Tuesday, October 18, 2011

Wall Street Protesters

I was amused when I heard the story about the Wall Street Protesters. You have famous people protesting too - actors, actresses and other people who are paid ludicrous amounts of money. They would argue they are not hurting anyone, but their industry has always benefited from earning a vast amount of money, much more than you and I.

And you also have to consider how much more money Western countries have compared to developing nations. Should we all earn less so that we have a fairer society? Bankers, not that I am a fan, have a skill that allows them to earn more than the average person.. They make their employers alot of money and so can demand higher salaries and bonuses. That's the only reason they are kept on. Once they stop delivering, they are fired. What's the difference between IT geeks, lawyers, actors and bankers? Bankers are perceived to add less value. They are blamed for destroying the economy. We don't protest against the politicians, or the press, or the shareholders or anyone else who also profited from the financial services industry (lawyers, consultants, accountants and the list goes on). We have all made money out of the banks. When times were good, we didn't complain. They fueled our economy. Now, when times are bad, we point the finger and say we never asked for this.

In the UK, growth is being led by London, ie the banking sector. Do we want to bite the hand that feeds us?

What does protesting achieve? On government budget cuts, I completely understand the point of these actions. I don;t mind joining them. As for the wall street protesters, aren't we better off if they channel their energy into helping a charity or trying to create value through a small business or spending money to fuel our economy?   

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