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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What is 'Occupy LA' really protesting?

Kevork Djansezian/Getty Images

Following in the footsteps of the Occupy Wall Street protest movement, a group called "Occupy LA" set up shop in front of City Hall over the weekend and have now begun to move around town. 

Back in New York, things had turned ugly, as the two-week protest saw a bunch of protestors arrested as they marched across the Brooklyn Bridge. From what I can tell, Occupy LA was rather more mellow. I asked a KPCC colleague who had visited the protest what the protesters were, you know, protesting. He wasn't sure, but he did say that "We are the 99%" signs were all over the place.

The LA Times explains:

The movement takes issue with corporate influence on government and the shift of wealth and political clout toward the richest 1% of the population. Many protesters carried signs with variations on the slogan "We are the 99%."

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