Put a regulatory leash & collar on America's dominant & woefully unproductive financial sector.
The vast, unproductive expasion of America's financial sector has been counter productive, turning into a "rent taking" industry. Speculative leverage with casino style bets with depositors money has sadly become the new capitalist model. No more.
Gotta love Simon's comment at the bottom... going Commando on the banks... and doing so from the Commanding Heights. Hey, China's Mercantilism, producing trillions in reserves and surpluses, and playing by the west's capitalism rules will make for a nation that will eat the rest of world for breakfast... and is already doing so. We are now the flat-footed ones.
Absolutely. If our media was not corporate controlled, Americans perhaps have better information to understand the degree to which the FIRE (Finance, Insurance, and Real Estate) sector promotes debt peonage, private-public partnerships, tax-payer bailouts, deregulation, weakening of labor, and attacks on public compacts (i.e., Social Security, Medicare, Medicaid, public schools, libraries, parks).
peter d roman commented
Hazel Henderson commented
Agreed . for starters, push the G-20 to follow the EU, the Brits and many other countries and civic groups to levy a small ( less than 1% ) " stamp tax" on all financial transactions ( see my article in Responsible Investor , Oct 17th, and at www.EthicalMarkets.com
Simon Olesen commented
I think that this is an understatement. The financial sector has shown us that it cannot handle itself well enough even to remain financially independant. When we bailed out the banking industry, in my eyes we took over ownership of the industry (or at least its leaders). The Federal government should take some cues from china and go Command economy on the financial sector, taking it over and making banking profits government profits.