Jeffrey Sachs Channeled His Inner Bill Black – and Obama and Holder Ignored Him Too


New Economic Perspectives has the article Jeffrey Sachs Channeled His Inner Bill Black – and Obama and Holder Ignored Him Too by William K. Black.   The article quotes from the appearance by Professor Jeffrey Sachs, Columbia University at The  31st Annual Monetary & Trade Conference
in Partnership with Drexel University’s LeBow College of Business: Fixing the Banking System for Good, Wednesday, April 17, 2013, Pennsylvania Room at the Federal Reserve Bank of Philadelphia, 100 N. Sixth Street Philadelphia, PA 19106.

Jeffrey Sachs: ‘Well, thank you very much for saying it and practicing it. I do believe – by the way, I’m just going to end here because I’ve been told I have to run to the U.N. in fact right now – I believe we have a crisis of values that is extremely deep, because the regulations and the legal structures need reform. But I meet a lot of these people on Wall Street on a regular basis right now. I’m going to put it very bluntly. I regard the moral environment as pathological. And I’m talking about the human interactions that I have. I’ve not seen anything like this, not felt it so palpably. These people are out to make billions of dollars and nothing should stop them from that. They have no responsibility to pay taxes. They have no responsibility to their clients. They have no responsibility to people, counterparties in transactions. They are tough, greedy, aggressive, and feel absolutely out of control, you know, in a quite literal sense. And they have gamed the system to a remarkable extent, and they have a docile president, a docile White House, and a docile regulatory system that absolutely can’t find its voice. It’s terrified of these companies.

For those who don’t know Jeffrey Sachs, William Black quotes the following from the article Jeffrey Sachs Calls Out Wall Street Criminality and Pathological Greed.

Jeffrey Sachs, Columbia professor and director of the Earth Institute at Columbia, is a controversial figure for his neoliberal stance on macroeconomics and his role in promoting the use of “shock therapy” in emerging economies. But it is also important to recognize that criticism from a connected, respected insider has more significance than that of someone like Bill Black, who has made a career of taking on bank fraud but has never reached a top policy-making level.

Now, perhaps you get the point of why I am so disappointed in our “docile president”.  It may even be worse than what we have been hearing from Elizabeth Warren and William Black.  You should also read what Sachs had to say about the Clintons.

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