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A year and a half after the financial meltdown, Congress is about to
conclude Round One of the fight over reining in Wall Street. Let's hope
they're not planning to hang up their gloves.
The House and Senate are still working out the differences in their
respective versions of the financial reform bills. It's not too early,
however, to say that while the legislation will make some positive
differences in the lives of ordinary people and small businesses, it
will not be enough.
If we're to restore the financial sector to its original purpose of
serving the real economy, there will need to be more battles to come.
First, though, here are some of the highlights:
These are small, positive steps in the right direction, but they do
not alter Wall Street's basic business model. They will shine a
brighter light on the financial sector and make some dangerous behavior
less profitable. But big-time gamblers will still have too much power
to run our economy like a casino.
That's why we need to start planning for Round Two. Here are two key pieces of unfinished business:
On May 17, more than a thousand people rallied in Washington, DC,
calling for such a "financial speculation tax" as part of a broader
financial reform agenda. Under a steady cold rain, protestors expressed
the high level of anger over Wall Street's continued excesses at a time
when ordinary working families are still suffering from the crisis.
This Institute for Policy Studies video captures diverse
perspectives on why financial speculation taxes are one piece of the
solution:
The Washington rally was part of an international week of action to
"Make Finance Pay," with events in at least seven countries. Many chose
a Robin Hood theme, to make the point that a financial speculation tax
could generate massive revenues to fight poverty and other urgent needs.
In London, for example, campaigners dressed as Robin Hood delivered
giant mosaics of pictures of supporters to new members of Parliament.
In Berlin, activists performed a stunt in front of the Brandenburg
Gate, attacking a bankers' carriage with big bags of money and
redistributing it in smaller packets for the poor and the planet. In
Ottawa, the Canadian campaign staged a tug-of-war in front of the
Parliament building that pitted bankers against "the people" (plus one
polar bear).
As we roll up our sleeves for the next battle, it's important to
remember that it took 1930s reformers seven years to enact the six
landmark bills that helped stabilize the financial industry for many
decades. Less than two years into this crisis, it's time to join our
allies around the world and build a long-term, creative campaign to
transform the Wall Street economy.
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A year and a half after the financial meltdown, Congress is about to
conclude Round One of the fight over reining in Wall Street. Let's hope
they're not planning to hang up their gloves.
The House and Senate are still working out the differences in their
respective versions of the financial reform bills. It's not too early,
however, to say that while the legislation will make some positive
differences in the lives of ordinary people and small businesses, it
will not be enough.
If we're to restore the financial sector to its original purpose of
serving the real economy, there will need to be more battles to come.
First, though, here are some of the highlights:
These are small, positive steps in the right direction, but they do
not alter Wall Street's basic business model. They will shine a
brighter light on the financial sector and make some dangerous behavior
less profitable. But big-time gamblers will still have too much power
to run our economy like a casino.
That's why we need to start planning for Round Two. Here are two key pieces of unfinished business:
On May 17, more than a thousand people rallied in Washington, DC,
calling for such a "financial speculation tax" as part of a broader
financial reform agenda. Under a steady cold rain, protestors expressed
the high level of anger over Wall Street's continued excesses at a time
when ordinary working families are still suffering from the crisis.
This Institute for Policy Studies video captures diverse
perspectives on why financial speculation taxes are one piece of the
solution:
The Washington rally was part of an international week of action to
"Make Finance Pay," with events in at least seven countries. Many chose
a Robin Hood theme, to make the point that a financial speculation tax
could generate massive revenues to fight poverty and other urgent needs.
In London, for example, campaigners dressed as Robin Hood delivered
giant mosaics of pictures of supporters to new members of Parliament.
In Berlin, activists performed a stunt in front of the Brandenburg
Gate, attacking a bankers' carriage with big bags of money and
redistributing it in smaller packets for the poor and the planet. In
Ottawa, the Canadian campaign staged a tug-of-war in front of the
Parliament building that pitted bankers against "the people" (plus one
polar bear).
As we roll up our sleeves for the next battle, it's important to
remember that it took 1930s reformers seven years to enact the six
landmark bills that helped stabilize the financial industry for many
decades. Less than two years into this crisis, it's time to join our
allies around the world and build a long-term, creative campaign to
transform the Wall Street economy.
A year and a half after the financial meltdown, Congress is about to
conclude Round One of the fight over reining in Wall Street. Let's hope
they're not planning to hang up their gloves.
The House and Senate are still working out the differences in their
respective versions of the financial reform bills. It's not too early,
however, to say that while the legislation will make some positive
differences in the lives of ordinary people and small businesses, it
will not be enough.
If we're to restore the financial sector to its original purpose of
serving the real economy, there will need to be more battles to come.
First, though, here are some of the highlights:
These are small, positive steps in the right direction, but they do
not alter Wall Street's basic business model. They will shine a
brighter light on the financial sector and make some dangerous behavior
less profitable. But big-time gamblers will still have too much power
to run our economy like a casino.
That's why we need to start planning for Round Two. Here are two key pieces of unfinished business:
On May 17, more than a thousand people rallied in Washington, DC,
calling for such a "financial speculation tax" as part of a broader
financial reform agenda. Under a steady cold rain, protestors expressed
the high level of anger over Wall Street's continued excesses at a time
when ordinary working families are still suffering from the crisis.
This Institute for Policy Studies video captures diverse
perspectives on why financial speculation taxes are one piece of the
solution:
The Washington rally was part of an international week of action to
"Make Finance Pay," with events in at least seven countries. Many chose
a Robin Hood theme, to make the point that a financial speculation tax
could generate massive revenues to fight poverty and other urgent needs.
In London, for example, campaigners dressed as Robin Hood delivered
giant mosaics of pictures of supporters to new members of Parliament.
In Berlin, activists performed a stunt in front of the Brandenburg
Gate, attacking a bankers' carriage with big bags of money and
redistributing it in smaller packets for the poor and the planet. In
Ottawa, the Canadian campaign staged a tug-of-war in front of the
Parliament building that pitted bankers against "the people" (plus one
polar bear).
As we roll up our sleeves for the next battle, it's important to
remember that it took 1930s reformers seven years to enact the six
landmark bills that helped stabilize the financial industry for many
decades. Less than two years into this crisis, it's time to join our
allies around the world and build a long-term, creative campaign to
transform the Wall Street economy.