Why Not Tax Wall Street?
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By William Greider
This article appeared in the December 7, 2009 edition of The Nation.
November 18, 2009
Washington is experiencing a rare and disorienting moment. Big ideas for financial reform that have languished for years are suddenly gaining momentum. Instead of taxing folks to clean up after reckless Wall Street bankers, why not tax Wall Street? Instead of tolerating behemoths regarded as "too big to fail," why not break them up before they do more damage to the country? Instead of genuflecting before the mysterious Federal Reserve, why not strip the temple of its secrets and cleanse it of the self-interested bankers who shape Fed policy?
The fact that these and other unsanctioned propositions are in play and even proposed by respectable figures indicates how deeply the established order has been rattled by the financial crisis. It also demonstrates that members of Congress who bailed out the bankers with public money are quite terrified of voter retribution in the next election.
The center is not holding. That's good news for the Republic, because the center has long been subservient to the demands of financial power. Cynics will say this is a passing tempest that will come to nothing. They might be right. But reformers should make the most of it, at least to agitate the fears of elected politicians--including the president.
Welcome to Mardi Gras, Washington-style. It feels like carnival time, when up is down and down is up, when humble folks parade as kings and queens and the reigning royals are dressed as clowns. As someone who has written about these heretical ideas for decades, I feel a bit giddy at the opportunities for real change, though mindful that the anarchy may not last long.
(Continued here.)
By William Greider
This article appeared in the December 7, 2009 edition of The Nation.
November 18, 2009
Washington is experiencing a rare and disorienting moment. Big ideas for financial reform that have languished for years are suddenly gaining momentum. Instead of taxing folks to clean up after reckless Wall Street bankers, why not tax Wall Street? Instead of tolerating behemoths regarded as "too big to fail," why not break them up before they do more damage to the country? Instead of genuflecting before the mysterious Federal Reserve, why not strip the temple of its secrets and cleanse it of the self-interested bankers who shape Fed policy?
The fact that these and other unsanctioned propositions are in play and even proposed by respectable figures indicates how deeply the established order has been rattled by the financial crisis. It also demonstrates that members of Congress who bailed out the bankers with public money are quite terrified of voter retribution in the next election.
The center is not holding. That's good news for the Republic, because the center has long been subservient to the demands of financial power. Cynics will say this is a passing tempest that will come to nothing. They might be right. But reformers should make the most of it, at least to agitate the fears of elected politicians--including the president.
Welcome to Mardi Gras, Washington-style. It feels like carnival time, when up is down and down is up, when humble folks parade as kings and queens and the reigning royals are dressed as clowns. As someone who has written about these heretical ideas for decades, I feel a bit giddy at the opportunities for real change, though mindful that the anarchy may not last long.
(Continued here.)
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