Sunday, October 9, 2011
GOP: "Occupied Wall Street movement is un-American"
Republican presidential contender Herman Cain, a Tea Party favorite known for his anti-Muslim rants, is attacking Occupy Wall Street protests as “Un-American.” Rush Limbaugh is condemning the demonstrators as “parasites.” source
Cain has also labeled the OWS protesters as jealous’ Americans who "play the victim card” and want to “take somebody else’s” Cadillac.
Eric Cantor accuses the movement of "pitting Americans against Americans.”
Others GOPer's - whom always seem to side with big business and the 1% elite rich over the middle-class - have called the peaceful protesters as “mobs,” and suggest they are mounting “assaults on many of our nation’s bedrock principles.”
On the contrast, Tea Party people, who were raucous, loud, held signs of the president in the likeness of Hitler, extended the ludicrous birther issue and spit at Democratic congress people, were called patriotic.
The GOP has truly jumped the shark; and like some old tired and unimaginative sitcom their plot lacks ideas and is relying on stunts to maintain the interest of their audience.
I can not say it enough, the Great Recession is a Wall Street creation. With American taxes, Wall Street and the too big to fail financial institutions were bailed out.
To be more precise, the American people picked up the tab for their expensive and reckless party and now Wall Street is sitting trillions of dollars (taxpayer dollars) on the sideline - and no one other than Bernie Madoff has been held accountable for the thousands of ponzi schemes that have brought down our economy.
Additionally, Wall Street, despite the lifeline extended to them by the American people, has not reciprocated by invested in Main Street.
The New York Times editorial yesterday (Oct. 9) best summed up the protesters' outrage:
The jobless rate for college graduates under age 25 has averaged 9.6 percent over the past year; for young high school graduates, the average is 21.6 percent. Those figures do not reflect graduates who are working but in low-paying jobs that do not even require diplomas. Such poor prospects in the early years of a career portend a lifetime of diminished prospects and lower earnings — the very definition of downward mobility.
The protests, though, are more than a youth uprising. The protesters’ own problems are only one illustration of the ways in which the economy is not working for most Americans. They are exactly right when they say that the financial sector, with regulators and elected officials in collusion, inflated and profited from a credit bubble that burst, costing millions of Americans their jobs, incomes, savings and home equity. As the bad times have endured, Americans have also lost their belief in redress and recovery.
The initial outrage has been compounded by bailouts and by elected officials’ hunger for campaign cash from Wall Street, a toxic combination that has reaffirmed the economic and political power of banks and bankers, while ordinary Americans suffer.
Extreme inequality is the hallmark of a dysfunctional economy, dominated by a financial sector that is driven as much by speculation, gouging and government backing as by productive investment.
When the protesters say they represent 99 percent of Americans, they are referring to the concentration of income in today’s deeply unequal society. Before the recession, the share of income held by those in the top 1 percent of households was 23.5 percent, the highest since 1928 and more than double the 10 percent level of the late 1970s. read more