...income distribution is so out of whack that progressive income taxes alone won't correct it. We need a wealth tax.
....we need to end casino banking: ...we should transform the 19 largest Wall Street firms (which control more than 60 percent of the nation's banking) into tightly regulated pubic utilities.
...if we truly value free enterprise in the real economy, we must seriously consider wealth redistribution and bank nationalization.
The alternative is more of what we already have: a billionaire bailout society with a hollowed out middle class.
--- Les Leopold at Huffington Post, 12.15
Bill - I don't agree with a Wealth Tax, but do wholeheartedly agree with a "2010 Banking Public Utility Act". What a great idea.
Just like Health Insurance companies, Banking companies have morphed into entities which exist in their own worlds, serving no public good whatsoever. They are anti-competitive and anti- "free enterprise", and exist at this point only to extort money* from the public by any means. As in the case of travel agents, the inexorable march of Globalization/Internetalization will eventually do away with them. They are putting up a heck of a fight first though, and will take out many innocents in their death throes.