New York Federal Reserve Chair Responds to Occupy Wall Street

Tuesday, October 04, 2011

The Occupy Wall Street protests continue in lower Manhattan today. Demonstrators are protesting perceived excessive greed by the super-wealthy and economic inequality as epitomized by Wall Street. The protests have grown in popularity over the last three weeks, and similar events are happening all over the country, including cities like Boston and Miami. On Monday, The Takeaway spoke with J.A. Myerson, from the media team for the Occupy Wall Street movement, about why he's protesting and what future he sees for the movement.

Today, The Takeaway speaks with Kathryn Wylde, president and CEO of the Partnership for New York City and deputy chair of the New York Federal Reserve's board of directors, for her perspective on the movement. Wylde does not speak on behalf of the Federal Reserve.

Comments [18]

JustJamie from the good old USA!

"If the Occupy Wall Street movement and the Tea Party movement joined together to protest the abuses of the Federal Reserve and the abuses of Wall Street they would be a very powerful force."

no one wants to be controlled by a power-abusing, unconstitutional, illegal, privately owned bank (AKA the federal Reserve) - let's unite for once - Republicans and Democrats - on this issue!!!

For a history on the Federal Reserve, please read:

pass it on!

Oct. 05 2011 01:37 PM
HomeBuilding from central states

aimed at wall street (and all the clueless sycophantic 'press'):

You really haven’t figured out capitalism,
other than massively overpaying yourselves.

Our job is to make certain that from this day forward,
no one ever votes with you, again.

You do what is right and good for the country, hardly ever
use your power and influence to preserve and build your massively over-fed dynasty, almost exclusively.

Oct. 05 2011 11:21 AM

Throw her some more softballs why don't you. Couldn't you ask about the record compensation and bonuses given out in the wake of the bail-out? She talks about problems with Social Security, how does she feel about raising the Social Security Payroll tax cap?

Oct. 05 2011 08:52 AM

OF COURSE this is just another fringe-left indulgence.

John Hockenberry -- Buddy, you have just got to take a look at the #OccupyWallStreet twitter page.!/search?q=%23OccupyWallStreet

It is the most hilarious mosh-pit of left-wing freaks from, The Nation, Sen. Bernie Sanders (Socialist-Conn.) Rep. Dennis Kucinich, Michael Moore, Keith Olbermann... you get the idea. They don't quite know what to do with George Soros. That's a good one. If Soros was willing to fund an Occupy Wall Street Foundation, I'll bet that they'd take some of his billions. If Soros would buy them an order from Jimmy Johns, I think they'd take that, too.

Yeah, this is just like Tahrir Square. All except for the part where the Americans all have thousand-dollar Macs, and they aren't really being threatened by anybody except maybe their landlords if they quit paying rent.

Tahrir Square meets Phish concert.

Please, by all means, keep up the coverage. But please, don't stick to the usual stuff with Susan Sarandon, Mia Farrow and Cornel West. Go there; take some pictures and talk to the folks who are there. So we can get some of the great personal stories. (No jobs for interpretive dance majors.) And so I can figure out what to wear if I ever get to go to "Burning Man -Central Park."

Oct. 04 2011 08:15 PM
Old Man

And if you'll notice, NONE of the mainstream media is giving this fair coverage, as they're all corporate owned, who are the exact people being protested. If you rely on ANY mainstream media for fair or accurate coverage, then.... enough said.

Oct. 04 2011 02:00 PM
Robby from Manhattan, NY

When this finishes can we do the same in front of the white house for Obama? I think that would be more useful and point the finger at the real culprits.

Oct. 04 2011 01:58 PM
Old Man from MI

This is not a far-left protest, though there are many far-left members participating, there are everybody from left, right, republican, democrat, independents, the young, the old, the poor and the middle class. This goes beyond political identity, and is a group of people from ALL walks of life that are FED UP with corrupt government in bed with corporate interests.

Oct. 04 2011 01:56 PM

Another far-left protest? So what else is new?

We've seen anti-war protests (back when Republicans were in the White Hous conducting the same wars we continue to fight), anti-nuclear protests, WTO riots, the street violence in Minneapolis at the last Republican convention etc., etc.

Does anybody seriously think that these protests are any different? It's the same far-lefties who read The Nation, watch MSNBC and listen to public radio. Which, coincidentally, are the only news orginzations giving credence to this stunt.

Oct. 04 2011 01:00 PM

Dodd/Frank was a knee jerk reaction (with potentially equal devastation as the ponzi meltdown that created our current financial crisis) to plicate the outraged masses. Unlike Gordon Gekko (and all who ascribe to this fictitious character’s philosophy) I do not believe greed is good

Oct. 04 2011 09:44 AM

No mention of Dodd/Frank and Sen. Durbin's regulations in the banking industry that will drive up costs to businesses and the consumer while then expressing petulant sulking of why the economy is so bad.
Just storybook caricatures of bankers with handlebar mustaches and dashing, idealistic protesters. This is like a combination of children's programming and business news.

Oct. 04 2011 09:17 AM

Politicism of our current economic situation is obfuscation; both parties and the legistive branch are in collusion with big money interests. Pointing fingers at specific politicians or an administration is a distraction that leads us down a nonproductive status quo path. Follow the money and you will discover the truth.

Oct. 04 2011 08:58 AM
AM:Hate Radio Inc. from Atlanta Georgia

Minimum Wage: $12.00 - $13.00 An Hour

Decrease:Poverty Immediately

This Is Long Overdue

Oct. 04 2011 08:31 AM
AM:Hate Radio Inc.

Minimum Wage: $12.00 - $13.00 An Hour

Decrease:Poverty Immediately

This Is Long Overdue

Oct. 04 2011 08:30 AM

It seems everyone is enjoying a second childhood playing with matches while some of us are looking for the adult in the room.
Wasn't the Bowles/Simpson commission ignored by President Obama? Funny how that wasn't mentioned in between the jocular cheerleading of "protest".
Are we not living the economy that four years of Pelosi and nearly three years of Obama's high spending and high regulation policies has given us?
Are the confused malcontents demanding less authority while demanding more authority with the media standing around the circus with dumb smiles on their faces without noticing the ominous smell of economic smoke in the air?

Oct. 04 2011 08:28 AM
Peter Horowitz from Brooklyn

Kathryn Wylde has always been an apologist for Wall Street and Big Business. Her observations are ill-informed and specious. Our problem is not that our banks are too big, but that they do not act in the public interest. Look at Canada -- 5 big banks that are successful, responsible AND closely regulated. US banks need to operate and be regulated as the public utilities they are.

Oct. 04 2011 08:16 AM
Naira from North Bergen, NJ

People should start paying attention to these protests. At the end crowd mentality always takes over and it is dangerous when a group of pissed off people gets together and hangs out. The protests are peaceful for now but I am afraid that if government or some other entities don't pay attention or do something about it it might get out of control. This should be also a lesson for congress especially the House who only look out for interests of rich corporations and bankers instead of people who actually voted for them and sent them there.

Oct. 04 2011 07:19 AM

I am truly amazed with how the big banks are scrambling to cast themselves as victims. In all the noise it is easy to forget that our current economic situation is the end result of a decades long campaign prorogated by big business to insinuate themselves and their needs over the common needs and good of the American people. Money buys influence, influence manifests to power. After years of pursuing national politicians through the façade of lobbyists to deregulate the banking industrial complex (BIC), the opportunity to generate shady and unstable investment vehicles was realized. BIC needed mortgages, massive amounts of mortgages, to perpetuate the great ponzi scheme that ultimately imploded yielding the current economic crisis. BIC set the terms and conditions for the mortgages, they decided the requirements to loan the money. Yes, there was fraud at all levels, but BIC turned a blind eye because it’s need was so great; they knew exactly what they were doing. Doesn’t it strike anyone as odd that after all this time not a single banking entity has been brought to task? Government wasted no time putting down Madoff . . . . It seems our system has evolved from We The People to We The Wealthy.

Oct. 04 2011 06:53 AM
Michael from Weston ma

Tell her we need deeper analysis.her platitudes don't recognize the anger out there. We don't see any bankers hurting!

Oct. 04 2011 06:18 AM

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