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WALL STREET BANKERS TO OCCUPY SALT LAKE CITY:

Reuters reports that Goldman Sachs is planning to add 300 new employees to its already growing office in the Utah state capital—and these new hires will earn at least 150 percent of the average local salary. Of course, Goldman isn’t doing this out of the goodness of its heart. The state government, seizing the opportunity to boost the city’s economy, has offered it millions of dollars in tax breaks to expand its operations there. Even without those incentives, the move arguably makes economic sense for the firm.

This is big news, going far beyond a few hundred bankers, Salt Lake City, or the Occupy encampments in New York. As we’ve noted, when bankers hurt, New York hurts. Sky-high salaries and bonuses in the financial sector have generated justified indignation, but they have also provided a significant chunk of city and state tax revenues. Without that money, it is hard to see how New York can continue to pay for the bloated blue institutions on which so many of the city’s poor and middle income workers rely.

In the ongoing aftermath of the financial crisis, Wall Street is already shrinking on its own, without any outside help. But as other cash-strapped states catch on to this fact and lay out the welcome mat for disgraced firms, the drain may accelerate accelerate.

Lots of cities will be happy to get these businesses, and with modern technology there’s no real reason for them to stay in New York City if it’s an unhappy environment.

FINALLY, OCCUPY WALL STREET HAS A CANDIDATE THEY CAN BELIEVE IN:

“New book shows U.S. top earners pay larger share of taxes than any other industrialized nation”

— Kerry Picket of the Washington Times today.

● Mitt Romney to CNN’s Wolf Blitzer on taxes, “I want high income people to continue to pay the same share they do today.” 

— Headline on CNN Website today.

Forget President Goldman Sachs. If OWS really wants to stick it to the man, there’s only once choice for them in this election.

#OCCUPYFAIL: PR Expert: “The whole world is watching. And it’s generally repulsed by what it’s seen.”

Related: ‘Frothing Degenerate Mob’ Would Make a Great Name for a Punk-Rock Band. “What the MSNBC crowd refuses to recognize is that the offensive aspects of the Occupy movement are not incidental to it, but an expression of the movement’s anti-social essence. The mobs who are attacking ‘Wall Street’ are anti-wealth and anti-capitalism and, if you understand what wealth and capitalism represent, you understand that the Occupiers are also anti-work, anti-thrift and anti-enterprise. That is to say, they are fundamentally hostile to bourgeois values.” For some, of course, that’s the primary appeal.

Plus this: “Stipulate that wealthy interests have gamed ‘the System’ to their own advantage, so that Goldman Sachs, General Motors and other corporations deemed ‘too big to fail’ have received windfalls at taxpayer expense, in repayment of their support for the bipartisan corruption in Washington. But the Occupiers aren’t reading Peter Schweizer’s shocking new expose of crony capitalism or demanding criminal prosecution of Tim Geithner, Ben Bernanke, Chris Dodd, Barney Frank, et al.”

VICTOR DAVIS HANSON: Occupy Wall Street and Horsemen of the Apocalypse.

Wall Street is insidious in ways that transcend the 401(k) plans of the middle classes. It is deeply embedded within the Washington–New York nexus, the Ivy League, and both the liberal and conservative political apparat. So the protesters never had clear targets, inasmuch as Wall Street money in 2008 went heavily for Obama, an expert in garnering Goldman Sachs and BP cash. Otherwise, its peripheral messages were incoherent or anarchic, and turned off rather than won over most Americans.

Occupy Wall Street did, however, raise one important issue: that of higher education and its role in increasing tuition and little commensurate education. So much of the angst in video clips and op-eds was voiced by a youthful upper middle class who went to the university, majored either in social science or liberal arts, piled up debt, faced almost no employment choices commensurate with their class and their educational brand — and thus were furious at the more profit-minded members of a like class for abandoning them.

Revolutionary movements throughout history are so often sparked by the anger, envy, and disappointments of an upper-middle cohort, highly educated, but ill-suited for material success in the existing traditional landscape.

Read the whole thing. Plus, from Ace, some related thoughts.

THE WASHINGTON EXAMINER ON PRESIDENT GOLDMAN SACHS: President Obama walks on both sides of Wall Street.

Former Massachusetts Gov. Mitt Romney gets grief from a lot of conservatives for having changed his position over the years on important issues like abortion and government-run health care. But Romney is a rank amateur compared to the doubletalk coming from President Obama on the topic of Wall Street. On the one hand, there is the former community organizer Obama. This Obama has made it clear in recent weeks that he is at one with the Occupy Wall Street protesters, saying, for example, when ABC asked how he viewed the demonstrators, that “the most important thing we can do right now is those of us in leadership letting people know that we understand their struggles and we are on their side. …”

But then there is the Obama who is more than happy to accept high-dollar contributions from every Gordon Gecko on Wall Street. As the Washington Post recently reported, Obama has accepted more money — more than $15.6 million — from these people than all of the Republican presidential aspirants combined.

As I keep saying: They don’t call him President Goldman Sachs for nothing.

#OCCUPYFAIL: Walter Russell Mead: Occupy Blue Wall Street. “Members of what Howard Dean likes to call ‘the Democratic wing of the Democratic Party’ prefer not to think too much about Blue Wall Street and its role in the Democratic coalition, but particularly as times get tougher for the blue social model, it is Blue Wall Street that makes things work and calls the shots. For Blue Wall Street the conflict between the interests of the private sector and the power of the government does not really exist. The symbiosis between Blue Wall Street and the state is strong and deep. The pension funds, bond issues and other financial transactions that blue city and state governments need helps nourish Blue Wall Street; Blue Wall Street helps integrate the policy agenda of other government focused interest groups with larger national priorities and movements. Fannie Mae and Freddie Mac are the archetypes of this symbiosis: they are government-backed forces in the capital markets built around support for the single most important American social program of the blue period: home ownership. . . . Blue Wall Street benefits much more from the blue social model than the other elements in the coalition. Five figure cop salaries and low six figure salaries for goo-goo social engineers pale before the seven, eight, nine and ten figure paydays on the Street. There is a direct connection between those big paydays and the connection between big finance, big government and Democratic (as well as Republican) interest group politics. Good relations with politicians help make money: ask the leadership of Goldman Sachs.”

Hey, they don’t call him President Goldman Sachs for nothing.

NO, NO, YOU’RE ONLY SUPPOSED TO BRING THE PITCHFORKS TO OPPONENTS OF THE REGIME! Protesters Occupy GE CEO Jeff Immelt’s Connecticut Front Lawn. “Occupy Wall Street protesters took a field trip from Zuccotti Park on Saturday morning, all the way to the wealthy suburban enclave of New Canaan, Conn., where they took their anger at income and tax disparity to GE CEO Jeff Immelt’s front lawn.”

I have to admit that In the land of the free, they tax me but not G.E.! is sorta catchy. No word on what President Goldman Sachs thought about this, but I note that the group involved, Working Families, is an offshoot of the ACORN group that was disbanded after a teen-prostitute scandal.

Plus, this pic from reader Steve Judkins shows the wave of anger that’s spreading across America.

UPDATE: “Glenn Beck Gets Results.” Heh.

ANOTHER UPDATE: “We Are The 5 Percent.” (Background here for those who don’t get it. Yeah, it’s kinda arcane . . . )

WASHINGTON EXAMINER: Occupy Wall Street is more of the Left’s familiar flapdoodle.

The charter is chock-full of the same familiar leftist nostrums seen in Great Depression-era editions of the Communist Party USA’s Daily Worker and on countless protest signs during Students for a Democratic Society-led campus demonstrations in the 1960s. Today, the rants about “American colonialism,” “militarism,” “people over profit,” “living wages” and “economic democracy” are projected against a background of assumptions concerning “the 1 percent versus the 99 percent.” No doubt, Marx and Lenin would be astounded that, amid the most prosperous and free society in the history of mankind, so many useful idiots could be convinced to protest against the very individual freedom and economic liberty that made it all possible.

Actually, though, there’s an opportunity for the Republicans to seize control of the narrative by attacking Goldman, Sachs and highlighting its connections to the Administration. Go after the crony capitalism, guys. There’s lots of it out there.

UPDATE: Michael Lotus agrees on the crony capitalism:

Right on

Too bad the GOP is afraid to touch this

Only Sarah Palin was willing to do it

That really needs to change

Keep pounding that drum, sir!

I watched Kudlow last night and I was disappointed to see him and James Pethokoukis jumping all over a Tea Party guest who was complaining about crony capitalism. They’re smarter than that.

A RESPONSE to some Occupy Wall Street demands.

My question is, why aren’t they presenting their demands to President Goldman Sachs at the White House? Where do they think Obama’s campaign donations came from? Who has gotten rich — and bailed out — under his Administration?

CLASS WAR: Consider this passage:

The class war in our country is business class vs. first class; in automotive terms, it’s E-Class vs. S-Class. Everybody’s comfortable. And that produces some odd outcomes: Nobody’s going to do one goddamned thing about how they conduct business in Philadelphia or Chicago or any other corrupt, Democrat-dominated city, but there are going to be some “new representation and inclusion standards for Oscars eligibility,” and we are going to be treated to — joy of joys! — a deep national discussion on whether some Broadway stars don’t have it quite as good as other Broadway stars. The bloody-snouted hyenas have looked up from the kill just long enough to announce the creation of the Goldman Sachs Fund for Racial Equity.

It’s always the same thing: Our newspapers are full of intense interest in Harvard’s admissions standards but have very little to say about New York City’s dropout rate. People can’t help being fascinated with themselves and their peers. If you want to know what is on the minds of the leaders of the American ruling class, it’s no secret. They’ll tell you, if you ask — and if you don’t.

George Floyd is still dead. Jacob Frey is still mayor of Minneapolis. Medaria Arradondo is still the chief of police. More than a third of black students will drop out of high school in Milwaukee. But Forbes has announced a change in its in-house stylebook and will henceforth honor the woke convention of uppercase Black vs. lowercase white. And George Floyd is still dead. Jacob Frey is still mayor of Minneapolis. Medaria Arradondo is still the chief of police.

Oh, but they got James Bennet, the opinion editor at the New York Times. And surely that is something? It is, indeed, a very useful illustration of the E-Class vs. S-Class divide. Bennet was fired after purportedly endangering the lives of black Times staffers — a charge no mentally normal adult actually takes seriously — by publishing a guest column about the riots and the Insurrection Act by Senator Tom Cotton. The campaign to end Bennet did not come from America’s poor black communities as the workers of the world looked up, stunned, from page A24 of the New York Times — the venom came straight and undiluted from 620 Eighth Avenue, New York, N.Y., with Bennet’s underlings and juniors more or less putting him on an ice floe and pushing him out to sea.

Bennet was pushed out on behalf of marginalized black Americans, which necessitated that Bennet immediately be replaced by . . . a well-off white woman who went to Georgetown and Columbia and won a Pulitzer Prize for writing about that great loathsome theater of American middle-class anxiety: restaurants.

I’m reminded of what Kenneth Anderson said about the Occupy movement:

In social theory, OWS is best understood not as a populist movement against the bankers, but instead as the breakdown of the New Class into its two increasingly disconnected parts. The upper tier, the bankers-government bankers-super credentialed elites. But also the lower tier, those who saw themselves entitled to a white collar job in the Virtue Industries of government and non-profits – the helping professions, the culture industry, the virtueocracies, the industries of therapeutic social control, as Christopher Lasch pointed out in his final book, The Revolt of the Elites.

The two tiers of the New Class have always had different sources of rents, however. For the upper tier, since 1990, it has come through its ability to take the benefits of generations of US social investment in education and sell that expertise across global markets – leveraging expertise and access to capital and technological markets in the 1990s to places in Asia and the former communist world in desperate need of it. As Lasch said, the revolt and flight of the elites, to marketize themselves globally as free agents – to take the social capital derived over many generations by American society, and to go live in the jet stream and extract returns on a global scale for that expertise. But that expertise is now largely commodified – to paraphrase David Swenson on financial engineering, that kind of universal expertise is commodified, cheaply available, and no longer commands much premium. As those returns have come under pressure, the Global New Class has come home, looking to command premiums through privileged access to the public-private divide – access most visible at the moment as virtuous new technology projects that turn out to be mere crony capitalism.

The lower tier is in a different situation and always has been. It is characterized by status-income disequilibrium, to borrow from David Brooks; it cultivates the sensibilities of the upper tier New Class, but does not have the ability to globalize its rent extraction. The helping professions, the professions of therapeutic authoritarianism (the social workers as well as the public safety workers), the virtuecrats, the regulatory class, etc., have a problem – they mostly service and manage individuals, the client-consumers of the welfare state. Their rents are not leveraged very much, certainly not globally, and are limited to what amounts to an hourly wage. The method of ramping up wages, however, is through public employee unions and their own special ability to access the public-private divide. But, as everyone understands, that model no longer works, because it has overreached and overleveraged, to the point that even the system’s most sympathetic politicians understand that it cannot pay up.

The upper tier is still doing pretty well. But the lower tier of the New Class – the machine by which universities trained young people to become minor regulators and then delivered them into white collar positions on the basis of credentials in history, political science, literature, ethnic and women’s studies – with or without the benefit of law school – has broken down. The supply is uninterrupted, but the demand has dried up. The agony of the students getting dumped at the far end of the supply chain is in large part the OWS. As Above the Law points out, here is “John,” who got out of undergrad, spent a year unemployed and living at home, and is now apparently at University of Vermont law school, with its top ranked environmental law program – John wants to work at a “nonprofit.”

Indeed. Plus, just a reminder: In America, class war is disguised as cultural warfare, and cultural warfare is usually cloaked in talk of race.

Related: A New Class Problem.

SHOCK: KAEPERNICK ENDORSES TRUMP, DEMANDS REPUBLICAN MAYOR IN SAN FRANCISCO.

At least, that’s how I’m reading this AP headline: “Kaepernick Will Sit Through Anthem Until There’s Change,” given that Hillary is running as Obama’s third term, and San Francisco, which has recently been struck with allegations of racism in its police department, hasn’t had a Republican mayor since about the time the Beatles arrived in America. Otherwise he’s just engaging in kabuki, a sort of one-man version of Occupy Wall Street, which never raised much of a ruckus over President Goldman Sachs during their protests.

So, just how much change would you like, Mr. Kaepernick?

democrat_urban_monopolies_11-30-15

BLOOMBERG: Obama Relies on Debt Collectors Profiting From Student Loan Woe. “With $67 billion of student loans in default, the Education Department is turning to an army of private debt-collection companies to put the squeeze on borrowers. Working on commissions that totaled about $1 billion last year, these government contractors face growing complaints that they are violating federal laws by insisting on stiff payments, even when borrowers’ incomes make them eligible for leniency. . . . In failing health, after contracting hepatitis from a blood transfusion, Campos pleaded with Pioneer, owned by SLM Corp. (SLM), the nation’s largest student-loan company better known as Sallie Mae. He left a $40,000-a-year job at the Massachusetts health department when he got too sick to work and waited for a liver transplant. The 52-year-old former busboy, a naturalized U.S. citizen from El Salvador, earned bachelor’s and master’s degrees in the 1990s from Cambridge College in Massachusetts.”

Occupy the Department of Education! Or, you know, the White House. Just the kind of behavior you’d expect from the administration of President Goldman Sachs! (Bumped).

UPDATE: A reader emails:

Noticed your post regarding student loan providers engaging in hard-headed collection practices. You might want to also consider another feature of student loans that I believe resembles loan-sharking. After graduation, many students consolidate their loans into a single loan. This is because each year a student is in school, a new loan is made. Sometimes there are multiple loans in a single year, due to different kinds of eligibility, etc. This means that a graduating student can often have a half-dozen or more individual loans to manage. Student loan providers helpfully allow consolidation of all these loans into a single loan with a fixed interest rate. Now here’s the rub. Once consolidated, the loans cannot be refinanced and the borrower is locked to the same interest rate no matter how low market rates might go. There have been bills introduced to allow student loan refinancing, but so far the lenders have lobbied heavily against allowing the practice and the bills have failed. This means that a student who borrowed during a period of high rates is locked to those rates, potentially for decades, without any real recourse.

No name on this one. I am in administration now.

A report from the Dark Side!

BLOOMBERG: Obama Relies on Debt Collectors Profiting From Student Loan Woe. “With $67 billion of student loans in default, the Education Department is turning to an army of private debt-collection companies to put the squeeze on borrowers. Working on commissions that totaled about $1 billion last year, these government contractors face growing complaints that they are violating federal laws by insisting on stiff payments, even when borrowers’ incomes make them eligible for leniency. . . . In failing health, after contracting hepatitis from a blood transfusion, Campos pleaded with Pioneer, owned by SLM Corp. (SLM), the nation’s largest student-loan company better known as Sallie Mae. He left a $40,000-a-year job at the Massachusetts health department when he got too sick to work and waited for a liver transplant. The 52-year-old former busboy, a naturalized U.S. citizen from El Salvador, earned bachelor’s and master’s degrees in the 1990s from Cambridge College in Massachusetts.”

Occupy the Department of Education! Or, you know, the White House. Just the kind of behavior you’d expect from the administration of President Goldman Sachs!

#OWSBLOWBACK: Protester: fundraisers tie Obama to ‘money elite’. Gee, do you think?

Kevin Zeese observed to WMAL.com that “President Obama, with his one billion dollar campaign, is holding fundraisers that cost $38,500 to get into.” Zeese noted that the fundraiser cost is “higher than the median individual income for Americans, which is $1,000 less.” He added that such a fundraiser “puts Obama out of touch with the people and very much in touch with the money elite.”

President Obama has raised over $64 million so far for his reelection campaign. Charlie Spiering of The Washington Examiner recently detailed a two day, seven fundraiser cash-crawl by Obama that included a stop at one of those high-dollar fundraisers.

Rep. Barney Frank, D-Mass., lectured the Occupy Wall Streeters a couple days ago, saying they made him ‘unhappy’ for not supporting Democrats in 2010.

They don’t call him President Goldman Sachs for nothing.

DEMOCRACY IN AMERICA: Sharpton: “If you won’t get the jobs bill done in the suite, we will get the jobs bill done in the street!”

Up yours, Al, you pathetic Jew-hating demagogue. And together with the anti-semitism we’ve seen elsewhere, this kind of talk is making me ready to call for a temporary suspension of Godwin’s Law. But beware of other legal issues.

Related: Nazis and Communists Throw Their Support Behind Occupy Wall Street Movements.

Also: Video: Occupy Portland Protesters Sing…”F*ck the USA”.

And: Obama Campaign Seeks To Capitalize On Anti-Wall Street Anger. President Goldman Sachs thinks the protesters will be useful. So what does that make them?

And where’s ThinkProgress?

UPDATE: Reader Antoinette Aubert writes: “The problem with calling everyone you disagree with a Nazi is that it makes the term meaningless. On the other hand when a group of people blame all the world’s problems on a small Jewish cabal and yell for all the Jews to get out of the country, well that IS the meaning of Nazi.”

Close enough for government work, anyway.

WASHINGTON POST HEADLINE: Raj Rajaratnam, hedge fund billionaire, gets 11-year sentence for insider trading.

What the story doesn’t mention: Raj Rajaratnam Big Democratic Booster.

UPDATE: Other Wall Street fraudsters who donate to Dems. Bernie Madoff, for example, gave a lot.

ANOTHER UPDATE: Mike Lupica goes after President Goldman Sachs. “When do they head to Washington and start yelling about a President who often looks like the Fundraiser-in-Chief, trying to keep his job backed by what might become the richest campaign in history, in a jobless country going broke. It’s why you wonder if there will come a day when the house that Occupy Wall Street is standing in front of isn’t Jamie Dimon’s on Park Ave., it is the White House.”

MICHAEL WALSH: COMPARE AND CONTRAST: “About the only thing the Tea Party and the unwashed rabble occupying Zuccotti Park have in common is their deep loathing for the financial and political nomenklatura who precipitated the economic collapse of 2008 and — thanks to their generous campaign donations to politicians — have emerged unscathed while the rest of us suffer. Any other resemblance is purely coincidental.”

President Goldman Sachs was unavailable for comment.

Related: WaPo: Occupy Wall Street protests reveal liberal tensions. “How good can Obama be when he needs so much Wall Street money?”

WHEN WAS THE LAST TIME YOU DUG A DITCH, BABY? Reader Jim Robinette writes: “Why oh why has no one picked up Oingo Boingo’s ‘Capitalism‘ as the counter anthem to this idiocy?! The lyrics could not be more on point.” Well, we mentioned it before. But here you go again.

Herman Cain couldn’t have said it better.

Related: Capitalism: The Hated Enemy Of The Children Of The West. “Capitalism is the best economic engine for creating wealth and prosperity that has ever been developed. The West once was capitalist, but today it is a corporatist juggernaut in it’s death throes, whereby corporations and banks control the government in their favor, inevitably leading to corruption and decline. This is not capitalism. . . . The Occupiers in, at last count, 147 cities nationwide, protest a system that has been overtaken by corporations that are already in bed with the government anyway. If they have a problem with wealth, they should aim their frustrations at a government that sucked away trillions in tax-payer money for sinfully corrupt banks. Capitalism is not the enemy here, excessive government control and regulations is.” No, and our problems stem from too much corporatism, not too much capitalism. There’s nothing “capitalist” about Fannie Mae, Freddie Mac, and TARP. Or Goldman, Sachs for that matter . . . .

MARK STEYN: ANARCHISTS FOR BIG GOVERNMENT. “Underneath the familiar props of radical chic that hasn’t been either radical or chic in half a century, the zombie youth of the Big Sloth movement are a ludicrous paradox.”

This parody, seen on Facebook, says it all . . .

As I keep pointing out, if you’re not protesting against President Goldman Sachs, you’re not protesting against “Wall Street.” You’re just a hack. Sorry.

UPDATE: Reader Eliot Picard writes:

In observing the Occupy protests, including milling about the crowds in Boston near my office, it is quite apparent that the student loan debt bomb is probably the main impetus for these actions. It goes without saying that the students and former students facing non-bankruptable debt and minimal job prospects have a legitimate grievance although we may certainly disagree on what needs to be done. One question that keeps occurring to me is whether the colleges and universities that encourage degrees in various useless humanities disciplines bear some significant responsibility for this crisis.

One can only assume that presidents, deans, provosts, etc. know fully well that there is a limited market for degrees in Wommyn’s Studies, Language Arts and the like. My mother, ever the incisive wit, G-d bless her, called the graduates of such programs “unemployable at a higher level”. Indeed, when I finished a double major B.A. in Biology and Philosophy (Rensselaer Polytech, class of 1990) and expressed interest in graduate level philosophy I was told that the school had shut down the Ph.D. program to discourage students from doing much more in the field that I had done already. Clearly RPI knew that allowing and encouraging such a path of study was tantamount to academic malpractice. This sort of sane pedagogical judgement, from which I benefitted in my impetuous youth, has been missing across the rest of academia.

Is there some room for legal action to “claw back” arguably misspent tuition dollars from the universities (IANAL so forgive my obvious misuse of that term). I cannot but think that there has to be some sanction against those universities and their officials who were more than happy to take the big tuition checks while failing to look after the interests of the students in their charge.

One suspects that if this were deemed likely, the AAUP wouldn’t be endorsing the protests. But, of course, that’s right. If any other industry lured 18-year-olds into lifetime debt based on misrepresentations about the value of what it was selling, the executives would already be social pariahs and criminal defendants. I’m in favor of allowing student loan debt to be discharged in bankruptcy, and of forcing the universities to eat part of it in the process. I also think that prospective students should be informed of the percentage of enrolees who graduate, the average indebtedness of graduates (dropouts), and the percentage of that debt that is in default, or over 60 days late. Perhaps this could be subdivided by major to provide a more useful picture of what people are getting into.

BLOG COMMENT OF THE DAY:

The Obama administration has become a house of mirrors.

Wall Street is the wicked enemy.

Geithner is Goldman Sachs. Goldman Sachs is everywhere in the Obama admin.

Rise up against the evil bankers!

Pay off the evil bankers!

The evil bankers must direct our economy policy or we are doomed!

Like I said yesterday: If you’re not protesting against President Goldman Sachs, you’re not protesting against “Wall Street.” You’re just a hack. Sorry.