Todd Harrison: Random Thoughts
A few years ago, I offered that my most lucid thought was to escape from New York. As a die-hard Yankees fan, old-school Knicks fan and someone who spent his entire adult life in the world's greatest city, it was an admission I didn't want to make.
It wasn't about me - I can take care of myself - it's about our children, who continue to ask why people in the city are so angry these days.
One of our kids goes to school down the street from the NYSE, and we decided to keep him home yesterday. With disenchanted protesters swarming the exchange, it was an easy decision to make.
The Occupy Wall Street demonstration has been peaceful relative to the movement in Oakland or the riots in Europe. The bigger picture, however, is that the needle still points in an unfortunate direction.
Minyanville flagged the percolating problems for the "1%" back in 2005. "As income inequality manifests," we said, "consumer spending, real-estate investment and long-term savings will be profoundly impacted."
The following year, we highlighted the rift between the haves and have-nots, the devolving social fabric and the probabilities of entering a recession "entirely more depressing than a recession."
This is not a victory lap - far from it. It is a necessary context as this movement evolves and gains momentum. There are no simple solutions, but we must forge reconciliation; united we stand, divided we fall.
Riot gear and batons won't quell this uprising - they will escalate it. There must be common ground, proactive purpose, achievable goals and calmer heads before the wheels really fall off the wagon.
We've said for years that in order to get through this, we needed to go through this - and we're going through it now. The future is ours, and it starts today.
Todd Harrison is the author of “The Other Side of Wall Street” and the founder and CEO of Minyanville, an Emmy Award-winning financial media platform. Read him daily at www.minyanville.com.