The Occupy Wall Street protest is coming into the national spotlight with the arrest of more than 700 protestors over the weekend. [1] Today this outlet for the frustrations of the participants and those cheering them on has found expression in the donning of corporate zombie costumes. [2]
But the goals of the protest are poorly defined. [3] Even if the federal government was inclined to meet the demands of the protestors it is not at all clear how it would go about doing that.
What the protestors seem to know, however, is that the current economic model that the United States is using doesn’t work for most Americans. That much should be clear to most by now. But the very location of the protest points the way to the solution, and Congress can find its way to it if wisdom prevails in that body.
Wall Street has become a synonym for an economy that is driven by speculation rather than production. We have an economy that largely rewards skill in gambling securities, and the time has come to recognize the absurdity of that situation rather than treating such a system as if it has been handed down to us from Mr. Sinai.
We want to encourage investment to be sure, but we want to encourage investment in productive enterprises. We want to reward economic activity that employs Americans in good paying jobs. In a word, we want to encourage investment rather than speculation, and if the markets on Wall Street and elsewhere cannot be reorganized to serve that end they should be closed down as public nuisances.