Tag: Jeff Madrick

Cross posted from The Stars Hollow Gazette

“I don’t know how to fix this but I know it’s wrong.” ~ Unknown Author

Before anything else, I would like to apologize for the mess outside your office. It’s been three weeks since all those hippies and punk-rockers and students and union members and working mothers and single fathers and airline pilots and teachers and retail workers and military service members and foreclosure victims decided to camp out on your turf, and I’m sure it has been quite an inconvenience for you. How is a person supposed to spend their massive, virtually untaxed bonus money on a double latte and an eight-ball with all that rabble clogging the sidewalks, right?

Your friends at JP Morgan Chase just donated $4.6 million to the New York City Police Foundation, the largest donation ever given to the NYPD. You’d think that much cheese would buy a little crowd control, but no. Sure, one of the “white shirt” commanding NYPD officers on the scene hosed down some defenseless women with pepper spray the other day, and a few other protesters have been roughed up here and there, and having any kind of recording device has proven to be grounds for immediate arrest, but seriously…for $4.6 million, you’d think the cops would oblige you by bulldozing these troublemakers right into the Hudson River. Better yet, pave them over with yellow bricks, so you can walk over them every day on your way in to work.

An important excerpt from Dr. Madrick’s interview from  Kevin Gosztola at FDL, who has been diligently following OWS from day one:

Olbermann asked if there is anything wrong with a movement not sitting there ready with a set of demands. Madrick responded:

   “There’s a kind of beautiful democracy in all this. And it’s very noticeable. There are people called facilitators. Everybody’s very kind to each other. There’s not a hierarchy and yet there’s an efficient system. Let’s do the teach-in over here. They shout out. There are these shout outs, this echo chamber you’ve talked about. Let’s determine who is going to speak in what order for the General Assembly, as they call it. But there are people with a variety of their own agendas, a variety of their interests. I think in time an agenda will evolve for some of these people. I think there will be splinter groups that follow one piece of the agenda and another piece of the agenda. So, frankly, I think at some point there should be an agenda but I must say I was taken by the kind of beauty of the lack of hierarchy and yet the efficiency and the caring.”

In the Joint Economic Committee hearing this morning, Sen. Bernie Sanders (I-VT) questioned Federal Reserve Chairman Ben Bernanke on the wealth gap and unemployment, asking him about Occupy Wall Street.

h/t to joanneleon for the trascript

Senator Sanders: Mr. Chairman, as you know, there are people demonstrating against Wall Street in New York city and other cities around the country and I think the perception on the part of these demonstrators and millions of other Americans is that as a result of the greed, the recklessness and the illegal behavior on Wall Street we were plunged into this horrendous recession we’re currently in.  Do you agree with that assessment?  Did Wall Street ‘s greed and recklessness cause this recession that led to so many people losing their jobs?

Ben Bernanke:  It had a… excessive risk taking on Wall Street had a lot to do with it and so did some failures on the part of regulators.

Senator Sanders: Do you believe that we have made any significant progress since the collapse of Wall Street to suggest that we will not either in the short term or in the longer term once again see a collapse on Wall Street and the necessity of a bail out?

Ben Bernanke: Senator, yes, we are making substantial progress although I would point out that many of the rules, implementing, as you pointed out yourself, many of the rules implementing Dodd-Frank are not yet enforced or fully implemented but I believe that as this process goes forward that we will have made a very substantial improvement, yes.

Senator Sanders: Well I would respectfully disagree.

[ … ]

Rep. (Dr.) Burgess: You see protests both on the right and the left. Right now the protests that are getting the headlines are on the left in New York.  What is that protest saying to you? What are you hearing from that activity in New York right now?

Ben Bernanke:  Well I would just say very generally I think people are unhappy with the state of the economy and what’s happening.  They blame with some justification the problems in the financial sector for getting us into this mess and they are dissatisfied with the policy response here in Washington and at some level I can’t blame them.  Certainly nine percent unemployment and very slow growth is not a good situation. That’s what they are protesting.

Rep. (Dr.) Burgess:  And are you incorporating that into the remedies that you are proposing?

Ben Bernanke: I’m taking into account the growth rate and the unemployment rate as well as the inflation rate.  I’m not taking the protests into account specifically but I certainly, like everyone else, am dissatisfied with what the economy is doing right now.

[ Transcript by joanneleon.  Any transcript errors are mine.]