Bust the Big Banks
This week, former Labor Secretary Robert Reich came out with a new video explaining what needs to be done to tame Wall Street in just 2 and a half minutes. As the big banks have gotten larger and larger shares of America's wealth, we become more beholden to these big banks and their risky investments. Remember the movie To Big To Fail? But Reich has a solution! He says that we need to reinstitute the Glass Steagall Act. This act used to seperate commercial banking from investment banking. This means that you weren't responsible for the risky investments that banks took on things like sub prime loans. He also says that we should put a small tax on every Wall Street trade. This will discourage some of the speculation that makes Wall St more like Las Vegas and less of an investment hub, not to mention providing a revenue stream to fund things like schools and infrastructure. Finally he says that we need to bust up the big banks. If you are to big to fail, you are just to big.