Paul Krugman on the Wall Street Whine-ocracy:
On Saturday The Times reported what people in the financial industry are saying privately about the protests. My favorite quote came from an unnamed money manager who declared, “Financial services are one of the last things we do in this country and do it well. Let’s embrace it.”
Better yet, let’s fend it off as we would anyone attempting to rape and murder us – for we all know that the parasitic financial elite has been raping and attempting to murder us (or, at least, raping and attempting to murder our ability to subsist as something more than slaves) as a class for quite some time now. As Krugman elaborates:
[T]he financialization of America wasn’t dictated by the invisible hand of the market. What caused the financial industry to grow much faster than the rest of the economy starting around 1980 was a series of deliberate policy choices, in particular a process of deregulation that continued right up to the eve of the 2008 crisis.
Not coincidentally, the era of an ever-growing financial industry was also an era of ever-growing inequality of income and wealth. Wall Street made a large direct contribution to economic polarization, because soaring incomes in finance accounted for a significant fraction of the rising share of the top 1 percent (and the top 0.1 percent, which accounts for most of the top 1 percent’s gains) in the nation’s income. More broadly, the same political forces that promoted financial deregulation fostered overall inequality in a variety of ways, undermining organized labor, doing away with the “outrage constraint” that used to limit executive paychecks, and more.
Oh, and taxes on the wealthy were, of course, sharply reduced.
We’re from Wall Street and we’re here to help you – and don’t you dare ever examine what we’re actually doing that we’re claiming is ‘help’ and for damn sure don’t you dare ever to muster up the temerity to vocalize the reality that we’re a bunch of lying, thieving scumbags who do less for America and the world than your dog does for your carpet when she pisses on it!