OLBERMANN: With labor unions and progressives organizations now joining Occupy Wall Street, and similar “Occupy” protests planed around the country, the possibility exists that — together — they might be synthesizing something this country seemingly has not had in decades — an active, motivated left coalition to counter the right wing. I’m joined by one of the leading progressive voices on Capitol Hill, Senator Bernie Sanders, the Independent of Vermont. Senator, thanks again for your time tonight.
BERNIE SANDERS: My pleasure.
OLBERMANN: Is that what is happening here — dare I say this — an American left is forming?
SANDERS: Well, I certainly hope so. The middle class is collapsing in America today. Poverty is increasing, and institutions like Wall Street have enormous power over our economy and political life. So, we desperately need a coming together of working people to stand up to Wall Street, corporate Americans, say “Enough is enough. We need to rebuild the middle class in this country. And you guys can’t have it all.”
OLBERMANN: How long do you think it’s been since we have had an active viable left, even one comparable to the right? Is it Reagan, pre-Reagan? Is it Vietnam era?
SANDERS: It’s been a very, very long time, Keith. There’s no question about that. But what I appreciate about what’s going on New York City right now is there is a spotlight being focused on Wall Street. We desperately need that. If we’re going to get out of this recession, if we’re going to create the millions of jobs that we desperately need, we need real Wall Street reform. I mean, right now — a lot of people don’t know this — you have six financial institutions, the largest six banks in the country, who control 60% of the assets of the United States of America. After we bailed them out, because they were “too big to fail,” three out of the four largest financial institutions actually became bigger.
OLBERMANN: Mm-hmm.
SANDERS: So, if we are going to create a situation where capital is going to flow into the productive economy, into manufacturing, into rebuilding our infrastructure, into transforming our energy system, rather than continuing the casino-type games that Wall Street is playing right now, we need a lot of pressure on Wall Street. No question about that.
OLBERMANN: So, give me a read in that context about Occupy Wall Street. I mean, I have always had a theory that nothing has ever changed for the better in the history of this world without somebody starting by saying, “Hey, this is wrong. I don’t know how to fix it. But this is wrong,” and we just need to keep saying, “This is wrong,” until everybody is saying, “Okay, let’s get together and fix it.”
SANDERS: Absolutely. And focusing attention on Wall Street is exactly the right thing to do. Let me give you just one other example, Keith.
In the Dodd-Frank Financial Reform Bill, we managed to get a provision in there, which allowed for an audit of the Fed during the Wall Street bail out. What we learned — amazingly enough — is the Fed provided $16 trillion — $16 trillion — in low-interest loans to every financial institution in this country, and to central banks all over the world and large American corporations.
Now just think about what would happen if the Fed today said, “We have to deal with unemployment. We are going to make billions of dollars in low interest loans available to small businesses to those institutions in America that are actually part of the productive economy producing products, producing services and creating jobs.” So, I think focusing on Wall Street, ending their speculation, demanding that they participate in the productive economy, helping us create the millions of jobs we desperately need, breaking up these behemoths, which are strangling our economy, is exactly the kind of attention that we need to be focusing on.
OLBERMANN: Well, all right, those folks who have been out there now for more than a week and a half, sometimes I think must I think feel like they are on the moon in terms of the media attention they are beginning to get it. But in terms of people taking it seriously, I am not sure the mainstream of the country is yet. You are a respected figure in the United States Senate, which is a rare thing. What would your message be to them directly, who are out there right now involved in Occupy Wall Street?
SANDERS: My message is — reach out to working people. Reach out to the unions. Reach out to the middle class. Bring people together, demanding real Wall Street reform so that the function of Wall Street is to provide capital to the productive economy, create jobs that we desperately need, rather than continue to engage in speculation and casino-type activities, i.e. real, real Wall Street reform.
OLBERMANN: Last point. There is an Occupy protest scheduled for the 6th of next month in Washington. Do you welcome them coming to the Capitol? Would you attend? I mean, they have already asked me. I’m sure they would rather have you.
SANDERS: Any attention that we can play — pay — to the greed, recklessness and illegal behavior on Wall Street ought to — what the Fed is not doing, I think, is deserved attention. So, I will, you know, see if I can be there. But I think focusing attention on this issue is enormously important.
OLBERMANN: Senator Bernie Sanders of Vermont, one of the few people in office to say anything about this subject, and saying it wonderfully as always. Thank you, Senator.
SANDERS: Thank you.
