Okay, we live in interesting times.  Interesting times indeed.  I have to talk about this Occupy Wall Street movement.  This is getting so far beyond ridiculous I’m not sure whether I’m living in reality or some strange alternate universe where everything that once made sense now makes none and vice versa.  If you’ve read or seen anything in the media about the event you likely know as much as I do. The message of these “petulant teenagers and aging hippies”, to quote a local resident, is vague.  Ultimately this crowd is a bunch of anti-capitalists, anti-federal reserve, anti-wall street, anti-everything as far as I can tell.  They stand for nothing and everything at the same time.  They demand vague things like Wall Street reform, stronger communities, free health care, free universities, tearing down wall street. These kids don’t even know what Wall Street is. Did they know that 1/3 of the city’s tax revenue comes from Wall Street?  Corporate taxes account for 10% of the federal governments total tax intake, at about $190 Billion.  This from Forbes:

Go ahead, Occupy Wall Street until your heart is content, but could you please be a little more specific on who or what you are angry at? The Sell-side? The Buy-side? Financial advisors? Retail traders? Mutual funds? The Sales traders? The Execution traders? The Market makers?  The flow traders? The Research analysts? The Quants? The High Frequency traders? The Administrative Assistants? The Human Resource departments? The IT departments? Prime Brokerage sales? The Risk Managers? I am confused.

Do you even know the difference between sell-side and buy-side? Or is it everyone you are angry at and just taking the lazy short-cut and calling the whole group “Wall Street” because you have failed, on your own, to take the time to really understand the industry you are protesting?

You do realize that is not much different then generalizing an entire population (and in this case, industry) because of the crimes or ethical miscues of a few.

As your Occupation of Wall Street continues, you may want to grasp a few things. First, it is not going to change anything in the short term and probably not much in the long-term either.

I hate to be the bearer of that news, but money makes the world go round and “Wall Street” is all about money. Second, the top traders, banks and hedge funds are still going to out earn and generate substantial profits from speculating on the disconnects in the prices of things generated from all the moving parts in the global economy and it has nothing to do with why you lost your house or job or can’t find a job. If anything the successful ones are helping you, your pensions funds, retirement savings and the economy in general. If Wall Street stops. The world stops. Period.

As I said in previous posts, these people didn’t create the game, they are just playing it. The good part is that they are still going to pay their taxes, employ others and spend money so others will benefit from that on some level. More importantly, they will remain as beacons of success and reminders to us and future generations of what true capitalism means.

Most people don’t, you certainly wouldn’t expect a bunch of people who live in fantasy land to know what it is.  That is generally what I call leftists/statists/communists/socialists.  They all live in fantasy land.  Everyone on that side of the spectrum is full of ideologues who think utopia on earth is possible.  The sad, cold, hard truth is that utopia is not something reserved to this world, but the next.

To those who are allowing your faces to be plastered all over the media, as you dance around, acting angry. Wow, I am pretty sure you have just made yourself even more unemployable then you were before the Wall Street Occupation. Not a smart move on your part. I know the rest of you are thinking it so there, I said it.

 

A lot of the ongoing conversation at the Occupy Wall Street movement, which is actually in Liberty Park, a few blocks from Wall Street, is about the relationship between Washingon D.C. and Corporate America.  This is something I can actually get along with.  Stay with me here, there are actually a few points that these misled hypocrites that are completely valid.  One of those points is that Corporations buy political power, and you’re darn tootin’ they do. They just like anyone else. What they fail to realize is that this is a multi-faceted and precarious situation.  They blame Corporations close relationship with the bailouts, debt, unstable economy, etc. However economics is a lot more complicated than the workings of Corporations and Banks.  Government has a strangle hold on the economy of varying scale and scope in any economy, and public sector unions here in the U.S. also play a large role in political power purchasing. Billions of dollars of pro-labor and left-wing money flows to political campaigns all over the country. Many of the protestors want to re-elect the president, which I find contradictory, because the presidents campaign as largely bankrolled by big Wall Street Executives.

 

 

University of California $1,648,685

Goldman Sachs $1,013,091

Harvard University $864,654

Microsoft Corp $852,167

Google Inc $814,540

JPMorgan Chase & Co $808,799

Citigroup Inc $736,771

Time Warner $624,618

Sidley Austin LLP $600,298

Stanford University $595,716

National Amusements Inc $563,798

Wilmerhale Llp $550,168

Skadden, Arps et al $543,539

Columbia University $541,002

UBS AG $532,674

IBM Corp $532,372

General Electric $529,855

US Government $517,908

Morgan Stanley $512,232

Latham & Watkins $503,295

 

Opensecrets.org

 

So according to the left it’s okay for Left-wing billionaires, celebrities, organizations, universities, to purchase political power but not for wall street, banks, and business.  Honestly I’m having hard time finding the logic here, but that probably shouldn’t be a surprise since generally leftist argument is based in illogical assumptions, utopian ideals, and fallacy.

“Obama received more donations from employees of investment banks and hedge funds than from any other sector, with Lehman Brothers, Goldman Sachs and JP Morgan Chase among his biggest sources of support.

“Individual donors included Ken Griffin, the multi-billionaire founder and chief executive of Chicago-based Citadel Investment Group, one of the world’s biggest hedge fund companies,” the UK’s Financial Times reported July 17, 2007

Staff at banks, Silicon Valley technology companies and universities topped the list of contributors to Obama’s record treasure chest of $640m, with contributions totaling $406m

There is a big disconnect from reality, truth, fact, whatever you want to call it when it comes to this.  These kids are campaigning against the very system which enables them to protest in the manner they’re protesting.  Without a free enterprise-based, representative, and relatively honest government they wouldn’t be allowed to do what they do.  I also find it rather funny that many of these people on the left probably hate the CEO’s of Merrill Lynch, Target, Walmart, etc but have no problem mourning the death of Steve Jobs, god rest his soul, founder and former CEO and Chairman of one of the largest and most profitable corporations on the planet.  At times Apple Corp. saw profits from 40-60% for years. But it’s those oil companies that average 7-12% profits that are greedy, huh?

_______________________________________________________________________________________

This from Red State:

The Democrats, rallying to the hippies occupying various streets around the country, have seized on a Bloomberg News story about Koch Industries doing business in Iran: The Democrats want every Republican who has ever taken money from the Kochs to give that money back.

Except there are a few problems. Such as, other than it being a political hit against some right-of-center billionaires, the story doesn’t seem to have proven or uncovered much of anything.

Koch Industries did not directly do business in Iran. A subsidiary did business in Iran. It was legal at the time to do so. When Koch found out about it, however, it shut it down. No laws were broken in the process of putting people to work.

But wait . . . there’s more.  See, a number of companies kept doing business in Iran. And several of those companies gave thousands of dollars to Democrats. If the GOP needs to give money back to Koch because it did business in Iran, what about all the Democrats?

Company Durbin Reid Schumer
3M

$2,000.00

$1,000.00

$0.00

Caterpillar

$0.00

$0.00

$0.00

Exxon

$0.00

$0.00

$0.00

GE

$10,000.00

$15,000.00

$11,500.00

Hewlett Packard

$4,500.00

$13,500.00

$0.00

Honeywell

$11,000.00

$12,000.00

$9,500.00

JP Morgan Chase

$5,000.00

$9,000.00

$5,000.00

Maesrk Line

$0.00

$0.00

$1,000.00

Tyson

$1,500.00

$7,000.00

$1,000.00

Total

$34,000.00

$57,500.00

$28,000.00

       
  D. W. Schultz Hoyer Pelosi
3M

$0.00

$1,000.00

$0.00

Caterpillar

$0.00

$5,000.00

$0.00

Exxon

$0.00

$30,000.00

$0.00

GE

$15,500.00

$35,000.00

$21,000.00

Hewlett Packard

$0.00

$7,000.00

$10,500.00

Honeywell

$23,500.00

$32,000.00

$17,500.00

JP Morgan Chase

$1,000.00

$32,000.00

$18,500.00

Maesrk Line

$0.00

$0.00

$0.00

Tyson

$0.00

$2,500.00

$0.00

TOTAL

$40,000.00

$144,500.00

$67,500.00

       
       
  DSCC DCCC  
3M

$75,000.00

$15,000.00

 
Caterpillar

$0.00

$0.00

 
Exxon

$0.00

$0.00

 
GE

$100,000.00

$120,000.00

 
Hewlett Packard

$45,000.00

$20,000.00

 
Honeywell

$48,000.00

$65,000.00

 
JP Morgan Chase

$60,000.00

$90,000.00

 
Maesrk Line

$0.00

$0.00

 
Tyson

$15,000.00

$0.00

 
TOTAL

$343,000.00

$310,000.00

 

Oh, and George Soros’s felony has been upheld in Europe. Shouldn’t the left give back their money to him?

The Bloomberg-Washington Post Debate is coming up. Only the Washington Post has treated the Bloomberg story with any legitimacy. No doubt the GOP is walking into a rigged debate, but it is their choice.

The bigger issue is that again, the left wants to bash the Koch Brothers while ignoring that their own politicians have gotten a lot of money from many companies that stayed in Iran long after Koch stopped doing business there.

While the hippies are out protesting Wall Street, they might want to note the amount of money some major corporations have put into Democrat pockets. Or is this hypocrisy thing all smoke and mirrors?

These people don’t have a clue.  They rally against banks and Wall Street, when they surely have credit cards, debit cards, or old student loan debt which they couldn’t have acquired without banks in which to then be indoctrinated against the very institution which brought them to such a high level of enlightenment.

They’re majorily anti-capitalist. Which is funny, since I would argue that we don’t even have a capitalist system.  I might split hairs with you and say we have a semi-capitalist system, but we aren’t nearly as capitalist as Hong Kong, for example.  The economic problem stems from the political problem. In speeches and campaign rhetoric we’re all for free markets, until it comes to ours. We don’t want our jobs shipped overseas, where I argue that’s a good thing.  Comparative advantage is a good thing. If another country can make something more cheaply than we can, they should.  Just like we have an advantage with high intellectual items.  Now, some industry is certainly vital to the National Defense as Alexander Hamilton argued. Hamilton essentially designed the economy that brought us to where we are today. I would argue that we should support industry here at home yet take a much freer market approach to it. If you want to keep businesses here, don’t berate CEOs and MNCs.  Business have no obligation to create jobs.  There is nothing immoral about shipping jobs overseas. There are plenty of poor people around the world who deserve opportunity too.  Blame the system which chases businesses overseas with high regulation, high taxes, and the head of the executive branch who rails against business and spews anti-capitalist rhetoric almost every day.  Our current president and many democrats are very anti-business and for populist reasons. Populists appeal to the people.  I believe we have a strong populist movement in current politics. There is very much demagoguery, a lot of allegations, speeches against industry, speeches against the very core of this country and the people love him for it.  This president is leading the charge against humanity. He is leading the charge against success, all the while trying to convince you he is on your side. He is on no ones side.

Here is the fundamental problem: Relying on Washington to fix your problems and the countries problems. The ultimate fixes for this country are going to come from a large collection of individuals who start living below their means, save money, and by save it I mean invest it, and rely on themselves before relying on their government.  I hate to sound like I’m trumpeting Glenn Beck, but the man is absolutely correct. He and Dave Ramsey, and several other prominent radio guys and political activists are 100% correct when they say that fixing the country starts with the individual. Getting back to rugged individualism, self-reliance, and profit. Profit is a good thing. I’ll probably have to talk about money next time and why money isn’t evil, it is the root of all things good, not the root of all things evil. I’ve skimmed the topic before but look for a detailed explanation of the root of money on my website at www.libertariat.wordpress.com and please read it and find a new meaning behind money. You’ll never think about money the same once you hear my take on it, I promise.

Advertisements