The Dow Jones is "too hot" to handle, the economy is moving at a cheerful stagger, and you've finally grown to appreciate how cheap NYC is. Who cares if not a single person was prosecuted for destroying the economy? Jeffrey Sachs, noted lox ogler and famous Columbia economics professor, seems to care a great deal, telling the audience at a financial conference in Philadelphia earlier this month that Wall Street is basically a .gif of a Hogarth engraving.

The economist calls Wall Street's behavior "pathological," and enabled by a culture of impunity. "They have no responsibility to pay taxes. They have no responsibility to their clients. They have no responsibility to people, counterparties in transactions. They are tough, greedy, aggressive, and feel absolutely out of control, you know, in a quite literal sense."

You can read a partial transcript here, but the audio is worth listening to. Sachs, his voice unmodulated and occasionally strained with emotion, kind of sounds like Matt Foley. Bill Still, the host of The Still Report, who recorded Sachs' comments on his iPhone, is quivering with excitement (listen to him yelp after Sachs delivers the "pathological" line).


"[Banks] have gamed the system to a remarkable extent, and they have a docile president, a docile White House, and a docile regulatory system that absolutely can’t find its voice," Sachs says.

I have waited for four years, five years now, to see one figure on Wall Street speak in a moral language, and I’ve not seen it once. And that is shocking to me. And if they won’t, I’ve waited for a judge, for our president, for somebody, and it hasn’t happened. And by the way it’s not going to happen anytime soon it seems.

Mr. Sachs, meet U.S. District Judge Jed Rakoff.

[Naked Capitalism]