‘Wall Street is directly responsible for US unemployment’
As the Occupy Wall Street movement continues its protests on US streets, the American Jobs Alliance executive director hails them for pinpointing the source of their troubles.
“Wall Street not only did not create jobs, they are directly responsible for the unemployment in America,” Curtis Ellis says in an interview with RT, comparing the banker to “the child who kills his parents and then pleads for mercy as an orphan.” According to Ellis, they actively pushed corporations to outsource productions to third-world countries like China, Vietnam, and Indonesia.“They told corporations: cut the costs by cutting your US payrolls. It will boost the stock price, and while the CEOs were paid with shares, they were eager to boost the share prices by any means necessary. What they did is they destroyed the American economy by destroying their own customers, the taxpayers and incomes of homeowners who could no longer pay their mortgages. And that's what the protesters are really protesting about. If they had jobs there would be no financial crisis, and no protests,” Ellis observes.He expects the protests to grow even larger than they are at the moment as the administration fails to take action.“The White House is paying lip service to the concerns of the protesters and the unemployed, but we see the exact opposite in terms of action. They just got finished outsourcing three more deals under the name of trade deals that would benefit the financial sector, but lead to more outsourcing of more US jobs,” he says.“Meanwhile, the US Justice Department made a settlement with Citibank. The bank defrauded investors in the collapse of the mortgage industry, but there were no criminal charges brought. They paid a $250 million fine, but they got a slap on wrist for a fine and no one went to jail. This is not taking action against the big banks."
