Wall Streets Reaction to OccupyWallSttreet
"Publicly, bankers say they understand the anger at Wall Street — but believe they are misunderstood by the protesters camped on their doorstep.But when they speak privately, it is often a different story.
“Most people view it as a ragtag group looking for sex, drugs and rock ’n’ roll,” said one top hedge fund manager.
“It’s not a middle-class uprising,” adds another veteran bank executive. “It’s fringe groups. It’s people who have the time to do this.”" New York Times October 15,2011
What an insult! Banks, like other oligopolies, need to be brokem up Everyone defines free markets incorrectly. Yes, free markets should be unencumbered from useless regulation that increases the cost of doing business and provides no societal good. However, in order for a market to be free as defined by Adam Smith and Milton Friedman a market must be overseen by an umpire and in this case the umpire is the government.
Can you imagine an NFL football game without referees? It would be like the Romans watching the gladiators. The government has failed to do its job of being the referee to markets and industries. Ever since the 1980's our representatives have enacted a "Don't Ask, Don't tell" regulatory policy that has destroyed our free markets.
Markets need to be free from destructive, costly and harmful regulations; however, they also must be free from private entities lacking scruples and striving to take over markets at the expense of individual citizens. These entities have over time managed to buy the control of our politicians who are suppose to protect us from both external and internal tyranny The only solution to the problem is amending the constitution to prohibit campaign contributions from corporations and unions,. More:http://bit.ly/nLY5A3
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