Matt Taibbi looks at President Obama’s recent move to trade some requirements for financial disclosure under Sarbanes-Oxley in exchange for business support for his jobs plan. Taibbi:
If the financial crisis proved anything, it’s that Wall Street companies in particular have been serial offenders in the area of dishonest accounting and book-cooking. Sarbanes-Oxley is obviously no panacea, but removing it in exchange for a temporary, election-year job boost is exactly the kind of myopic, absurdly irresponsible shit that got us into this mess in the first place. For Obama to pull this in the middle of these protests is crazy.
Totally agreed. Taibbi goes on and gets at the real point: the work of Occupy Wall Street isn’t done yet:
If anyone thought OWS has already done its job, and Washington has gotten the message already, think again. They’re not going to change until the protesters force them to change, it seems.
There is much work to be done. Change is going to come when protesters force political and financial elites to change. The mere existence of this protest has dramatically shifted the tone of political conversations, but it certainly hasn’t lead to any spontaneous efforts to hold banksters accountable for breaking the economy nor lead Congress to pass job-creating legislation. As a result, it is critically important that the protests continue and the message of the occupiers continue to resonate out into the political world.