Monday, October 10, 2011

Recommended Reading

I agree with Paul Krugman that the longterm impact and effectiveness of the "Occupy Wall Street" movement that's taken shape over the past few weeks remains to be seen, but I also agree with his read of why it may be making certain power brokers in this country -- political and financial alike -- feeling a mite fidgety. Said Krugman in his column yesterday:
What’s going on here? The answer, surely, is that Wall Street’s Masters of the Universe realize, deep down, how morally indefensible their position is. They’re not John Galt; they’re not even Steve Jobs. They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens.  
Yet they have paid no price. Their institutions were bailed out by taxpayers, with few strings attached. They continue to benefit from explicit and implicit federal guarantees — basically, they’re still in a game of heads they win, tails taxpayers lose. And they benefit from tax loopholes that in many cases have people with multimillion-dollar incomes paying lower rates than middle-class families.
More at the link.

No comments: