I thought some of the signs at Tea Party rallies represented sheer ignorance, but the Occupy Wall Street protesters are giving them a run for their money. These people know their trendy brands and piercings, but they know nothing about economics.
Take this guy on the right. Please take him. Can you think of any rational argument that Wall Street is responsible for “most of the poverty and suffering on this planet”? I can’t. I can usually take the flip side of almost any argument and find an approach to make case. There’s just not a rational argument for this one.
When the federal government and the Fed poured money into Wall Street banks in the past few years, it was wrong. Those firms should have been allowed to fail. That’s what makes the market work correctly — the fact that if you perform poorly, you fail. But the politicians in DC got scared and pulled their friends out of hot water. So why aren’t the people on Wall Street protesting against the politicians and the Federal Reserve? They’re the ones with the real power.
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