The following is from a letter I sent to the Orange County Register on OWS:
The OC Reister’s Letters to the Editor last Saturday in support of the Occupy Wall Street (OWS) movement illustrate the fundamental problem in their thinking. The whole complaint is over growing income inequality, and their only proposed solution is redistribution of income and wealth by the government. They assume that growing income inequality must be due to some wrongdoing without specifying the wrongdoing. Yet income disparity may result either from legitimate effort or from wrongdoing. The OWS folks do not care. They just want it all redistributed.
In truth, income inequality has many causes. We must identify those that involve wrongdoing or stupid policies and correct these things without punishing people for hard work, saving, and right living. Here are some specific examples of wrongful policies which manifest as income inequality that should be corrected:
1.) Manipulation of the money supply by the Fed. The Fed should maintain a steady value of the dollar.
2.) Privatizing profit and socializing risk through schemes like Freddie Mac and Fannie Mae.
3.) Regulatory capture by entrenched interests.
4.) A tort system operated by lawyers primarily for the benefit of lawyers.
Allowing specific unjust practices to continue and trying to fix things with income transfer after the fact will just make things worse. Two wrongs do not make a right.