Time for an unscientific sampling of readers on Occupy Wall Street, Seattle, etc.
If you think George Soros is bankrolling the protests, sorry. He’s not. If you’re unsure of what the movement is protesting after all this time, consider a couple of articles. For the chart-minded, Business Insider offers “Here’s What the Wall Street Protesters are so Angry About.” David Rhode weighs in with a thoughtful piece on Reuters:
As recently as twenty years ago, middle America saw the country’s financial system as its ally. For decades after World War II, a carefully regulated Wall Street – and the American financial industry as a whole – helped create a growing middle class, according to Yale University political scientist Jacob Hacker. A stable financial industry was a vital part of a vast economic boom, reliably providing home, car and college loans to average Americans, as well as capital to the companies that employed them. Not every banker was malevolent; nor was every corporation evil.
The transformation of Wall Street and America over the last thirty has been meticulously documented. The traditional, Jimmy Stewart notion of American banks and business, where companies built products, reputations and payrolls over time, has been eclipsed by a byzantine, non-transparent and insider-dominated financial industry.
Update: Occupy Seattle has posted its platform here.
Links of the Week:
- Can tax cuts pay for themselves || Simon Johnson/NYT
- Occupy Wall Street and the demand for economic justice || Jeffrey Sachs/HuffPo
- What the New Deal accomplished || Slate
- My advice to the Wall Street protesters || Matt Taibbi
- Did Fannie cause the disaster? || NY Review of Books
- Did speculation drive up oil prices? || Dallas Fed
- Army of unemployed is now entrenched in U.S. || Marketwatch
- Why ‘branding’ won’t save the creative class || Salon
- Failed energy prices cross party lines || USA Today
Today’s Econ Haiku:
Mitt took on China
But as President Romney
Would he just be Bain?