a Tea Party Occupy Wall Street?
by Addison Wiggin: The
Effects of a Financial Repression
What a difference
nearly three years makes. On Inauguration Day 2009, 2 million people
converged on Washington, D.C.
people dont gather in one place unless things are really good,
or really bad, we observed that day. Were having
trouble telling the difference these days
One thing is certain:
Obama sure has a lot of hype to live up to. Guess thats inevitable
when you allow the nation to project all their fears and hopes on
new enough on the national political scene, wrote the president
two years after his election to the U.S. Senate, that I serve
as a blank screen on which people of vastly different political
stripes project their own views.
I am bound to disappoint some, if not all, of them.
Well, at least
he had some idea what he was getting into. But he couldnt
shake the delusion that the solution to whatever ails the
economy lies in politics.
three years later, the palpable disappointment is manifesting itself,
like the now-dashed high hopes, outdoors
Wall Street crowd is marching uptown today to protest at the
homes of J.P. Morgan Chase CEO Jamie Dimon and Koch Industries chief
David Koch, among others.
writes retired CIA station chief Haviland Smith, the demonstrators
seem broadly preoccupied with their own powerlessness. They decry
the inordinate amount of power and influence held by our very rich
and our corporate enterprises and the power of lobbyists to further
their goals in a Congress that is essentially for sale.
this assessment, were struck and we know were
going to make people uncomfortable saying this by the parallels
between Occupy Wall Street and the Tea Party.
movements are born in part from outrage over the 2008-09 bank bailouts.
Both feel the American dream, however they define it,
is out of their reach. Both feel left out by a ruling class.
The Tea Party
drove one long-time Republican operative to quit after 30 years
as a Capitol Hill staffer. But Mike Lofgren recognized where their
grievances came from.
circumstances, he wrote last month, produced the raw
material: the deindustrialization and financialization of America
since about 1970 has spawned an increasingly downscale white middle
class without job security (or even without jobs), with pensions
and health benefits evaporating and with their principal asset deflating
in the collapse of the housing bubble. Their fears are not imaginary;
their standard of living is shrinking.
is that, really, from the motives impelling the OWS protesters to
the streets? For all we know, the OWS protesters are the college
grads with no jobs stuck living in their Tea Party parents
some of the Tea Partiers might support the OWS protesters notions
of tax the rich.
Eight out of
10 Americans support raising taxes on households earning more than
$250,000 a year, according to a new Bloomberg/Washington Post poll.
81% of Democrats, 67% of independents, and 51% of Republicans.
The poll also
finds 82% ruling out any cuts to Medicare, and 83% opposing any
cuts to Social Security.
that would include the Tea Partiers who were insisting two years
ago, Keep your government hands off my Medicare.
Sure gets ugly
when people can no longer project their views onto the president.
with permission from The Daily
Wiggin [send him mail]
is the editorial director and publisher of The Daily Reckoning.
He is the author, with Bill Bonner, of Financial
Reckoning Day: Surviving The Soft Depression of The 21st
Century and the upcoming Empire
of Debt. His
latest book is The
Demise of the Dollar...and Why It's Great for Your Investments.
© 2011 Daily Reckoning
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