Oct 12, 2011

Thoughts On The Occupy Wall Street Movement

My view of it is that it is a symptom of the economic malaise that we're facing not just in the United States, but all over the world. It started with the Arab Spring, and of course, poverty, unemployment, corruption, inequality eventually leads to people becoming restless. But now, you have middle-class people in Israel saying we cannot afford homes; you have middle-class students in Chile saying we don't have education; you have riots in London; people smashing Mercedes and BMWs of fat cats in Berlin and Frankfurt; you have an anti-corruption movement in India. It takes a lot of different manifestations, but we live in a world with a lot of economic insecurity, of worries about the future, of inequality, poverty, of concerns about jobs. And [Occupy Wall Street] is the manifestation in the U.S.

In 2009, [President Barack] Obama told the bankers, "I'm the only one who's standing between you and the pitchforks." The bankers got the bailouts; they were supposed to extend credit, extend mortgages. They did pretty much nothing, and they went back to the same actions as before: making money through trading. At this point, I think people are fed up with it. Rightly or wrongly, there's a huge amount of anger.

Nouriel Roubini is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics.