phrase "Wall Street" is a representative of the financial
community. The only sensible reason for occupying Wall Street is
for symbolic purposes. You want to call the public's attention to
What is the
problem? I contend that the people occupying Wall Street do not
understand the problem. If they did, they would be forming picket
lines in front of the New York Federal Reserve bank at 33 Liberty
Street. That is where the problem began in 1914. That is where
the problem will be solved.
well informed will form picket lines in front of the representative
agency of the Federal Reserve Bank of New York, namely, the Federal
Reserve Bank building in Washington, D.C.
has never resided there. That is a symbol to deceive the Congress
of the United States, which operates under the illusion that it
is in charge of the Federal Reserve System because it is nominally
in charge of the Board of Governors of the FED, an agency with
of this sovereignty is the suffix to its URL: www.FederalReserve.gov.
The "gov" ID is the mark of sovereignty.
The New York
FED is where the decisions are made. Its URL suffix is ".org."
That is the mark of its legal incorporation as a private entity.
What is Wall
Street? It is a street sign. It is a building. It is the headquarters
of the New York Stock Exchange. Outside of the building is a sculptured
of the bull these days are picketers. They are making a point.
They don't like the financial system. They think that the central
core of the financial system is on Wall Street. It isn't.
how the system really operates, imagine that you are at a bull
is a conglomerate of very large banks. Today, there are four of
them. They hold about 57% of the banking system's assets.
Who is the
bull? Stock market investors. Bond investors. Rich people who
think Wall Street is the road to Easy Street.
to time over the last 200 years or so, beginning in 1819, this
conglomerate has pushed the American economy into a series of
booms and busts. The first major bust was in 1819.
has been politically vulnerable on many occasions. It was vulnerable
for a decade, 1929 to 1939. The bull got its horns into the matador
a few times, not by demonstrations on Wall Street but in the halls
of Congress. The government has imposed lots of rules and regulations
after every stock market crash. As Dr. Phil asks his guests from
time to time, after they have described how they have dealt with
some terrible relationship issue: "How's that working for
In the good
old days pre-Eisenhower the head honcho at the FED
was the president of the New York FED. The last visibly powerful
New York FED president was Beardsley Ruml, who was also the head
of Macy's. Ruml was rich, and powerful beyond belief. Wikipedia
describes him well.