Bankers Respond to Occupy Wall Street

Friday, October 14, 2011

After weeks of silence about the demonstrations in downtown New York and across the country, some of Wall Street biggest bankers are speaking up about the protests and the criticisms being leveled at them. The reaction comes just days after the protestors marched to the houses of J.P. Morgan's Jamie Dimon and hedge fund manager John Paulson.

Louise Story, Wall Street and finance reporter for The New York Times, talks more about these developments.

Guests:

Louise Story

Comments [1]

Banking has become an oligopoly.

Everyone defines free markets incorrectly. Yes, free markets should be unencumbered from useless regulation that increases the cost of doing business and provides no societal good. However, in order for a market to be free as defined by Adam Smith and Milton Friedman a market must be overseen by an umpire and in this case the umpire is the government.

Can you imagine an NFL football game without referees? It would be like the Romans watching the gladiators. The government has failed to do its job of being the referee to markets and industries. Ever since the 1980's our representatives have enacted a "Don't Ask, Don't tell" regulatory policy that has destroyed our free markets.

Markets need to be free from destructive, costly and harmful regulations; however, they also must be free from private entities lacking scruples and striving to take over markets at the expense of individual citizens. These entities have over time managed to buy the control of our politicians who are suppose to protect us from both external and internal tyranny The only solution to the problem is amending the constitution to prohibit campaign contributions from corporations and unions,. More: http://bit.ly/nLY5A3

Oct. 14 2011 10:48 AM

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