Created4
10-27-2011, 05:37 PM
From Euro Pacific Newsletter:
A week ago today, 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. I went down there with the feeling that much of their anger was justified, but broadly misdirected.
Indeed, there were plenty of heated discussions. I was called an idiot, a fool, a slave-driver, and a selfish person. But when we started talking about the issues, it seems like the protesters fell into two categories: those who generally understood and agreed that Washington caused this mess, and those who could only recite Democrat/union/Marxist talking points. It was the latter that usually resorted to calling names once I pointed out the hypocrisy of their positions. Usually, their argument boils down to, "the rich should be taxed until everyone is equal" or "the banks have taken over the regulatory agencies, so we need more regulations!"
http://www.youtube.com/watch?v=UGL-Ex1CD1c
I think some of the leadership of Occupy Wall Street comes from this kind of radical Marxist background, and perhaps they're smart to intentionally keep quiet about their goals. Because the vast majority of protesters I met did believe in capitalism - they're just tired of being screwed over by crony capitalism. Noted school-choice activist Michael Strong calls it "crapitalism," and that's what it is. It's a rotten deal for everyone, and they know it.
The problem is that many of these people are under the mistaken impression that Wall Street banks are to blame. That's like blaming the dogs for getting into the trash can. Sure, it's bad behavior, but the ultimate responsibility lies with the authority figures - in this case, Washington. After all, it's not the New York metro area that has benefitted the most from this crisis. Rather, the counties around DC are now ranking as the wealthiest in the country. And while wealthy New Yorkers have historically made their living providing essential financial services to the global economy, Washington has always made its living one way: at your expense.
And be sure to tune in to CNN's AC360 tonight at 8pm to see me talk about my experience and my thoughts on the movement.
Let's hope the next round of protests call to Occupy Washington, the Fed, and the White House. Then maybe we'll get some real change.
Sincerely,
Peter Schiff
CEO and Chief Global Strategist
Euro Pacific Capital
A week ago today, 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. I went down there with the feeling that much of their anger was justified, but broadly misdirected.
Indeed, there were plenty of heated discussions. I was called an idiot, a fool, a slave-driver, and a selfish person. But when we started talking about the issues, it seems like the protesters fell into two categories: those who generally understood and agreed that Washington caused this mess, and those who could only recite Democrat/union/Marxist talking points. It was the latter that usually resorted to calling names once I pointed out the hypocrisy of their positions. Usually, their argument boils down to, "the rich should be taxed until everyone is equal" or "the banks have taken over the regulatory agencies, so we need more regulations!"
http://www.youtube.com/watch?v=UGL-Ex1CD1c
I think some of the leadership of Occupy Wall Street comes from this kind of radical Marxist background, and perhaps they're smart to intentionally keep quiet about their goals. Because the vast majority of protesters I met did believe in capitalism - they're just tired of being screwed over by crony capitalism. Noted school-choice activist Michael Strong calls it "crapitalism," and that's what it is. It's a rotten deal for everyone, and they know it.
The problem is that many of these people are under the mistaken impression that Wall Street banks are to blame. That's like blaming the dogs for getting into the trash can. Sure, it's bad behavior, but the ultimate responsibility lies with the authority figures - in this case, Washington. After all, it's not the New York metro area that has benefitted the most from this crisis. Rather, the counties around DC are now ranking as the wealthiest in the country. And while wealthy New Yorkers have historically made their living providing essential financial services to the global economy, Washington has always made its living one way: at your expense.
And be sure to tune in to CNN's AC360 tonight at 8pm to see me talk about my experience and my thoughts on the movement.
Let's hope the next round of protests call to Occupy Washington, the Fed, and the White House. Then maybe we'll get some real change.
Sincerely,
Peter Schiff
CEO and Chief Global Strategist
Euro Pacific Capital