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.

Catholics and Obama

The Tablet, the leading Catholic newspaper in the U.K., ran an interesting bit of analysis by David Gibson on Obama’s election:

Obama’s election is another important step towards what the Founding Fathers – all white men, many of them slaveowners – called “a more perfect union”. As Obama said in his speech on election day, “This victory alone is not the change we seek; it is only the chance for us to make that change.”

And that is where the path once again grows steep. Now the prophetic rhetoric gives way to the cold reality of a country that cannot afford a New Deal or a Great Society. But the challenges facing America are, historians say, every bit as grave as those that faced Franklin D. Roosevelt during the Depression, and the desire for fundamental change – Obama’s campaign mantra – as strong as that which coursed through America in the 1960s.

Additionally, the Pew Forum on Religion and Politics report How the Faithful Voted (5 Nov. 2008) said this about the Catholic vote:

Catholics, too, moved noticeably in a Democratic direction in 2008; overall, Catholics supported Obama over McCain by a nine-point margin (54% vs. 45%). By contrast, four years ago, Catholics favored Republican incumbent George W. Bush over Kerry by a five-point margin (52% to 47%).

Though precise figures are not available, early exit poll data suggests that Obama performed particularly well among Latino Catholics. Overall, the national exit poll shows that two-thirds of Latinos voted for Obama over McCain, a 13-point Democratic gain over estimates from the 2004 national exit poll. Meanwhile, Obama’s four-point gain among white Catholics (compared with their vote for Kerry) is smaller than the gain seen among Catholics overall. In fact, as in 2004, white Catholics once again favored the Republican candidate, though by a much smaller margin (13-point Republican advantage in 2004 vs. five-point advantage in 2008).

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