Thursday, November 19, 2009
If only we could find some money to offset the budget cuts and tuition hikes...
Democracy Now reports:
"Wall Street profits are set to exceed the record set three years ago, before the onset of the nation’s financial meltdown. The four largest firms—Goldman Sachs, Merrill Lynch, Morgan Stanley and JPMorgan Chase—took in $22.5 billion in profits through September. The top six banks set aside $112 billion for salaries and bonuses over the same period."
William Grieder writes in the Nation:
(at the very least) "a very small excise tax on all financial transactions--trading stocks, bonds and derivatives--could yield hundreds of billions in revenue."
"Senator Bernie Sanders asks another [question]. If some banks are "too big to fail," why not just make them smaller? His bill would require Treasury to identify and break up too-big financial institutions within one year. Goldman Sachs and JPMorgan Chase are reacting with alarm...[because?] Fed chair Alan Greenspan has embraced the same concept."
What WILL it take?
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