Many have already opined on the problem with the Wall Street "occupation" movement. Some say its lack of leadership, others insist it’s the lack of a coherent message, or unifying theme, like the Tea Party had when they began some years ago. Sure many Tea Partiers had ancillary issues that were important to their individual selves, but their unifying message, without a doubt, was: Less Government, Less Federal Spending. Period. End of story.
The problem for the Wall Street occupiers, as I see it, is that they fail to see the other half of the equation.
It is totally understandable to have great disdain for the Wall Street establishment (don’t forget the title of my book: LOSE YOUR BROKER NOT YOUR MONEY
.) Wall Street is made from a bunch of lying, thieving, capitalist pigs
. They bankrupted the US financial system and sidestepped disaster with multimillion dollar bonus packages paid for by the United States taxpayer. Many "occupiers" want their money back – and who could blame them?
But shouldn’t these "occupiers" also be angry with the government – you know, those people that bailed Wall Street firms out with our money?
As mentioned in my book, I get my information from lots of places. Just today, research from a Wall Street firm regarding the Euro-Zone crisis crossed my desk. To temper investor angst, the research tried to explain that Europe has more than enough assets to fix its problems, "and most importantly, the ECB can print as much money as they need (very much like the US Federal Reserve.)"
Many times our government prints money
it to banks, like investment banks located on and around Wall Street. When the US government needs more money they issue bonds which Wall Street sells for them. They’re partners in business, they work hand-in-hand, and are equally responsible for the disastrous market conditions we are currently experiencing. To be for one and against the other is equivalent to stepping on the brake and gas pedals at the same time. It produces a lot of noise and smoke but not much movement.
Movements need traction; and it is completely illogical to be anti-Wall Street and not anti-government. They’re partners in crime, and have been for a very long time. Both are villians.
Many Americans, me included, feel as if Wall Street has stolen a piece of their net worth – because they did. But the US government facilitated that by bailing them out with our money; and by making it easy for the Wall Street establishment to steal our money through laws and regulations (i.e. IRA and 401k laws.) Like I said, they’re partners in crime. To be anti-Wall Street and pro-Government is to be misguided. And that’s the problem with the current "occupation" ensemble. It loses credibility by just "occupying" Wall Street in New York City -- and not also "occupying" Pennsylvania Ave in Washington DC.
And let me say one more thing: Should they decide to do so, they ought to serve Tea and have a Party. I'd really look forward to that.