Protesters march near the New York Stock Exchange during a demonstration marking the one-year anniversary of the Occupy Wall Street movement on September 17, 2012 in New York City.After decades of cheerleading for deficit reduction and lower government spending, Wall Street may be changing its tune.
"Wall Street is screaming at the fiscal authorities to spill red ink," said former PIMCO managing director Paul McCulley, now a fellow at Cornell Law School and adjunct professor at Georgetown University's McDonough School of Business about the push for increased spending and acceptance of federal debt. "That's about as wholesale a paradigm shift as you can imagine.
As the fundamentals of the country's economic policy have been exposed as mistaken, heterodox economic ideas have cropped up to offer alternative ways of thinking. JFI also publishes a website, Phenomenal World, focused on cutting edge social science, economics, and political economy with a distinctly left-wing perspective. Phenomenal World runs essays like
One prominent figure in the left wing finance discourse, the economist and musician Alex Williams, who tweets as @tragicbios, said he has been in dialogue with more finance professionals than academic economists. Despite the industry's reputation, Williams has not been surprised that post-Keynesian economics has found a following among people who actually work on Wall Street, explaining that "the closer you get to the actual machinery, the more it matters your conceptual frame is right.
" which argued that the owners of capital would prefer to sacrifice growing profits stemming from increased consumer purchasing power in order to maintain their position atop the social hierarchy and discipline among their workers, increasing the elites' slice of the economic pie rather than increasing overall output.
AlexYablon They are recognizing that the DNC is now the GOP of the 80s and the current Republican crop is bad for business
AlexYablon OWS NuclearThrone Marijuanastocks
AlexYablon Until they start making less money, have families and real responsibilities.
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