The Real News: Paul Jay Interviewing Professor Michael Hudson- Occupy Wall Street to a Bank in The Public Interest

OWS

Source: This piece was originally posted at FRS FreeStates: The Real News: Paul Jay Interviewing Professor Michael Hudson- Occupy Wall Street to a Bank in The Public Interest

All of these protests on Wall Street that are going on around the country, could be positive for the country. If it leads to real reforms in our economy, that reforms our banking system in a way that we stop bailing out banks and other company’s, regulate their bad behavior. And lets them keep a lot of their profits instead of subsidizing them when they are successful. And that’s not what we have right now. We have so many tax loopholes, that a lot of our business’s end not paying much if anything in taxes like General Electric. But tax them at a rate that allows them to be profitable and encourages them to be profitable.

But we eliminate most if not all of our loopholes in the tax code and subsidy’s. We don’t bail out banks when they go under and we don’t let them become monopoly’s. We force them to sell off at market rate before they become “too big to fail”. We break up these big banks that have become like monopoly’s. And instead of having a banking system with a few huge banks, we have a banking system of a lot of small and mid-size banks all cross the country. We have more community banks, with still a few big national banks. But they aren’t “too big to fail”, because of all the competition that we have in our banking system. And instead of bailing them out when they fail and rewarding their bad behavior, we force them to pay bankruptcy insurance and they would pay that based on the size of their bank. And at how big of a risk they are too failing based on their history.

One way to bring more competition to our banking system, so these company’s don’t become “too big to fail”, is to have a community banking system all across the country. For each state, have each state with their own public options in the banking system. That would be self-financed, independent of government as far as how its managed. Non Profit and subject to the same rules and regulations that all private non-profit banks would be subjected to. And then let the market decide which banks are successful, once the public options are up in running. And everyone is playing by the same set of rules that are designed to protect our economy and consumers.

This is the approach we should be doing, instead of “Cowboy Economics”. From the Far-Right without meaningful regulations of the economy at the expense of consumers. And socialist state-run economics from the Far-Left. Where we would literally nationalize our banking system. And turn them into public utility’s and public monopoly’s. Leaving consumers with little if any choice in how they do their banking What we need to do with our banking system, is to enforce current rules pre-2010 Dodd-Frank banking reform legislation. End “too big to fail, end monopoly’s and make sure we have maximum freedom and open competition that provides Freedom of Choice for all of our consumers.

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About Derik Schneider

Blogger on everything that interests me and that I'm knowledgeable about.
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