Occupy Wall Street: Are the super-rich worried?
Paul Krugman says they are. In fact, he says Wall Street, the GOP, and other "economic royalists" are "hysterical" over the protests
The Occupy Wall Street movement may or may not change America, but it has "already elicited a remarkably hysterical reaction from Wall Street, the super-rich in general, and politicians and pundits who reliably serve the interests of the wealthiest hundredth of a percent," says Paul Krugman in The New York Times. In attacking and trying to undermine the modest-but-growing movement — House Majority Leader Eric Cantor, for instance, called them "mobs" — these "economic royalists" are showing they understand that their "morally indefensible... game of heads they win, tails taxpayers lose" can't withstand close scrutiny, Krugman says. Are the rich and powerful really scared of a rag-tag bunch of protesters?
Yes. The oligarchs are scared: "Trust me on this one," the bankers are terrified — "as well they should be," says John Thorpe at Benzinga. America is waking up to the fact that the super-rich have been vacuuming up our ever-declining wages for 30 years, and using some spare cash to buy "the entire political system." Americans don't like being screwed over, "and we do not suffer fascism quietly." Remember, "we went to war for independence over a tax on tea."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
No. Bankers need not fear the hapless Left: "The Occupy Wall Street activists are on the edge of building a movement centered on economic populist issues that polls say most Americans support," says Barbara O'Brien at The Mahablog. But they're already blowing it. Instead of focusing on "kitchen-table economic issues," the Left, true to form, is opening the protest to all-comers — just this weekend, Occupiers joined forces with liberal opponents of unmanned drone strikes overseas. Soon, most of the 99 Percent will tune out "if they whiff a bunch of leftist issues they are not ready to embrace" — and that would mean Wall Street has nothing to fear.
"Clowns to the Left of me, Jokers to the Right ..."
The anti-rich fervor is misguided anyway: Americans don't hate all rich people, just the "undeserving" rich, says Robert Samuelson at The Washington Post. But as the middle class really starts to feel the pain of the 2008 collapse, "more rich are being disparaged as 'undeserving.'" That's unfortunate. There are plenty of "deserving" rich people who "pioneer technologies, manage vibrant businesses or excel at something (law, entertainment, sports)." But today, whether through Occupy Wall Street or proposals for new taxes on millionaires, "the rich are besieged; the attacks almost certainly will intensify"; and many job-creating small-business owners will get unfairly snared.
"The backlash against the rich"
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
India elections start amid violence, hate speech accusations
Talking Points Narendra Modi seeks a third term while critics worry about the future of the country's democracy
By Joel Mathis, The Week US Published
-
'Biden is smart to keep the border-security pressure on'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Bird flu worries mount as virus found in milk, cows
Speed Read The FDA found traces of the virus in pasteurized grocery store milk
By Peter Weber, The Week US Published
-
Arizona court reinstates 1864 abortion ban
Speed Read The law makes all abortions illegal in the state except to save the mother's life
By Rafi Schwartz, The Week US Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published