"I know the difference between right and wrong and I will NOT be bought" This is what we as Americans should adopt as a national motto. We worship the almighty dollar no longer. and abhor anyone who does. Banksters, consumerism, materialism and corporate fascism are no longer welcome in America...pack your shit, you're done.
Well, Mr. Sachs, you made the thing that is happening in America right now happen in Russia in the 90s. So did you finally see the light? You helped create this system, so now you help take responsibility and burden of changing it!
The banks in the past released an unprecedented flood of capital into the system which ideally was supposed to help people access education and home ownership --- that so many people lack judgement and can't borrow and invest responsibly is also part of the problem - so the 99% also f. themselves in addition to the 1% - take some personal responsibility already.
Its not that I dont feel empathy for the poor, I'm all for help within the community of rich, and for organizing to create a good reason to give money away, but taxing and regulating is just going to sponsor lazy assholes under the cover of the condescending leftist that think that we are somehow a better society by stealing from the rich and giving to the poor... nobody complained when wall street gave us cheap computing and other modern comforts.
You can't blame citizens exercising their right to protest. I don't see the bankers setting up camp and protesting for the banks!!! They could if they believed what their doing is right. Instead they do what works I.e. lobby politicians behind closed doors. Tha shows how disconnected capitol hill is from main street and how cozy wall street is with Capitol hill.
AS THE WEALTHY GET EVER MORE "COMFORTABLE" AND THEIR BUSINESSES ARE AS EFFICIENT AS EVER AND MORE PROFITABLE, THEY PROMISE IF WE JUST CUT THEIR TAXES AND ENVIRONMENTAL LAWS, THEY'LL MAKE THE JOBS WE CALL FOR. IF YOU ACCEPT THIS AS A WAY OUT, THEN YOU ARE A TRUE BELIEVER.
also the wealthy spend much much less as a percentage of their income than do the poor or middle class so effectively lowering consumer spending which is the driving force of our economy. this "basic economic" principle is often avoided because of conflicting political interests
banks cant really do to much with money in a checking or savings acct let aone the fact that his money isprobably in offshore accts to avoid taxation. also the problem is that banks are not lending the money they do have
@davetransmission The money in checking and savings accounts IS what banks invest elsewhere, the same for offshore banks. Banks do not make money by sitting on their money, they make money by investing it. Now, however, since so many people - 99%'ers - defaulted on their mortgages, the government ordered banks to tighten their lending criteria. That is not the banks' or the government's fault, that is the fault of those who felt that defaulting on their debts was a victimless act.
Bastiat's Parable is inapposite here, for it is an overly simplified model, applied to a complex, world-wide economic model and does not address the issue of whether capital - spent or invested - benefits all. Perhaps if you want to address that issue.
You rely solely on his credentials to validate his arguments, while failing to address the underlying premises, practicing the fallacy of authority. Yes he is a professor of economics, but his theories have been often dismissed as baseless by equally credentialed economists. So, rather than argue how my argument is fallacious, you rely on his credentials for support. Sorry. You need more than that. His speech here is mere grandstanding: I dare him to debate me or others.
What is overlooked here is basic economics: if Paulson earned that much money, he either spent it, creating more jobs, or he saved or invested it, both allowing it to be used to create more jobs. Sachs not understand this raises serious doubts about his credibility to comment on this. Money does not exist in a vacuum, it does not go into Paulson's pockets and sit there - he does something with it. That something benefits others.
@Alohafun1 The speaker Jeffrey Sachs is Professor of Economics at Columbia University. With all due respect I think he knows more about basic economics than you have shown.
@Alohafun1 The speaker Jeffrey Sachs is Professor of Economics at Columbia University. With all due respect I think he knows more about basic economics than you have shown. In response to your money doesnt exist ina vacuum argument you might care to read up on Bastiat the Broken Window Parable.
@Alohafun1 The speaker Jeffrey Sachs is Professor of Economics at Columbia University. With all due respect I think he knows more about basic economics than you have shown. In response to your money doesnt exist in a vacuum argument you might care to read up on Bastiat the Broken Window Parable.
@Alohafun1 By this logic, unemployment should now be zero: along with profits, investment is through the roof.
Your concept of capital investment as a job-creator is an anachronism - brokers now use microtrading to max out profits, often buying stocks & sundry instruments that benefit nobody but investors. By the way, that microtrading has also made the market useless as an indicator of economic trends, since signal has been drowned in the noise of 200 trades/second.
@jamesmorgandavies While this logic has lots to do with creating jobs, there are a multitude of factors that affect the economy and job creation, including what happens throughout the word. I do not have time here to go into it fully, for this is a complex economic issue. Capital investment is, undeniably, a job creator. How else would you propose to create jobs? You exaggerate the effect and the role of microtrading. These sham investments you speak of are nowhere as prevalent as you say
@hengistmcstone I do not know about historic, similar things have been said by so many, but their voices are not heard or paid much attention to. Many people who used to work on Wall Street have said things like this many times, it's really getting closer to the time that we need to get the Guillotine ready and the people responsible for our economic woes lined up and waiting.
I wish you guys would take your money and buy some commercial airtime to show clips like this because it will not otherwise get seen by the masses. It brings the whole "unfocused" aspect of the revolution together. The problem is big but it's also very basic.
@tmlanedesign The problem with buying airtime is that it funds the skewed corporate news agenda of the MSM. Towards the end of the video he says "We don't need money to do it. Just put it on You Tube and it'll spread. You know how to do this, you don't have to raise money , you just have to show the camera, put it on facebook, get it tweeted, and get it out there. Because this how news spreads in America. You don't have to buy ads on Fox cable phony news.."
I was there, and this speech made a major impression on me. The human microphone is practical, but it also had the unexpected result of really hearing the speech, rather than just listening to it. I heard every word, because I was listening to be able to repeat it. Great speech, and I'm so glad I was able to track down this video!
People are repeating because the City of New York refused to allow microphones. So the only way to get a speech heard down there is to use a "human microphone." It's odd, but it can be exhilarating too.
@DickOPlenty People are not allowed to use megaphones, or otherwise devices to amplify their voice. People use this technique to allow everyone to hear what the speaker is saying.
@DickOPlenty They aren't allowed to use anything but their voices to amplify what is being said. There are a couple of thousand people there so they repeat in unison so everyone can hear.
This twisted commie makes 300k a year at Columbia University.
bleekblock 3 months ago
"I know the difference between right and wrong and I will NOT be bought" This is what we as Americans should adopt as a national motto. We worship the almighty dollar no longer. and abhor anyone who does. Banksters, consumerism, materialism and corporate fascism are no longer welcome in America...pack your shit, you're done.
RickTNRebel 3 months ago
Well, Mr. Sachs, you made the thing that is happening in America right now happen in Russia in the 90s. So did you finally see the light? You helped create this system, so now you help take responsibility and burden of changing it!
mistarcraw 3 months ago
This has been flagged as spam show
LMAO. What an incredible irrelevant group of dirt bags.
AtlasObjectivist 3 months ago
The banks in the past released an unprecedented flood of capital into the system which ideally was supposed to help people access education and home ownership --- that so many people lack judgement and can't borrow and invest responsibly is also part of the problem - so the 99% also f. themselves in addition to the 1% - take some personal responsibility already.
acmedressform 3 months ago
@acmedressform You identified a big part of the problem.
Alohafun1 3 months ago
As for me, I agree with Niall!
pklocek 4 months ago
Its not that I dont feel empathy for the poor, I'm all for help within the community of rich, and for organizing to create a good reason to give money away, but taxing and regulating is just going to sponsor lazy assholes under the cover of the condescending leftist that think that we are somehow a better society by stealing from the rich and giving to the poor... nobody complained when wall street gave us cheap computing and other modern comforts.
jashta1 4 months ago
Do be silly Sach your an academic behave yourself
mauuuuu5 4 months ago
I agree with Niall Ferguson - definitely demagogic.
Jeff Sachs is power mad, self-obsessed, self-righteous, arrogant and delusional.
WaytheWestWasWon 4 months ago
You can't blame citizens exercising their right to protest. I don't see the bankers setting up camp and protesting for the banks!!! They could if they believed what their doing is right. Instead they do what works I.e. lobby politicians behind closed doors. Tha shows how disconnected capitol hill is from main street and how cozy wall street is with Capitol hill.
ARM2223 4 months ago 2
This has been flagged as spam show
you are uneducated lazy 1%
LeonHard5 4 months ago
AS THE WEALTHY GET EVER MORE "COMFORTABLE" AND THEIR BUSINESSES ARE AS EFFICIENT AS EVER AND MORE PROFITABLE, THEY PROMISE IF WE JUST CUT THEIR TAXES AND ENVIRONMENTAL LAWS, THEY'LL MAKE THE JOBS WE CALL FOR. IF YOU ACCEPT THIS AS A WAY OUT, THEN YOU ARE A TRUE BELIEVER.
909chuck 4 months ago
ohhh this is soo good.. well well said
PersonalSpaceInvdr 4 months ago 2
the human microphone is pretty annoying to listen to.
skipped it after 5 seconds
masonkim7 4 months ago
You people are a joke..shitting on peoples doorsteps??Dirtbags..You'll see that it was pointless..
jjcatful 4 months ago
Okay! Someone who gets it.
highwaterjane60 4 months ago
also the wealthy spend much much less as a percentage of their income than do the poor or middle class so effectively lowering consumer spending which is the driving force of our economy. this "basic economic" principle is often avoided because of conflicting political interests
davetransmission 4 months ago
@davetransmission So what do they do with the rest of their money? They invest it - creating more jobs.
Alohafun1 4 months ago
banks cant really do to much with money in a checking or savings acct let aone the fact that his money isprobably in offshore accts to avoid taxation. also the problem is that banks are not lending the money they do have
davetransmission 4 months ago
@davetransmission The money in checking and savings accounts IS what banks invest elsewhere, the same for offshore banks. Banks do not make money by sitting on their money, they make money by investing it. Now, however, since so many people - 99%'ers - defaulted on their mortgages, the government ordered banks to tighten their lending criteria. That is not the banks' or the government's fault, that is the fault of those who felt that defaulting on their debts was a victimless act.
Alohafun1 4 months ago
Jeffrey Sachs is the perfect antithesis to the fable that OWS protesters are uninformed.
chazspain 4 months ago 3
Bastiat's Parable is inapposite here, for it is an overly simplified model, applied to a complex, world-wide economic model and does not address the issue of whether capital - spent or invested - benefits all. Perhaps if you want to address that issue.
Alohafun1 4 months ago
You rely solely on his credentials to validate his arguments, while failing to address the underlying premises, practicing the fallacy of authority. Yes he is a professor of economics, but his theories have been often dismissed as baseless by equally credentialed economists. So, rather than argue how my argument is fallacious, you rely on his credentials for support. Sorry. You need more than that. His speech here is mere grandstanding: I dare him to debate me or others.
Alohafun1 4 months ago
Comment removed
sglace 4 months ago
@Alohafun1 Lol and who the heck are you?
sglace 4 months ago
What is overlooked here is basic economics: if Paulson earned that much money, he either spent it, creating more jobs, or he saved or invested it, both allowing it to be used to create more jobs. Sachs not understand this raises serious doubts about his credibility to comment on this. Money does not exist in a vacuum, it does not go into Paulson's pockets and sit there - he does something with it. That something benefits others.
Alohafun1 4 months ago
@Alohafun1 The speaker Jeffrey Sachs is Professor of Economics at Columbia University. With all due respect I think he knows more about basic economics than you have shown.
hengistmcstone 4 months ago
@Alohafun1 The speaker Jeffrey Sachs is Professor of Economics at Columbia University. With all due respect I think he knows more about basic economics than you have shown. In response to your money doesnt exist ina vacuum argument you might care to read up on Bastiat the Broken Window Parable.
hengistmcstone 4 months ago
This has been flagged as spam show
@Alohafun1 The speaker Jeffrey Sachs is Professor of Economics at Columbia University. With all due respect I think he knows more about basic economics than you have shown. In response to your money doesnt exist in a vacuum argument you might care to read up on Bastiat the Broken Window Parable.
hengistmcstone 4 months ago
@Alohafun1 By this logic, unemployment should now be zero: along with profits, investment is through the roof.
Your concept of capital investment as a job-creator is an anachronism - brokers now use microtrading to max out profits, often buying stocks & sundry instruments that benefit nobody but investors. By the way, that microtrading has also made the market useless as an indicator of economic trends, since signal has been drowned in the noise of 200 trades/second.
jamesmorgandavies 3 months ago
@jamesmorgandavies While this logic has lots to do with creating jobs, there are a multitude of factors that affect the economy and job creation, including what happens throughout the word. I do not have time here to go into it fully, for this is a complex economic issue. Capital investment is, undeniably, a job creator. How else would you propose to create jobs? You exaggerate the effect and the role of microtrading. These sham investments you speak of are nowhere as prevalent as you say
Alohafun1 3 months ago
Delivered on Saturday afternoon, 15 October 2011
bbrowde 4 months ago
In My Humble opinion this ought to be a historic speech. Where exactly was Prof Sachs when he delivered it ? PS I am transcribing it now
#occupywallstreet #occupylsx
hengistmcstone 4 months ago
@hengistmcstone I do not know about historic, similar things have been said by so many, but their voices are not heard or paid much attention to. Many people who used to work on Wall Street have said things like this many times, it's really getting closer to the time that we need to get the Guillotine ready and the people responsible for our economic woes lined up and waiting.
4390100 4 months ago
Wow. This really is an 'Emperor Has No Clothes' moment !
hengistmcstone 4 months ago
I wish you guys would take your money and buy some commercial airtime to show clips like this because it will not otherwise get seen by the masses. It brings the whole "unfocused" aspect of the revolution together. The problem is big but it's also very basic.
tmlanedesign 4 months ago 3
@tmlanedesign The problem with buying airtime is that it funds the skewed corporate news agenda of the MSM. Towards the end of the video he says "We don't need money to do it. Just put it on You Tube and it'll spread. You know how to do this, you don't have to raise money , you just have to show the camera, put it on facebook, get it tweeted, and get it out there. Because this how news spreads in America. You don't have to buy ads on Fox cable phony news.."
hengistmcstone 4 months ago
I was there, and this speech made a major impression on me. The human microphone is practical, but it also had the unexpected result of really hearing the speech, rather than just listening to it. I heard every word, because I was listening to be able to repeat it. Great speech, and I'm so glad I was able to track down this video!
rosewood924 4 months ago
Comment removed
rosewood924 4 months ago
The 99% have to convince the 53% that the 1% are screwing all of us.
mcthorogood 4 months ago 15
@mcthorogood Brilliant sentence
Vlad1m1rk02 4 months ago
@mcthorogood The 53% need to stop being useful idiots in service to the 1%.
jamesmorgandavies 3 months ago
People are repeating because the City of New York refused to allow microphones. So the only way to get a speech heard down there is to use a "human microphone." It's odd, but it can be exhilarating too.
bbrowde 4 months ago 18
why have people repeating shit? it just takes longer to hear the speech
DickOPlenty 4 months ago
@DickOPlenty People are not allowed to use megaphones, or otherwise devices to amplify their voice. People use this technique to allow everyone to hear what the speaker is saying.
OHIOspikey 4 months ago 2
@DickOPlenty They aren't allowed to use anything but their voices to amplify what is being said. There are a couple of thousand people there so they repeat in unison so everyone can hear.
remmiclewis 4 months ago 2
@remmiclewis ok thx
DickOPlenty 4 months ago