Taibbi weighs in on how to fix Wall St.

Concise and sensible, and almost certainly unacceptable to the thieves who wrecked the economy:

1. Break up the monopolies.There are about 20 such firms in America, and 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 preposterous and indefensible carried-interest tax break.
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.

6 thoughts on “Taibbi weighs in on how to fix Wall St.

  1. Taibbi should be talking about Obama illegally sending 100 Special Ops soldiers into Uganda/Sudan (?) to kill Joseph Kony who heads the Lord’s Resistance Army. That should be Taibbi’s focus and not how the OWS movement should conduct itself. If he were all that bright and nimble of intellect he would have begun the OWS movement long ago all by himself. The fact that he didn’t throws his suggestions, most of which are unworkable, into doubt. The system itself needs to be junked, not tweaked.

  2. History is rewritten by those in a position to get away with it. I spent the summer reviewing eighteen high school history books, not to critique the content so much as the lack of content. As with Columbus – the father of the the American slave trade as well as he who initiated the genocide of the thirty five million humans who were here first – and the myth that he “discovered” “America”, we’re all familiar with the canard of the bankers who on Black Tuesday 1929 “jumped” out of bank windows. They didn’t jump. They were thrown. You want to solve the problem?

    Burn the banks. Burn the churches. Burn them down to the ground.

  3. Ten Bears, burning everything down might feel good but it won’t solve the problem. What it will do is create new problems. The object of this exercise is to make “the first one now, will later be last.” That takes a more thoughtful approach than burning shit to the ground as the racists in the South eventually discovered.

  4. Ten Bears:
    Tell me how a few 1,000 European explorers could have killed 35,000,000 people. Even Hitler, with all his armies, didn’t slaughter that many. In addition, Nat Geo’s “The Making of America” estimates there were only between 5-15 million in Canada and the USA when Columbus et al arrived.

    I hope you are not a teacher and teaching these myths to young students.

    Ask yourself this as well-if what you say is true, where are these mass graves with millions of bones?

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