Watch out for those torches and pitchforks on your way to work for the next couple weeks, guys. The natives are restless.
The National People's Action group has launched a new campaign called Make Wall Street Pay under the tagline, "Because we're done picking up their tab." The rumpus kicked off on Monday with protesters and foreclosed families descending on the National Association of Attorneys General spring conference in DC to demand the jailing of Wall Street bankers.
Trumka, head of the nation's largest union organization, is hoping to tap into that kind of anger at Wall Street with two weeks of protests aimed at Goldman Sachs Group Inc., the most profitable securities firm in U.S. history, and the country's five other largest banks. The AFL-CIO says it plans 200 events covering all 50 states, starting March 15.
Now, you guys know I'm generally sympathetic to the less fortunate and I'm more than willing to blame Wall Street when it's appropriate. But this shit is pure theater, engineered by the labor unions who are suffering from waning membership numbers and their growing irrelevance.
They say they're doing it to get a Wall Street transaction tax enacted, ostensibly to pay for job growth on Main Street. What they're really doing is what they alway do: trotting out the poor for the TV cameras and doing everything they can to stoke class warfare. Nevermind that the union heads are all millionaires in their own right - pay no attention to the man behind the curtain.
It's a pretty despicable way to cash in on the misery of others. I'm all for homeowners who've been screwed by the banks banding together in massive class action lawsuits, and I'd frankly like to see the worst offenders on Wall Street bankrupted. But this kind of populist Kabuki theater accomplishes nothing.
And that's a shame, because millions of people really do need help out there.
What will you guys say to the Make Wall Street Pay mobs when they show up at your bank?