As always, Michael Lewis has a point to make about Wall Street. This time, it’s about Occupy Wall Street, specifically.
The author of modern classics like “Liar’s Poker” and “The Big Short,” was somewhat vocal when the movement was super visible last fall. He wrote two satirical pieces about strategy for the 1 per cent (how to keep your money and your Ivy League recruits).
So in general, he was open about his support for the movement, but he didn’t pitch a tent anywhere or anything.
Now, in a piece for the Daily Beast, he’s asking himself why. And not only that, but as the movement attempts to re-surge this spring, he’s asking himself what they can do to achieve their goals.
…if I were in charge I would probably reorganize the movement around a single, achievable goal: a financial boycott of the six ” too big to fail ” Wall Street firms: Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Wells Fargo. We would encourage people who had deposits in these firms to withdraw them, and put them in smaller, not “too big to fail” banks. We would stigmatised anyone who invested, in any way, in any of these banks. I’d try to organise college students to protest on campuses. Their first goal would be to force the university endowments to divest themselves of shares in these banks.
He wants a good old American bank run, and he thinks he can do it too. Not alone, of course — alone, observing the camps last fall, he actually found himself pretty ineffectual.
Twice I wandered around Occupy camps—in Washington and in San Francisco. There was one giddy moment when I thought I should get up and give a rousing speech about the evils of credit default swaps. After that, I just felt absurd. I was of no use.