Democracy Uprising
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      Mass Protests May Fade, But Movements Persist

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      Is Market Access the Answer to Poverty? (in…

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      Mikrokredite: Die Entlassung eines Nobelpreisträgers

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      La révolution non-violente a-t-elle échoué en Egypte?

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Democracy Uprising

  • About
    • About Mark Engler
    • About Democracy Uprising
  • Books
    • This Is An Uprising
    • How To Rule the World
  • Topics
    • All Book Reviews Environment Essays / First Person Global Economy Immigration Labor Latin America Social Movements Religion U.S. Politics / Elections War / Militarism
      U.S. Politics / Elections

      The Fed Could Help Cash-Strapped Cities and States….

      U.S. Politics / Elections

      In the Pandemic, Should We Tax the Rich?

      Social Movements

      Mass Protests May Fade, But Movements Persist

      Book Reviews

      The Pan American

      Labor

      There’s More Than One Way to Strike the…

      Social Movements

      In Praise of Impractical Movements

      U.S. Politics / Elections

      Naming Our Desire: How Do We Talk About…

      Social Movements

      Latest Book: This Is An Uprising!

      Book Reviews

      The Pan American

      Book Reviews

      The Godfather of Microcredit

      Book Reviews

      Capitalism as Catastrophe

      Book Reviews

      Four Ways of Looking at an Aztec Eagle

      Book Reviews

      The Ascent of Niall Ferguson

      Book Reviews

      Ordinary Outrages

      Book Reviews

      No Better Place

      Book Reviews

      In God’s Country

      Environment

      Why Wendell Matters

      Environment

      The Gulf at the Gas Station

      Environment

      Climate Disobedience

      Environment

      Farming the Everglades

      Environment

      The Winter of the Climate Denier

      Environment

      Climate of Change: An “Inside-Outside” Strategy Against Global…

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      Provoking an American Climate Crisis

      Environment

      The Real “Farmer” Story: So God Made High-Fructose…

      Essays / First Person

      Is Rambo Still A Republican?

      Essays / First Person

      On the Price is Right

      Essays / First Person

      The Last Porto Alegre

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      Six Essays About War and About Peace

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      Meet the Bailout’s New Slush Fund for Corporate…

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      The Seattle Protests Showed That Another World Is…

      Global Economy

      Jeff Bezos Has Enough! It’s Time for a…

      Global Economy

      The Amazon Effect: Sweat, Surveillance, Exploitation

      Global Economy

      The Godfather of Microcredit

      Global Economy

      Capitalism as Catastrophe

      Global Economy

      Immigration Economics: An Interview with Professor Giovanni Peri

      Global Economy

      The World Is Not Flat

      Immigration

      When Undocumented Activists Infiltrated ICE

      Immigration

      The Children of Intervention

      Immigration

      Immigration Economics: An Interview with Professor Giovanni Peri

      Immigration

      Science Fiction From Below

      Immigration

      Four Ways of Looking at an Aztec Eagle

      Immigration

      Treated Like a Criminal

      Immigration

      When Sanctuary is Resistance

      Immigration

      The Massive Immigrants Rights Protests of 2006 Are…

      Labor

      There’s More Than One Way to Strike the…

      Labor

      The Case for a Social Distancing Wage

      Labor

      The Seattle Protests Showed That Another World Is…

      Labor

      Reviving the General Strike

      Labor

      Jeff Bezos Has Enough! It’s Time for a…

      Labor

      There’s Still Power in a Strike

      Labor

      The Amazon Effect: Sweat, Surveillance, Exploitation

      Labor

      Ai-jen Poo: Organizing a Movement for Care

      Latin America

      The Pan American

      Latin America

      Lessons from the Pledge of Resistance

      Latin America

      The Children of Intervention

      Latin America

      Against Shithole Nationalism

      Latin America

      The Last Porto Alegre

      Latin America

      Kissinger Is Not Our Friend

      Latin America

      Even If You Have Nothing to Hide

      Latin America

      End Illegal Spying; Don’t Shoot the Whistleblower

      Social Movements

      Mass Protests May Fade, But Movements Persist

      Social Movements

      There’s More Than One Way to Strike the…

      Social Movements

      In Praise of Impractical Movements

      Social Movements

      Latest Book: This Is An Uprising!

      Social Movements

      It’s Time We Celebrate Ella Baker Day

      Social Movements

      No More Miss America: A Collective Memory of…

      Social Movements

      When Undocumented Activists Infiltrated ICE

      Social Movements

      The Seattle Protests Showed That Another World Is…

      Religion

      In God’s Country

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      Reverend Billy’s Holiday Shopocalypse

      Religion

      Toward the “Rights of the Poor”

      Religion

      The Pope and the Poor

      Religion

      Will the Next Pope Embrace Liberation Theology?

      Religion

      Remembering Romero

      Religion

      John Paul II’s Economic Ethics

      Religion

      Against the God of Free Trade

      U.S. Politics / Elections

      The Fed Could Help Cash-Strapped Cities and States….

      U.S. Politics / Elections

      In the Pandemic, Should We Tax the Rich?

      U.S. Politics / Elections

      Mass Protests May Fade, But Movements Persist

      U.S. Politics / Elections

      There’s More Than One Way to Strike the…

      U.S. Politics / Elections

      In Praise of Impractical Movements

      U.S. Politics / Elections

      Naming Our Desire: How Do We Talk About…

      U.S. Politics / Elections

      No More Miss America: A Collective Memory of…

      U.S. Politics / Elections

      When Undocumented Activists Infiltrated ICE

      War / Militarism

      Does It Make Sense to Protest a President…

      War / Militarism

      Lessons from the Pledge of Resistance

      War / Militarism

      Is Rambo Still A Republican?

      War / Militarism

      War: The Wrong Jobs Program

      War / Militarism

      The Ascent of Niall Ferguson

      War / Militarism

      Those Who Don’t Count

      War / Militarism

      Six Essays About War and About Peace

      War / Militarism

      The Dangerous Dignity of War

  • Translations
    • All Arabic Deutsch Español Français Italiano Japanese Português Thai
      Japanese

      ガンジーはどのように勝利したのか? (Japanese)

      Français

      La révolution non-violente a-t-elle échoué en Egypte?

      Deutsch

      Als Martin Luther King seine Feuerwaffen aufgab

      Deutsch

      Mikrokredite: Die Entlassung eines Nobelpreisträgers

      Italiano

      La strategia di Gandhi per il successo –…

      Español

      ¿Adoptará el nuevo papa la teología de la…

      Español

      Wall Street quiere que les estemos agradecidos

      Español

      Si Las Monjas Se Fueran a una Huelga,…

      Arabic

      Abandoning the World Bank (in Arabic)

      Arabic

      The Return of Daniel Ortega (in Arabic)

      Arabic

      Where’s The Jubilee? (in Arabic)

      Arabic

      The Last Porto Alegre (in Arabic)

      Arabic

      Seattle At Five (in Arabic)

      Arabic

      Is Market Access the Answer to Poverty? (in…

      Arabic

      Mexico’s Democratic Transition Still Incomplete (in Arabic)

      Deutsch

      Als Martin Luther King seine Feuerwaffen aufgab

      Deutsch

      Mikrokredite: Die Entlassung eines Nobelpreisträgers

      Deutsch

      CAFTA – am besten stillschweigend beerdigen

      Deutsch

      Bush in Mexiko

      Deutsch

      Das globale Duell in Evian

      Deutsch

      Die Rückkehr des Daniel Ortega

      Español

      ¿Adoptará el nuevo papa la teología de la…

      Español

      Wall Street quiere que les estemos agradecidos

      Español

      Si Las Monjas Se Fueran a una Huelga,…

      Español

      ALEC retrocede; a la derecha le da un…

      Español

      ¿ALEC disgustado ante la pérdida de patrocinadores? Se…

      Español

      La vida en la nación prisión

      Español

      El futuro del movimiento Ocupar: solidaridad y escalada

      Español

      Matando de hambre al Tío Sam

      Français

      La révolution non-violente a-t-elle échoué en Egypte?

      Français

      Le pari risqué du populisme au Pérou

      Français

      Hong Kong Phooey

      Français

      Bush Nuit Même Aux Compagnies U.S.

      Français

      Le dynamisme du mouvement pour la paix

      Français

      La déroute de l’ALCA dans une Miami en…

      Français

      Ceux qui ne comptent pas

      Français

      La guerre en Irak : une expo des…

      Italiano

      La strategia di Gandhi per il successo –…

      Italiano

      Le promesse infrante di Obama

      Italiano

      Guantanamo deve sparire

      Italiano

      IL BANK TRANSFER DAY: UN SUCCESSO

      Italiano

      Come il movimento Occupiamo Wall Street si sta…

      Italiano

      Economia tabù

      Italiano

      L’accesso al mercato è la risposta alla povertà?

      Italiano

      Trionfo sul debito?

      Japanese

      ガンジーはどのように勝利したのか? (Japanese)

      Japanese

      Truth Versus Superpower (Japanese)

      Japanese

      Bush’s Bad Business Empire (Japanese)

      Japanese

      Revenge of the Combat Cartoonist (Japanese)

      Japanese

      Bush’s Uneasy Mexican Visita (Japanese)

      Japanese

      Mark Twain in Iraq (Japanese)

      Japanese

      Globalization’s “Lost Decade” (Japanese)

      Japanese

      Hawks Say the Damnedest Things (Japanese)

      Português

      A vida na Nação Prisão

      Português

      Outro pretexto?

      Português

      Imigração tem efeito positivo sobre emprego e salários

      Português

      O império hipotecado

      Thai

      Progressive Good Tidings of 2007 (in Thai)

      Thai

      2006: A Global Justice Year in Review (In…

      Thai

      WTO: Best Left For Dead? (In Thai)

      Thai

      Is Market Access the Answer to Poverty? (In…

      Thai

      Bush’s Bad Business Empire (In Thai)

      Thai

      The Last Porto Alegre [Thai]

      Thai

      Globalizers, Neocons, or… ? (in Thai)

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Global Economy2011-2012

Wall Street Wants Your Gratitude

by Mark Engler August 28, 2012
written by Mark Engler August 28, 2012
Wall Street Wants Your Gratitude

Amid economic downturn, there is growth in at least one sector: The shamelessness of the global financial elite.

Published in the July 2012 issue of the New Internationalist.


International progress in recovering from the economic downturn of recent years has been sluggish. But there is growth in at least one sector: The shamelessness of the global financial elite.

Facing criticism from an Occupy movement that has rallied under the slogan “We Are the 99 Percent,” the remaining one percent has responded. And, at least here in the United States, it hasn’t been pretty.

Earlier this year, the New York Times offered a glimpse into a world in which extreme privilege, political “access,” and stunningly out-of-touch perspectives on reality collide. In a meeting with Obama campaign manager Jim Messina, more than 20 top donors, many of them from Wall Street, angrily vented about feeling unfairly blamed for creating the recession and demonized for their well-merited wealth. One donor suggested that, in the same way that Obama once delivered a powerful and healing speech on race, the president now give a speech on inequality.

Not to highlight those left behind, mind you. He wanted a speech defending the rich.

Since then, some at the top have moved beyond self-pity and launched an aggressive campaign to convince the world that we should thank them for their services.

Between 1978 to 2011, despite dramatic productivity increases, wages for working people stagnated. Yet the country’s most affluent prospered. CEO compensation grew by more than 725 percent, according to the Economic Policy Institute. The top tenth of Americans now control more than 70 percent of the country’s net worth.

How do they justify their gains? Multimillionaire Edward Conard, a former colleague of Mitt Romney’s at Bain Capital, has stepped forward as the unmuzzled mouthpiece of Ayn Randian entitlement. Conard tells reporters that the concentration of wealth at the top should be twice as large. That way, “art-history majors” pursuing their pointless fancies might feel compelled to join the ranks of investors. For, he argues, our economic progress depends entirely on those moneyed few who seed markets for financial gain. (And who needs art, anyway?)

“God didn’t create the universe so that talented people would be happy,” Conard explained to journalist Adam Davidson. “It’s hard work. It’s responsibility and deadlines, working till 11 o’clock at night when you want to watch your baby and be with your wife. It’s not serenity and beauty.”

Conard seems unaware that, within a stone’s throw of his Manhattan town house, countless people, native born and immigrant alike, work punishing hours—often holding down multiple jobs in the low-wage service sector—to support families they too rarely see. Suffice it to say that, while they are among the many who supply the consumer demand critical to a functioning economy, they will not retire–as Conard did–at age 51.

Wall Street executives, somehow still baffled by the popular indignation they face, blame the Obama administration for producing “a hostile environment for job creators.” They ignore all the president has done to shield them from criticism and accountability. In 2010, despite recent bailouts, JPMorgan Chase and Goldman Sachs chiefs received $17 million and $9 million bonuses, respectively. Obama did not exactly erect a protest encampment. He stated, “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free-market system.”

Another relevant fact: despite the wanton abuses that led to the crash, prosecutions of financial fraud by the Justice Department are at a 20-year low.

Recently, Obama toured the country holding $35,800-per-plate fundraising dinners, trying to regain the support of corporate leaders. Conard, for his part, admitted last summer to having set up a shell company for the purposes of secretly donating $1 million to a political action committee backing Romney.

Raise an objection, the financial elite will grumble at your presumptuousness. It seems pocketing productivity gains and using the proceeds to hijack democracy hasn’t quite satisfied. They’re holding out for your gratitude.

__________

Photo credit: L-BBE / Wikimedia Commons.

Mark Engler

Mark Engler is a writer based in Philadelphia and an editorial board member at Dissent magazine. His latest book, written with Paul Engler, is entitled This Is an Uprising: How Nonviolent Revolt Is Shaping the Twenty-First Century.

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The Author

Mark Engler is a writer based in Philadelphia and an editorial board member at Dissent magazine. His latest book, written with Paul Engler, is entitled This Is an Uprising: How Nonviolent Revolt Is Shaping the Twenty-First Century (Nation Books). Mark’s full bio is available here.

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Mark’s Articles Appear In:

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