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dennyc
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In defense of the 1%

- Peter Schiff - Euro Pacific Capital

Generally, I agree with Mr. Schiff's positions. However, he has made some disingenuous claims in his piece concerning OWS. He claims that living standards rose more rapidly in the 19th century. He's correct, but one must consider the comparative nature of the rise. Where were the living standards of the lower and middle classes during their initial acceleration in the 19th century? They were nowhere. That's where. Of course it will appear to be a monumental rise.

Mr. Schiff does not consider WHY the protesters may want a share of the profits NOW. Heck, they've certainly been sharing the losses. Why shouldn't they want a piece of the action? The average American citizen at this point in the financial debacle has paid more than their fair share of keeping Wall Street and the banks afloat. They deserve those profits for now. It wasn't the average American citizen calling for socialism. It was Wall Street and the banks. "Please, SAVE US!" Well, we did. We are and unfortunately, we will. Stop asking the American taxpayer for salvation and most likely, we will stop demanding a piece of the pie. Mr. Schiff conveniently avoids an inescapable truth, in fact a few of them: This new virulent form of global(ization) capitalism is undermining our democracies. It is quickly ceasing to be a representative form of governing and it is being replaced on a truly grand scale by influence peddling and a 'purchase your lawmaker' mentality/reality which is destroying any possibilities concerning the maintenance of a government which is responsive to the problems facing all of its citizens. There's a large landscape of irresponsible government behavior being painted as I write this; yet at the same time, there's a large landscape of irresponsible business behavior being splashed on the pages of the U.S. Constitution. We might be able to bear the weight of one or the other; but having so much irresponsibility and reckless and inappropriate responses to our current situation is simply too much for hard-pressed people to bear. I would also humbly remind Mr. Schiff that this isn't capitalism we're talking about. It's something, but it certainly is NOT capitalism. It's devolved into more of a smash and grab at least as far as the financial sector is concerned.

Mr. Schiff's comments on disgruntled Wal-Mart employees is typical of someone with a far more callous attitude towards working people. He's beginning to sound like the pizza guy running for office, "No jobs? That's your fault, you unemployed lazybones." Ahhh, yes, when desperate, blame the victim. Mr. Schiff is a far more honorable man than his comment suggests and light years more honorable than the pizza slinger. One should believe at this point in time that working people do not need more barbs hurled at them. Sometimes it can result in an unpleasant outcome. Thus far, what people have to have isn't being offered from any direction as far as I can tell. People need solutions and quick. Some things need to change and quick. The virtues of honesty, creativity and integrity need to replace the greed, the excuses and the insensibility of those putatively responsible for responsible governing and quick. What is called for in these perilous times, among other more specific considerations, is a scenario involving ALL of our efforts, talents and resources concentrated and directed at the fundamental causes of this nightmare which has descended on our nation. We have passed the crossroads, I'm afraid and we are rapidly entering uncharted territory and if we're not careful, you better find someone or something to hold onto as it's going to be quite a ride!

Commenté il y a 4763 jours

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Début de l'article : Last week, I spent the afternoon visiting the Occupy Wall Street demonstrations in lower Manhattan.I brought a film crew and a sign that said "I Am The 1%, Let's Talk." The purpose was to understand what was motivating these protesters and try to educate them about what caused the financial crisis... Lire la suite

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