Want To Prevent Wall Street From Screwing Us Again? This Is Exactly How (VIDEO)
Robert Reich knows how to fix the economy: Crack down on Wall Street.
The latest recession not only crippled our national economy, but contributed to worldwide economic distress. And the biggest reason for that recession? Wall Street being allowed to do whatever they want. We literally allowed, and still allow for the most part, Wall Street to legally gamble with our economy.
In the fourth of his ten steps to make the economy work for the many, not just the few, the renowned economist and President Bill Clinton’s former labor secretary, Robert Reich, explains just how the economy crashed, and how, if we’re not vigilant in taking the proper steps, we will suffer from similar economic distress down the road.
In two minutes and thirty seconds Robert Reich gets to the heart of the matter. He begins by stating:
“Wall Street screwed you once, here’s how to avoid being screwed again.”
First, Reich explained that we need to bust up the big banks. They screwed us once before, and if we allow it, they’ll screw us all over again.
And who got screwed the most? Certainly not the banks…they got bailed out. Working Americans bore the brunt of the economic collapse. Millions lost their jobs, health insurance and savings, as well as their homes.
When Wall Street gains too much power, it’s the rest of us who suffer. Reich explains that banking should be nothing like the casino that it is currently. It should be boring. It should be functional for all, not just the few who know how to manipulate it the best.
And Dodd-Frank? You remember, the legislation written to prevent another crash? Well, Republicans are working their damnedest to roll back as many parts of that law as possible.
Reich also explains that the banks are even bigger than they were in 2008, which is terrifying, quite honestly. Because as the saying goes, “the bigger they are, the harder they fall.” And with that size comes power: political power. Banks have become some of the largest contributors to political campaigns — to work in their own favor, of course, and not in the favor of everyday, average Americans. Both Republicans and Democrats are guilty of receiving these funds.
What should be done? Bring back the Glass-Steagall Act, which placed much-needed restrictions on these giant banks, separating investments from commercial banking. We also need to put a transaction tax on every Wall Street trade to discourage speculation and slow down the casino-actions it has become so accustomed to. This tax would also raise much-needed funds for other programs, like say, schools. The big banks need to be broken up. If they’re too big to fail…they’re too big.
We need to enforce anti-trust laws and not allow certain banks and businesses to monopolize the market. That limits competition and could create quite the calamity if things were to all go bust once again. Currently, too much money is being concentrated in the hands of the very few on top.
Wall Street needs to be tamed, and it’s up to us to elect the people to do it.
Watch: Robert Reich explains how to tame Wall Street.
Posted by Robert Reich on Monday, May 18, 2015
Video/Featured image via Facebook
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