Excerpted from Paul Krugman’s “Occupy Wall Street protesters could be onto something big”
There’s something happening here. What it is ain’t exactly clear, but we may, at long last, be seeing the rise of a popular movement that, unlike the Tea Party, is angry at the right people.
The protesters’ indictment of Wall Street as a destructive force, economically and politically, is completely right.
A weary cynicism, a belief that justice will never get served, has taken over much of our political debate. In the process, it has been easy to forget just how outrageous the story of our economic woes really is.
So, in case you’ve forgotten, it was a play in three acts.
In the first act, bankers took advantage of deregulation to run wild, inflating huge bubbles through reckless lending. In the second act, the bubbles burst — but bankers were bailed out by taxpayers even as ordinary workers continued to suffer the consequences of the bankers’ sins. And, in the third act, bankers showed their gratitude by turning on the people who had saved them, throwing their support behind politicians who promised to keep their taxes low and dismantle the mild regulations erected in the aftermath of the crisis.
Read the full Paul Krugman OpEd here.