October 25, 2011
David Brooks told readers that the Occupy Wall Street movement it out of step with the country because it favors redistribution while most of the country opposes it. It is not clear what Brooks thinks he means by this.
The country has been seeing enormous redistribution over the last three decades, but it has all been in an upward direction. For example, the government gave trillions of dollars of below market interest rate loans to the largest banks to save them from collapse. The big banks continue to benefit from a too big to fail subsidy.
It has strengthened patent monopolies and sought to impose them on foreign countries through trade agreements. These monopolies provide the basis for huge drug companies like Pfizer and Merck.
The government has also pursued a policy of one-sided enforcement of labor law. The firing of union organizers and other law-breaking measures directed against workers are given a slap on the wrist, whereas unsanctioned strikes are confronted with the full power of the law, with unions seeing assets seized and officers put in jail.
It would not be surprising if most of the country is against this sort of redistribution since 99 percent (or thereabout) are losers from these government interventions. But this is consistent with a populist stance against the wealthy and their abuse of governmental powers to advance their interests.
Comments