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Too Big to Fail, Raise the Minimun Wage

  • Broadcast in Politics Progressive
Its Your Gavel liberal talk

Its Your Gavel liberal talk


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In Australia, they have heavily subsidized university education (which they don't have to pay for until after they're making maybe $50K a year), free healthcare, financial support for families, and no one has EVER shot an Australian child at school. Their dollar is close to parity, they can buy enough groceries for a week for forty bucks, and depending on where they live, even people on a minimum wage can afford to own a house and car. They have a liberal government currently, but that will probably change soon for a while, then swing back the other way again. I have no idea why Americans think that we've got all the answers. Australia may be the best country in the world to be poor or sick in, and those who work hard can be rich as well.

Robert Reich wrote:

"Wall Street's six largest banks are far bigger than they were in 2008 when they were deemed "too big to fail," now accounting for more than half of the assets of the entire financial industry. Their combined profits rose $70 billion over the last year, a 30% increase over the year before. Yet much of the Dodd-Frank law that's supposed to prevent another "too big to fail" bailout is still on the drawing boards because the banks are delaying and watering it down…….

"What should be done? (1) Senators Warren and McCain have just introduced a new version of the Glass-Steagall Act, to separate investment from commercial banking. We all need to get behind it. (2) The Fed is becoming more serious about capping the size of the biggest banks, a measure long overdue. Fed member Daniel Tarullo is pushing this. (3) In addition, a small tax (say, 1/10 of 1%) should be imposed on all financial transactions to both slow speculation and raise funds that could be used for, say, our schools (human capital is more important than financial capital). But will reform really occur before we face another Wall Street disaster?"