Don't Look Now -- Banks Are Still Ruining America: 6 Harsh Lessons from the JP Morgan Fiasco
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Rather than looking for individuals to blame (even though so many richly deserve it) we should go after the entire banking system. Our case is simple. The big banks and their hedge fund friends crashed the economy with their reckless gambling. They killed 8 million jobs, caused a collapse in government revenues and led to mounting federal debts. Meanwhile state and local government services and employment were cut -- all thanks to Wall Street. Our financial elites should pay us back for the damage they caused. The only language they understand is money.
But wouldn’t that drive the best and the brightest out of the financial sector?
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).