But don't worry, he's going to give Wall Street's money to YOU. No word on Fannie Mae and Freddie Mac's money. He plans to start the revolution by focusing the hatred of the people on JP Morgan Chase in early May. (May Day communist celebration, perhaps)?
Big firms such as this make an easy target for hatred after the government bail-outs. But the consolidation of firms into entities which are considered "too big to fail" is, more often than not, favored by complex government regulation.
I think a separation of political power from the ability to amass wealth is critical for long-term prosperity. Corporations which are "too big to fail" become dependent on government to prop them up. This is a sign of decline in both equality before the law and in the firms which are dependent on government for special favors. Other corporations, especially those without special government connections, don't know how to proceed with their businesses when regulations are fickle. Fickle regulation was one of the ways FDR's administration inadvertently lengthened the Great Depression.
It would be better if we had more financial firms which were big enough to be stable, but not so big that they were "too big to fail". I believe that it is better for such firms to go bankrupt if they are mismanaged than for the government to rashly set aside the rule of law and property rights in the process of "saving" them. And it didn't help that these firms were forced by the government and "community activists" to make loans to people who would be unlikely to pay the loans back.
I believe that a separation of political power from the ability to amass wealth is critical for long-term survival of our culture.
Lerner said that unions and community organizations are, for all intents and purposes, dead. The only way to achieve their goals, therefore--the redistribution of wealth and the return of "$17 trillion" stolen from the middle class by Wall Street--is to "destabilize the country."
Lerner's plan is to organize a mass, coordinated "strike" on mortgage, student loan, and local government debt payments--thus bringing the banks to the edge of insolvency and forcing them to renegotiate the terms of the loans. This destabilization and turmoil, Lerner hopes, will also crash the stock market, isolating the banking class and allowing for a transfer of power.
What I can never figure out is why people like this are so obsessed with the concentration of money, but seem totally fine with a concentration of political power. Maybe because they believe that THEY wiill have the power. And this variant on the old "Cloward-Pivens Strategy" still seems predictably short on details concerning what happens between the "destabilization" and the utopian new egalitarianism which the "destabilization" will bring about. BUT WHAT COULD POSSIBLY GO WRONG?
Well, right off the bat, it would likely devastate the 401k retirements of most older Americans. When George Soros set out to destabilize the Bank of England, he made many British widows and widowers very poor.
And has Lerner ever heard of "hyperinflation"? Would he care if hyperinflation stole money from everyone? What about a deflation which would make debts unpayable? Which way would the destabilization go? Either way, it would cause grave problems in the lives of ordinary people. Would his dream of a utopian egalitarian society be worth the suffering he would cause?
Business Insider notes Lerner was forced out of SEIU last year for spending millions pursuing some kind of plan that looked a lot like this.
But you know who's scary? The Tea Party, man.
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