By Alex Summers
If you turn on the news, you will discover that the mainstream media is taking the side of the protestors in the Occupy Wall Street demonstrations across the country. The only outlet that is not giving this group a walk in the park is Fox News, who are trying to analyze the situation in their “Fair and Balanced” journalistic voice.
The media wants you to feel sympathy for the protestors, but many of the things they are criticizing are not based in fact but pure emotion. Here are some of the reasons why you shouldn’t blindly go along with the Wall Street movement as it pertains to investing in small business and commerce in America:
Less Investing
When the Occupy protestors stand out in front of large investment firms and banks with their iPhones, they are making the biggest ironic hipster gesture ever. The technology, research, and marketing that made the iPhone a possibility for everyone in the country was all funded by the same big banks and corporations they are protesting. Without firms like Goldman Sachs and CitiBank pumping money into companies like Apple, Google, and all of the social media startups, they simply would not exist.
Fewer Jobs
Let’s be brutally honest about the protesters; they are all mostly college graduates who can’t find work in their chosen fields. Liberal Arts graduates have a difficult time finding jobs as philosophers and historians, so they try to latch onto movements in order to bring meaning into their lives. While they can’t find jobs in their fields, the banks are creating more menial, yet profitable positions they often find demeaning and entitled out of.
Government Intervention
It is no secret that when the government intervenes and regulates in the job market, the quality and service of businesses goes down. There is no incentive for workers to perform better when there isn’t any direct and open market competition. Banks are always competing with each other in order to give consumers the best deals on investing and opening new businesses. Entrepreneur Peter Thiel believes that the current level of government intervention we have is akin to socialism.
Smaller Economy
If there was less influence by big banks and corporations, you would see the main street of your small town turn into a ghost town with only stores offering automobile title loans and antiques still existing. Big box retailers and national restaurant chains would start to eat up all of the locally flavored locations and we would be faced with fewer choices for shopping.
They Don’t Know What They are Protesting
According to The American Spectator, most of the people at the Occupy movement are deeply confused about the issues. There are certainly people in front of the bank buildings who are well-informed and have a good idea on why they are shouting and yelling the things they are. For every one of those people, there are about 10 people who have no idea why they are there. The idea of joining an angry mob is appealing to some people and Occupy allows them to jump right on the bandwagon.
The banks made a big mistake by gambling all of our cash in the housing market. When that channel went bust, the government bailed them out. While I don’t think that the bailout was the best option, there are better ways to voice your anger than standing outside with an iPhone. Simply stop using your credit cards for frivolous purchases and make sure to always spend within your means.
