Usually, Wall Street’s top lobbyist are chosen from the creme de la creme of business and politics, so if that’s any indication, the job requires considerable talent.According to a quick blog post from DC non-profit Public Citizen, however, you actually only need three magic words to do the job — “innovation”, “complexity” and “liquidity” (h/t Politico’s Ben White).
Here’s how you can do it. Three examples:
Reformers say: “Wall Street behaved relatively well until 1999, when Congress repealed the 1933 Glass-Steagall law separating commercial and investment banking and commerce.”
You say: “Financial innovation overran the anachronism of Glass-Steagall. Today’s economy isn’t your father’s Buick.”
Reformers say: “Derivatives that were intended to manage risk actually magnified it through such products as credit default swaps.”
You say: “Derivatives are highly complex. Congressional efforts to address this arena will have unintended consequences and disadvantage American firms who must compete in the global arena.”
Reformers say: “Banks shouldn’t be gambling, but return to sound lending that serves Main Street. We need the Volcker Rule, which prohibits gambling.”
You say: “The Volcker Rule will threaten needed liquidity.”
Public Citizen invites you to mix and match these words to maximise their potential.
No too hard right?