Explaining Southern California's economy

'Occupy LA': What do the other 1 percent want?

Occupy LA

Eric Richardson / blogdowntown

Those participating in Occupy Los Angeles march toward City Hall.

Yesterday, I blogged about what the "We are the 99%" Occupy Wall Street and Occupy LA protesters are all about. In the interest of fairness, I now want to explore the other side. I wouldn't call them the opposition. But if the 99 percent are angry that increases in income and wages have disproportionately gone to the top 1%, what do the 1% have to say in their defense?

Rich Kalgaard provided a basically textbook point of view in Forbes back in 2007, more than year before that…well, you know, that little problem with the global financial system:

[M]oneygrubbing--a.k.a. the search for profit--has its purpose. Money (profit) is a tool. It is capital. Without capital there is no capitalism. Innovation starves. Prosperity weakens. Societies stagnate. God-given gifts wither. This is especially true for humanity's wonderfully zany outliers: artists, inventors, entrepreneurs. They need capitalism more than anyone.

Money is good, therefore, because capitalism is good. It delivers the goods, literally, and better--broadly and individually--than does any other system. 

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