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Errol Damelin | Occupy Wall Street Debate | Oxford Union
Posted
January 11, 2013
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January 11, 2013
10,671
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9:24Now PlayingErrol Damelin gives his argument in proposition of the motion that "This House would Occupy Wall Street".
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Errol Damelin starts by saying this debate is more of a battle between Wall Street and Main Street making sure that the 99% don't need to bail out the 1% again.
He outlines the financial industry and why it desperately needs to be transformed and says it's all about how we manage our money as individuals and as businesses.
He says the banking system used to be about the consumer but in the past few decades has focused on decisions that would only benefit the banks. These decisions include overdraft late fees that make money off the cash poor to serve the cash rich and also the lack of transparency. The banks take risks like gamblers in a casino knowing that if the risk doesn't work the can depend on a bail out from the 99%.
He concludes by saying the financial industry needs to be more transparent for consumers and businesses to understand the consequences of their borrowing. They also need to provide more control and flexibility to consumers allowing people to tailor their own payment schemes based on their circumstances rather than choosing fixed plan of action.
Filmed on Thursday 22nd November 2012
MOTION: THIS HOUSE WOULD OCCUPY WALL STREET
ABOUT ERROL DAMELIN:
Founder/CEO of digital finance company Wonga.com
ABOUT THE OXFORD UNION SOCIETY:
The Union is the world's most prestigious debating society, with an unparalleled reputation for bringing international guests and speakers to Oxford. It has been established for 189 years, aiming to promote debate and discussion not just in Oxford University, but across the globe.
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