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Nobel-winning economist supports ‘Occupy Wall Street’

By Stephen C. Webster
Tuesday, October 4, 2011 10:12 EDT
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Nobel Prize winning economist Joseph Stiglitz showed up at “Occupy Wall Street” this week to show his support for the protest and clearly outline what he sees as the worst crimes of the American financial sector.

In a brief speech amplified by an “echo chamber” of protesters (who shouted Stiglitz’s own words as a group because they’re banned from using megaphones), the Colombia University professor said that Wall Street had become wealthy by “socializing losses and privatizing gain,” calling it a scheme that’s “not capitalism.”

“After the bubble broke, they continued in their way of disobeying the law, in a sense. Throwing people out of their houses, even in some cases when they didn’t owe money…

“We bailed out the banks with an understanding that there would be a restoration of lending. All there was was a restoration of bonuses. Unless we deal with the anti-competitive practices with the reckless vending and speculative behavior, with the anti-competitive practices, unless we restore demand to the function it should serve, we won’t have a robust recovery.”

This video was published to YouTube on Oct. 2, 2011.

Stephen C. Webster
Stephen C. Webster
Stephen C. Webster is the senior editor of Raw Story, and is based out of Austin, Texas. He previously worked as the associate editor of The Lone Star Iconoclast in Crawford, Texas, where he covered state politics and the peace movement’s resurgence at the start of the Iraq war. Webster has also contributed to publications such as True/Slant, Austin Monthly, The Dallas Business Journal, The Dallas Morning News, Fort Worth Weekly, The News Connection and others. Follow him on Twitter at @StephenCWebster.
 
 
 
 
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