Thursday, October 13, 2011

#OWS Quote Of The Day & Some Suggestions

"If Occupy Wall Street can . . . speak to the millions of people the banks have driven into foreclosure and joblessness – it has a chance to build a massive grassroots movement. All it has to do is light a match in the right place, and the overwhelming public support for real reform – not later, but right now – will be there in an instant." -- Matt Taibbi, Rolling Stone Magazine

Taibbi writes for Rolling Stone, where he once famously described Goldman Sachs as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." Taibbi believes "time is rapidly approaching when the movement is going to have to offer concrete solutions to the problems posed by Wall Street."

Her are his top five suggestions:

1.  Break up the monopolies. There are 20 financial companies in America that are deemed "Too Big to Fail" aka "Systemically Dangerous Institutions."  They need to be dismantled.

2.  Pay for your own bailouts.  A tax of 0.1 percent on all trades of stocks and bonds and a 0.01 percent tax on all trades of derivatives would generate enough revenue to pay us back for the bailouts, and still have plenty left over to fight the deficits the banks claim to be so worried about.

3.  No public money for private lobbying.  A company that receives a public bailout should not be allowed to use the taxpayer's own money to lobby against him.

4.  Tax hedge-fund gamblers.  For starters, we need an immediate repeal of the indefensible carried-interest tax break, which allows hedge-fund titans to pay taxes of only 15 percent on their billions in gambling income.

5.  Change the way bankers get paid.  We need new laws preventing Wall Street executives from getting bonuses upfront for deals that might blow up in all of our faces later. It should be: You make a deal today, you get company stock you can redeem two or three years from now, which forces everyone to be invested in his own company's long-term health.


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