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- Randy Wray on Krugman and the Frustration of the Heterodox April 28, 2014
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Tag Archives: #ows
Two days ago, a group of students at Harvard University submitted the following letter to their econ prof — Greg Mankiw – just before they got up and walked out of his introductory econ class. In the letter, Professor Mankiw’s students say, “If Harvard fails to equip its students with a broad and critical understanding of economics, their actions are likely to harm the global financial system. The last five years of economic turmoil have been proof enough of this.”
These students are clearly aware of the harm that economist scan do when they’re employing faulty models that rest on faith-based (theoclassical) assumptions to dispense policy advice in the real world. See, for example:
Dylan Ratigan speaks with William K. Black, and two Wall Street occupiers in his latest podcast of Radio Free.
This segment of yesterday’s Dylan Ratigan show features William K. Black and David DeGraw of AmpedStatus.com. Black argues that we need, “fire Geithner, fire Holder, and demand Bernanke’s resignation, and … replace them with people who will actually enforce the laws for the 99[%].”
This meets with David DeGraw’s approval, who then enlists our favorite white-collar criminologist to serve as the Attorney General for the Occupy Wall Street movement. Watch the entire segment here.
By Marshall Auerback
First, to the thin blue line: thank you and we ask for your protection rather than your discipline. Why should we expect that? Because the forces we are protesting are the very forces making it difficult for you and your families to save your wages and keep up with the cost of living. The Wall Street companies giving you contributions that are part of the problem, not the solution. They are bribing you to act against your own interests. So in protesting here, we are protesting on your behalf against a corrupted system, and we ask for your protection.
Second, to Brookfield Properties. This square produces little if any revenues for your shareholders. It is made of concrete and bricks. We have neither destroyed it, nor do we intend to. We cannot rationally understand your anxiety in letting us gather here, so we must conclude that your repeated demands for us to leave so you can clean it come from somewhere else. We will meet your demands with the more powerful force of massive non-violent resistance.
To the Board of Directors of Brookfield Properties, if you continue your demands for us to disband, we will scrutinize closely your contracts with the City of New York, past, present and in the future, to ensure that there is no evidence, explicit or circumstantial, of impropriety. We will deliberately hold your company specifically to the highest level of scrutiny.
Third, to Mayor Bloomberg. We see you and your business, Bloomberg LP, which caters specifically to the very same Wall Street banks and brokers whose practices we are protesting, as being in a violent conflict of interest. Thus, we do not respect your encouragement to leave and we will not obey and order for us to disband, which comes from your office.
Fourth, to the public at large: Brookfield Properties and Mayor Bloomberg do not have natural interests inserting themselves into this protest. To whomever it is whispering in their ears for us to disband, we say show yourself. If you are frightened that exposing the masses to the plutocratic status quo, consisting of our banking system and centrist politicians, we say you should be frightened. We will win because we have intelligence, moral clarity and because we are aggregating. You will lose because you are centralized only in systemic terms and there is no incentive for individuals supporting the status quo to fight to retain it.
And finally, we call out to the Tea Party, whom the mainstream media has artfully positioned as right-wing hard-headed idiots. We do not see you that way at all, but rather as every bit as idealistic as we are. When we strip out our social differences, the Tea Party and Occupy Wall Street movements have much in common, namely the recognition that the closed power system of the Washington/banking axis is suffocating 99% of the people of power. We both agree this power must be reversed and given back to the people. So join with us in support of this one issue, and we may then settle our social differences once power is restored to the people.