Bank Of Canada Governor Mark Carney Calls Occupy Protests "Entirely Constructive"
world economic forum/CC BY-SA 2.0
Mark Carney is Canada's Head of the Fed, the leading banker in the country. The former Goldman Sachs banker is interviewed by the CBC and according to the Globe and Mail:
Mr. Carney acknowledged that the movement is an understandable product of the ``increase in inequality’’ – particularly in the United States – that started with globalization and was thrust into sharp relief by the worst downturn since the Great Depression, which hit the less well-educated and blue-collar segments of the population hardest.
Mark Carney famously had a dustup with JPMorgan Chase's Jamie Dimon last month over regulatory reforms, with Dimon, "a vocal critic of plans to force the world’s biggest banks to retain extra capital, directed a tirade at Mr. Carney, the Governor of the Bank of Canada, during a private gathering in Washington." It got so bad that The Globe and Mail says Lloyd Bankfein, the head of Goldman Sachs, had to email Carney to try and patch things up.
“There’s a frustration with policy and a frustration that, `are things going back to business as usual,’’’ Mr. Carney said in the interview. ``If I may say, that is not going to happen, but I can understand the frustrations.’’
Demonstrations like the Occupy Wall Street protests, which will hit Canadian cities this weekend, are a “democratic expression of views’’ and “entirely constructive,’’ Mr. Carney said. “It makes it more tangible, the challenges that that economy is facing, and it makes it more important to demonstrate success on issues such as financial reform,’’ he said.
This is getting interesting.