Critics of the Occupy Wall Street movement have asserted that their goals are not clear and they don’t have solutions, although it is pretty obvious (as this Tom Tomorrow cartoon says) that economic injustice is their main grievance. But Paul Krugman points out that the hysterical response to the Occupy Wall Street movement is a telling indicator of the fact that the protestors have achieved one major goal: they have put the role of the financial oligarchy in causing the nation’s problems in the spotlight and they are squirming and want to shut down the discussion. They much prefer to do their work in the shadows.
The answer, surely, is that Wall Street’s Masters of the Universe realize, deep down, how morally indefensible their position is. They’re not John Galt; they’re not even Steve Jobs. They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens.
Yet they have paid no price. Their institutions were bailed out by taxpayers, with few strings attached. They continue to benefit from explicit and implicit federal guarantees — basically, they’re still in a game of heads they win, tails taxpayers lose. And they benefit from tax loopholes that in many cases have people with multimillion-dollar incomes paying lower rates than middle-class families.
This special treatment can’t bear close scrutiny — and therefore, as they see it, there must be no close scrutiny.



The idea that increased unemployment and a vast and growing gap between a rampaging oligarchy and the rest of the population could lead to riots and other forms of trouble in the US is something that some of us have been warning about for some time. But it was still startling to hear someone in the oligarchy like the mayor of New York Michael Bloomberg