again. It didn’t succeed. But from those efforts other things evolved. The Cleveland model.

Yes. Many of these things have grown up on their own. The industrial worker-owned co-ops, that’s very interesting and does trace back in part to Youngstown. There are many other roots we could go into. This was in 1977. Five thousand people got pink slips in one day, thrown out of work. In 1977 that was really big news. That was national news because it hadn’t been happening. Now it happens all the time.

So the steel workers there in the local in Youngstown—it was Youngstown Sheet & Tube, a big company—said, why don’t we take this place over and run it ourselves, along with the religious leaders of the city, the ecumenical council. That was the original idea. I was called in to try to help them design a plan and the strategy to do it. What happened was they did their politics very carefully. They got the whole state, Democrats and Republicans, including the so-called conservative governor, who had to be for it because the religious leaders and labor was for it, and they put forward a plan, which would have made for a worker-owned company, a large one. They even got the Carter administration in those days to commit $200 million in loan guarantees.

After the election of, I think it was, 1978 the money disappeared. There is a story there, too. Nonetheless it was popular. So the mill did not happen.

But what was interesting is that the leadership understood that might occur and they understood—and this is critical for activists now—they were self-consciously aware that even if it failed, they were injecting an important idea into political consciousness and that they couldn’t lose. Indeed, what happened in Ohio is there are probably more worker-owned companies now per capita in Ohio than perhaps any other state. There’s no study on that, but you get a sense of that if you go out there. A little center was set up at Kent State which began giving technical assistance to worker-owned companies.

The most sophisticated model that exists is in Cleveland. And it’s an interesting model because it’s in a very poor black area: $18,000 is the family income average, 40% unemployment. But there are also big hospitals there. The Cleveland Clinic is there and big universities. If we put two and two together in this case, building on the ideas of worker ownership, those hospitals and universities—and this can be done anywhere, in fact, many cities have picked up on this—they buy $3 billion in goods and services every year, $3 billion. That’s in addition to salaries and construction, just buying, none of which had been bought from this area. So the light bulb went on. Why not see if we can either induce them or ask them or force them to buy from worker-owned co-ops in this area that will service them and also service other things?

So the result is, in that area there are a series of worker-owned co-ops. They’re not simply to make a couple of workers rich, or not rich but make a lot. They’re linked to build a community. A nonprofit corporation ties them together. They can’t be sold off without a major decision. There’s a revolving fund so that the money is made, and a percentage, 10%, of profits go back in to make new companies. So that they want to build a complex of community building in a structure also of worker ownership, and partly stabilized by the fact that in these big hospitals and universities, taxpayer money, a huge amount in health care and in education, is being used to reconstruct the community on a wholly different institutional design. In America, right now.

Indeed, the small businessmen like it, it helps the tax base. And it has ideological resonance in a way that what we’ve learned there is if you speak concretely and make sense and know what you’re talking about, very, very fundamental institutional change can be made available in cities, particularly where the pain levels are growing and deepening. Cleveland has gone from a population of 800,000 to 400,000 in the last 30 years. Devastated. It’s like Detroit. Nothing has happened that works. If something like this works—and this is working; there are several companies—they have a possibility of reaching a much broader public. Which is critical. Not just small, radical groups; a much larger public.

So, for instance, they’re just about to open a greenhouse, partly solar, hydroponic. But the scale is not your little co-op. Three million heads of lettuce a year is the production, plus a lot of other stuff. They have an industrial-scale, very advanced, high-tech laundry, ecologically the greenest in the Midwest, perhaps—it uses about a third of the water and heat for laundries—that is servicing the hospitals and the nursing homes in the area. They have another solar installation company which is on track to put in just probably shortly more installations in Ohio and more capacity than existed in the whole state already. The goal is to build up not your own little, tiny worker co-op, but it’s to really get serious about developing scale and power. And community. Worker ownership, but not just worker ownership. Community development, in the largest sense of the community.

Talk about the role of organized labor. You trace in your book the steep decline from a peak of around 35% of the work force being unionized in the 1950s to what it is today, in single digits in the private sector a little higher in the public sector. You say it’s going to drop even further.

Historically unions were a countervailing force to capital. This is critical. The way in which most of the advanced systems around the world have been run—to say nothing is different in other parts of the world—is you allow the corporations and the capital owners to have a dominant role, and you build up union power as the basis of some form of progressive political coalition to keep distributional questions, social questions, environmental questions sort of in line. That’s the social democratic model in Europe or liberalism or progressive politics in this country. That’s the model. A “countervailing force” was what Galbraith called it. Indeed, without that, the situation would have been dreadful in most parts of the country and in many parts of the world.

That system model, that entire design of how you run a system, I think that’s decaying before your eyes, for better or for worse. There is a lot of pain associated with that. And the most fundamental of the reasons is that the power of organized labor, the muscle and money behind democratic elections, has radically declined, from about 35% in 1952 to just under 12% now, and probably declining further. So even the fights in Wisconsin—I’m from Wisconsin—recently and in Indiana and Ohio, very inspiring fights, but the thing to notice is that they were all defensive. They’re moving backwards saying, Do less, don’t take away more. They’re not on the offense. And they would love to be, to gain more power for both the unions and for social programs and economic programs. But there is a decay process at work.

Either there is going to be a new model of how you transform advanced systems in a new direction, or the decay will worsen and the pain will grow and the violence will come with it. I think this is the most important period of American history, bar none, and I include the American revolution, because we’re running out of options in the traditional models. The question that’s posed by all this experimentation and many other things and by Occupy is whether we’re in potentially the beginning of really reshaping our idea of where to go and how to get there. Critical to that is to get beyond rhetoric to what does it look like. What is it that makes sense in the design and politics and vision of the next system?

All these experiments on the ground—there are many, many more, some of them larger, some of them smaller—Alaska gives away the oil—if you go to Texas and Alaska and see what they do to oil, for odd reasons Alaska gives every citizen a right to a share of the profits from oil. Odd, historically. But there it is in America, that odd pattern.

If you look deeply, there are lots of elements that begin to form a mosaic, I think, potentially suggesting the direction of an America beyond capitalism and also beyond state socialism, a decentralized democratic model that begins to give content to a different vision and practical experience to build towards it. I think this is an extremely important development. Potentially, when it gets to politics—it doesn’t have a politics now; it has developments, experimentation, fragments—I think the next stage is a politics that begins to pick up on the knowledge and the experience and the practicality of all of this and begins to offer answers that you can explain to anybody.

I’m from Racine, Wisconsin. That’s kind of a decaying industrial town. I can go back to Racine and talk to my conservative high school buddies—and there are some who are really conservative, very intelligent but very conservative—and talk about all this, and it makes sense to people. It is explainable development and it has a vision that people understand,

That’s a good thing to do. We’ve got a lot of pain here in this town. So that content as well as the vision I think is very important.

The name of Marx’s book was Capital. It centers on who owns the power base.

People like Howard Zinn and Noam Chomsky would say that socialism has never really been tried. That the Soviet Union was a distortion, an aberration. They took the name socialism, but it was a form of top-down state capitalism.

That’s definitely fair. Indeed. I think it’s also true that you can find libertarian socialist theory and communitarian socialist theory and also syndicalist socialist theory. So there are traditions you can draw upon. But for the most part we have dwindled to the place that socialism means for most people the state owning and controlling.

I was a student of Bill Williams, the wonderful historian at the University of Wisconsin at Madison. He was always down on rhetoric. He was interested in content. What does it look like and why should this work any better, is the question we need to ask.

Indeed, you mention Howard Zinn and Noam Chomsky, both of whom are friends of mine who have been kind of urging this book, because it gets very practical about where to go and how to begin to build. A lot of the book is simply reporting on what’s out there all over the country that the press does not cover that you can do in your community. If they can do it in Cleveland, Ohio, you can do it anywhere.

Then the problem becomes, what are you willing to do? It becomes existential. You want to do something? It is not that it is impossible. We know that from all the things that I report on in the book or the cities like Cleveland. It’s whether people get off their chair and begin to act. So there is an existential component to this, as in all movements. Unlike 30 years ago—we were talking about Youngstown—when to build a worker- owned company, there weren’t many people you could call and ask how to do it, that’s changed. It’s a massive historical evolution when we have people available who actually know how to do this kind of thing.

And they exist. If you want to do any of the kind of developmental trajectories we’re talking about, just get online or look in the book. There’s a website I should mention, community-wealth, which simply surveys this kind of thing. You can find people who can say, “Hey, we’re doing it in way here. And we’d be happy to help you if you want to do something.”

That’s the challenge in a democratic system. It becomes not just about what they’re doing but what we are willing to get off our chair and do. Because now it is possible to do things, and the ball is in our court. One never knows about historical development. All of this may decay. It’s possible. But we certainly know that if you don’t build, you’re never going to get anywhere. So this developmental trajectory is very interesting from that perspective as well.

The U.S. as well as much of the world is experiencing the worst economic crisis since the Great Depression of the 1920s and 1930s. There are well-documented studies of the tremendous increases in wealth and income inequality, massive unemployment. Curiously, as economist Richard Wolff points out, this unemployment is unusual because it is chronic and long-term. People are out of work for long periods of time, and many of them drop out of the work force. With this kind of background, I see several possibilities.

One is a fertile time for alternative points of view: Look, this is what this system has produced. But also there is a worry, to use Bertram Gross’s term, “friendly fascism,” scapegoating immigrants and gays to explain the crisis.

And civil liberties. The President just signed into law provisions that allow some bureaucrat to put you in prison without trial. Maybe that will get taken out in the next legislation. But there has been no violence yet. A little bit of violence and you could see civil liberties go out the window in the U.S., as they did in the 1920s or in the McCarthy era. Even worse now, with terrorism. So I think Gross was right.

You can lay out the options. One of the options is that decay will simply continue. Rome decayed, period. Another option is it will explode into violence. And with violence, suppression and loss of civil liberties, our “friendly fascism.” It’s certainly a possibility. A third option is the basis of a great transformation will be established in the coming decades. No one knows what can happen, but it’s clear where the action should be.

That is, to say, build as strong and powerfully and as intelligently as we can in the new direction and then see what happens. One of the really important things I think that we tend to ignore about the U.S.—and I use that language about the internal empire—this is a very large country, and there are lots of places locally where things can be built, slowly in ways that build up over time. It allows for the rebuilding of local politics and local people, people who learn to become leaders in doing. It’s unusual in that.

The scale question. Let me say a word about this, because I think a lot about scale these days. Bill Williams always thought about scale. The architect of the American Constitution, James Madison, formulated the problem first in exactly the way Karl Marx did. Politics depends upon who owns property, and the people with property need to control. And secondly, you’ve got to keep the people without property, without capital, out of the game. He also said—and Marx didn’t have it as clear as Madison did— that if we can build a very large country, we can keep dividing and conquering. That’s straight Madison in Federalist 10. The larger the sphere, we can keep the people without property from ganging up. You can drop Germany into Montana. People don’t realize that the scale of the U.S. is radically decentralized and very different. In Germany you can build a social democratic polity much more easily. Here it’s different. Conversely, at the external parts of the society, lots of things are possible in a decentralized way that can build up over time and lots of initiatives are taking place. That possibility also exists.

We all have a vested interest in pessimism. If you’re pessimistic, you don’t have to do anything. If you say maybe there’s a shot, then the responsibility is basically on our shoulders. Since we don’t know and since I see as a historian, revolutions are as common as grass in world history. Things radically change over time. We’ll see.

The task now is obvious: laying groundwork and building a base and understanding more clearly what makes sense. I want to emphasize that, because I think that’s really interesting, to get beyond rhetoric to really what makes sense. Like this design question. You can talk to a lot of Americans about it. They may be scared off by some things, but they’re not scared off by “You tell me how it’s going to work.” “Really?” You would probably get the Tea Party willing to nationalize the Wall Street banks. The anger is building up.

We’re talking mostly local, but the next big financial crisis—and everyone knows there’s going to be another one, experts left, right, and center know there’s going to be another financial crisis because they can’t regulate these guys—one of these days, they’re going to say, “Take them over.” Indeed, with Citicorp and AIG, Bank of America, probably the U.S. government, had it wanted to, could have used its power already, instead of giving it back, because they put so much taxpayer money in, to have a controlling share. I think that part of it is also going to happen.

We did nationalize two big auto manufacturers, Chrysler and GM. So there are other levels of the crisis. But the thing that I think is most important, if we’re to have a democratic system, is the rebuilding of local experience, individuals locally learning how to do this in a democratic way as the precondition of any kind of system.

A theme you keep coming back to is American values. You talk about liberty, equality, and democracy. I just want to get underneath that a little bit, because it seems that there’s a huge gap between the historical record and the historical fact.

Oh, indeed, indeed. If you look at the way democracy has been practiced in the destruction of liberty and certainly inequality, there is a great gap between the ideals and the practices. What is interesting about this time in history is that all the trends are going south. That is to say, inequality is getting worse and worse.

That’s why Occupy, as we said, was so successful. At a certain point something breaks and people say, “Hey, there’s something really wrong here,” partly because we proclaim ourselves as a society that cares about equality and democracy. I think that’s what we’re seeing.

In terms of liberty, it hasn’t yet broken. There’s awareness that there’s a danger. But in terms of the trends on liberty, you can talk about it in terms of civil liberties, where there’s been a narrowing, and that requires you to get into the law and the Constitution. But the simplest test of liberty in any system is what percentage of the population is put in prison. That’s how you take people’s liberty away. It’s the first place to look. In this country seven times as many people per capita than in all the other advanced industrial systems are in jail, a large percentage of whom are black people. Something going on that is changing what actual liberty is, to say nothing of technical aspects of civil liberties, which are also going south.

So there is an erosion of the value base. Proclaim, liberty, democracy, equality often enough and then begin to destroy it, and people begin to say, “Something is profoundly wrong here.” That’s the precondition of really fundamental change. I think that’s where we’re going, and in many areas that’s where we are. So this is an extremely important period. It’s just not the next election or some pendulum swinging.

Is that why you put “democracy” in quotes?

I think that is why, because real democracy, genuine democracy—we were talking earlier that the “Red Mayor” of London wrote a book saying that if democracy allowed you to achieve anything, they wouldn’t let you vote. Meaningful democracy.

And the U.S. version of that: If God wanted us to vote in elections, he would give us candidates.

Right. That is to say, what is a meaningful electoral process? A meaningful electoral process really gives choices and sufficient power to actually make the choices real. Right now it’s almost a joke, the way in which politics and the primaries is going. It is a joke. That is to say, the money is so powerful and so important, how much gets on television, and has nothing to do democracy. It has to do with very large amounts of money competing for the airwaves. You’ve seen the ridicule of this, Stephen Colbert doing this, and he’s doing it in a very brilliant way. Because he’s saying, This is total fraud, and everybody knows it. It’s not like this is 10 years or 20 years ago. It wouldn’t have rung true. Now it’s obvious.

So the decay of ideology, the decay of consciousness, the loss of belief in the standard nostrums is a critical precondition. You’ve got to get it out of the way, the old ideas, before you can begin to take seriously the next direction. That’s happening right before your eyes.

Let me stray a little bit from the actual topic of America Beyond Capitalism but ask a related question. That’s about imperialism, the U.S., with its string of bases around the world, with its massive military force. Are democracy and liberty and these values that we’ve been talking about compatible with empire abroad?

No. The reason I got to this book started with American imperialism. In particular, it started with the atomic bomb and the bombing of Japan. I wrote two books on that subject, asking why was it that this culture was able to kill that many people, knowing that it was unnecessary. We now know that they knew that it was unnecessary, that the war was about to end, that as soon as the Russians came in, that shock would end the war well before there could be an invasion. That’s what drove me.

That takes you to the question of why systems expand in either formal colonialism or informal empire, the American kind. We were talking about William Appleman Williams and his work on that. Essentially, the source of this, in my view, is an expansionary system, a system that has to expand. There are other sources. There have been empires that were not based on capitalism and corporate expansion. Whatever we call the former Soviet Union, there was a Russian equivalent that was not capitalist. But there is certainly a drive in capitalism and in corporate capitalism in particular, but also agricultural capitalism, for control of markets, for control of investment. And more than that, even a genuine belief that this is a way to spread democracy—genuine, authentic— mixed with that ideology.

You must go back to the base. The system that doesn’t do this would be a system that is not necessarily based on expansion. So that’s another way of asking the question, If you don’t like corporate capitalism and you don’t like state socialism, can you begin to get serious about nonexpansionary systems, where you both change the nature of ownership and change the structure of the system so it doesn’t have to expand.

Actually, that’s how I got into these questions myself. And we can get way into it. The same question is involved in climate change and in resource use and in growth: systems that don’t have to grow. If a big corporation stops growing and its numbers start changing on Wall Street, boom, its stock will be out, the management will be out, and the business will be out of business. That’s the nature of the game. You have to grow, out of either greed or fear. If you can’t change that institutional dynamic, you are into an expansionary system, which tries to control, control, control. And whatever you call it, that’s implicitly imperial.

In this cosmology, as you’ve been describing it, of worker- owned—I believe the acronym is ESOP. What does that stand for?

ESOP is one form of worker ownership: employee stock ownership plan. It’s a very American breed, very interesting, because it was put together by Huey Long’s son, who was at that point chairman of the Senate Finance Committee, and a maverick corporate banker named Louis Kelso. The way it works is very simple. Basically, if you have started a company and your kids, your son and daughter, doesn’t want it when you retire, you have a choice to sell it to a big corporation. They will probably take the productive capacity away from the city. You might make money on it. If you sell it to your workers— this is what they did—the law now gives a tremendous financial benefit to the boss who sells to his workers. That’s a very, very unusual American thing. Part of our maverick tradition. And the ESOPs—there are 11,000 of them and some 13 million people involved in these employee stock ownership plan—are a different form of worker ownership, many of which in the original stage were set up without voting power. So they’re not democratic, most of them. However, there are reasons why they wanted to keep the financing under a trusteeship.

But now what’s happening within here, as you can imagine, as the workers get more ownership, they’re beginning to break that down and get more direct formal and informal power, and some of them are beginning to unionize. So there’s a trend within the trend. It’s very intriguing. I think of it this way. If you’re in a nondeveloped country, the means of production is land. And if you want to get the land from the landowner, you’ve got to bribe him big time or you’ve got to take it. So the way you do it is essentially to get the means of production. You give him a very large chunk of money, if you can do it politically, or you take it. What these are is another way to find democratized capital with major taxpayer financing.

Perhaps one of the better known of the international worker co-op efforts is based in the Basque country of Spain, Mondragon. Explain what Mondragon is. And why is it significant?

It’s a very interesting development, because it’s now roughly 85,000, at the last count, people involved in a very complex worker-owned set of co-ops that are integrated and operate very successfully, everything from construction to supermarkets to high-tech equipment to advanced research. These are not little co-ops. The rate of pay from the top to the bottom in 90% of the co-ops is about 4 or 5 to 1, that the boss has only five times as much as the lowest worker, and then in the biggest parts it’s 9 to 1. Compare that to the American. It’s 250 to 1 in most big corporations.

It’s been very successful. It is running into the world market, however. This is not a part of a socialist plan. There’s no state plan. It’s kind of separate and grew up out of Catholic Worker tradition and a Basque culture and suppression by the fascist regimes, creating a hothouse culture, and Catholic social thought. Very interesting worker participation within. But it is now running into the world market, and that’s a difficulty. It’s looking for markets, and it’s up against competition. So there are some questions about it. Nonetheless, it has a great deal to teach us about how you can organize internally within co- ops and worker-owned companies. In the Cleveland discussion, part of it, the revolving fund, has been drawn straight from Mondragon. And the linking of different co- ops rather than being just separate is drawn from that principle. Mondragon has not used the public or quasi- public ownership market, the hospitals and universities, buying from it. That’s not its design. So it’s problematic in some areas. Nonetheless it has a great deal to teach.

Explain what happens to the profits? Are they plowed back into these efforts or are they paid out to the workers?

It’s critical, because in the early period of worker co-ops and worker ownership, they did not make provision for this problem. So if you pay out all the profits, what happens is that you don’t have investment and new technologies and new equipment. So most modern worker co-ops have a provision that a certain percentage has to be plowed back into investment and new technology and research, otherwise you’re going to fall behind. So most of them now do that.

I think a lot of people are familiar with the going-local movement. There has been an increase in farmers’ markets and what are called CSAs, community-supported agriculture, and food co-ops, all coming under this rubric of going local. But there’s much more than just the food aspect to it, isn’t there?

That’s an allied kind of vision, I think, building around the notion of local community. So there are various forms of new currencies that are trying to break the hold of the dollar. Many parts of the country are experimenting with that such as Ithaca, New York. There is a big one in the Berkshires and elsewhere in the country. The local merchants will take these paper “dollars” and recirculate them to rebuild the local economy. That’s partly what I was talking about. When I say internal empire, I mean the cities are dying within different parts of the country, the local areas. And one way to reverse it is agriculture, another is small co-ops, another is these currencies that say buy local, increase the local multiplier.

Notice that the vision there is communitarian: it’s community, not simply worker ownership, which is a syndicalist model. It has a very different flavor to it. I think there’s going to be a mix of these two different directions. And certainly political alliances are being built between the worker ownership model and the community kind of green model. There’s a lot going on at the grass- roots level where these things are coming together.

You say the appeal of many of these ideas that we’re talking about such as cooperatives reaches across traditional left-right political divisions. What’ s the evidence of that? And where does the Tea Party factor in?

I had a very strange experience recently, because I was asked to come talk to the Chamber of Commerce, of all places, in one of the suburbs of Washington. And I was describing things like what’s going on in Cleveland, the worker-owned model, and the hospitals buy from it and they stabilize and it builds up the tax base. And I pointed out that the local small businessmen like it because it helps them, too, more customers.

And here’s the Chamber of Commerce saying, “That’s fantastic. We ought to do that here.” Everyone at this particular meeting said, “That’s a great thing. Why can’t we do that here? It will help the community, help the tax base. That’s a good thing to do. It will recycle money.” That same evening I was talking to radical organizers in Baltimore, and exactly the same response. It has a way of speaking to different groups.

Again, it has to make sense. It gets beyond rhetoric. We’re changing, in this case, the ownership of the means of production, if you like, towards a collective ownership structure that is worker-owned. Done in an intelligent way, it will help them and the community. People, even very conservative people, at the local level, not the ideologues, like the idea that why shouldn’t everybody own parts of their work. This is a positive thing, not a negative thing, when you get down to the nitty-gritty. It doesn’t mean to say that the national ideologues don’t have very different ideas and propaganda. And the Tea Party, you can find ideologues, obviously. It isn’t quite clear where they break down on this. But the experience I’ve had and the experience of many people I know is, in many of these local areas what looks to be quite radical in fact, when done intelligently, when you’ve done your homework, makes sense to people. And it ought to make sense. If what people who care about changing this system want doesn’t make sense, you shouldn’t do it. So it’s very important to understand that if you can’t explain it to an ordinary citizen, why what you’re proposing is a better way of doing things in life, then you probably don’t know what you’re talking about.

Rational, intellectual arguments aside, that make perfect sense, still many people are not persuaded. This is any entrenched economic system, and there’s fear of change. How do you overcome that fear?

I think what’s changed in my lifetime is that the pain levels have gotten to a place where people now know personally or in their family or in their friends or in their neighbors something has to change or it’s going to get worse. That’s a big deal when that happens in a society, that you get beyond talk to see the pain levels change. People have a really different way of listening, when everything else is failing and you begin to offer both an explanation and answers that might build up. Even if building over time, even if there’s a long developmental process, even if that’s necessary, you find people listen differently and talk differently because of the pain levels and the failures.

But given the in extremis financial situation that millions are in right now, the unemployment, the foreclosures and the like, is there that kind of space in terms of time? Can we wait during what you’re suggesting might be a decades-long process?

The answer is no and yes. That is to say, of course we can’t wait. The pain levels are terrible. There either is a path forward that we can make or the pain will get worse. So it’s an agonizing reality. It’s a horrible experience that’s going on when the society goes through the wringer as we are going through the wringer.

The choice is to try to get to build away out of it or let it get worse. So, no, there’s not enough time, and, yes, that’s the only way forward.

You mentioned ideologues. George Will is certainly one such ideologue in the corporate media. He’s a widely circulated columnist. He writes about redistribution in extremely pejorative terms. To him it’s tantamount to a Stalinist gulag and a code word for a socialist takeover and elimination of so-called American freedoms.

That is pure ideology, as far as I’m concerned. There is a concern that a state can be too powerful. The conservatives were right to worry about a state that’s too powerful. Fair enough. And very often liberals and radicals didn’t take seriously the dangers of statism. I give them that and I think we ought to respect that, in genuine conservatives.

I did a book on this with Lew Daly called Unjust Deserts. If you look at the sources of wealth in America and in virtually all countries, overwhelmingly it is technological change that makes the difference.

That is to say, in 1790, if you go from then till now, one person can now produce 40 to 50 times as much per hour. That’s where all the wealth comes from, this increase in productivity. Who gets to benefit from that? Everybody is working as hard. It’s not a question of envy and greed.

That’s a social construction. Indeed, think of Bill Gates or Steve Jobs. They would have been nowhere, literally nowhere, without the Internet. Who paid for the Internet? Taxpayers paid for it. And the development of all the schools that led to the place where you could actually develop the knowledge for the Internet, who paid for that? The American people paid for that.

You can go right down the list and find that virtually all of what is modern wealth, the cream of which is taken off at the top, is a social construction. So that the source of what we’re having is not some guy who did a wonderful thing. People did do creative things such as Steve Jobs and Bill Gates. But their contribution is like a pebble on top of a Gibraltar of both taxpayer creation and historic creation of generations that created chemistry and physics and math, without which you couldn’t do anything.

Think of it this way. If the technological changes that come from both social processes and government processes continue at the rate they have been continuing in the last century, in 2100 the income levels will be something like seven times as much as they now are— none of which will have been due to the work of the people then, all of which will be the construction of taxpayer investment and social development and science and resources that they get to rip off then. They won’t have done any more work. So when George Will says this, it seems to me blatantly ignorant of the sources of wealth and who gets to control them.

There should be, perhaps, a study on really existing capitalism, not this laissez faire fantasy that is put forth in economics departments at Harvard and other learned institutions of higher education. You could add to that list of the Internet that it was taxpayer money that paid for avionics, the jet planes that we are flying, the airports, pharmaceuticals and all the medicine and vaccines developed at the National Institutes of Health. So there’s this really existing capitalism and then there’s the fantasy version of capitalism.

Exactly. The easy part is when you begin looking at pharmaceuticals, the jet airplane, radar, the sources of the computer. Bill Gates was under contract at MIT when he first started doing all of the developmental work. That’s one part of it. The other part is, schools and high schools, bringing the vast majority of the people to the level where they can actually create and invent, is all social investment. So I think that’s even more important than the easy ones to understand, like the computer and the Internet.

I’m looking at the pie chart of where income tax money really goes. It’s the U.S. federal budget for 2010. It’s published by the War Resisters League in New York. Anyone can access it at warresisters.org. What does this pie chart tell you about where money is going?

Certainly the military is a big piece of it, 30% on this chart; past military, 18%; general government, 8%; physical resources, infrastructure, 6%; human resources, 38%, but that means Social Security and health care primarily, and Medicare, which are being paid for out of your very, very regressive taxes, working taxes. The actual spending, federal government programs are financed in two ways. And it’s worse at the state and local level, which use the sales tax often. We have payroll taxes, which are Medicare and Medicaid, which is extremely regressive. That is to say, it’s $107,000 now, capped, so that anything above that just doesn’t get taxed. Which is amazingly regressive, when you think about it. And then the income tax, which has gotten worse and worse and more regressive as time goes on. I’m obviously not a Republican, but I think we ought to go back to Eisenhower’s income tax, because in the greatest American economic boom, the post-war boom, when Eisenhower was president, the marginal tax rate for people at the top was 91%. Now it’s down to 35-37%, depending on which year.

There has been a major change in the distribution of income, where the top 1% has gone from 10% of the income to 23%. Now, because of the recession, it’s down a little lower than that. Somebody lost that income, the other 99%. And then the tax rate went down on the top 99%. Mitt Romney’s being taxed at 15% because it’s all investment income. They tax working-class income and worker income at 20% and 25% and up to 35%, but if you make your money by investment, 15%. It’s wonderful to see an illustration in the national arena. Economists know this, but now the public is treated to the inside knowledge. Hey, he’s only being taxed 15% and I’m being taxed 30%. What’s going on here?

“Worker Owners of America, Unite” was the title of your New York Times. You say, “A long era of economic stagnation could well lead to a profound national debate about an America that is dominated neither by giant corporations nor by socialist bureaucrats. It would be a fitting next direction for a troubled nation that has long styled itself as of and by and for the people.” What are the prospects of that vision being realized?

All great revolutions look impossible before they happen. That isn’t to say great revolutions always happen. But it is to say, if you look at the folks who started the civil rights movement, the odds in Mississippi in 1930 and 1940 of achieving a civil rights revolution appeared to be far worse to people at the time. They would hang you from a tree if you made any kind of trouble. The odds even in the Middle East to break loose were greater than anything we face. The odds of the women’s movement. The greatest cultural revolution in modern advanced history, the cultural revolution of women in the last 40 years, I can still remember when it was not possible for women to be taken seriously in work, life, culture. That’s a radical shift that looked impossible. It is not to say it’s inevitable. But I think that a cool assessment from this historian and political economist is that it is within the range of reasonable possibilities that a transformation can be achieved and that this next two to three decades is the prehistory of such a transformation. In any event, all of the positive changes that would be necessary are useful to do, no matter what. So I’m cautious on it, but I think, there is a finite, realistic, and very much worth doing chance to build the basis of a next possibility.

You say America Beyond Capitalism is “a tool box” of practical precedents that can be built upon.

That’s what I think is very important, to realize that we can get beyond rhetoric, to the thousands of things on the ground that the press doesn’t cover, which alter the nature of the power base of most systems, who owns capital, and do it in a very American way. So I think there’s a lot that you can do. Worker-owned companies, neighborhood corporations, municipal ownership, state ownership. Twenty-seven states already own shares in companies and take ownership positions. That’s another interesting thing in America. There are state banks. There are something like 20 states that are considering single payer legislation. In another 15 states there are movements for state banking, public banking. So if you look beneath the headlines, and as the pain level grows, there are very real practical embodiments of a different idea, the democratizing of wealth. As I said, that’s the prehistory. That breaks the idea of system. That opens up a different debate. That’s not the history of the next transformation; that’s the step that’s necessary without which you can’t get to the next stage.

But it’s very well underway, if you look beneath the headlines.

(Due to time constraints some portions of the interview were not included in the national broadcast. Those portions are included in this transcript.)

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©2012

The tax code: Class warfare

interview with Richard Wolff
by David Barsaminan
New York, NY
December 29, 2011

available from Alternative Radio

You can listen to Richard Wolff speak for himself here.

Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts in Amherst and currently a visiting professor at the New School in New York. The New York Times called him “America’s most prominent Marxist economist.” He is the author of numerous books including Capitalism Hits the Fan and Occupy the Economy with David Barsamian.

In a time of acute economic stress, where municipalities, states, and the federal government are pressed to generate more revenues to cover such things as unemployment insurance and providing basic services, talk about the Tax Code and how it is structured, and about property taxes, real estate taxes.

This is an immense topic, the structure of taxes in the U.S., and you would think that our population was reasonably well educated about our tax system given how often it comes up in conversation, given how often politicians rail about the tax system in efforts to get votes and so on. But the truth of it is that Americans know very little about their tax system. And when you try to explain why, there really is no explanation that I’ve ever found anywhere near as persuasive as the following.

If you actually understood the structure of taxes in the U.S., you would be so angry as a working, average American that it’s not clear that you would tolerate the society to continue the way it operates. So maybe there’s a method to the madness of not teaching people about something they seem to care about. So let’s begin.

Taxes are levied by the government on a variety of entities, and you have to keep that separate. For example, taxes are levied on income, on the money you get; they’re levied on corporations for the money they get from selling their goods and services; and they’re levied on individuals, like you and me, on the income we get, the income from our wages and salaries, the income from our interest, if we have a savings account, the income on dividends or capital gains. Whatever kind of income we get, the governments tax us. So income is one thing that’s taxed. The second thing that’s taxed is expenditures. We get taxed when we spend money, for example, a sales tax when we buy a shirt or an excise tax when we fill our car with gas or buy a bottle of beer, and so forth. And the third thing that gets taxed is wealth, property. Let’s keep them separate. You tax income, you tax expenditure, and you tax wealth. Those are three different things, and they have to be kept separate.

Things get a bit more complicated when you discover that different governments tax different things. So, for example, the federal government taxes income. State governments tax income, but particularly also expenditures. And local governments, cities and towns, tax mostly property. So the different levels tend to focus on different things to tax.

All of us pay all of these taxes, so the notion that sometimes you hear people claim, “Gee, it’s not fair for us to be double-taxed,” is silly. We’re all taxed many times. For example, when I earn my income, there’s money withheld from my paycheck to pay income tax to the federal government and to the state government in which I live. I keep the rest of the money. But then when I go and buy a shirt, I pay a sales tax. So now I’m taxed a second time by the state in which I live with an expenditure tax. But on top of that, out of the money left over, I still have to pay a property tax on the house I own, on the car I own. So the notion of being double-taxed or triple-taxed is not something that’s fair or unfair, because it’s universal. Every one of us pays multiple taxes almost every day in one way or another.

Let’s look at them. And let’s start at the bottom. Let’s start with property taxes, because they’re very, very interesting in the U.S. The federal government does not tax your property: it doesn’t tax your house, it doesn’t tax your car, that is, on the property it doesn’t tax it, it doesn’t tax your bank account, it doesn’t tax your stocks and bonds. Those are properties that you have. It doesn’t tax your land. Neither does the state. Who taxes your property? Your local town, your local city.

Here’s how it works. In every town and city they have an official called a tax assessor. His job, her job, is to go around and figure out who’s got what property so that the city or the town can tax that property. But here’s the interesting part and here’s the first example of what people might think about and how angry they would get if they understood it. The job of the tax assessor is to assess the value of the property subject to taxation. So the tax assessor typically will look at your land, if you own any, for example, the land value of the house that sits on that land, if you own your home. So they will go and they will do a study of your land value, of your house’s value, if you’re a business and you have an inventory, you use machines. And then the tax assessor will say, “Okay, this company has this property, this person has that property.”

And you have to give the local town 2%, 4%, 6%. Some percentage of the value of that property has to be paid in taxes to the community.

Why is this interesting? Fundamentally, for the following reason. It is the normal, traditional practice in the U.S. to count as taxable property only a portion of the property, not all property is taxed. Many kinds of property are not taxed at all. The ones that are taxed are land, housing, business structures, and business inventories and automobiles. Those are the major kinds of property. This is interesting because what I’ve left out, all stocks and bonds are exempted from property tax. There is no property tax on stocks and bonds in the U.S., not by the federal government, not by the state government, and not by the local government. There is no property tax on your savings account. Money, that’s property you own. I own a savings account that has $50,000 in it, that’s my property. I’ve accumulated that over the years, I’ve inherited it. However I got it, it’s part of my property. To show you how dramatic this is, if I have a house worth $200,000 in Yipsidoodle, Mississippi, I have to pay a property tax to the town of Yipsidoodle on that property. If I sell that house for $200,000 and instead of having a house, I invest that $200,000 in tax and bonds, my tax bill to Yipsidoodle, Mississippi, is zero. There is no property tax. Neither by Yipsidoodle, Mississippi, nor by the state of the Mississippi nor by the U.S.

What kind of a society would tax some property and not other property, when we all know that the kinds of property average Americans have, if they have any at all, is a house and a car. And that’s what’s mainly taxed in America. Whereas what the rich have, that makes them rich, are stocks, bonds, and cash, which are not subject to property tax. You would revolutionize the financial conditions of every American city and town if its property tax were simply extended from the property now taxed— land, houses, business inventories, and so on—to tax also stocks, bonds, and savings accounts. If you want a quick solution to our problems as a nation, that would be one. And even if you didn’t believe in that solution, it’s worth it to think what it means that we have a so-called property tax that exempts the property of the richest amongst us. If ever there was an example of the point of occupy Wall Street’s 99% versus 1%, there it is.

There are other tax exemptions of property. Here are some examples. You will have to decide which of these are suitable dinner conversation. We do not tax the property of religious institutions. Every piece of land upon which a church, a mosque, or a synagogue sit is exempted from property tax. The buildings of all these churches are exempted from property tax. Here’s what that means. If you live in a town that has lots of religious institutions, it means that lots of the property is owned by somebody, a church, who doesn’t have to pay any tax to the community. The local community still has to deliver to these entities: police services, fire services, public education for their children services. All the things that cities and towns do with the money they raised has to be provided to the local churches and synagogues and mosques. But they don’t have to pay anything for it. There’s no way out of that other than to understand that if you deliver free services to tax-exempt properties, it means the rest of the community has to pay extra to deliver those services to those parts of the community that do not pay for them themselves.

This can become really bizarre if you have, in addition to the churches and synagogues and mosques who are tax-exempt from property tax in a town, the misfortune of having, I don’t know, a big, powerful, rich, private university. Here I can use as an example the city of New Haven in Connecticut, whose largest landowner and whose richest citizen is Yale University. Yale University, which has over 200 buildings in New Haven, and is the largest employer, the largest landowner, and by far the richest citizen of New Haven, pays no property taxes on its educational property, which is about 95% of all the property it has. That means the rest of the people of New Haven must pay more to deliver the police services, the fire services, the education for all those Yale employees, children, etc. And remember, the City of New Haven educates these people, who then go on to work for Yale and are productive employees for Yale because the City has paid for their education from kindergarten through high school and perhaps beyond. Yale pays nothing for that.

Here’s the irony, and it’s emblematic of what this all means. Yale is considered the third or fourth richest university on earth. It lives in New Haven, which is counted by the U.S. Census Bureau as one of the ten poorest cities in the U.S. So here we have it. New Haven, Connecticut, one of the 169 towns that make up the state of Connecticut, has the highest property tax rate of all 169 towns in Connecticut because its poor citizens have to pay higher property taxes to deliver free public services to Yale, that makes no payments for them. That’s called Robin Hood in reverse: the poor people of New Haven are subsidizing the third or fourth richest university on earth, who last year counted as its endowment, its wealth, something on the order of 18 or 19 billion—that’s with a B—dollars. That is an unbelievable story, in which a property tax system takes from the poor and brings it to the rich.

So that’s the property tax. Long ago critics of this system have said, all of the so-called public finance problems of American communities could be solved if you simply extended the property tax to include at least stocks and bonds of private individuals. By the way, we would be taxing those most able to pay, because only those most able to pay have significant quantities of stocks and bonds. If you didn’t want to punish poor people who have a little bit of stocks and bonds, you could always make the first $10,000 or $20,000 or $30,000 or $40,000 or $50,000 worth of stocks and bonds exempt, if you wanted to give those people a break. But the idea that people with tens of millions of dollars of stocks and bonds pay no property tax on that property while you tax the person with a 10-year- old jalopy for having that car is really outrageous. If the cities and towns could tap that property revenue, they would need a lot less help from the state governments, which in turn would need a lot less help from the federal government. So it would be a boon to the whole tax system if you just corrected the injustice of our property tax exemptions.

Let me turn next to the expenditure taxes. Most of those are called sales taxes. They’re taxes that you pay when you buy something. The criticism of them that ought to be made is that they make no effort to discriminate according to your ability to pay. If Rockefeller goes in and buys a T-shirt, he pays exactly the same tax as you or I do. So clearly there’s no effort to distinguish among them. There would be lot of ways of doing that, if you wanted to keep to a sales tax, one of which would be to make the rate change with the price of the item. So if you’re buying a very expensive automobile, the sales tax would go up relative to what you pay for a T-shirt or a pair of shoes, and so on. So you would be able to build in a capacity to pay, the way we do with our income tax. So the first rule would be, let’s talk about that.

The other thing about an expenditure tax is that it has built into it a fundamental inequality. Most Americans, for example, have to spend pretty much everything they earn, because they don’t earn enough to save. If you get an income that you have to spend all of, you’re going to get whacked by taxes twice: first you have to pay an income tax on all the money you get; and then, since you have to spend all of your money for food, clothing, shelter, and so on, you get whacked by the sales tax when you spend it. Compare that to a person who gets a very high income.

What that person can do is save some of their income and not spend it. Every dollar you save is a dollar that doesn’t have to pay a sales tax because you’re not spending it. So, for example, if you save money in this country and you use it to buy stocks and bonds, there’s no sales tax on that. No government comes in and says, you ought to pay a sales tax on buying a share of stock, just the way you do on buying a pair of shoes or getting a hamburger. That is also as grotesque inequality that rewards people whose income is high enough that they don’t have to spend all of it.

Let me turn finally to income taxes. They are by far the largest tax that Americans deal with. The federal government basically relies on income taxes. I’ll come to that. But many states also have income taxes, and there are even a few cities across the U.S., for example, New York City, that has a local, municipal income tax. It means, for example, that if you’re a resident of New York City, you pay a tax on your income to New York City, a tax on the same income to New York state, and a tax on that same income to the federal government. You pay three levels of taxes. Most Americans pay only to the federal government or to the federal government and to whatever state they’re in. But there are quite a few states in the U.S. that do not have an income tax. A minority of states, for sure, but still a significant number. And some of our bigger states, such as Texas, are like that.

Let’s look at the income tax. First of all, I’m going to focus only on the federal government because that’s the major place we pay our income taxes. The first thing to understand is that the income tax is the only tax in the U.S. at the federal level that has built into it the notion that you ought to pay more if you’re rich than if you’re not. We call that a graduated income tax. It’s sometimes referred to as a progressive income tax. The basic way it works is this: Everybody pays the same percentage on the first $10,000 of income, then everybody pays a slightly higher percentage on the next $10,000 or $20,000, and so it goes. The higher the income you get, the higher the percentage on the last portion of it. The federal income tax in the U.S. today peaks at 35%, so if you earn above whatever it is these days—I haven’t looked at the numbers recently—say, $70,000—then every dollar over that that you earn, you must give 35 cents to uncle Sam and you keep the other 65 cents for yourself. That’s the top income tax bracket, it’s called. So at least we see there some effort to tax people according to their ability to pay. I think that principle is very important. It’s been the principle of the income tax now for an entire century. The income tax began around 1910, so here we are, literally 100 years later, and nobody, however conservative, has basically been able to get rid of that. The American people, Republicans and Democrats alike, have endorsed a progressive structure of the income tax.

However, rich people, who don’t want to pay taxes and who I’ve already told you don’t pay property taxes on their stocks and bonds and get out of paying sales taxes by having enough income to put a lot of it into savings and investments, have not limited themselves to getting out of local and state taxes. They’ve also worked on the federal level. Let me show you how.

First, it’s interesting that progressivity stops at 35%. Why in the world does it stop there? Why doesn’t it continue? $20,000 more, you pay 40%; $20,000 above that, you pay 48%, and so on. Why does it stop at 35%? That’s, of course, a tremendous benefit to the rich— people who earn 200,000, 400,000, 800,000, 1 million, 2 million, 6 million, 10 million. And we have Americans in those categories, lots of them. Why are they not required to pay higher steps? That is a perfectly reasonable, logical question for a tax system that says it’s progressive but stops being progressive at a relatively low standard of, say, $70,000 or $80,000 and at a relatively low tax rate.

To drive my point home, let show you that at other points in American history we have been very different. For example, in the 1950s and 1960s, the top income tax bracket that the highest income tax payers had to pay was 91%. Let me make clear, everybody, say, in the 1950s and 1960s who got over whatever the top bracket was, say, $70,000 or $60,000, every dollar a man or woman got over that, they had to give Uncle Sam 91 cents, they got to keep 9. I’m not describing the Soviet Union or China or Cuba or places like that. I’m describing the United States not that long ago.

Something happened between the 1950s and 1960s and today which can only be described as a mammoth tax break, giveaway, to the richest Americans. Their top bracket went from 91% to 35%. No average American ever saw in those years a tax break even remotely that large or enormous. So there’s no way out of the conclusion that over the last 40 to 50 years the number one beneficiaries of tax cuts in the United States were the richest Americans. Part of the reason the gap between rich and poor has become so extreme in the U.S. is precisely because of the success of the rich in buying the political muscle needed to reduce their tax burdens so dramatically.

But that’s not all. Alongside the cut in the tax rates of American individuals, let’s remember that the income tax also falls on corporations. And they, too, have been busy shifting the burden of taxes off of them. The way I summarize that is with a simple statistic. In the 1940s, the end of the Second World War, for every dollar the federal government got from individuals it got about $1.50 in income taxes on the profits of corporations. In 2010 the same number reads as follows: For every dollar the federal government gets from individual income taxes, it gets 25 cents from corporate income taxes. In other words, corporations have reduced the burden of taxes drastically and shifted it over on to individuals.

Now put these two things together.

Corporations shifted the burden of taxes on the individuals, and rich individuals shifted the burden of their taxes onto the middle and the bottom. There we have a large portion of what is the economic history of the U.S. in terms of taxation over recent years.

The solution, therefore, to the tax problems of our federal government not having enough money to maintain a health service, not having enough money to provide decent Unemployment Insurance, of cities and towns not having enough money to keep their streets clean, to build proper public housing and all the rest is not about there being enough money. The real issue is and should be addressed as a country that has systematically reduced the taxes it used to get both from business and from the rich. The only thing that’s worse than having cut taxes on those who can afford it the most is to think that now the way to solve that problem is to cut the services that the middle and lower class need, because that is punishing the victim rather than the beneficiary of what’s been done with our taxes. So as I said at the beginning, if Americans understood even part of what I’ve just summarized, you would have a tax revolt of a very different kind, of a very different intensity than what we’ve seen.

When somebody goes to have a cup of coffee and a sandwich for lunch, they can’t use that expenditure as a tax write-off. But when a CEO or some bankers go to The Four Seasons, a very expensive restaurant here in New York, for lunch, they can write that off as a business expense.

It’s one of the many examples of how the Tax Code, which, by the way, takes hundreds and hundreds of pages, if you ever actually get it from the IRS—all those hundreds of pages have to do with countless details and regulations and rules that have been written into the Tax Code under the pressure of lobbyists for corporations, for rich people, and so on, to get them little gimmicks that will alleviate the taxes.

Let me address the big one that you referred to. Years ago, the Internal Revenue Service said to the mass of Americans, Look, you have the right to go and use the Tax Code and find each and every gimmick that might conceivably be used by you to lower your tax bill. But you don’t have the expertise, the language is legalese, hard to understand, and you don’t pay enough taxes for it to pay for you to hire a tax accountant or a lawyer to do that work for you, because it will cost you more to pay for that specialist than you will get as a saving in taxes. So we give you something called a general exemption. We give you the right to write off 15% or something like that of your income as somehow a summary of all your expenses. That’s probably more generous to you than you would be able to afford if you went through the trouble of finding little gimmicks or paid someone to do it.

But for rich people that’s not case. Rich people earn enough that for them paying $5,000, $10,000 to an accountant to make sure that every gimmick is used is well worth it, because they will save you 20 times what it costs you to hire them. They, therefore, go and not only get those gimmicks written into the law but make sure they take advantage of them.

Here’s how your example works. One of the gimmicks is to say that if you have an expense that is part of your business income, well, then it can be counted against that income. So, for example, if you had to spend $300 on a lunch to win a contract for your company, then the $300 for lunch is an expense of getting your income, and you’re allowed to deduct that from the income because you only get what’s left over from the profit. So now it means that an executive who goes and has a $300 lunch with a client can say, “This was an expense,” and that reduces their income tax. You can’t do that when you get a sandwich because it doesn’t pay you, you don’t make enough. But a rich person does.

That gets even more fancy because, for example, that same rich person can have a property, say, in some elegant resort in Vail, Colorado, where they go skiing, and they take a client from time to time. And therefore they claim, “The only reason I have this lovely place with a butler and maid and a chauffeur to get me from the airport to there is to do business.” And the little detail that they take their family five times a year also for having a good time, well, that’s a little detail no one quite pays.

Basically, we have to understand that those with the resources have been able over the years to rewrite, to add to, to modify the tax code in an innumerable number of ways to create for themselves opportunities to get out of paying taxes that simply have not been created on anything like that scale for the average American. As a result, you have the same thing in the existing Tax Code that I already described in terms of all the tax exemptions, where you don’t even have to pay anything.

And one of them is this whole notion of charging off allowable expenses of your life. The average person doesn’t do it, using the standard exemption, because it doesn’t pay. But if you’re rich enough, it pays, so you get out of it. That’s, by the way, why not only can you deduct fancy apartments in Colorado or costly meals in a restaurant, but you can do all kind of other things.

One of my favorite examples is, using this thing called the charitable deduction, you can give something you own to a charity of some sort and you can deduct the market price of what you gave them from your own income and reduce your income tax. This has led to some creative manipulation among wealthy institutions and wealthy people. Suppose you are wealthy enough to have a very expensive painting by Pablo Picasso hanging in your living room. And you realize that you’re earning so much money, you need some deductions, you need to reduce the amount of money for tax purposes so your tax bill is reduced. Here’s what you can do. Suppose you earn $10 million a year, you’re some hotsy-totsy executive, and you have this Picasso on your wall. Let’s say it’s worth $1 million, which many of his paintings are, they’re worth much more than that. So you have a $1 million Picasso, a little sketch. You can give it to—I don’t know, let’s pick Harvard University. Harvard University and you will work out the following deal, and this is legal by the Tax Code. You give to Harvard the painting this year, 2012, and that gives you the exemption this year. So suppose this year you earn $1 million but you give this painting to Harvard in this year worth $1 million. You then take the $1 million worth of painting you give to Harvard, deduct it from your $1 million worth of income this year, which means you have no income for tax purposes at all. The $1 million you actually earned has deducted from it the $1 million worth of painting you give to Harvard. So your tax bill this year will be nothing, even though you earned $1 million.

But that’s only the beginning. Now step two. Harvard, to whom you have given the painting, has the legal right to lend it back to you. Oh. And for how long? They can legally lend it to you for the rest of your life. Therefore, it never leaves your wall in your living room, it never goes to Harvard. This is all done on paper. It stays right on your wall, and it will stay there for the next 10 years or 20 years, however long you live. And then when you die, it will go to Harvard. Harvard is happy because it will eventually get it and it costs them nothing. You’re happy because now, many years before you die, you get the full value of that exemption. That’s all legal. That all had to be written into the Tax Code to make it legal.

That’s what’s done in a thousand ways to make rich people have—what? The results you read in the newspaper from time to time when some inquiring reporter goes and checks big corporations or wealthy individuals and discovers that they don’t pay anything like the taxes they’re technically supposed to pay. That was the famous example last year when Warren Buffet, one of the richest men on earth, explained that he pays as lower tax out of his income than the secretaries in his office do, and that’s because he has a tax accountant who takes advantage of all his expensive meals, all his fancy jets, all his multiple homes around the world, and makes them all into the legal expenses that reduce his burden.

The sales tax is often called regressive by those who are critical of it. Maybe just to give one example, let’s say you pick up a very expensive piece of electronic equipment for your home, not something essential to one’s existence. But then you have the whole issue of food being taxed, which is hardly a discretionary or luxury item.

Again, a sales tax can either be regressive, namely, it hits “everybody” at the same rate, precisely what the federal income tax does not do, or you could make it progressive. There are many ways of making it progressive. For example, you could charge a higher sales-tax rate for more expensive items. So on something that costs, say, between zero and $100, you pay a 1% sales tax, something that costs between $100 and $500, you pay—etc., etc. That could be easily done. Or even better—and that has been done in a few places where people mobilize to get it done—classes of items are simply exempted from the sales tax, for example, food. Or for a while many states have had a situation that any article of clothing worth, say, less than $50 is just not taxed. And the cash registers at department stores are set up so that if you buy something for $40, there is no tax part of that. And so on and so on. So if you wanted to make it progressive, that would be easy to do. But you would have to mobilize the political force of the mass of people to get that done. If you don’t, you leave the field to the wealthy, who use their tax lawyers and accountants and their political contributions to get a Tax Code that tilts in their favor. That’s what we have.

Grover Norquist, a Washington lobbyist and operative, has been almost single-handedly successful in demonizing taxation. He’s also managed to change the actual vocabulary. For example, the estate tax is now called the death tax. When you tell that to an average person who is going to die, they’ll probably think, I don’t want to have a tax when I die. But that’s not what this is about.

It’s clever to use names. It occurs to me sometimes, we ought to call the property tax a privilege tax. If we called it a privilege tax, everybody would wonder, whose privilege, and then we would explain to them the privilege of all the people who don’t pay property tax, whether they’re rich universities or folks with stock and bond portfolios and so on. Yes, the whole demonization of taxes has been brilliant, because you’re playing on people’s resentment that they have to pay any tax by trying to frame the issue as whether we pay or don’t pay rather than what the issue really is, which is who pays and who gets out of paying. If you framed it that way, then, of course, the logic would be, gee, who is getting out of it? And then people like me could explain exactly who is being privileged in this way and who isn’t. So, yes, I think Norquist and other tax battlers have been able to basically pull the wool over a lot of people’s eyes by not facing up to the real history, which is why I stress it as a historical example, in which one part of the community shifts the burden of taxes off of itself and on to the other part.

I think another example that might be interesting to people is Social Security. That’s a very big part of what the government has to do now. It has to help people who have done a whole lifetime’s worth of work. They retire at age 65. They have had money withheld by the government for their entire working life. And that then provides them with a pension of sorts. The pension is very modest. Social Security does not provide very much money to people. But it’s a lot better than getting nothing. And people are kind of grateful in America. It’s a very popular program, and always has been, to provide some help not only for the people who reach age 65 but, obviously, for their children, who therefore don’t have as big a burden to take care of their parents as they would otherwise have. So it really doesn’t just benefit the older folks; it benefits everybody in the society.

We don’t have a progressive Social Security system. We actually have a regressive one. Let me explain. Under the current system, the Social Security tax, the money raised to pay pensions and to help people who have debilitating injuries or loss of a parent, things like that, we don’t raise that money in a progressive way, we raise it in a regressive way. It’s very unfair, and I think it’s an important thing to understand, especially these days, when so much is made of the claim, which is false, that the Social Security system is in some kind of financial trouble, can’t pay its way, will dry up, things like that.

So let me explain. Under the law, an individual has a certain amount of money, a certain percentage of their income, withheld for Social Security, 4.-something percent, and the employer has an equal share withheld that they have to pay. So you get put into your account the 50% of what’s put into your account that’s taken out of your salary and an equal amount matched by your employer.

Here’s the interesting thing. It’s only on the first $107,000 of income. On the first $107,000 you earn, everybody pays the same percentage. If you earn $10,000 a year, $40,000 a year, $80,000 a year, up to $107,000, you have the same percentage, 4%. So there’s no progressivity there. But now it gets worse. On every dollar you earn over $107,000, nothing is withheld. So notice again, if you’re rich, if your income is $150,000 or $200,000 or $300,000 or $600,000 or $1 million or $2 million or $5 million, all of the money you earn over $107,000 has no Social Security withheld from you at all. And if you think that’s unfair, you’re just at the beginning. Social Security taxes are withheld only on your wages and salaries, not on any other kind of income. If you have dividends you earn from your stocks, interest you earn from your bonds, capital gains you make by buying stocks and selling them, or rentals you get, if you own property, all of those kinds of income have no Social Security deduction at all. It’s the rich in America who get those kinds of incomes. So there again, you see that the Social Security system puts the burden of taxes on everybody who earns $107,000 or less from wages and salaries. Everybody else, the rich, are exempted. It’s unfair, it’s not progressive. It’s the opposite. It’s regressive.

The Occupy Wall Street movement has certainly brought attention to some of the inequities and contradictions of the Tax Code, but in general, why is so little known about the intricacies of the Tax Code?

I think partly, and the least important, it’s complicated. Again I remind you, take a look at the Tax Code books issued by the Internal Revenue Service and you will see. These are tomes. These are mammoth volumes of immense numbers of pages. The Tax Code is effectively reworked almost every year. If you’re wealthy enough to use a tax accountant, you will get a memo from the tax accountant at least once or twice a year simply letting you know what some of the major changes are each year that might affect you if you’re rich. This is a kind of income that is now more or less taxed. And a clever tax accountant, well paid by a rich client will move assets, will get rid of a horse ranch and buy a painting or get rid of a painting and make a contribution to some university, in order to take advantage of the constant changes. Most Americans have no incentive and don’t have the resources to take advantage of this.

Remember, all the time, interests looking for a new tax break will pay high-priced lobbyists to do the work in Washington or the state house of a state to get the Tax Code adjusted, to get the regulation shifted, to get a new law passed. This adds up. That’s why particular groups have what we’ve come to call loopholes—all those little arrangements that get slipped into a bill at the last stages of it going through passage. Just before it reaches the president’s desk or the governor’s desk for signature, a little amendment is stuck in. Nobody pays much attention, because it’s such a little deal that only 16 sugar farms will be able to take advantage of it. But they will save hundreds of millions of dollars, so it will have paid them to spend $10 million giving some lobbying firm in Washington the ability to hire 50 people to bother the six congressmen and congresswomen they need to vote in a different way, to give them all kind of contributions and all the rest of it to get the thing written that nobody will notice but will save them $100 million over the next five years. And by them saving $100 million of taxes, we all have to remember, the government has to make up somewhere else the money it’s not going to be getting from the people who have gotten that loophole. You add that up, all the people getting loopholes, that’s why we pay the taxes, those of us who can’t get that kind of benefit, under this system.

Lotteries, now run by most states are, you say, disguised forms of taxation. Explain what you mean.

Over the last several decades the American tax system has faced a revolt, understandably, by the middle- and lower- income people, who pay a disproportionate amount of taxes given what the tax system is supposed to do, which is in the sense of the federal income tax, tax people according to their ability to pay. In all the ways I’ve described, that goal, that objective, which is in the interest of most Americans, has been systematically thwarted, frustrated, and indeed the opposite has been produced. Therefore, it’s not surprising that Americans, in general, are angry about taxes, want their taxes cut.

This has left the state in a kind of difficulty. How are you going to deliver all the services, particularly to the rich and the corporations who want those services, if you can’t get the taxes, either from them or from an angry population, to pay for it? One solution, one avenue of dealing with this that political leaders have found is gambling, that is, to reverse the long American distaste for gambling that has made it illegal to have lotteries, to have racetracks, to have all those things in most parts of the U.S. All that has had to be chucked out the window. We can’t afford these religious taboos. The government saw a way of taxing that they didn’t have to call a tax, so they wouldn’t have to admit, Oh, we’re taxing the people. They have to get rid, however, of the taboo on gambling. Why? Because the state could then become the monopoly gambler. Those who have ever lived in an urban area in the U.S. know that the numbers racket and lotteries have long been in existence, but they have been one of the black-market activities in our society, money to be made by illegal means, whether it’s run by criminal gangs or neighborhood folks.

Over recent decades, squeezed by the mass of people, angry about the taxes that have been shifted on them, even if they don’t understand that that’s happened, the politicians came up with lotteries. Here’s a way to tax the mass of people without calling it a tax while having the mass of people kind of enjoy the whole process. It’s a politicians dream—getting money out of the mass of people without offending them, without appearing to be doing what you’re doing because that can get you voted out of office, if you levy a tax.

Here’s how it works. The government establishes a lottery. It says to the mass of people, Here. Give me your money, in the form of buy lottery tickets. I’m going to then give a tiny handful of you a ton of money and the rest of you are going to get a fantasy, a few hours in which you can say to yourself, Gee, what would life be like if I won $1 million, or whatever it is. If you look at the statistics, here’s how it works. Every government—and it’s mostly been state governments—every government that has instituted a lottery takes in more money from ticket sales than it pays out. That’s the whole point of a lottery. So what we have here is a net flow of money out of the hands of masses of individuals in to the government to help pay for what the government already is doing, whether it be schools or highway maintenance or anything else. So it is a kind of tax. It’s taking more money from people than they otherwise would have. It’s just you’ve cleverly sold them a fantasy, an imaginary moment of thinking what life would be like if they actually won the lottery.

But when you think about it, here’s two facts about it that should show you what the real meaning is. I once spent some time in the state of Connecticut, where I used to live, looking at a map of the state. It showed where people lived who had different levels of income: where the poor people lived, where the middle-income people lived, where the rich people lived. Superimposed on that map of Connecticut was a map of where lottery tickets were sold. Guess what? The lower the income level of the people, the more lottery tickets were sold. In other words, the lottery is a regressive tax: it takes much more money from middle- and lower-income people than it takes from the rich. So it not only pleased politicians to earn more money for the government, it also allowed them to do something that basically fell as a burden on middle- and, particularly, lower-income people.

Economically speaking, lotteries are also a disaster, and it’s easy to explain. What lotteries do is take $2 or $3 or $4 a day, often from poor people. Here’s what economics teaches us. The poor people and the middle- income people, who are the overwhelming majority purchasers of these lottery tickets, would have spent that money on goods and services that would have given jobs to other people. What the state does is take that money from all the little ticket sales and give a huge amount of it to two or three or four individuals, making them suddenly very rich. But here’s what we know in economics. If you’re very rich, if you’re suddenly a millionaire, a huge portion of your income will no longer be spent on goods and services, because you don’t need to, you’re now a very rich person. You will save a lot of it, you will invest a lot of it. You will buy shares of stock, you will put it in a foreign bank account. You will do all kinds of things other than using it to buy goods and services. So this is moving money from people who would have spent it and thereby created a demand for jobs and giving it all to a handful of people who will not spend a good portion of it. It is therefore the very worst thing you want to do in an economy that needs stimulation, that needs demand, that needs consumers buying things, because you’re basically invading consumption by moving money from the masses who would have spent it to a tiny number of people whose very wealth guarantees that they won’t spend a significant part of it. So it is economic nonsense. It simply solves the problem of bankrupt governments unable or, more likely, unwilling to tax the rich and the corporations who have been exempted by their lobbying and their political contributions for the last 50 years.

You say lotteries are also powerful ideological and political weapons. In what way?

They sustain illusions. They sustain that this is a system and a society in which you can become suddenly rich. It’s interesting that at a time when the job situation makes the idea of everybody becoming rich by work look further and further away, look less and less likely, people have an even greater need to turn to the fantasy of a lottery as a way to sustain the illusion that wealth, comfort are within reach. Gee, by just buying one of those little tickets that’s available at every corner store. So, yes, it sustains that notion. Remember also that all the state lottery authorities make a big point of doing public relations, giving you the picture of the mother who won the lottery so you could imagine yourself, too, like her, being a winner. So it sustains the illusion. It plays the role that used to be played by the Horatio Alger myth. You tell a story about a person who came from poverty and worked real hard, and then he or she finally made it into the ranks of the rich. This is a story you tell to offset the misery and depression of all the people who can’t do that, who never did do that. The lottery keeps that going now that the notion of working your way to wealth has become the real fantasy.

(Due to time constraints some portions of the interview were not included in the national broadcast. Those portions are included in this transcript.)

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