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Wall Street this week

For the last week there have been protests on Wall Street, though one would have been hard-pressed to know it if you followed our nation’s “mainstream” press.   There was virtually nary a word, and if so, buried far in the back.  And this time it wasn’t a bunch of geriatric cases reliving their wild 1960’s youth, or at least those were not predominant at all.  Instead it was young people of today – the one’s who are really getting screwed by the actions of Wall Street, their future deleted by big business’ lunge for maximum profit via off-shoring, down-sizing and shelling out zillions in bonuses to themselves for their cleverness.

So the guys in the offices (actually, for the same profit-motive reasons, a lot of Wall Street offices are no longer located there as it is cheaper in New Haven, places across the river in New Jersey so they shipped them there) now have not only jitters about the American market, the collapse of the European markets and all that financial stuff, but also about getting out the door to catch a limo home.

For updates on Wall Street see       

The thin blue line protects Wall Street

Of course, while our press hasn’t deigned to cover this story lurking right under their noses (because those on Wall Street own America’s press), the UK Guardian and Al Jazeera, apparently not under the yoke of big money, have.  The New York Times, finally, had an article today which in its manner covers the story, in a rather dismissive manner.  Earlier they’d had a few blog posts, one stating that the protestors “believe the financial system it weighted to the advantage of the rich.”  It was phrased as if this were a dubious proposition.

Of other sources of information, see this:

Of course the police are using their new tactics – caging and kettling, hemming in protesting groups, arbitrary arrests, and all the other practices of  a soft police-state.   Our media is now a form of Pravda, printing mostly trivia to distract the public, suppressing all signs of dissent, and grinding out propaganda 24/7.

Meantime while at least some people in the US shake off the lethargy of the last decades – during which our masters were very busy building the tools for a somewhat extensive police-state – on Wall Street it’s really been rough, though last Friday there was a tiny glimmer of hope as the day ended “positive” after a week of tumbling down the charts.  In the arcane language of the market, in the past few weeks several trillions of dollars in “value” has been lost.  Pity the poor traders and investors.

On behalf of Wall Street America sent Treasury Secretary Timothy Geithner to Europe to lecture them on the need to get their debt problems sorted out.  It is a bit absurd that he should do so, since he was instrumental in setting up the American collapse of 2008.  His real concern is not really Europe, but that using the trillions of dollars (16 of them, trillions) which the US pumped into the financial system back then, our wonderful banks, epigones of rectitude that they are, loaned with nice interest rates attached, mucho dinaro to those self-same banks now wobbling in France and Germany (because they loaned the money to Greece and Portugal and…. for even bigger interest: sound like some kinda ponzi scheme?) and should those banks go under then America’s banks would themselves take a nasty hit.  Again.  And doubtless Timmy would feel the need to nudge the Fed to print up some more trillions to bail them out.  Except, perhaps the demonstrators down on the street might suddenly find themselves joined by millions of others, and as recently shown in some of our good ally governments, like Egypt, even a really nasty police-state apparatus can’t cope when a majority rises against them.  Or even a significant minority.   So Mr Geithner’s trip is really a mix of political pressuring to try to make sure a European swoon doesn’t take America with it.  Which it would.

Tim Geithner shoring up the Eurocrats

And lastly, a little belated mention, now relevant to those young people out getting harassed and busted by New York’s Finest down on Wall Street, of Carl Oglesby, a founder of the long ago SDS (Students for a Democratic Society), of the once-upon-a-time New Left.  He died a week and a few days ago, aged 76.   It was SDS and its off-shoots, which were in a large part the organizational center of all that stuff you have heard about the 60’s, in case you are not of my age and aren’t familiar.  It wasn’t all just the Beatles and Stones and Dylan and hippies.  I was never in SDS, being too much an anarchist to join pretty much anything, but I was close to it for a while (my girlfriend of the time was in it and deeply engaged, and she’s still hotly involved in politics).   Oglesby was an exception in SDS – older, a former straight-laced business guy whose head got turned sharply.  For a while he was the SDS’s best spokesperson, though like many, he got chewed up in the usual splintering factionalism which political hot-heads usually devolve into.

Carl Oglesby, 1968

I print below a speech he gave in 1965.  I was in prison at the time, doing my 27 months for refusing the order to comply with Uncle Sam’s wishes.   Reading it now, one can have a handful of responses.  One might be to wax nostalgic, but I am unable to do so, that being an emotional state I rather abhor.  Another would be to see how seemingly dated some things are – names, places – all the usual detritus of history which zips by faster than you can imagine, though when immersed in it each of these little details seems gargantuan.  And another is to see how it suggests that the New Left lost, and lost badly.  Because what Oglesby says in these words, if we can brush away the cobwebs of time, some of the dated language and such, and read for the real content, is as pertinent today as it was when he spoke them.   Not much as really changed, or in truth it has changed for the worse:  the corporate control of America (and elsewhere in the world) is far stronger than it was then.   Today, as noted, the “mainstream press” can’t be bothered to report a little ruckus on Wall Street.  It was like that back then, but not in such a monolithic manner.  And today, like then, cops crack heads, make illegal busts, and in the lingo of the 60’s, “serve The Man.”  They still do.

On November 27, 1965, the new president of SDS, Carl Oglesby, spoke at another March on Washington. Responding to Paul Potter’s call to “name the system,” Carl went to the heart of contradiction between America’s revolutionary birth and its present foreign policy. 

Seven months ago at the April March on Washington, Paul Potter, then President of Students for a Democratic Society, stood in approximately this spot and said that we must name the system that creates and sustains the war in Vietnam – name it, describe it, analyze it, understand it, and change it.

Today I will try to name it – to suggest an analysis which, to be quite frank, may disturb some of you — and to suggest what changing it may require of us.

We are here again to protest a growing war. Since it is a very bad war, we acquire the habit of thinking it must be caused by very bad men. But we only conceal reality, I think, to denounce on such grounds the menacing coalition of industrial and military power, or the brutality of the blitzkrieg we are waging against Vietnam, or the ominous signs around us that heresy may soon no longer be permitted. We must simply observe, and quite plainly say, that this coalition, this blitzkrieg, and this demand for acquiescence are creatures, all of them, of a Government that since 1932 has considered itself to he fundamentally liberal.

The original commitment in Vietnam was made by President Truman, a mainstream liberal. It was seconded by President Eisenhower, a moderate liberal. It was intensified by the late President Kennedy, a flaming liberal. Think of the men who now engineer that war — those who study the maps, give the commands, push the buttons, and tally the dead: Bundy, McNamara, Rusk, Lodge, Goldberg, the President himself. They are not moral monsters. They are all honorable men. They are all liberals.

But so, I’m sure, are many of us who are here today in protest. To understand the war, then, it seems necessary to take a closer look at this American liberalism. Maybe we are in for some surprises. Maybe we have here two quite different liberalisms: one authentically humanist; the other not so human at all.

Not long ago I considered myself a liberal and if, someone had asked me what I meant by that, I’d perhaps have quoted Thomas Jefferson or Thomas Paine, who first made plain our nation’s unprovisional commitment to human rights. But what do you think would happen if these two heroes could sit down now for a chat with President Johnson and McGeorge Bundy?

They would surely talk of the Vietnam war. Our dead revolutionaries would soon wonder why their country was fighting against what appeared to be a revolution. The living liberals would hotly deny that it is one: there are troops coming in from outside, the rebels get arms from other countries, most of the people are not on their side, and they practice terror against their own. Therefore: not a revolution.

What would our dead revolutionaries answer? They might say: “What fools and bandits, sirs, you make then of us. Outside help? Do you remember Lafayette? Or the three thousand British freighters the French navy sunk for our side? Or the arms and men, we got from France and Spain? And what’s this about terror? Did you never hear what we did to our own Loyalists? Or about the thousands of rich American Tories who fled for their lives to Canada? And as for popular support, do you not know that we had less than one-third of our people with us? That, in fact, the colony of New York recruited more troops for the British than for the revolution? Should we give it all back?”

Revolutions do not take place in velvet boxes. They never have. It is only the poets who make them lovely. What the National Liberation Front is fighting in Vietnam is a complex and vicious war. This war is also a revolution, as honest a revolution as you can find anywhere in history. And this is a fact which all our intricate official denials will never change.

But it doesn’t make any difference to our leaders anyway. Their aim in Vietnam is really much simpler than this implies. It is to safeguard what they take to be American interests around the world against revolution or revolutionary change, which they always call Communism – as if that were that. In the case of Vietnam, this interest is, first, the principle that revolution shall not be tolerated anywhere, and second, that South Vietnam shall never sell its rice to China – or even to North Vietnam.

There is simply no such thing now, for us, as a just revolution – never mind that for two?thirds of the world’s people the Twentieth Century might as well be the Stone Age; never mind the melting poverty and hopelessness that are the basic facts of life for most modern men; and never mind that for these millions there is now an increasingly perceptible relationship between their sorrow and our contentment.

Can we understand why the Negroes of Watts rebelled? Then why do we need a devil theory to explain the rebellion of the South Vietnamese? Can we understand the oppression in Mississippi, or the anguish that our Northern ghettoes makes epidemic? Then why can’t we see that our proper human struggle is not with Communism or revolutionaries, but with the social desperation that drives good men to violence, both here and abroad?

To be sure, we have been most generous with our aid, and in Western Europe, a mature industrial society, that aid worked. But there are always political and financial strings. And we have never shown ourselves capable of allowing others to make those traumatic institutional changes that are often the prerequisites of progress in colonial societies. For all our official feeling for the millions who are enslaved to what we so self?righteously call the yoke of Communist tyranny, we make no real effort at all to crack through the much more vicious right?wing tyrannies that our businessmen traffic with and our nation profits from every day. And for all our cries about the international Red conspiracy to take over the world, we take only pride in the fact of our six thousand military bases on foreign soil.

We gave Rhodesia a grave look just now – but we keep on buying her chromium, which is cheap because black slave labor mines it.

We deplore the racism of Verwoert’s fascist South Africa – but our banks make big loans to that country and our private technology makes it a nuclear power.

We are saddened and puzzled by random backpage stories of revolt in this or that Latin American state – but are convinced by a few pretty photos in the Sunday supplement that things are getting better, that the world is coming our way, that change from disorder can be orderly, that our benevolence will pacify the distressed, that our might will intimidate the angry.

Optimists, may I suggest that these are quite unlikely fantasies? They are fantasies because we have lost that mysterious social desire for human equity that from time to time has given us genuine moral drive. We have become a nation of young, bright-eyed, hard-hearted, slim-waisted, bullet-headed make-out artists. A nation – may I say it? – of beardless liberals.

You say I am being hard? Only think.

This country, with its thirty-some years of liberalism can send 200,000 young men to Vietnam to kill and die in the most dubious of wars, but it cannot get 100 voter registrars to go into Mississippi.

What do you make of it?

The financial burden of the war obliges us to cut millions from an already pathetic War on Poverty budget. But in almost the same breath, Congress appropriates one hundred forty million dollars for the Lockheed and Boeing companies to compete with each other on the supersonic transport project?that Disneyland creation that will cost us all about two billion dollars before it’s done.

What do you make of it?

Many of us have been earnestly resisting for some years now the idea of putting atomic weapons into West German hands, an action that would perpetuate the division of Europe and thus the Cold War. Now just this week we find out that, with the meagerest of security systems, West Germany has had nuclear weapons in her hands for the past six years.

What do you make of it?

Some will make of it that I overdraw the matter. Many will ask: What about the other side? To be sure, there is the bitter ugliness of Czechoslovakia, Poland, those infamous Russian tanks in the streets of Budapest. But my anger only rises to hear some say that sorrow cancels sorrow, or that this one’s shame deposits in that one’s account the right to shamefulness.

And others will make of it that I sound mighty anti-American. To these, I say: Don’t blame me for that! Blame those who mouthed my liberal values and broke my American heart.

Just who might they be, by the way? Let’s take a brief factual inventory of the latter-day Cold War.

In 1953 our Central Intelligence Agency managed to overthrow Mossadegh in Iran, the complaint being his neutralism in the Cold War and his plans to nationalize the country’s oil resources to improve his people’s lives. Most evil aims, most evil man. In his place we put in General Zahedi, a World War II Nazi collaborator. New arrangements on Iran’s oil gave twenty-five year leases on forty per cent of it to three U.S. firms, one of which was Gulf Oil. The C.I.A.’s leader for this coup was Kermit Roosevelt. In 1960, Kermit Roosevelt became a vice president of Gulf Oil.

In 1954, the democratically elected Arbenz of Guatemala wanted to nationalize a portion of United Fruit Company’s plantations in his country, land he needed badly for a modest program of agrarian reform. His government was overthrown in a C.I.A.-supported rightwing coup. The following year, Gen. Walter Bedell Smith, director of the C.I.A. when the Guatemala venture was being planned, joined the board of directors of the United Fruit Company.

Comes 1960 and Castro cries we are about to invade Cuba. The Administration sneers, “poppycock,” and we Americans believe it. Comes 1961 and the invasion. Comes with it the awful realization that the United States Government had lied.

Comes 1962 and the missile crisis, and our Administration stands prepared to fight global atomic war on the curious principle that another state does not have the right to its own foreign policy.

Comes 1963 and British Guiana where Cheddi Jagan wants independence from England and a labor law modeled on the Wagner Act. And Jay Lovestone, the AFL-CIO foreign policy chief, acting, as always, quite independently of labor’s rank and file, arranges with our Government to finance an eleven-week dock strike that brings Jagan down, ensuring that the state will remain British Guiana, and that any workingman who wants a wage better than fifty cents a day is a dupe of Communism.

Comes 1964. Two weeks after Undersecretary Thomas Mann announces that we have abandoned the Alianza’s principle of no aid to tyrants, Brazil’s Goulart is overthrown by the vicious right?winger, Ademar Barros, supported by a show of American gunboats at Rio de Janeiro. Within twenty four hours, the new head of state, Mazzilli, receives a congratulatory wire from our President.

Comes 1965. The Dominican Republic. Rebellion in the streets. We scurry to the spot with twenty thousand neutral Marines and our neutral peacemakers – like Ellsworth Bunker Jr., Ambassador to the Organization of American States. Most of us know that our neutral Marines fought openly on the side of the junta, a fact that the Administration still denies. But how many also know that what was at stake was our new Caribbean Sugar Bowl? That this same neutral peacemaking Bunker is a board member and stock owner of the National Sugar Refining Company, a firm his father founded in the good old days, and one which has a major interest in maintaining the status quo in the Dominican Republic? Or that the President’s close personal friend and advisor, our new Supreme Court Justice Abe Fortas, has sat for the past 19 years on the board of the Sucrest Company, which imports blackstrap molasses from the Dominican Republic? Or that the rhetorician of corporate liberalism and the late President Kennedy’s close friend Adolf Berle, was chairman of that same board? Or that our roving ambassador Averill Harriman’s brother Roland is on the board of National Sugar? Or that our former ambassador to the Dominican Republic, Joseph Farland, is a board member of the South Puerto Rico Sugar Co., which owns two hundred and seventy?five thousand acres of rich land in the Dominican Republic and is the largest employer on the island – at about one dollar a day?

Neutralists! God save the hungry people of the world from such neutralists!

We do not say these men are evil. We say, rather, that good men can be divided from their compassion by the institutional system that inherits us all. Generation in and out, we are put to use. People become instruments. Generals do not hear the screams of the bombed; sugar executives do not see the misery of the cane cutters: for to do so is to be that much less the general, that much less the executive.

The foregoing facts of recent history describe one main aspect of the estate of Western liberalism. Where is our American humanism here? What went wrong?

Let’s stare our situation coldly in the face. All of us are born to the colossus of history, our American corporate system – in many ways an awesome organism. There is one fact that describes it: With about five per cent of the world’s people, we consume about half the world’s goods. We take a richness that is in good part not our own, and we put it in our pockets, our garages, our split-levels, our bellies, and our futures.

On the face of it, it is a crime that so few should have so much at the expense of so many. Where is the moral imagination so abused as to call this just? Perhaps many of us feel a bit uneasy in our sleep. We are not, after all, a cruel people. And perhaps we don’t really need this super-dominance that deforms others. But what can we do? The investments are made. The financial ties are established. The plants abroad are built. Our system exists. One is swept up into it. How intolerable – to be born moral, but addicted to a stolen and maybe surplus luxury. Our goodness threatens to become counterfeit before our eyes – unless we change. But change threatens us with uncertainty – at least.

Our problem, then, is to justify this system and give its theft another name – to make kind and moral what is neither, to perform some alchemy with language that will make this injustice seem a most magnanimous gift.

A hard problem. But the Western democracies, in the heyday of their colonial expansionism, produced a hero worthy of the task.

Its name was free enterprise, and its partner was an illiberal liberalism that said to the poor and the dispossessed: What we acquire of your resources we repay in civilization: the white man’s burden. But this was too poetic. So a much more hardheaded theory was produced. This theory said that colonial status is in fact a boon to the colonized. We give them technology and bring them into modem times.

But this deceived no one but ourselves. We were delighted with this new theory. The poor saw in it merely an admission that their claims were irrefutable. They stood up to us, without gratitude. We were shocked – but also confused, for the poor seemed again to be right. How long is it going to be the case, we wondered, that the poor will be right and the rich will be wrong?

Liberalism faced a crisis. In the face of the collapse of the European empires, how could it continue, to hold together, our twin need for richness and righteousness? How can we continue to sack the ports of Asia and still dream of Jesus?

The challenge was met with a most ingenious solution: the ideology of anti-Communism. This was the bind: we cannot call revolution bad, because we started that way ourselves, and because it is all too easy to see why the dispossessed should rebel. So we will call revolution Communism. And we will reserve for ourselves the right to say what Communism means. We take note of revolution’s enormities, wrenching them where necessary from their historical context and often exaggerating them, and say: Behold, Communism is a bloodbath. We take note of those reactionaries who stole the revolution, and say: Behold, Communism is a betrayal of the people. We take note of the revolution’s need to consolidate itself, and say: Behold, Communism is a tyranny.

It has been all these things, and it will be these things again, and we will never be at a loss for those tales of atrocity that comfort us so in our self-righteousness. Nuns will be raped and bureaucrats will be disembowelled. Indeed, revolution is a fury. For it is a letting loose of outrages pent up sometimes over centuries. But the more brutal and longer-lasting the suppression of this energy, all the more ferocious will be its explosive release.

Far from helping Americans deal with this truth, the anti?Communist ideology merely tries to disguise it so that things may stay the way they are. Thus, it depicts our presence in other lands not as a coercion, but a protection. It allows us even to say that the napalm in Vietnam is only another aspect of our humanitarian love – like those exorcisms in the Middle Ages that so often killed the patient. So we say to the Vietnamese peasant, the Cuban intellectual, the Peruvian worker: “You are better dead than Red. If it hurts or if you don’t understand why – sorry about that.”

This is the action of corporate liberalism. It performs for the corporate state a function quite like what the Church once performed for the feudal state. It seeks to justify its burdens and protect it from change. As the Church exaggerated this office in the Inquisition, so with liberalism in the McCarthy time – which, if it was a reactionary phenomenon, was still made possible by our anti-communist corporate liberalism.

Let me then speak directly to humanist liberals. If my facts are wrong, I will soon be corrected. But if they are right, then you may face a crisis of conscience. Corporatism or humanism: which? For it has come to that. Will you let your dreams be used? Will you be a grudging apologist for the corporate state? Or will you help try to change it – not in the name of this or that blueprint or ism, but in the name of simple human decency and democracy and the vision that wise and brave men saw in the time of our own Revolution?

And if your commitment to human values is unconditional, then disabuse yourselves of the notion that statements will bring change, if only the right statements can be written, or that interviews with the mighty will bring change if only the mighty can be reached, or that marches will bring change if only we can make them massive enough, or that policy proposals will bring change if only we can make them responsible enough.

We are dealing now with a colossus that does not want to be changed. It will not change itself. It will not cooperate with those who want to change it. Those allies of ours in the Government – are they really our allies? If they are, then they don’t need advice, they need constituencies; they don’t need study groups, they need a movement. And it they are not, then all the more reason for building that movement with the most relentless conviction.

There are people in this country today who are trying to build that movement, who aim at nothing less than a humanist reformation. And the humanist liberals must understand that it is this movement with which their own best hopes are most in tune. We radicals know the same history that you liberals know, and we can understand your occasional cynicism, exasperation, and even distrust. But we ask you to put these aside and help us risk a leap. Help us find enough time for the enormous work that needs doing here. Help us build. Help us shape the future in the name of plain human hope.

Perhaps, what is different today is that the internet exists, and it has not yet been brought under the control of our corporations and governments.  And in turn counters this cynical corporation which exists to spew out lies in support of our oligarchy, and manipulate the public to act against its own interests.

One Comment

  1. This is incredible. A month ago I didn’t think something like this would happen. And as fate would have it, Cornel West actually spoke at this rally.

    700+ protesters were arrested on Saturday for blocking traffic after they supposedly were cornered off from both ends on the Brooklyn Bridge. Have you seen this video?:

    I don’t know exactly the precipitating circumstances resulting in pepper spray, but I can honestly say I’m shocked that such a thing is happening. The mainstream media seems adamant on diminishing the message of the protests–mostly by accusing the protesters as bored college kids with a muddled message. I’m not sure why, in our country, when a group of people amass together we don’t try to figure out what their message is.

    Of course, we live in a world of soundbites. If you can’t express your message in one or two sentences, then you don’t know what your message is. If Thoreau wrote Civil Disobedience today, they’d say it is too long and muddled.

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