President Obama and “Occupy Wall Street”

I don’t get it. Here is an article saying that President Obama is “riding the populist wave” of the “Occupy Wall Street” movement, giving him ” his best chance to reconnect with the American people.” These Occupy Wall Street people claim to represent the 99% against the elite 1% who are getting rich by taking advantage of the other 99%.

Here’s what I don’t get. President Obama’s administration has bailed out big corporations (like GM and Chrysler), subsidized high rollers who have gambled away the tax dollars paid by the 99% (like Solyndra), and even directly supported the 1% on Wall Street by bailing out the banks. The Treasury and Federal Reserve continue to cooperate to pursue policies that produce profits for banks at the expense of the 99%. Meanwhile, the poverty rate stands at 15.1% under President Obama’s watch, up from 13.2% in 2008.

If there is anything to the protests of the “Occupy Wall Street” people (which is a whole separate subject), it appears that they should be protesting against the current administration’s policies. How can the “Occupy Wall Street” people possibly see President Obama as an ally?

Randall G. Holcombe is a Research Fellow at the Independent Institute, the DeVoe Moore Professor of Economics at Florida State University, and author of the Independent Institute book Liberty in Peril: Democracy and Power in American History.
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