Alex Pareene at Salon also has a worthwhile suggestion for those who demand that the Occupy Wall Street movement specify its demands. What he's talking about boils down to Fuck the Banks, forgive our debts!
The problem with the proposal — basically “moral hazard” — is precisely the problem with the government’s de facto policy of not allowing the financial industry to collapse under the weight of its colossal greed. If you believe Americans should be taught “the hard way” not to live “beyond their means,” forcing credit card companies to take a haircut on the money they’re owed would certainly lead them to limit consumer debt-spending in the future. Banks would rather receive regular payments from fixed-rate mortgages than trick people into ARMs if they thought the government was likely to step in on behalf of borrowers rather than lenders. In other words, forcing the financial sector to feel the pain of the rest of us would help align our interests. It would no longer be profitable to rip us off if the government stepped in to halt the Great Rip-Off
Indeed, Mr. Pareene.
And for those of you who contend that the 99% of us that didn't bring the world to the brink of economic collapse in 2008 don't deserve free money, fuck you.
For our relevant listening pleasure:
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