"'What has the country so angry," says Fred Siegel, "is the sense that crony capitalism has produced a population that lives off the rest of us without contributing. They're right. It's not paranoid."
The economic historian of the American city has spent a lot of this autumn on Wall Street. He met many of the protesters who camped out at Zuccotti Park, before the city's finest cleared them out last week. He also knows the bankers and finds the theater of the Occupy movement ironic.
"They're on the same side of the street politically," he says. "They're both in favor of big government. The Wall Street people I talk to, they get it completely." What he means is that the Bush and Obama administrations bailed out the large banks, and that economic stimulus and near-zero interest rates kept them flush. "Obama's crony capitalism has been very good for New York's crony capitalism," he says. Over at Zuccotti Park, "there are a few people there who do get it, but very little of their animosity follows from this."
I can explain it to you but I can't understand it for you.
"Any man who thinks he can be happy and prosperous by letting the Government take care of him; better take a closer look at the American Indian." - Henry Ford
Corruptissima re publica plurimae leges; When the Republic is at its most corrupt the laws are most numerous. - Publius Cornelius Tacitus
