The spreading protests of “Occupy Wall Street” may become a significant political force. What began as a rag tag band of middle class college age youths agitating against capitalism is galvanizing Main Street’s feelings of helplessness. With 14 million officially unemployed and another 5 million probably no longer seeking work; with wages for workers stuck at 1973 levels and a 7 percent decline in the real medium income of families since 2000; with growth so anemic that we cannot lower unemployment rates; with a Washington train wreck impotent to provide policy leadership; and with public employment projected to be reduced due to city, state and federal cuts….with all these alone…the mood of the country is justifiably grim.  Read More

Earlier this month, I spent a week with a delegation from the Council on Foreign Relations and under the auspices of the Central Command meeting with military and civilian leaders in Iraq and Afghanistan, including General David Petraeus. We travelled by C-130 aircraft, Chinook and Blackhawk helicopters and armored vans.  Read More

Goldman Sachs may or may not be guilty of fraud as alleged by the Securities and Exchange Commission. The legal issue centers on whether Goldman had to disclose that a prominent institutional investor had selected mortgages to be sold to other institutional investors. "Disclosure" is the central issue in this case.  Read More

The debate over the bureaucratic location and independence of a Consumer Financial Protection Agency as part of the financial reform bill raises legitimate concerns about the relationship of consumer advocacy to the “safety” and “soundness” of the credit system.  Read More

Thank you for asking me to appear before the Commission. Before I begin, I want to commend the leadership of the House and Senate for creating this bi-partisan Commission to examine the causes of the current financial and economic crisis in the United States.  Read More