Krugman cheers Occupy Wall Street | Arkansas Blog

Friday, October 7, 2011

Krugman cheers Occupy Wall Street

Posted By on Fri, Oct 7, 2011 at 6:27 AM

The NY Times' Paul Krugman cheers the Occupy Wall Street movement. He offers some caveats, but his core explanation of the justification for demonstrations is worth noting:

In the first act, bankers took advantage of deregulation to run wild (and pay themselves princely sums), inflating huge bubbles through reckless lending. In the second act, the bubbles burst — but bankers were bailed out by taxpayers, with remarkably few strings attached, even as ordinary workers continued to suffer the consequences of the bankers’ sins. And, in the third act, bankers showed their gratitude by turning on the people who had saved them, throwing their support — and the wealth they still possessed thanks to the bailouts — behind politicians who promised to keep their taxes low and dismantle the mild regulations erected in the aftermath of the crisis.

Given this history, how can you not applaud the protesters for finally taking a stand?

occupyfville.jpg

FYI:

Occupy Little Rock Facebook page.

Occupy Fayetteville, Facebook page.

Occupy Arkansas, Facebook page.

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