I've tried to brainstorm about what the effects of the Occupy Wall Street protests could be.
I do not see any immediate changes in the concentration of our country's wealth any time soon. But there things that these protests could change. This is my list of them.
First, let's get rid of the impossible:
They will never change the positions of Boehner or Cantor. So the introduction of federal laws to affect the richest among us is out of the question. (And PLEASE OWSers, prove me wrong here. I would love to see gradations in capital gains taxes, and additional income tax levels at 500k and 1 million and even 10 million.)
The rich will never voluntarily share the wealth. They will fight tooth and claw as brutes to hold onto every penny they have. After all, the do not believe we have helped them. We are only those yokels to steal from.
So that leaves the Senate, the President and the rest of the executive branch.
The Senate could actually approve Richard Cordray as the head of the Consumer Financial Protection Bureau.
The SEC could actually enforce the rule of the land and go after the banks that caused the collapse with fines that are larger than acceptable costs of business.
The IRS could change its interpretation of income from hedge fund managers. After all if it walks and quacks like a duck, it is income and not capital gains.
And the most powerful not really part of the government Federal Reserve Bank could actually have its bank inspectors do their work in a preventive measure.
The banks and the Wall Street wheeler dealers have run freely for too long.
As David Hume said:
The corruption of the best things gives rise to the worst.