Paul Farrell of Marketwatch Calls For Revolution Against Wall Street

This call to action against Wall Street was compiled prior to #OWS, which, as long as it remains peaceful, I support:

Is it not lost on many people that Paul Farrell contributes to Marketwatch, a website owned by the media mogul to the wealthy, Rupert Murdoch? I am somewhat amused that Farrell is tolerated for telling the truth. He calls for revolution against Wall Street because of the refusal of government to prosecute the banksters. Paul has long warned of the discrepancy between wealth accumulation at the top versus the rest of us. He is now saying that discrepancy is a destabilizing factor that can bring revolution and the demise of our cherished democratic institutions. Actually, he really says that the banksters have hijacked the institutions and the politicians and judges are all in the pockets of rich. So maybe a revolution would establish a real democracy. But a physical revolution is not without risk.

So Farrell is calling for the kind of revolution that we waged in the 1930's. He is likely calling for the reestablishment of Glass-Steagall and the termination of securitization, although he doesn't spell it out. And he does say that a real and violent revolution against Wall Street could eminate from some random act.

I have long advocated a peaceful fight against Wall Street. We can simply walk away from the toxic lending products offered by Wall Street, teach our children to be frugal, limit family size voluntarily, and by not buying stocks.

While I do not advocate revolution, I have said that if there is a revolution, the shutting down of Wall Street would be far more beneficial to mainstreet than the shutting down of Washington DC. Indeed, the CEO's of Wall Street are the power in world economics, and Washington DC has abdicated sovereignty. As Farrell points out, in the Savings and Loan crisis thousands of bankers were indicted. In the ponzi credit crisis and crash of 2008, no one is really prosecuted. The government has abdicated and the central banks have reversed the revolution of the founding fathers of our nation!

Of course, we do not know of the unintended consequences of such a revolution, but Farrell seems unconcerned. For him, it is time. He does not call for a violent response, but expects it. For Farrell, the war has been engaged, but it is class warfare from the top down. He even quotes one of the greediest, Warren Buffet, who cannot save his conscience even though he is admitting the transgressions:

“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and winning.”

But although Buffet admitted the war on the rest of us by the rich, he is not willing to give up his riches. So he has his reward and the confession is in vain.