Big Finance Is a Monster That's Consuming Our Economic Security
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So there you have it. Decades of deregulation and tax cuts for the rich have turned the financial sector into the most prosperous casino in history by and for the few. The financial sector is on the march again, siphoning off our national wealth into its useless casinos and creating little or no employment for the eight million who lost their jobs because of the financial crash.
Meanwhile, Geithner and company are more than happy to shift the debate from shrinking the size of Wall Street to cutting back middle-class benefits in order to pay off the debt (debt run up to save the economy from Wall Street’s crash).
The real debate should be how best to reclaim our nation’s wealth from Wall Street. It’s high time that the $2.2 trillion sloshing around in hedge funds supported real job creation and debt repayment instead of enriching a handful of billionaires. I sure do miss Eisenhower’s 91 percent top marginal tax rate.
If ever there was time for a national Wisconsin-like backlash against financiers, this is it.
Les Leopold is the executive director of the Labor Institute and Public Health Institute in New York, and author of The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It (Chelsea Green, 2009).