Monday, October 10, 2011
OWS and the Possibility of a Second Crash
This is a hazardous season for the global financial system. European politicians dither in the face of impending sovereign defaults and a re-recession that imperil their core banks, and big players on this side of the Atlantic, like BoA and Morgan Stanley, are clearly staggering. While the odds of a second financial meltdown during the coming month or two are still well under 50%, they are not at all negligible.
What if the meltdown arrives, and Wall Street is still occupied?
This is really up to the occupiers, and I hope they are huddling on a contingency strategy as I write. If the bottom falls out, they will find themselves with an extraordinary public platform—if they are prepared to use it.