It is unclear what the Occupy Wall Street phenomenon is really all about. On the one hand the claim is that it is about corruption, but on the other hand it is couched in terms of ‘the 99%’ versus ‘the 1%’, which looks like moth-eaten class hatred that has never worked in the past.
For example, when Occupy Wall Street protestors call for ‘The Government’ to rein in ‘corporate greed’, they invoke an amorphous collective, and it is only fitting that the key individuals within that collective be treated as that collective; viz., the Treasury Secretary, the former Treasury Secretary, and the president of the New York Fed, are all former Goldman Sachs executives.
It would not be surprising in the least, if they returned to their former employer after their terms of government service ended.
Do the Occupy Wall Street protestors seriously Hope™ that Wall Street executives currently on sabbatical in Washington, DC, will Change™ anything significant? It is muddle-headed to turn to Wall Street bankers to rein in Wall Street bankers… unless one is calling for self-regulation, as libertarians do.
Perhaps, Occupy Wall Street protestors expect agents of the SEC to rein in corporate greed. But if agents of the SEC were going to rein in corporate greed, then they should have done so by now. It is, after all, right there in their job descriptions to ensure transparency and the smooth operation of markets in the USA. And yet, toxic waste (an actual financial term) was sold as AAA-rated debt right under their noses.
It is as if a kid stole a piece of candy from a shop, and the security guard did nothing. Emboldened, the kid went back and grabbed a fistful of candy, and the security guard did nothing. Later, the kid went back and filled a bag with candy, and the security guard did nothing. Finally, the kid returned with his gang and emptied the candy shop, which went out of business, and the crowds directed all of their anger at the kid and effectively none at the firm that hired the security guard, or the fact that the security guard is a former member of the kid’s gang.
If the Occupy Wall Street protestors Hope™ that Congress will effect Change™, then they should Occupy Pennsylvania Avenue. Although, in this post-9/11 world, they should avoid even the appearance of unrest in their ranks, lest they be declared domestic terrorists by someone in charge.
When the Occupy Wall Street protestors storm the offices of the SEC chanting, “Do! Your! Jobs!” we’ll know that they are sincere about corruption, and that they are not just a loose band of individuals who are envious of those who have more than they do.
Instead, whoever is tacitly leading this movement has rigged it so that residents of the wealthiest society in all of human history can flatter themselves that they are downtrodden, even though the poorest 5% of US residents are wealthier on average than more than 2/3rds of the more than 7 billion humans alive today, and 75% of US residents are wealthier than more than 90%.
Seen globally, something like one-quarter of US residents are in the top 1% of humanity. If this is about redistributing the wealth of the top 1% to the bottom 99%, take care to note how many are standing behind you, ready to pounce.
If the Occupy Wall Street movement is about corruption, then it is about corruption, and the proper targets are at both ends of the money trail. If the Occupy Wall Street movement is about redistribution, then it is socialism, and if the redistribution is to be contained within US borders, then it is national socialism.
Hi Prof. Evans,
Glad you’re doing well…Give ‘em Hell and all that…
Perhaps someone like Elizabeth Warren better suits your rhetoric, but I think and hope(tm) that the spiritual impetus for OWS is more akin to what Noam Chomsky and Howard Zinn and Christopher Hedges hold as truth.
some random asides:
I’m asking for access to the beach not to your picnic.
Poverty with justice is freedom, but cable in the shadow of the ghetto is not.
Be well. Watch out for the ghost of Christmas Future.