DC Douglas – Why Occupy Wall Street – 4 Reasons
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[DC Douglas – Why Occupy Wall Street – 4 Reasons]
[Elizabeth Warren]: Source: LYBIO.net
About every 15 to 20 years we have another crisis. We call them panics — we have different names for them. For a 140 years the pattern is unmistakeable.
Then we hit the Great Depression. And coming out of the Great Depression we put 3 new regulations in place; Glass-Steagall, which divides our community banks from the Wall Street investment banks; FDIC insurance; and some SEC regulations so you can invest on Wall Street and they can’t cheat you too directly. For 50 years we have no bank failures, no major crises – it works. It gets to be the early 1980s We go with this idea of let’s get rid of regulation and what happens? late 1980s – savings and loan crisis. Should have been a warning. Late 1990s – remember long-term capital management (Dan Rather: Yup) the hedge fund? Should have been a warning. early two thousands – Enron. Should have been a warning, but we let it go. And where do we end up? In the biggest crisis since the Great Depression.
We’re here to inspire a nationwide movement. To challenge the status quo of economic systems. That currently subverts both our government and our social fabric.
Senator Byron Dorgan:
The fusing together the idea of banking with inherently risky, speculative activity is, in my judgment, unwise. And we are deliberately and certainly with this legislation moving towards inheriting much greater risk in our financial services industry. we will, in ten years time, look back and say “we should not have done that,” “because we forgot the lessons of the past.”
[Alan Greenspan]: Source: LYBIO.net
I made a mistake in presuming that the self interest of organizations – specifically banks and others – were such that they were best capable of protecting their own shareholders.
[Senator Carl Lewin]:
We’re talking about betting against the very thing that you’re selling without disclosing that to that client. Is there not a conflict?
In the context of market making that is not a conflict.
[Senator Susan Collins]:
Could you give me a yes or no to whether or not you considered yourself to have a duty to act in the best interests of your clients?
[Daniel Sparks]: Source: LYBIO.net
[Rep Alan Grayson]:
Who received the one trillion dollars in funds that the Federal Reserve has handed out to domestic institutions? He said I’m not going to tell
Senator Bernie Sanders:
I have a hard time understanding how you have put 2.2 point trillion dollars at risk without making those names available.
[Rep Alan Grayson]:
It’s long overdue. We need to audit the Federal Reserve. 99%: Banks got bailed out. We got sold out!
[Democracy Now report:]
Conservative members of the court ruled corporations have first amendment rights and that the government cannot impose restrictions on their political speech.
[Quoting Justice Stevens dissenting opinion:] Source: LYBIO.net
It will undoubtedly cripple the ability of ordinary citizens, congress, and the states to adopt even limited measures to protect against corporate domination of the electoral process.
[Elizabeth Warren â€“ On Debt Crisis, Fair Taxation]
There is nobody in this country who got rich on his own. You moved your goods to market on the roads the rest of us paid for. You hired workers the rest of us paid to educate. You built a factory and it turned into something terrific or a great idea Keep a big chunk of it. But part of the underlying
social contract is you take a hunk of that and pay forward for the next kid who comes along. Source: LYBIO.net
DC Douglas – Why Occupy Wall Street – 4 Reasons. About every 15 to 20 years we have another crisis. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text.