Those protesters all around the big cities aren’t going away. Whether they’re right or wrong, something motivated them to be there. A lot of conservative commentators are passing the protestors off as youths who don’t feel like paying back college loans or people that took out mortgages more ambitious than their finances allowed. I think this is very inaccurate and really, really dodges the issue at hand.
People have a right to be angry at banks. Unemployment is just hovering a bit above 9% due to a balance sheet recession that many bankers were made rich from. While the economy tanked, many got big bonuses (supposedly performance-based). Any reader of this blog knows that I am a market enthusiast, but it’s hard to explain bankers getting their compensation as any sort of productive incentivizing device. Furthermore, these banks got huge bailouts from the government.
However, the protestors are wrong in confusing corporatism for capitalism. It was government who gave the banks bailout money. It was the government supporting Fannie Mae and Freddie Mac that kept artificially low interest rates and spurred a disastrous bubble in the name of ‘fairness.’ The popular radical argument on both sides these days is that the Fed was the cause of all of this (though I personally think these arguments are overstated).
So what are those in the “#OccupyWallStreet” faction hoping to accomplish? It’s unclear. Right-wingers are taking this to mean a “protest for the sake of protesting.” If a group doesn’t have clear aims in terms of policy, they’re just complaining (or so people are saying). I think this is totally unfair. The Occupiers may be foolish in trying to be overly un-organized (because then they’d be just like THE MAN!) but there’s nothing wrong with coming together because of general disdain for current conditions. A lot of the Arab Spring protests were driven my general dissatisfaction with the status quo. I’m fairly certain that the millions of protestors had incredibly varied reasons for protesting. What they shared in common was that they wanted change.
The Occupiers are just like this. The current system in America has gotten high unemployment, high debt, and frankly, rewarded a lot of people who made the problem worse. So the Occupiers are protesting the status quo.
Where I do think they are foolish is directing all of their anger at Wall Street. Wall Street created wealth and is responsible for a lot of the prosperity in America (if “Wall Street” can really even qualify as a collective noun here). The government had a lot to do with the bad stuff too.
Some opponents are saying the Occupiers are complaining about all this nonsense, yet most of them voted for Obama. Yes, Obama. The same guy who bailed out the auto companies and spent foolish money all around the place. But this doesn’t weaken the justifiability of their angst, I believe. The Tea Party was very much the same. And here’s what I’ve been waiting to get to.
The Tea Party and the Occupiers are very, very similar. Both groups were protesting the status quo with vaguely defined policy goals. The Tea Partiers wanted less government spending (from where? military? social security? medicare? they were never too clear). A lot of them voted for George Bush, the guy who did those huge wars and presided over huge deficit spending. The Occupiers want better wealth distribution and less corporatism. A lot of them voted for Obama. So yes, there’s so inconsistencies and some may say hypocrisies on both sides. But I don’t think that means they’re wrong.
I think both the Tea Party and the Occupiers are right. In fact, I’ll be as bold to say that I agree with both of the groups. Wall Street has been getting special treatment for a long time, mostly because of corporatist practices. The government has been spending beyond its means. A lot of people like to dismiss the tea party because it’s easy to characterize them as religious whackos who think any sort of government is socialism. Indeed, some people in the movement are like that. But some people in the Occupy group are just as idiotic – smelly, lazy, hippies who just like many Tea Partiers have no actual knowledge or insight for what they’re fighting for/against.
But evaluating a group based on their most absurd characters is misguided. It’s the message that we should be attacking or defending. Most importantly, we need to figure out what the policy result of these protests will be.In the case of the Tea Party, politicians were elected who mostly favored borrow-and-spend government instead of tax-and-spend government. For the Occupiers: Will corporations be so villified that business will shrink significantly in America? Or will it mean that corporations stop getting bail outs and a true free market is realized? I hope the latter.