Paul Krugman: The whining lords of finance

Paul Krugman: The whining lords of finance

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"As the Occupy Wall Street movement continues to grow, the response from the movement's targets has gradually changed: contemptuous dismissal has been replaced by whining. (A reader of my blog suggests that we start calling our ruling class the "kvetchocracy.") The modern lords of finance look at the protesters and ask, Don't they understand what we've done for the U.S. economy?

The answer is: Yes, many of the protesters do understand what Wall Street and more generally the nation's economic elite have done for us. And that's why they're protesting.

On Saturday, The New York Times reported what people in the financial industry are saying privately about the protests. My favorite quote came from an unnamed money manager who declared, "Financial services are one of the last things we do in this country and do it well. Let's embrace it."

Read more: http://www.stltoday.com/news/opinion/columns/paul-krugman/article_c7a4eaba-d777-5760-8924-59bbe37c0db5.html#ixzz1bc5rSDRW