Dakota Beacon

 The big news story capping the headlines has been the spreading Occupy Wall Street (OWS) exhibition. From all appearances, this is the most discombobulated, confused campaign protesting so-called corporate greed.

 Ironically, many of the protesters want bigger government and higher taxes and then express outrage when there are no jobs. This OWS crowd may want jobs but it is doubtful if they want work. Logically, the words and actions don’t connect.

 America has reaped what we have sown. More than one generation has been cheated out of a decent education balanced with courses in finance and economics.

 Those accusing Wall Street executives as “greedy” sound a little jealous. More laws have been broken by demonstrators than by the execs. If acquiring wealth is identified as greed, then by definition, any prosperity must be attributed to greed and any prosperous person must, therefore, be greedy.

The “greedy” must forever protect themselves from a never-ending cycle of government avarice, price controls and regulations. Regulations and price controls work no better in the US than they did in the former USSR or do in Cuba or North Korea.

Charges of “greed” are an emotional response stemming from jealousy and envy. There is no true metric by which to measure greed. If one person has a dollar more than another person, it is almost axiomatic that jealousy and envy inspire charges of greed. Allegations of “greed” are the natural outcome of that nasty bit of envy aroused by a covetous, parochial spirit. Envy degenerates into the judgmental epithet -- greed. Any way you slice it, the charge of “greed” reflects a feeling, but not a fact worthy of vitriol.

Question: Is it greedy for farmers to seek generous subsidies? Is it greedy to lease mineral acres to oil companies at the best rate? Is it greedy to claim a share of oil company profits without investing any time or labor? Is it greedy to invest in productive companies with the hope of realizing capital gains? Is it greedy to seek a quick buck in a casino? Is it greedy to donate to non-profit organizations to take advantage of tax breaks leaving other tax payers to take up the slack? Is it greedy to seek every tax brake or possible write-off to keep more of one’s money? What about the right to dispose of one’s fortune as one sees fit? Warren Buffet gave billions to the Bill and Melinda Gates Foundation rather than to the state and federal government.

The alleged “heartlessness” inherent in free markets stirs up cries for “fairness.” Fairness implies that people have a “right” to (fill in the blank). From an economist’s perspective, “rights” to material things involve making finite goods available to fulfill infinite wants. That can only happen if the “fair” society with “social justice” (a) generates unprecedented growth (not likely in a controlled economy) or (b) goods are denied to some in favor of redistribution to others. So, who gets to decide and enforce “fairness?”

Fair share? What does that mean? Fair = more? That’s just greed dressed up for Halloween.

Why is the term “greedy” applied to successful persons or enterprises wishing to legitimately and legally earn more money and keep what they earn, but never to those who squabble over their “fair share” of other people’s tax dollars?

Many involved in OWS are students burdened with student loans. Here’s an idea. Let the heavily endowed universities, Big Education, forgive the student loans. Ivy league schools are endowed to the tune of billions. Last year Columbia realized a 24% return on their investments. Yale realized a 22% return and Harvard a 21% return. On top of this, the universities pay no taxes on endowment investments.

By OWS standards, it appears that Big Education is greedy. Shouldn’t Big Education pay their fair share? Would the demonstrators consider protesting at the homes of college presidents and faculty? Not if professors are raising up young socialists.

The term “greedy” is usually reserved for anyone who acquires a buck more than one’s neighbor. Sadly, greed is seldom alleged when referring to those seeking the power of the purse intent on squeezing successful entrepreneurs. Obama’s BILLION dollar campaign comes to mind.

To paraphrase P. J. O’Rourke, “When buying and selling are controlled by politicians, the first things to be bought and sold are politicians.”

Dennis M. Patrick can be contacted at P. O. Box 337, Stanley, ND 58784 or (JavaScript must be enabled to view this email address).