Urgent Announcement: On April 11 "A New Way Forward" (ANWF) has announced a national protest for "real structural change of Wall Street". For more information and to sign up to participate visit their website at www.anewwayforward.org.
I'm going back to the well once more which is Simon Johnson, former chief economist of the IMF. Here he is being interviewed by Bill Moyer on a show broadcast February 13, 2009. [You can see the video and the transcript on Bill Moyer's website here.]
SIMON JOHNSON: [...] Think of it like this, our taxpayer money is ensuring their bonuses. We're making sure that companies, that banks survive. And eventually, of course, the economy will turn around. Things will get better. The banks will be worth a lot of money. And they will cash out. And we will be paying higher taxes, we and our children, will be paying higher taxes so those people could have those bonuses. That's not fair. It's not acceptable. It's not even good economics.This is the third in what has become a series of articles (part 1, part 2) I've written with regards to Johnson's accusations that we now have a government of the bankers, by the bankers and for the bankers - in other words, an oligarchy.
BILL MOYERS: Are we chumps?
SIMON JOHNSON: We'll find out. Yes, we may be. Okay. It depends on how we play this politically. It depends on what our political system does. It depends, I think, on the level of reaction. The financial system is playing us for chumps, okay? The bankers think we're chumps. We'll find out. We have leadership that can handle this. We'll find out what they do.
The bankers think we're chumps. Our response must be to bust the banks! The same way that Teddy Roosevelt busted Rockefeller's Standard Oil back in the early 1900's. Too big to fail is too big to exist. Rather than passing new regulations for financial institutions that pose "systemic risk" to the economy, just chop them down to a manageable size where the FDIC can "intervene" and take over a bank if it is in trouble without taking down the whole system. Sounds like a plan. Let's do it!
Here are the ideas behind the April 11 A New Way Forward (ANWF) national protest action.
NATIONALIZE: Experts agree on the means -- Insolvent banks that are too big to fail must incur a temporary FDIC intervention - no more blank check taxpayer handouts.I urge you to join in making this a powerful national movement. The protest movement eventually got the US out of Vietnam in 1960's. Mounting disapproval of the Iraq War led to the election of Barack Obama and the promise of a withdrawal of US troops from Iraq. Now it is the bankers turn to feel the wrath of the American public. This could be the most significant mass movement of the 21st century.
REORGANIZE: Current CEOs and board members must be removed and bonuses wiped out. The financial elite must share in the cost of what they have caused.
DECENTRALIZE: Banks must be broken up and sold back to the private market with new antitrust rules in place-- new banks, managed by new people. Any bank that's "too big to fail" means that it's too big for a free market to function.
Please get involved and make a difference. Bust the banks before they bust us!