The news is just out that the highest income MSA is Washington DC. Federal employees whose compensation averages more than $126,000 and the nation’s greatest concentration of lawyers helped Washington edge out San Jose as the wealthiest U.S. metropolitan area, government data show reports Bloomberg News. So its DC, not silicon valley, not Wall Street and yet the protestors have concentrated on financial centers when they need to be protesting government centers. There has been a rather feeble Occupy DC which is more like a sleep over by a couple hundred at McPherson Square but it has been targeting banks and "corporate greed". More relevant should be government greed where the government has the authority to line its own pockets with our money without our consent. Last year $719 billion went to anti-poverty programs and only 32 percent made it to the poor. Sen. Tom Coburn has pointed out that $340 billion a year is wasted on duplicative programs. Obama has said on many occasions that he is going to go after waste and fraud. Bur like on most issues he is simply lying. The reason is that these are among his most loyal constituents. Regardless of the administration, most federal employees are loyal democrats and he is not about to alienate them. So if Occupy DC wants to be relevant rather than being a hippie commune, they should target the fat cats in the federal government.
Harold A. Black is professor emeritus in the Department of Finance, University of Tennessee, Knoxville having retired after 24 years of service. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank, on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust and as director and later chairman of the Nashville Branch of the Federal Reserve Bank of Atlanta. He writes an occasional article for the Knoxville News-Sentinel at http://www.knoxnews.com/staff/dr-harold-black/. His web page is haroldablackphd.com