Posted 5 years ago on Sept. 20, 2011, 10:58 a.m. EST by PragmaticEconomist
from New York, NY
This content is user submitted and not an official statement
Firstly, I’d like to state that I think it’s both admirable and commendable that young people are getting involved and trying to change the world for the better. I have some firsthand experience of this from a different place during a different time. Certainly, there are many things that can improve within our current global network of economic systems. And, like all industries, the banking industry, which is in many ways at the core of the economic system, is not immune to negligence or corruption.
Having said all of that, protesting aimlessly and haphazardly does not often yield results. I think this movement is overwhelmingly undereducated about the nuts and bolts of the banking system, its role in the broader economy, its regulatory oversight and fundamental economic principles in general.
There is certainly a discussion to be had about how we can make banking and the general economy better for all. I’m just not sure that camping across the street from the symbol of world finance while holding a sign that spouts rudimentary propaganda against banking and corporations is the way to do it. It certainly seems ironic when that same person utilized many of the same corporations for their products in their everyday life (Adidas, iPhone, iMac, FB, Twitter, Google, etc.). Coincidentally, all of these corporations were able to make their products available to the general public only after the so-called Banksters reallocated surplus capital to these companies in the form of investments. I wonder if the cost of the enlarged police force to keep everyone safe is worth the price of admission – especially should resources be stretched while there are real emergencies in the city.