Yes, it is almost as if old Rip ought to wake up now. One ought to hope that wonderful things will come out of this manifestation of human spirit.
People are tired of hearing arrogant, best-and-brightest, finance manipulators talk about how good that they are at pulling the ca-pital-sino strings, silly game that it is. And, this is after they trashed our world (remember the Irish) by playing with our money in insane ways.
Were any lessons learned? When will 'near-zero' be understood (in this sense, folks -- a lot of the game playing is not unlike a wish for perpetual motion)?
It has been only two weeks since this event (and the follow-ons) started, yet things have changed really fast. And, given the new order (social media), one has a lot more information available that requires digestion.
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Thankfully, we can lag in that work. We just hope that the phenomenon persists long enough to lay down some lasting tracks and have real effects.
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And, we hope that economists learn from this, especially those of the financial ilk.
Remarks:
12/13/2011 -- McKinsey report shows that households hold over 40% of the world's wealth. Hence, the consumer as the major influence on the economy. Now, consider that the household wealth collection (using income in the U.S. as a proxy) is skewed to a very small bunch.
12/05/2011 -- It's interesting how idiotic the supposedly smart can be. The real issue: the failings of an idiot have a small influence; the failings of the 'real idiots' has wide impact (and, in so many ways). Somehow, we muddle through.
10/20/2011 -- It's said that the OWS doesn't have an agenda. That is not bad. However, there ought to be a list of things that NEED attention (and, not just cursory -- or from the 1%'s viewpoint), such as leveraging and speculation. Neither is as necessary as the fat cats argue. Too, there is a whole lot more that could be added to the list, many of these topics have been touched upon here and in the related blogs. Thinking of a Magna Carta equivalent would be a very good exercise.
10/18/2011 -- Hopefully, the OWS will bring this type of thing to public awareness.
10/15/2011 -- The recognition goes global. Banking ought to be handled by those whose greed is close to nil.
10/14/2011 -- One thing that has always concerned the blogger was the trickery that finance did with student loans which ought to be as straightforward as mortgages. Yet, some play games with those needing the support and, in doing so, made oodles (atrocious, in essence). Some of have this in mind as they join in the protest. Yes, it was turned over to bankers of whom there are many types; and, do not bankers exist for the purpose of filling their pockets?
10/13/2011 -- It is our economy.
10/10/2011 -- If the OWS wants specifics, there are plenty to list, such as this one. We can only resolve this with an amendment (like the 13th) for the rights of workers (folks, employment is not unlike indentured servitude in many ways) plus a Magna Carta equivalent to give the big pants (egos) something to think about.
10/10/2011 -- Economists, please explain why this is allowable, implying that it is not unconscionable and that it is taken to be ethical.
A deeper look will expose multitudes of these types of shenanigans that the less than 1% have spawned (and have been allowed to spawn) in order to perpetuate (almost guarantee - especially with our implicit acceptance of moral hazard'ry) the sucking into their large pockets the very substance of the many (whose members are becoming increasingly hapless).
Of course, the technological basis that enables this type of mischief (yes) is not our friend, either.
Modified: 01/15/2012
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