Michael Lewis was on Piers Morgan tonight and against a live backdrop of the Wall St. protesters (some of whom were cleaning the square ahead of tomorrow’s possible confrontation with the NYPD) he weighed in on the movement.
“I can absolutely understand the outrage,” said Lewis. “I think the thing has legs because it’s justified. It’s just a question how the anger gets directed….It isn’t half-baked. It’s fully baked.”
No one’s put a fine point on it, but it’s not hard to see why people might be outraged by Wall St. It is incredible, really, what’s happened in society. You have a private sector that the banking system basically went insane. It generated the conditions for this financial crisis. Got bailed out by the taxpayers. All the big Wall Street firms would be out of business if the government had not stepped in and rescued them. And then restored to health they promptly set about trying queer any attempts to reform them.
Against this, there is a backdrop of rising despair and worse unemployment prospects for young people. So it’s not surprising that something had to give at one point. It’s just a little hard to see at this point where it goes. Because the minute the demands become specific someone gets alienated.
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