Just A Little Sympathy With Occupiers of Wall Street

As someone who opposed the TARP bailout of the banks and financial institutions, I have a certain sympathy with some of the aims of the Occupy Wall Street gang, except that I don’t blame Wall Street for taking the bailout, I blame Washington for giving it.

And yes, Bush was president, and Obama supported it as Senator, and yes, most of the bailout has been repaid but it set a TERRIBLE precedent. Free enterprise REQUIRES that institutions be permitted, nay required to fail when they are not performing.

And, yes, the president is right that the Wall Street culprits did not break any laws, except the laws of prudence. Therefore there is no legal remedy for their actions — but there should have need a financial penalty and that was stopped by the government bailout.

That left no penalty at all.

Insofar as the Occupy Wall Street crowd is concerned, their anger is misplaced, not that the rabble is ACTUALLY occupying Wall Street, they are not…Wall Street continues to operate as usual.

The problem is, so does the government.

And, so, the government/Bankers nexus remains, much to the benefit of each and the detriment of the people. No fault investment makes investors as comfortable as slackers who refuse to work because they can life off others.

Wall Street are just Welfare Queens in nice suits.

 

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Generous With Other People’s Money

The Governor quietly signed the Dream Act and that may prove to be a bad political decision, something he knew or he would have signed it early to an adoring crowd.

His signature absolutely guarantees a referendum through a proposition, and a bruising public battle. Polls indicate at this point that the Dream Act was deeply unpopular with the voters –some for ideological reasons, and some for purely financial reasons.

There is already a website to collect signatures to put the repeal on the ballot, and I’ll report on that shortly.

China Is Not Ib Great Financial Shape

China hides it’s financial situation well, so we don’t really know their economic situation but estimates are that it’s GDP to debt ratio is either about as bad as the US (88% compared to our 100%), or it is as bad as Greece, about 160%.

Regardless, China’s economy is not in great condition — it has been expanding faster than it’s actual profits would normally permit.

More time will tell, but this we know…China CANNOT come to the aid of failing Greece, Italy, Spain, or Europe in general…and should the US falter China cannot assist us, not that they have any incentive to do so.

Everyone is on their own. Washington had better start addressing the debt situation. Getting the economy moving will solve both the jobs and the deficit problems assuming we don’t use the “extra” income for more entitlement spending…but asking Democrats not to spend money is to ask people to breath underwater, it is simply not in their nature.

Occupy THIS!

Occupy Los Angeles has at least one problem with their protest — their Mayor is liberal, their Senators are liberal, their Governor is liberal and the president they supported is liberal. The Democrats had the LA City Council, the California State Legislature and the Congress of the United States for two years, so if the protestors are unhappy it seems they have a beef with the people they support.

Actually, that assumes that the “Occupation(s)” have some coherent purpose, but that is not in evidence. I heard people in the media-wing of the LA protest interviewed, and the best I got was that “things are messed up” and “there is a lot of negative energy.”

if that is the gripe, I guess they have a gripe but at least the TEA. Party has its gripe right in it’s name– Taxed Enough Already. The “Occupied” group appears to be a protest in search of a cause.

(Probably “cause” they want to!)