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I have been watching this movement since it began and have waited to post about it.  I did so because I wanted to see if it was in fact driven by the abuses of Wall Street or was actually about a group of people having more wealth than another (and not being happy about it).   

I have decided that it's about the abuses of Wall Street at this point and if I'm right I am in full support of OWS.  That's because in my lifetime I have seen nothing more damaging to the American economy and way of life that what has been occurring on Wall Street in the last twenty years (and reaching its worst point in 2008).

The current economic mess is a direct result of Wall Street pushing mortgages so they could package them and resell them as securities.  Sure they were after profits but what has become even more important to them they were after bonuses.  Now the public is paying the price not to speak of paying to bail them out.  A recent USA Today editorial said:

"the bonus system has gone beyond a means of rewarding talent and is now Wall Street's primary business. Institutions take huge gambles because the short-term returns are a rationale for their rich payouts. But even when the consequences of their risky behavior come back to haunt them, they still pay huge bonuses."

I totally agree.  Of course they are still doing it and even increasing the bonuses.  I understand that Wall Street is certainly not the only thing hurting the economy but I sincerely believe they deserve a major part of the blame.  Here's a word I think describes Wall Street well these days:  thieves.  Yes I truly believe that.  

Are they too big to fail? Of course not.  At least not without major consequences.  But Wall Street has already shown their audacity after their bailouts by continuing what they were already doing.  They aren't afraid of the Federal Government either because no-one has gone to jail.  Maybe it's time they became afraid of something even bigger--like the American public.  That's why I support OWS.

Here is a good read about OWS and Wall Street thieves. 

October 26, 2011 in Business, Current Affairs | Permalink


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