Banks are essential to an economy. Their proper role is to facilitate commerce. Today, banks do facilitate commerce, but they also do a lot of other things that, entirely by design, enrich few at a great cost to many.
This isn’t particularly new. But now regular folks who don’t work in this ridiculous field are learning more about its design, which is no longer limited to facilitating commerce. They might not know what a weather derivative is or be able to explain what happened to their mortgage after they secured it. But they do know that they are no longer the customer. They know banks can make money without them. They don’t much like that. Who would?
That’s why the Occupy Wall Street protest is happening. That’s why it is newsworthy. And that’s why those protesters will have done more to strengthen the economy than any trader who goes to work tomorrow.
Period. Full stop.
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