The Real Problem on Wall Street is Government Power

The millionaires and billionaires are being targeted for what event organizers called a “willingness to hoard wealth at the expense of the 99%.”

via Occupy Wall Street: Coming to a mansion near you – Oct. 10, 2011.

TAL Commentary: The occupiers — paid to protest capitalism (think about that) — have it all wrong, which you would expect from people who don’t understand that capitalism is the source of every good or service they use.

The problem isn’t that millionaires and billionaires “hoard wealth.” Capital never remains inactive, and when rich people spend their money on “sinful pleasures” like yachts, $1000 meals, and fancy houses, all that does is “spread the wealth” according to market principles. This is what Joe the Plumber tried to explain to Obama, but Ailes had already poisoned that well.

No, the problem with the Wall Street Rich is that they get rich by using the power of the government to fleece taxpayers. Of course, since the occupiers misidentified the problem, their solution — redistributing rich people’s money — won’t solve anything. It won’t get to the root of the problem, which is why billionaires like Mayor Bloomberg are perfectly happy to let the occupiers continue to occupy.

The few who do identify the right problem still have the wrong solution. The Big Finance bailouts of the insurers, traders, and bankers, were simply a giant wealth transfer from the poor to the rich, but the solution is not higher taxes on the rich. The solution is to deplete government power to transfer wealth in the first place. THAT would be a real threat to the merchant-statists, and unless the Tea Party understands the real threat to their liberty — and pocketbook — electing Tea Party candidates won’t change anything either.

For Liberty,

Manny Edwards, The Freedom Expert

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  • PaulBardinas

    Manny while I agree that capitalism is not the problem I disagree with your view that the government is. A government by the people for the people. The problem is not government, but the fact that the government and representatives of the people are bought and paid for by corporations and powerful lobbying groups. Politicians are corrupted by the unlimited amounts of money required to run for elective office and once in office they are assaulted by lobbyists representing industry and corporations. Our politicians are in 24 hour campaign mode and beholden to their donors, not the people who elected them. Continued in next comment…

  • PaulBardinas

    What we need in this country is comprehensive campaign finance reform and a complete blackout of political advertising by interest groups. Force candidates to win elections by nationally televised debates without time limits. Force the candidates to answer the questions and present real ideas. Limit the # of debates and interviews each candidate may participate in. Limit the # of lawn signs each may post, or better yet eliminate them all together. Force candidates to go door to door. No more campaigns of misinformation by political groups on both sides spreading lies about a candidate to win elections! WOW! Elections based on a persons position and facts about their record.