The Occupy Wall Street movement seems to have caught lots of folks by surprise. Perhaps it was easy to ignore in its earliest days, but seeing mass arrests on the Brooklyn Bridge and recordings of police brutality has shined a spotlight on things. Winning last Friday’s stand-off with Mayor Bloomberg and Brookfield Properties over plans to “clean” the OWS homebase of Zuccotti Park has only reinforced the view that OWS has evolved from a fringe action to a movement to be reckoned with. Now the Washington Post is reporting that President Obama will make anti-Wall Street sentiment a key part of his re-election campaign. So maybe we should be paying attention to another fast-spreading movement that can do a lot more direct damage to the big banks.
Recession, what recession?
This graph is part of a new report from the State Comptroller of New York, which also noted (emphasis ours):
“In 2010, the average salary in the securities industry in New York City grew by 16.1% to $361,330, which was 5.5 times higher than the average salary in the rest of the private sector ($66,120).”
This is a gigantic increase from the ratio in 1981, when the average salary in the securities industry was only 2x as high as in all other private sector jobs.
But with protests against Wall Street going on for four weeks now and attracting worldwide media attention, the publicity surrounding the report seems calibrated to not add any fuel to the fire. For instance, Continue Reading