The way to understand all of this is to realize that it’s part of a broader syndrome, in which wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
~Paul Krugman, from the article “Panic of the Plutocrats“
There are people in this world that I love to hate, and Paul Krugman is one of them (close to tops on my list). That said, I try to listen to what is being said, not who said them. Today I found an excellent explanation of the Occupy Wall Street movement, and to my horror it came from none other than my sworn archenemy, Krugnuts:
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.
And there it is; far better than I could ever say it. I wish those protesters wouldn’t bash capitalism so much because what’s happening ISN”T CAPITALISM!!!! Capitalism is supposed to kill companies like JP Morgan, Goldman, General Electric, Morgan Stanley etc., etc., etc. These companies simply shouldn’t exist anymore and everyone associated with them should be in the poorhouse. Instead they hijacked America.
I think everyone should read this Krugman article.
(You’ll never know how much it hurt to write that)