Michael Hudson on the Spreading Occupy Wall Street Movement

Here are some comments by Michael Hudson on the demonstrations:



I agree with Hudson that Obama is in the pocket of the big banks. But I don't believe that Obama has a "plan to cut wages by 30%". This is Hudson pushing his own ideological viewpoint. There is no evidence for this. If you want an honest critique of the Obama administration, read Ron Suskind's Confidence Men. One of the strengths of the Occupy Wall Street movement is that it has avoided getting co-opted by existing political groups right or left. Hudson is trying to sell you a hard left view. While much of what Hudson says is true, some of it is exaggeration. Dealing with politics is like walking in a mine field. Sadly political groups are cynical and manipulative. They will lie to sell you their viewpoint. You need to be cautious and test ideas against what you know and what your friends tell you.

For more background:

• Wikipedia has an article on Occupy Wall Street and there is the group's web site.


• When Michael Hudson gets exercised by big bank fraud, you need to read material by William K. Black, a bank regulator who has been writing extensively on this topic. Here is an excellent video interview by Bill Moyers along with the transcript of the interview.


• There is a mention of the Wisconsin protests where the Republicans have been destroying public unions and shifting the tax burden from corporations and the rich onto the bottom 90%.