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Forum Post: 99% of people working on "Wall Street" are just like the other 99%... so why the focused aggression?

Posted 13 years ago on Oct. 15, 2011, 2:31 p.m. EST by RPW (0)
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It seems as if there is a huge misconception regarding the lives and incomes of the vast majority of those working in the investment and banking industries... and I say that as someone who works for an investment company. The majority of those working in these positions work extremely hard for wages commensurate with those of engineers, college professors, etc. Also, in tough economic times when banks and investment companies have trouble being profitable, unlike engineers or professors, these people's incomes are dramatically cut, and/or you see highly cyclical layoff's. People seem to forget the images of those at Lehman Brothers stepping into the streets with their life's work in a box wondering if/how/when they'd be able to bounce back. Of the fact that when banks were "bailed out" by the government in order to prevent a halt in home lending, small business lending, and the general progress of the world's economy, we - as American's still looking to buy homes, start businesses, and build lives - were also bailed out. It's sad to hear that people seem to misunderstand that wishing for bank failure will only hurt people, not banks. Again, when banks fail, people lose, not banks. In that vein, as you look at the percentage of people who are out of work or who have lost their life's savings from a sector prospective, the financial services industry is at the top of the heap along with those in the home building and construction industries. People from all walks of life have been suffering through this economy together. And yet why the focused aggression towards "Wall Street"? When you look at the problems that we face from an economic prospective, if you're upside down on your mortgage, why not aim frustrations at home builders that rapidly expanded building nearly to the definition of a "tragedy of the commons"? Why not aim frustrations at mortgage lenders that helped people to take on loans that they could not afford should anything disrupt their current incomes? Why not aim frustrations at a government that runs it's operations with such inefficiency that a small fraction of our taxes actually go to supporting social programs and the remainder goes to pork barrel spending and other politically charged waste. In my opinion, attention DOES need to be drawn to a number of issues that we face as a country and as Americans today, but directing these frustrations at a single sector of the economy seems misguided and wasteful. We have a government that refuses to engage in healthy conversation across the isle in order to address any of the issues/problems that Americans are facing today. If this protest is meant to bring forth real change, why not occupy Washington? Politicians can hear you. Banks don't have ears... only your fellow Americans who work for them do.

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