Jeffrey Sachs to Wall Street: A Case of Criminal Stupidity?

"Golden Calf" returns to Wall Street, October 2011.

Economist Jeffrey Sachs explains the Occupy Wall Street protesters and the anti-Keystone XL pipeline movement to the Wall Street Journal editorial board and hedge-fund managers. Sachs is also Special Adviser to United Nations Secretary-General on the Millennium Development Goals.

I love to see the prophetic imagination played out in the headlines of our times!

“Is it not the rich who are exploiting you? Are they not the ones who are dragging you into court? Are they not the ones who are slandering the noble name of him to whom you belong?”–James 2:6

“For wicked men live among My people. They watch like fowlers lying in wait. They set a trap; they catch men. Like a cage full of birds, so their houses are full of deceit. Therefore they have grown powerful and rich.”–Jeremiah 5:26-27

Sachs writes in Message to Wall Street:

“The [Occupy Wall Street] protesters are not envious of wealth, but sick of corporate lies, cheating, and unethical behavior. They are sick of corporate lobbying that led to the reckless deregulation of financial markets; they are sick of Wall Street and the Wall Street Journal asking for trillions of dollars of near-zero-interest loans and bailout money for the banks, but then fighting against unemployment insurance and health coverage for those drowning in the wake of the financial crisis; they are sick of absurdly low tax rates for hedge-fund managers; they are sick of Rupert Murdoch and his henchman David Koch trying to peddle the Canada-to-Gulf Keystone oil pipeline as an honest and environmentally sound business deal, when in fact it would unleash one of the world’s dirtiest and most destructive energy sources, Canada’s oil sands, so that Koch can profit while the world suffers. And they are sick of learning how many Republican politicians – the most recent news is about Herman Cain – are doing the bidding of the Koch brothers.

Here, then, Wall Street and Big Oil, is what it comes down to. The protesters are no longer giving you a free ride, in which you can set the regulations, set your mega-pay, hide your money in tax havens, enjoy sweet tax rates at the hands of ever-willing politicians, and await your bailouts as needed. The days of lawlessness and greed are coming to an end. Just as the Gilded Age turned into the Progressive Era, just as the Roaring Twenties and its excesses turned into the New Deal, be sure that the era of mega-greed is going to turn into an era of renewed accountability, lawfulness, modest compensation, honest taxation, and government by the people rather than by the banks. …”

Read Sachs’ whole commentary.

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