More and more I'm liking this guy, Dylan Ratigan, for taking on the greedheads on Wall Street.
In this video, he rants against corporate risk taking which is backed by our government. He tells us why our children's children's children will be paying for the fraudulent Capitalism backed by our Federal Government. And then he explains how he would fix banking in the USA from this point forward with four simple steps:
1. Inject transparency, primarily to bring almost $600 trillion of crooked insurance scams to the forefront. Force almost all swaps onto exchanges, not just the 20% as current proposed reform does.
2. Demand capital to back Wall Street's gambling.
3. Enact a tax-code to encourage long-term investment and discourage short-term profit. Fortunes should not be made in minutes but over years through the creation of value to society.
4. Break up the Too Big To Fail banking institutions. Start with Goldman Sachs and J.P. Morgan. Right Now.
1 comment:
How about:
5) Reinstate Glass-Steagal. The 1999 repeal should be undone.
6) Outlaw Credit Default Swaps. Banks buy them, then push the target companies into bankruptcy, and cash in. Jobs lost, companies dead.
7) Close Fannie & Freddie.
8) Securitization of mortgages: If you securitize the mortgage, the securities become your obligation. Outlaw securitization that passes on the repayment obligation to others.
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