Patrick Byrne, the CEO of Overstock.com, talked to The Young Turks host Cenk Uygur on Tuesday night at the “Occupy Wall Street” demonstration in New York City’s Zuccotti Park. He described himself as a libertarian who was fond of the economic ideas of Milton Friedman.
“I think there’s a difference between Wall Street and capitalism,” Byrne said. “I’m good with capitalism. I have a lot of trouble with Wall Street.”
He added that Wall Street had Washington, D.C. “by the throat” and was not allowing the government to properly regulate the financial sector.
“That core message, which is what I understand to be the core value of ‘Occupy Wall Street,’ is right on the money,” Byrne noted.
He also said that the Glass–Steagall Act of 1933 should be re-enacted. The law controlled speculation and placed other regulations on the banking industry. It was repealed in 1999.
Watch video, courtesy of Current TV, below: