Home > #OWS, finance, guest post > An Intervention (#OWS)

An Intervention (#OWS)

April 29, 2012

This is the third part of a four-part essay that was proposed by Cathy O’Neil, a facilitator of the Occupy Wall Street Alternative Banking Working Group, and written by Morgan Sandquist, a participant in the Working Group. The first part is here and the second part is here. Crossposted from Naked Capitalism.

What are we to do with our banking industry, sitting there at the kitchen table in its underwear, drumming on the table with one hand and scratching its increasingly coarse chin with the other in an impossibly syncopated rhythm, letting fly a dizzying stream of assurances, justifications, and accusations, and generally spoiling for a fight that can only be avoided by complete and enthusiastic agreement with a narrative that can be very difficult to follow, let alone make sense of?

Because this is our kitchen too, we have our legal and moral rights. We would be well within those rights to respond to its nonsense with far more coherent and sweeping condemnations of our own. Throwing the bum out in its underwear without so much as a cup of coffee, taking the children, and keeping our share of whatever might be left could certainly be justified.

Though the sense of release offered by those responses is tempting, they’re not likely to be of any practical use. We can’t win an argument with an irrational person, and our share of an insolvent industry is likely to be very little–certainly not enough to feed the children. We have to recognize the hard truth of our implication in the banking industry and its addiction.

This doesn’t mean that we’re responsible for the addiction and its consequences, or that we can make the choice not to continue that addiction on our own, but it does mean that the problem won’t be constructively resolved without our efforts. To the extent that denial is about obscuring the connection between decisions and results, the most effective means of undermining denial is to clarify that connection, and the process of doing that is intervention.

Whether or not its participants are thinking in these terms, Occupy Wall Street, to the extent that it can coherently be referred to as an entity, is in many respects functioning as an intervention into the banking industry’s increasingly untenable addiction to money and debt.

The movement’s core values of transparency, sustainability, and nonviolence reflect the clarity, patience, and compassion needed for an effective intervention.

This is not to say that all of the efforts directed at banks by the movement have been magnanimous or constructive. We have to remember the terrible suffering that has been inflicted upon so many and offer that clarity, patience, and compassion not just to the addict, but also to ourselves as intervenors and to everyone who has been affected by the banking industry.

On the whole, I have been deeply heartened by how this movement has evolved over the last seven months, and though intervention isn’t the easiest or most promising process, it’s one I recognize and know can work (in stark contrast to political revolution). From the beginning, the Occupiers have shown a fearless, poignant spontaneity that’s available only beyond the addiction-centered dynamic of denial, and the banking industry, its enablers, and others still within that dynamic of denial (which, to be fair, has included most of us at one point or another) have responded as would be expected.

The determination and wisdom granted to those who see more clearly is profoundly threatening to those seeking to maintain denial, though of course they wouldn’t be able to say quite why.

The initial objections from the press that Occupy Wall Street was making no demands could be seen as an enabler’s yearning for symptoms that can be isolated and addressed, without admitting to or addressing the addiction from which they arise. To keep calmly and patiently pointing to that underlying cause is simultaneously incomprehensible and maddening to those trapped within denial, and their responses have run the gamut from smug certainty that nothing could possibly be wrong to whistling past the graveyard to ill-conceived and unjustified violence. And the Occupiers’ patience, diligence, and good nature in the face of that decidedly ill will is as textbook an illustration of the process of intervention as we’re likely to see.

It would be all too easy to remain passive in the face of our increasingly delusional, erratic, and combative banking industry. Surely there must be a more palatable alternative to undermining the continued functioning of the complex and highly evolved process that is the core of our economy.

If we force it to rehabilitate, what will happen during that process? Will our economy collapse? When its rehabilitation is complete, will the banking industry be able to function as well as it once did? Or as the banking industry’s enablers would have it: Any attempts to regulate the banking industry will only harm it, making it less effective to all of our detriment; these banks are too important a part of our economy to be allowed to fail; and bankers must continue to receive bonuses for banks to remain competitive.

It’s true that the banking industry has seized upon the process that’s the basis of our economic survival, and that attempts to address the problems of the banking industry cannot be undertaken lightly. But it’s also true that the banking industry has perverted that process, and that attempts to address that won’t prevent our return to some fantasy of efficiency and plenty, though they might prevent the otherwise inevitable, tragic end of the current trajectory left unchecked.

Whatever happens while the banking industry is rehabilitated is unlikely to be worse than what will happen as it continues to indulge in its addiction unaddressed, and it’s unlikely to function any worse upon the completion of its rehabilitation than it is now. As Charles Eisenstein puts it, “any efforts we make today to ‘raise bottom’ for our collectively addicted civilization–any efforts we make to protect or reclaim social, natural, or spiritual capital–will both hasten and ameliorate the crisis.”

Once an addict has reached the point in his or her descent where an intervention is necessary, there’s no realistic possibility of a return to some pre-addiction Golden Age. The apparent paradox that an addict’s life must be destroyed to save it is, stated in those terms, false. The addict’s life only appears to be as yet undestroyed through the lens of denial, and a future life without substance abuse or consequences is an illusion.

But the more gently stated paradox that intervention will cause the addict suffering in the short term to help him or her in the long term is accurate. There are, however, deeper, more intractable paradoxes, and they are those of the psychology of addiction. The process of intervention is often crucial to an addict’s entering rehab and beginning recovery, yet only the addict can decide to enter rehab.

The addict must understand the damage he or she has done in order to stop using but mustn’t succumb to shame, which would simply cause a retreat to the substance. The addict must admit that he or she is powerless over the substance and that life has become unmanageable, but mustn’t surrender to hopelessness and despair, which would sap the considerable motivation needed in the process of recovery. An intervenor must do something, but there’s nothing that can be done. There is no single act, no grand gesture or magic bullet, that can accomplish anything meaningful or lasting. Intervention is a long, unpredictable process requiring superhuman compassion and patience of everyone involved. Prior training or practice in commitment to a process without regard to the outcome of that process is invaluable.

Yes, we can answer the banking industry’s petulant invective in kind, but that won’t fix the problem; the industry will become more defensive and reckless, and we probably wouldn’t end up feeling any better anyway. Our encyclopedic harangue would be cogent, compelling, and convince our friends in the retelling, but no matter how loud we shout it over the banking industry’s coffee cup into that sullen, bloodshot face, it will simply be brushed aside with the wave of a shaky hand and a hoarse grumble, or, worse, it will hit home, and rattled, the banking industry will glare at us and we’ll know that tonight will bring another nihilistic binge of leverage and derivatives, and maybe this time there will be no tomorrow morning. The industry will tell us that we don’t understand, that the pressure it’s under is unimaginable, that life is grim, and that even though it can’t fix that, it should be thanked for what it has accomplished, and that that’s the best it can do. What more could we want? What more could it do? And we can only sigh and shake our head, because we know the simple, honest answer would just fall on deaf ears, and even if it were understood and accepted, the broken soul sitting across the table is in no shape to do anything constructive.

The confrontations shown on television or in the movies, or that you have perhaps participated in yourself, are just part of the larger process of intervention, but they illustrate the themes that inform that larger process. Those themes can best be summarized as connection: the connection between the addict’s choices and the suffering of the addict and those who are around him or her; the connection between addiction and the addict’s choices; and the unbreakable, always available connection between the addict and the intervenors.

Where denial seeks to divide and conquer, intervention seeks to unify and transcend. Intervention doesn’t respond to denial on denial’s terms, but rather reflects reality as it is. It doesn’t engage in the petty distractions of accusations and recriminations, nor does it seek escape from the addict and his or her problems. Intervention shows the addict his or her choices as they’re made, how those choices are determined by addiction, and the consequences that follow from those choices, but it also shows the redemption that’s always available despite those choices and their consequences.

Where denial is deceptive, impulsive, and selfish, intervention is clear, patient, and compassionate. Intervention finally presents the addict with an unavoidable choice between continued deluded suffering and real, sustainable sanity. The addict may or may not respond positively to that choice, but it must continually be presented on the same terms until the addict surrenders his or her denial.

And to induce that surrender, it’s crucial that the addict be offered an alternative to his or her addiction, whether it’s formal rehab, a twelve-step program, methadone, or a recovery dog. It’s important to recognize that even before the addict became physically or emotionally dependent on the substance, that substance met an otherwise unmet need, and leaving it unmet will lead only to relapse.

Tomorrow: Conclusion

Categories: #OWS, finance, guest post
  1. April 29, 2012 at 5:01 pm

    “.. rattled, the banking industry will glare at us and we’ll know that tonight will bring another nihilistic binge of leverage and derivatives, and maybe this time there will be no tomorrow morning.”
    As in my response,next paragraph.
    Let the banks do what they do, take risks for the purpose of rewards, But only with their own money !!

    ((Where we went wrong and how we can fix it.))
    Justaluckyfool comments on a must read article:

    A Piece Of My Mind, by Jim Grant

    http://www.ritholtz.com/blog/2012/04/a-gold-standard/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29

    In the not quite 100 years since the founding of your institution, America has exchanged central banking for a kind of central planning and the gold standard for what I will call the Ph.D. standard. I regret the changes and will propose reforms, or, I suppose, re-reforms, as my program is very much in accord with that of the founders of this institution. Have you ever read the Federal Reserve Act? The authorizing legislation projected a body “to provide for the establishment of the Federal Reserve banks…
    ((Where they went wrong-they established Federal Reserve Banks owned by private banks, domestic and foreign.
    How we can fix it-establish Federal Reserve Banks owned “by the people,of the people,for the people))
    … to furnish an elastic currency…
    ((Where we went wrong-the elastic currency’s quality and quantity can be controlled by private banks using a legalize counterfeit system called Fractional -Reserve Banking.
    How we can fix it- end Fractional Reserve Banking making the correctly established Federal Reserve Bank the ONLY supplier of new currency.))
    … to afford means of rediscounting commercial paper and to establish a more effective supervision of banking in the United States…
    ((Where we went wrong-allowing private banks to charge compound interest on the paper they create “out of thin air”.
    How we can fix it-private banks will only be allowed to invest, or purchase assets with 100% margin.They will be responsible for all
    losses and entitled to all gains.))
    … and for other purposes.” By now can we identify the operative phrase? Of course: “for other purposes.”
    THAT IS -TO ASSIST : ““We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity,…””
    *****Thank You for being a “friend”

    Please read : “Great News !! Zero Income Taxes Solves Worldwide Economic Crises.”
    Then re-write it any way you wish. Use It as a guide for the betterment of all.
    ***** “Believe nothing merely because you have been told it…But whatsoever, after due examination and analysis,you find to be kind, conducive to the good, the benefit,the welfare of all beings – that doctrine believe and cling to,and take it as your guide.”- Buddha[Gautama Siddharta] (563 – 483 BC), Hindu Prince, founder of Buddhism

    justaluckyfool@aol.com
    cbasilovecchio

  1. April 30, 2012 at 6:39 am
Comments are closed.
Follow

Get every new post delivered to your Inbox.

Join 2,283 other followers

%d bloggers like this: