Columbia Economist Dr. Jeffrey Sachs speaks candidly about corruption in the United States: from Washington DC and Wall Street, including the entire financial/banking system

Category: Bailouts, Crony Capitalists, Legal, Video

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11 Responses to “Jeffrey Sachs’ Speech on Wall Street Corruption”

  1. A says:

    Hmmm.

    Corrupt government; corrupt financial system; corrupt business culture; corrupt legal system.

    Why on earth is America inheriting the Russian model ?

  2. spooz says:

    For those who would like to listen to other speakers at The 31st Annual Monetary and Trade Conference where Sachs presented this (including Michael Kumhof’s presentation on The Chicago Plan Revisited, which starts at about 1:02, and which I would LOVE to see more economists discuss), here is the link.

    http://www.youtube.com/watch?v=2P2pjn1U_p4

  3. Concerned Neighbour says:

    Of course he’s right. It’s truly remarkable the amount of corruption out there that is visible; just imagine how much isn’t.

    My own pet theory is that the regulators made a deal early on in the crisis with the TBTF banks: “Help us levitate the markets, and we won’t throw you in jail”. If I’m right, it’s obviously been a massive success.

  4. NoKidding says:

    J Sachs of “The End of Poverty: Economic Possibilities for Our Time?”

    After reading that mess I decided to fade him out. Takes you through a long, thorough analysis of the problem then asks the exact question that needs to be asked. The final chapter is spent ducking his own question, ultimately making an argument to his own authority.

    This guy’s modus is spending government-hijacked OPM on feel good ideas.

    • spooz says:

      Regardless of Jeffrey Sachs views on how to end world poverty, this post highlights his views on Wall Street corruption, and is important to discuss. Your criticism is an ad hominem attack.

  5. rj chicago says:

    A few points:
    a) I consider myself a conservative – not a republican – a conservative – I believe in traditional (yep- old school) values – not the agenda of the progressives – and I know there are alot of you out there who won’t agree with me on my belief system. God, family, constitution – simple stuff. Obama calls it religion, bibles and guns. Same thing basically.
    That said….
    b) I don’t always agree with academics like Sachs and yet I have to admit that he has a point here – we are all being made out to be chumps in this game by BOTH sides of the ideological divide. As is written by Christ himself in the scripture – A house divided against itself will not stand – Folks we are divided against ourselves while the crooks laugh all the way to the bank. And the crooks sit in the highest seats of power in the WORLD!!! How do you think they got there to begin with – by being nicey nice? Sheesh.
    c) A question: What will it take America to demand better of our elected class and our bankers? What will it take – a total and utter collapse into chaos and anarchy?

    • Biffah Bacon says:

      This may turn your head upside down but real conservatives would be progressive right now; the “conservative” movement is actually reactionary, authoritarian, and opposed to the freedoms outlined in the constitution, itself a progressive document.
      America goes through cycles of corruption and reform in our religious, political, and economic lives. Markets, banks, and the wealthy have attained outlandish powers in the past, only to crash in panics, banking scandals, and personal and professional misfeasance or failure. Our founding fathers were anti-religious in the sense that the Catholic-Anglican Protestant conflicts of Europe were part of the founding of the colonies, a dumping ground for religious outcasts that resulted in conflict and later the Great Awakening.
      We are in a crisis right now. The conservative move would be to use what has worked repeatedly in the past under Progressives. Root out corruption. Provide for the common defense, promote the general welfare and secure the blessings of liberty to ourselves and our posterity yada yada yada.
      The reactionary move is to consolidate everything under a king or an oligarch and reject democratic government (Michigan), multiculturalism (Buchanan), Gitmo gulags, open society and secularism, go back to gold backed money (Beck, Pauls), maybe establish a national church (Southern Baptist vs mall church vs Catholics).
      I don’t think we will get to a happier medium without some painful convulsions.

  6. beaufou says:

    “c) A question: What will it take America to demand better of our elected class and our bankers? What will it take – a total and utter collapse into chaos and anarchy?”

    By pegging one side against the other, but for that you would need a actual rule of law.

  7. Simply-Put says:

    And so this is what we call capitalism and a free market system. I always knew it had a very dark side to
    it, God help us…..

  8. Sachs, and others, may appreciate..

    The Propaganda System That Has Helped Create a Permanent Overclass Is Over a Century in the Making
    April 29, 2013
    Print Version

    By Andrew Gavin Marshall, Blacklisted News

    Where there is the possibility of democracy, there is the inevitability of elite insecurity. All through its history, democracy has been under a sustained attack by elite interests, political, economic, and cultural. There is a simple reason for this: democracy – as in true democracy – places power with people. In such circumstances, the few who hold power become threatened. With technological changes in modern history, with literacy and education, mass communication, organization and activism, elites have had to react to the changing nature of society – locally and globally.

    From the late 19th century on, the “threats” to elite interests from the possibility of true democracy mobilized institutions, ideologies, and individuals in support of power. What began was a massive social engineering project with one objective: control. Through educational institutions, the social sciences, philanthropic foundations, public relations and advertising agencies, corporations, banks, and states, powerful interests sought to reform and protect their power from the potential of popular democracy…”
    http://www.blacklistednews.com/The_Propaganda_System_That_Has_Helped_Create_a_Permanent_Overclass_Is_Over_a_Century_in_the_Making/25648/0/38/38/Y/M.html