Chelsea Green Publishing

Chelsea Green Blog

Les Leopold: Should Wall Street Pay Reparations?

Les Leopold, harsh critic of the current incarnation of Wall Street and the author of The Looting of America: How Wall Street’s Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It, recently posed the following question to his Huffington Post readers—and I’m paraphrasing: Should those crooks over there on Wall Street pay reparations to the American people for their wanton destruction of the economy?

Here’s an excerpt from the article. Read the full post here.

Let’s be very, very clear. Those who actively promoted or passively accepted the ideology of deregulation and wealth distribution put the financiers in control of the economy and they’ve made one hell of a mess of it…after making hundreds of billions of dollars along the way. We then bailed them out with trillions of our money and now they are making record profits again, while nearly 25 million are unemployed and underemployed. And millions more are working for crap wages.

If the arc of the universe bends towards justice, we would start with a President’s Wage Cap to tax away all Wall Street salaries above $400,000 a year and add on a windfall profits tax on all financial firms to pay for extended unemployment benefits until the unemployment rate falls below five percent.

Actually “tax” is the wrong word. We’re talking reparations.

Pow! Consider that a “Les Leopold proverbial foot to the chin.” Read the full article here.

Related Posts:


Chelsea Green Weekly for May 5, 2017

Ever wonder what your favorite Chelsea Green authors do between writing groundbreaking–both literally and figuratively–books? Here are the best links and resources for your weekend reading pleasure. Let’s start with The Alzheimer’s Antidote. The Alzheimer’s Antidote Amy Berger has been making the rounds on the health, wellness, and fitness circuit, explaining the theories behind her revolutionary […] Read More

Q&A with Kate Raworth about her radical new book, DOUGHNUT ECONOMICS

Q: First things first: Why did you want to write this book? A: I studied economics at university 25 years ago because I wanted to make a difference in the world and believed that economics – the mother tongue of public policy – would best equip me to do that. Instead, its theories left me […] Read More

Chelsea Green: In the Media 2016

Oh, 2016. Where did the time go? Each year, Chelsea Green receives hundreds of mentions (well over 1000 in 2016) in the media both big and small. From interviews, to excerpts, to opinion pieces by authors we’re always working to make sure that the mission and message of each book is spread far and wide. […] Read More

Slack and Taut: Defining a System’s Resilience

A resilient future (or a resilient present, for that matter) needs to be slack, not taut. What do we mean? Core to the concept of a Lean Economy is understanding the need to move toward a “slack” market rather than one that is “taut.” When British economist David Fleming died unexpectedly in 2010, he left […] Read More

Prehistory of the Next American Revolution

What now? A new Revolution? If we are to counter the dangers both of corporate domination and of traditional forms of socialist statism, decentralization is essential—both of economic institutions and of political structure. We are at a point in our nation’s history that could, decades from now, be taught as the prehistory of the next […] Read More
+1
Tweet
Share
Share
Pin