Paul Krugman sums up the epicenter of the Wall Street Protests
Paul Krugman applauds the protesters who, in his words, are "angry at the right people." Here is the short story of the reason for the protests:
In the first act, bankers took advantage of deregulation to run wild (and pay themselves princely sums), inflating huge bubbles through reckless lending. In the second act, the bubbles burst — but bankers were bailed out by taxpayers, with remarkably few strings attached, 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 — and the wealth they still possessed thanks to the bailouts — behind politicians who promised to keep their taxes low and dismantle the mild regulations erected in the aftermath of the crisis. Given this history, how can you not applaud the protesters for finally taking a stand?
The Reverend Billy gives a rousing sermon on Wall Street
I've written about the Reverend Billy before. He is a former actor who figured out that he can effectively spread his word in the guise of a preacher. to many it seems like he's a bit crazy . . . but I think he's crazy like a fox. In this recent video, you'll see the Reverend telling the faithful about those guys in those corner offices up in the sky.
I’m feeling bittersweet because people are stealing credit for my work
A couple months ago, I took the time to shoot, edit and publish a Youtube video on a protest of the Bank of America in St. Louis. I was surprised that the traffic was relatively modest (less than 1,000 views). I had designated the video to be Creative Commons - Attribution. Now I find out that my video has gone wild on the Internet--almost 100,000 views, but it's because at least two individuals have taken my video, chopped off the information where I identify it as my work, and failed to give me any credit for my work on their Youtube uploads (I'm not going to share their links because, frankly I'm not happy about this). Instead, here is my post, and here is my upload, the only one out there where you can see the entire video, including the credits. Yes, I'm honored that my video has taken off, and I'm glad that it has become part of the national dialogue. I wasn't trying to make any money off of this video (in fact, there is no advertising at Dangerous Intersection--I decided six month ago to fund all hosting fees--any ad you see on my site will be a donation by me to that cause). Yet I'm sorely disappointed that multiple people are willing to chop my name off of my video and present my work as their own.
Economist Joseph Stiglitz speaks to the Wall Street Occupiers
As reported at Slate, economist Joseph Stiglitz spoke words of support to the Occupiers of Wall Street:
You are right to be indignant. The fact is the system is not working right. It is not right that we have so many people without jobs when we have so many needs that we have to fulfill. It’s not right that we are throwing people out of their houses when we have so many homeless people. Our financial markets have an important role to play. They’re supposed to allocate capital, manage risks. But they misallocated capital, and they created risk. We are bearing the cost of their misdeeds. There’s a system where we’ve socialized losses and privatized gains. That’s not capitalism; that’s not a market economy. That’s a distorted economy, and if we continue with that, we won’t succeed in growing, and we won't succeed in creating a just society.