http://www.youtube.com/watch?feature=player_embedded&v=0fV0YjQQzYk
--- In [email protected], nablusoss1008 <no_reply@...> wrote: > > > Jared Bernstein <http://www.huffingtonpost.com/jared-bernstein> > Senior Fellow, Center on Budget and Policy Priorities > GET UPDATES FROM Jared Bernstein > <http://www.huffingtonpost.com/users/becomeFan.php?of=hp_blogger_Jared > Bernstein> > <http://www.huffingtonpost.com/author/index.php?author=jared-bernstein> > <http://www.huffingtonpost.com/users/login/> Like 402 Occupy > Wall St.: This Is Not a Head Scratcher Posted: 10/4/11 01:09 PM ET > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?view=print&comm_ref=false> React Inspiring > > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?ref=fb&src=sp&comm_ref=false#> Greedy > > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?ref=fb&src=sp&comm_ref=false#> Typical > > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?ref=fb&src=sp&comm_ref=false#> Scary > > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?ref=fb&src=sp&comm_ref=false#> Outrageous > > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?ref=fb&src=sp&comm_ref=false#> Amazing > > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?ref=fb&src=sp&comm_ref=false#> Innovative > > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?ref=fb&src=sp&comm_ref=false#> Infuriating > > <http://www.huffingtonpost.com/jared-bernstein/occupy-wall-st-this-is-no\ > _b_994388.html?ref=fb&src=sp&comm_ref=false#> Follow > <http://www.huffingtonpost.com/tag/economic-crisis> Economic Crisis > <http://www.huffingtonpost.com/tag/economic-crisis> , > <http://www.huffingtonpost.com/tag/wall-street> Wall Street > <http://www.huffingtonpost.com/tag/wall-street> , > <http://www.huffingtonpost.com/tag/economy> Economy > <http://www.huffingtonpost.com/tag/economy> , Wall Street Protest > <http://www.huffingtonpost.com/tag/wall-street-protest> , Occupy Wall > Street <http://www.huffingtonpost.com/tag/occupy-wall-street> , Wall > Street Protests > <http://www.huffingtonpost.com/tag/wall-street-protests> , Business News > <http://www.huffingtonpost.com/business> > share this story 325 193 27 Add to collections View My > Collections > <http://www.huffingtonpost.com/social/?action=collections> > Collect articles and browse other HuffPost members' collections. Learn > More > Get Business Alerts Sign Up Submit this story digg > reddit > <http://reddit.com/submit?url=http%3A%2F%2Fwww.huffingtonpost.com%2Fjare\ > d-bernstein%2Foccupy-wall-st-this-is-no_b_994388.html&title=jared-bernst\ > ein: Occupy+Wall+St.%3A+This+Is+Not+a+Head+Scratcher> stumble > <http://www.stumbleupon.com/submit?url=http%3A%2F%2Fwww.huffingtonpost.c\ > om%2Fjared-bernstein%2Foccupy-wall-st-this-is-no_b_994388.html&title=jar\ > ed-bernstein: Occupy+Wall+St.%3A+This+Is+Not+a+Head+Scratcher> > Last night I heard a story on NPR about the Wall St. protest that is now > spreading > <http://www.washingtonpost.com/business/economy/wall-street-protesters-h\ > ope-to-plant-seeds-of-a-national-cause/2011/10/03/gIQAiBmKJL_story.html?\ > hpid=z2> to other cities. The gist of the story was: "what are these > protests really about? What do they want?" > > I'm sorry, but that's just not a head scratcher. Do these news analysts > think it's a coincidence that they're occupying Wall St. as opposed to > Columbus Ave north of 79th? > > As Andrew Sorkin put it > <http://dealbook.nytimes.com/2011/10/03/on-wall-street-a-protest-matures\ > /?ref=business> today (after writing that the message was "at > times...hard to discern"): > ... the demonstrators are seeking accountability for Wall Street and > corporate America for the financial crisis and the growing economic > inequality gap. > I'm not saying everyone down there is ready to give a clear exposition > of the facts of the case, but commentators can stop scratching their > heads now. > > I've been writing about these problems for decades. Sometimes they've > gotten a little better, but mostly they've gotten worse. Before the > downturn, the share of income held by the top 1% was 23.5%, the highest > since 1928 and more than twice the 10% level of the late 1970s. > > These are growth shares, as in they have to sum to 100%-when one group's > share goes up like that, everybody else's has to shrink. > > That doesn't mean real income values can't rise for other groups, of > course (though it does imply slower relative growth, compared to the > high end). But in fact, the middle class and the poor haven't seen that > either... the decade of the 2000s saw middle-incomes decline > <http://jaredbernsteinblog.com/the-lost-decade-for-the-middle-class/> > in real terms for working-age households. The recession just made those > incomes fall faster. > > Protest movements are often born of two interacting injustices: the lack > of opportunity and the lack of accountability by the persons perceived > to be blocking that opportunity. > > Given the facts of the income distribution, the trends in real > middle-class incomes and poverty, the failure of policy to do much to > change these trends, the government bailouts of the only class that's > benefited > <http://jaredbernsteinblog.com/a-tale-of-two-economies-and-the-inequalit\ > y-dragon/> from the recovery so far, the absence of clear > punishment/accountability for the financial and political institutions > that helped inflate the debt bubble that continues to squeeze economies > across the globe, and the dysfunctionality of the current political > system (they're arguing more about whether they can keep the lights on > than whether they can help solve the economic problems), the more > interesting question is what took so long for such protests to show up? > > Update: A colleague sends me to this site > <http://wearethe99percent.tumblr.com/> which puts a face on much of the > above (hat tip: HS). > > This post originally appeared at Jared Bernstein's On The Economy > <http://jaredbernsteinblog.com/> blog. > Been to Occupy Wall Street Events? Show us your photos, tell your > storyIf you've been to an Occupy Wall Street event anywhere in the > country, we'd like to hear from you. Send OfftheBus your photos, links > to videos or first-hand accounts of what you've seen for possible > inclusion in The Huffington Posts's coverage. >
