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    Forget Wall Street, Protestors Should “Occupy Congress,” Mauldin Says

    Occupy Wall Street went global this weekend. While most of the 900 events on 4 continents were peaceful some violence did ensue, most notably in Rome where so-called "black bloc" elements came armed with Molotov cocktails and other weapons of mass anarchy.

    "This is what the endgame looks like because people feel powerless," says John Mauldin, president of Millennium Wave Advisors. "They're trying to figure out what happens [next] and it's not really good."

    What happens next is debt deleveraging, leading to weak economic growth and continued high unemployment, says the author of (most recently) Endgame. "That means we're going to be in a 'muddle through' economy, at best, over the next five years. That just increases the angst."

    To date, the protests in the U.S. have been largely peaceful and Occupy Wall Street members have pledged non-violence. But the longer it goes on and the larger the protest becomes, the possibility of violence escalates.

    America "needs to hit the 'reset' button on the blue screen of death," Mauldin says. "Otherwise, we'll become like Greece and Italy and I fear that people will get just as frustrated here...there's no generic code that says Americans will just sit by and do nothing."

    While Europe is rapidly approaching the endgame, Mauldin believes America still has time to figure out a path out of what he says is the big problem worldwide: "We've overcommitted public monies and we don't have them."

    The critical question here is "how much healthcare do we want and how do we want to pay for it?" Mauldin says. "Everything else can be worked out."

    While somewhat sympathetic to the protestors' frustrations, Mauldin says their anger is misdirected.

    "My message to the 'Occupy Wall Street' guys: if they really want to If they really want to go after the source of the problem, they should go occupy Congress," he quips. (See: Occupy Wall Street: Uprising a Response to "Bought and Paid for Politics," Howard Davidowitz Says)

    Instead of focusing on Wall Street, Washington and the protests should be focusing on reducing regulation and making it easier for new businesses to start, Mauldin says. To that end, he offers a new slogan I somehow doubt will show up at any Occupy Wall Street protest anytime soon: "Up with Entrepreneurs"

    For additional coverage, see:

    Occupy Wall Street: What's It All About?

    Occupy Wall Street Gains Traction: "The Message is Definitely Getting Out

    Randall Lane: Wall St. Protestors Don't Hate Success, They Hate Big Rewards for Failure

    Taken to Task: Occupy Wall Streets Nattering Nabobs of Negativity

    Aaron Task is the host of The Daily Ticker. You can follow him on Twitter at @atask or email him at altask@yahoo.com

    Yahoo! Poll

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    1,020 comments

    • DavidDT  •  Wallingford, Connecticut  •  4 months ago
      The problem is paid by the corporations government.
    • Debo  •  6 months ago
      The problem is the government. The government keeps growing, more regulation, more fees (taxes in disguise), more oversight, more, more, more and small businesses can't get through it any more. The federal government must be stopped and made far smaller. Why is federal government in lending, in housing,in our healthcare, in our local schools, in states land?? Why, why, why? Get them out, give us freedom. Leave social issues (social engineering by govt) to families, churches, and social organizations. Fed govt should be in charge of defense of nation, interstate commerce, and interstate transportation. That is it. Read your constitution, read your bill of rights, take back your country, and don't believe the stupid, mindless media. They have stolen most of your social security money/retirement to get themselves re-elected. We have enough money, congress steals it and wastes it. Get rid of them.
    • Hoggy  •  7 months ago
      Stop voting for the same idiots every year. That includes throwing out the idiot in your district that you like. You might like what you hear from them, but honestly, they haven't gotten the job done. Throw them out.
      • joe b 7 months ago
        For most people politics is all local. If their Rep brings home the bacon, they really don't care what it costs the nation as a whole.
      • Paul 7 months ago
        Bigger problem is that there is NEVER going to be anyone to vote for who is not on the take. Campaign funding is the primary determinant of winning. Until people rally around an unfunded campaign (not happened yet in American history) we'll always have candidates owned by whomever pays.
      • RobertB 7 months ago
        Ron Paul is the only one who will breal the status quo
    • victheman  •  7 months ago
      If you give a police man $50, it's called bribe.
      If a company gives a congress man $100,000.00, it's called lobby
      • Mike 7 months ago
        Money isn't everything, and they can't buy my vote. However, I'm finding out they can buy my elected represenatives vote.
      • BALDIE 7 months ago
        It is not only Congress----Also Big busines, if you don't give me a tax break I will not build or grow larger in your City, State.--------It seems that what was bribery when I was growing up is now smart business practice!
    • LISA  •  7 months ago
      ELECT LEADERS, stop all campaign contributions
      Stop lobbying. Our elections are corrupt, our politicians are the same.
      It's not principles itis $$$$ and the $$$ for the party
    • Well; Duh!  •  7 months ago
      So you folks can do it all over again? This recession has taught us all one thing; cannot have the fox guarding the henhouse!
    • Ezikiel  •  7 months ago
      review the 'economic crisis' of 2008 and ask yourself one question.... how did it really happen? The blame game is always on the sub primes, but sub primes didn't lock up the money system lending. Credit institutions simply decided they couldn't extend credit. AIG created the crisis due to credit default swaps. Investors decided they could win without losing, by buying insurrance against market loss. AIG sold policies, investors bought, the market flopped and AIG tanked. Motgages were stacked and sliced, packages were over rated. Home losses were no larger than any other time in history. Sub primes were stacked with prime mortgages. The invetment system and manipulation in the invetment system created the 2008 credit crisis. In other words, the investment markets created their own demise, not a handful of bad home owners. And yet economists and invetors can admit to it. It's always the home owners and the Govt. Historical revision never helps the future, only reality can change the future.
      • Ezikiel 7 months ago
        OOPS, CAN NOT ADMIT TO IT....
      • Mike 7 months ago
        The fact that is always left out by the 'sub prime' blamers is that at no point were any more than 8% of the mortgages in this country in some stage of the foreclosure process. If thats enough to trigger a full on collapse, who's risk management practices were completely insufficient (or intentionally removed)?
      • JackW 7 months ago
        On Nov. 15, 2007, the acctg rules changed to "mark to market"-worse timing in history. It made it impossible to sell mortgage bonds. The price went down, no buyers, then down again, then balance sheets had to be marked to market. One Dallas investor made $3 billion buying these bargain basement securities right before they changed the rules back to normal in March 2009.
    • ICU  •  6 months ago
      2012, No Snakehandlers allowed.........
    • MichaelL  •  7 months ago
      Don't worry, the protests will eventually move to Washington DC. Everyone knows our US political system has become defunct and broken, but starting with the first major casualty of a broken government (Wall Street), is the first step. More regulation does not necessarily mean more spending. It needs to become more efficient and effective, and that will require a temporary infuse of spending to clean up the broken regulatory mess that currently exists. Its a three-fold fix: 1) Make Wall Street companies behave with integrity, 2) Improve the efficiency and effectiveness of our regulatory organizations, 3) Remove anyone from office who thinks the battle between dems and repubs is more important than fixing the issues causing Americans to suffer.
      • kurt 7 months ago
        Wall street is already occupied by lobbyists....
      • tommy 7 months ago
        It will be easier for Obama to move towards the OWS than the Tea Party. We should have a nation wide stike with masses of people not using the credit or debt cards. That would send a very big message.
      • Rabid Dog 7 months ago
        Good points, MichaelL!
    • joe b  •  7 months ago
      Focusing on Congress would be a waste of time, its like arresting a prostitute, her pimp will just put her back out on the street again.
    • foggymtnbreakdown  •  7 months ago
      Stop the wars. Start no new ones.
    • Tom  •  7 months ago
      Kill somebody write a book make millions, Dunk basketballs...make millions, Hit homeruns...make millions, work at any regular job for your life's food & make what?? Workers wages. We are paying the price for people handling money who don't have a clue as to real life. End of Rant!!
    • Bry  •  6 months ago
      Tell Congress to fix America. During the financial crisis, the Federal Reserve magically came up with trillions of dollars, so where did it get the money? Obviously the Fed is printing money. So, the Fed can afford to pay all of America's bills. Instead of bickering over taxes, Congress should be making the Fed pay off the national debt and fund the budget 100% forever.
    • Dr Truth  •  7 months ago
      And the difference between the two is what?
    • yahoo user  •  7 months ago
      Wall Street is tied to Congress in oh so many ways, including that Wall Street provides funds for politicians to run for office. In fact, in America you can't expect to be elected unless you are a friend of Wall Street. So then the politicians owe Wall Street more than they owe the American people and they look out for their interests not ours. Also, Wall Street can afford many lobbists to advocate on their behalf. I can barely pay my bills, let alone hire someone to fight for me. Finally, many former Wall Street executives hold esteemed positions within the government and many ex-politicians join the ranks of Wall Street once they leave Washingtion. It is the buddy system that needs to be broken, not specifically one or other. Any why in God's name do corporations get individual rights in this country, when they already have many more rights than I do. When will I get to pay no taxes like many corporations. I am special too. At least I like to believe so.
    • William  •  7 months ago
      EVERYONE should see the movie "Inside Job". It basically implies that our Government did not go after the culprites because it would lead back to them (inside job).
    • Risky Business  •  7 months ago
      These "where's my bailout" dead weight losers are too lazy to go to DC and protest for the day.
    • dr.alqpoe  •  7 months ago
      Just remember to vote for a president who will help out Americans first instead of everyone else.
    • Think, people!  •  7 months ago
      Creating an environment conducive to starting new businesses is great in theory, but lack of businesses isn't why there is 9.1% and a 64% labor force participation rate. The problem is that the US government has sold out small businesses who can't take advantage of globalization.

      You can import items from low labor cost countries for a nominal duty, and we can't export our way to prosperity, especially the way free trade agreements are structured and enforced.

      Unless you have people employed, it doesn't matter what the tax rates are, because no one will be paying them!

      We have the largest economy in the world, so we can certainly make products for ourselves. Even if it's more expensive ($5 more for a box of American-made nails vs. Chinese nails), what Adam Smith termed "the invisible hand" will kick in, and the unintended consequences of buying domestically will kick in (like people having jobs and earning solid wages/benefits, not living off the government). This is what they do in Japan, along with an unspoken rule amongst corporations that you should buy Japanese first before you look to products abroad.
    • tezol  •  7 months ago
      Imagine our capabilities in this land of opportunity. We have everything to bring the heaven on earth for all citizens, if we had fair regulation to protect the people and the country resources.

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