Salon’s staff collaborated on a “New Declaration of Independence,” creating a document that’s as embarrassing as it is foolish.

One passage:

It is our belief that many of the problems facing Americans today can be directly connected to the unchecked power and complete unaccountability of the 1 Percent, a group that benefits from every unequal boom of the modern era and escapes each disastrous bust unscathed. The 1 Percent is insulated from the negative effects of its disastrous policies by its paid representatives in government.

I suppose Bank of America would qualify as part of the 1%.

Guess what happened to BofA when it tried to impose a $5/month fee for debit cards?

The market rose up and spanked them. Credit unions saw their memberships grow as unhappy customers (99% people) voted with their wallets.

Now Bank of America has backed down.

So…

  • unchecked power? Nope.
  • complete unaccountability? Nope.
  • insulated from its disastrous policies? Nope.

Short memories make for incompetent analysis:

…the 1 Percent, a group that benefits from every unequal boom of the modern era and escapes each disastrous bust unscathed.

Let’s take the Internet boom of the 1990s.

Kids still in dorm rooms launched businesses funded with millions in venture capital and stock offerings (Wall Street!).

Many of those kids became millionaires and billionaires, leaping into the top 1% overnight, like Google’s founders. Google didn’t just “benefit” from the unequal boom, it helped create it.

Others sucked good money into marginal ventures and lost plenty of other people’s money (provided by Wall Street!). Remember the tech bubble bursting in 2000?

Thousands of ventures have come and gone. The 99%, far from being powerless, determine what lives and dies in business.

Remember when Motorola was the top brand in cell phones? When Sears was the world’s largest retailer? When it cost serious money to make a long-distance call?

Matt Welch has much more at Reason.