Occupy Wall Street; Is it Funded by George Soros?
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It’s taken me awhile to wrap my head around the objective of the Wall Street Protests. And I’m not the only financial blogger questioning the protests. Lazy Man and Money wanted someone to explain the protests to him. I get that there is high unemployment and even though we bailed out the banks, there are still a lot of folks who can’t pay their mortgages or refinance at a lower rate. But what exactly and specifically do the protesters want Wall Street to Do? Wall Street is not a corporation making
policies like a lone corporation. The financiers on Wall Street are business people looking to capitalize on the financial system. Obviously, they were at the heart of the mortgage meltdown with the incomprehensible securities they devised. And I tend to agree that there wasn’t enough regulation or oversight to prohibit that mess. That’s why the Dodd Frank bill was passed, in an effort to prevent this type of crisis from reoccurring and to provide more consumer protection and transparency.
Is George Soros Financing the Protests?
“The protesters say the Wall Street bank bailouts in 2008 left banks enjoying huge profits while average Americans suffered under high unemployment and job insecurity with little help from Washington. They contend that the richest 1 percent of Americans have amassed vast fortunes while being taxed at a lower rate than most people.” Who’s Behind the Wall Street Protests?, Reuters.
Apparently, George Soros, one of the 10 richest Americans, was quite critical of the bank bailout and the subsequent government strategies to right the economy. I heard his name on the news this morning and again on Yahoo finance this afternoon. Is he really giving cash to the instigators to rile the higher ups? I love that we live in a country where protests are freely allowed and there is freedom of speech and assembly. That said, I don’t know if Soros is behind the protests or exactly what they hope to accomplish.
If I were in charge of the protests, I would move them to Washington, focus on our government and demand they work together to lower the deficit, cut spending, raise taxes, cut the waste, and work together for the good of all.
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What do you think of the Occupy Wall Street movement? What would motivate you to protest?
image credit; the Whistling Monkey