A quarterly magazine of urban affairs, published by the Manhattan Institute, edited by Brian C. Anderson.
• • • • • • • • • • • • • • •
The Same Side of the Street « Back to Story
Showing 8 Comment(s) Subscribe by RSS
click aabags.com for less aabags.com for promotion code
I'm not convinced the OWS crowd and their manipulators are on the same side as the Wall Streeters. The OWS manipulators are de facto Marxist/Socialist/Leftists -- even if many of the protestors don't know it – and don't realize they are being used. Radical Leftists and the Dems stand for big government and centralized control. History tells us it is a losing proposition and has never worked.
The only "party" that represents the views and promotes the interests of the only people who have really been harmed by the big government, corporate and union corruption is the Tea Party. Obama has been swallowed by the corruption and continues to pander to those elements that brought America down while the middle class pay. Gratefully we will have seen the last of him soon enough but how long, if ever, it will take to correct the economic and social damage that he and his predecessor, GW, have done to the country is really the depressing question.
What you are describing is our slow but steady national endorsement of "crony capitalism". Clearly in bed with the libs, it only bears the slightest resemblance to true capitalism. But since our country is so uneducated in the area of economics and finance, one would be hard pressed to ask the "man in the tent" to compare the two.
I am not so sure you have clearly or accurately described the parasites in the tent cities across the country. We now know that most of these professional anarchists have been planted by ACORN (albeit alumni!) operatives. These are not the sympathetic figures characterized daily by media.
I have been a "Wall Street" type for almost 30 years. Rest assured, I do NOT subscribe to any of the antidotes proposed by the "givers" or the "takers". I would align myself with Rick Santelli and the Tea Party.
It appears to me that commercial enterprises that place their trust in continued honest treatment in a banking system crafted to enrich elites at the expense of the taxpayers should be prepared for an eventual push back from those same taxpayers.....something they might not survive. Turtle
Isn't this laissez-faire approach exactly what we tried from 1979 to
2007, when inequality shot through the roof, according to the CBO?
NO! What we had is government interference into free markets and when government interferes it distorts the market and bubbles are created and popped. Take Fannie and Freddie with all their just sign here and own a home loans for instance. It created a boom as homes were in demand and put a lot of people to work building them but it was a bubble bound to pop because it was created by government forcing banks out of time tested loan standards the community organizers like Obama called racist. You know its racist for a bank to require good credit, 10-15% down and ability to pay loan with one week's pay etc...
Many people want to blame Wall St and the removal of Glass-Steagall but the fact is if that never happened there is still a banking crisis because of sub primes loans banks were forced to come up with by government that were based on the economy.
And another thing to consider is that if all those loans that were packed and sold were time tested loan standards before the government interfered then the Glass-Steagall thing wouldn't have mattered much because they would have been responsible loans where mortgages were paid regardless of slowing economy.
Pols like to have it both ways. For example Democrats are demonizing banks for not making small business loans yet require banks to have more cash on hand before making them. Dodd/Frank did that and did not address the F&F problem. Another example of government interfering into free markets is the Durbin Tax banks are now charging for debit card use. Example: Walmart and banks willfully agreed that Walmart will pay pennies per purchases using debit cards so banks didn't charge you the customer to cover their processing cost. The Durbin Tax removed that and now banks have to charge you $5.00 a month for your debit card whether you use it or not to cover the cost while Dick Durbin demonizes banks for charging that fee he forced them into charging.
Pols love to have both ways and its the same thing with the 70,000+ pages of tax code where pols are demonizing companies they tax for raising the cost of their product or service after pols raise their cost through higher taxes. Pols know those cost are always passed onto the consumer but its a win/win for them because they can then demonize the companies.
Herman Cain's 9-9-9 plan gets rid of all those hidden taxes and loopholes within the 70,000+ pages of tax code lobbyist lobby them to change etc... and when implemented 9-9-9 will result in an economic boom with cheaper products because companies will evaluate their bottom line with the money they save and lower cost trying to steal consumers from their competition. Competition is always good for the consumer and this is exactly why big corps lobby for taxes and loopholes that'll hurt their small business counterparts and exactly the reason we need a Main St President not a Wall St POTUS like Obama has been or Romney will be.
Basically at the root of the problem with the mortgage crisis is this noble but misguided idea that everyone deserves to own a home. Its not true! You deserve to ow a home when you can meet the free market standards for getting a loan. To pretend as pols do that banks want to loose money on their loans and need a bailout is nonsensical.
Hardin, you're out of your ever-loving gourd. I just heard one of your co-occupiers and she thinks the banking industry has co-opted the government. I'd laugh except then I'd probably throw up.
She thinks the government somehow has money and if more is needed it should just be taken from the wealthy. You sound as out of it as she does. The government makes no money. It takes from the citizens of this country. If you manage to get your way (and a lot of the people in this country sound brain-dead also) this country is dead. The U.S.A. is a Constitutional Republic, not a Socialist or Communist country. Our freedoms will not survive and it will be the fault of you blind and deaf Occupiers who have everything backwards and don't even know it. You would sell our country for a mess of pottage thinking the government should do more and help you more even though we're drowning in government.
Siegel, you may think the Tea Partiers are in a lonely place right now but not so much because there are enough of us to keep each other company.
We are in the midst of the first ever GLOBAL protest against corporate greed and their molestation of our government. People around the world are standing together to raise their voice against the oppression of the 1% and their corporate welfare and lobbying which are eroding our economy and country from the inside out. See my artwork for the movement as well as resources and videos of the protests at http://dregstudiosart.blogspot.com/2011/09/occupywallstreet.html Get informed and get involved… all you have to do is raise your voice for change!