Jeff  Carter

There is a movement to occupy Wall Street. Sorry, Wall Street is already occupied. The upcoming week might be hazardous to many Wall Streeters health if the technicians are correct.

Generally it’s best to be suspicious of big movements that become a media spectacle. Was Code Pink anti-war, or were they just anti-Republican party? I haven’t seen them marching on the streets or creating disturbances since November 2008 and the last I checked our military and anti-terror operations were expanded not disbanded.

In addition, there was a rag tag sympathetic movement in Chicago, Occupy LaSalle Street. The signs at each place were anti-capitalism signs.

That’s a movement that we really shouldn’t get behind. Capitalism is responsible for lifting more poor people out of poverty, and lifting the standards of living for more individuals around the world than any other economic system.

However, there are some concepts that I am empathetic to when it comes to their movement. They actually have a lot in common with the Tea Party.

They are highly critical of big corporations lobbying Congress and Washington DC regulatory agencies to tilt the playing field in big business favor. It sounds like they don’t appreciate the virtues of crony capitalism, otherwise known as “The Chicago Way”.

Well guess what?

Companies that are successful lobbying the Washington DC apparatus are simply playing off big government. To kill the effect of lobbying, skewer the beast and make government smaller.

Jeff Carter

Jeffrey Carter is an independent speculator. He has been trading since 1988. His blog site, Points and Figures was named by Minyanville as one of The 20 Most Influential Blogs in Financial Media.