Young people have the ability to change America’s economy, says Simon Johnson, professor of entrepreneurship at the MIT’s Sloan School of Management. With unemployment rates high for individuals ages 18-25, “a lot of those people are struggling to get established in the labor force because of damage done by these huge banks in 2007 and 2008,” Johnson said. Watch Professor Johnson talk about young people making change and the remedy for an ailing economy:
“We need a financial sector that works for the real economy, not a financial sector that works for itself and runs crazy gambling casino schemes,” said Johnson, who also launched a petition – now with 38,000 signatures - to have Jamie Diamon, the CEO of JPMorgan Chase, step down from the New York Federal Reserve Board, citing a conflict of interest.
Johnson’s remedy to fix the financial sector?
- No bank should be too big to fail.
- Banks should be made small enough and simple enough so they can fail.
- Nobody gets a “get-out-of-jail-free card.”
While those points will force banks to be accountable, Johnson said, younger people should be striving for change.
“You have to keep pushing,” Johnson said. “You have to mobilize, you have to organize, you have to show people that there’s some shared interest and there’s an ability to bring pressure.”
genConnect is credentialed press at the 2012 Aspen Ideas Festival in Aspen, Colo., where we are interviewing the premier speakers and attendees at the conference. For more of our video interviews and articles from the Ideas Festival, click here.
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