The Massachusetts Senate Race: A Populist Protest Vote Against Wall Street Puppets 'Any Democrat now wishing to survive must immediately carry out a sharp anti-Wall Street, economic populist turn. A few ideas in that regard, to be supplemented by the detailed economic recovery program displayed on my website: make Wall Street pay for the depression by enacting a 1% Tobin tax on all Wall Street financial transactions and turnover, including stocks, bonds, and above all financial derivatives. Claw back any remaining money of the bailout or TARP. Reimpose the Glass-Steagall law to separate commercial banking, insurance, and stock brokerage. Outlaw credit default swaps and adjustable rate mortgages. Enact a 10% federal usury law to limit interest rates on credit cards and payday loans. Stop all home foreclosures for five years or for the duration of the present economic emergency, whichever lasts longer. Seize the Federal Reserve and make it a bureau of the Treasury, passing to issue 0% federal credit for industry and agriculture, not speculation and financial services; stop federal borrowing and start federal lending.
Thursday, 21 January 2010
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