Robert Reich: Wall Street’s Threat to the American Middle Class
Wall Streets Threat to the American Middle Class
MONDAY, JANUARY 26, 2015
Presidential aspirants in both parties are talking about saving the middle class. But the middle class cant be saved unless Wall Street is tamed.
The Streets excesses pose a continuing danger to average Americans. And its ongoing use of confidential corporate information is defrauding millions of middle-class investors.
Yet most presidential aspirants dont want to talk about taming the Street because Wall Street is one of their largest sources of campaign money.
Do we really need reminding about what happened six years ago? The financial collapse crippled the middle class and poor consuming the savings of millions of average Americans, and causing 23 million to lose their jobs, 9.3 million to lose their health insurance, and some 1 million to lose their homes.
A repeat performance is not unlikely. Wall Streets biggest banks are much larger now than they were then. Five of them hold about 45 percent of Americas banking assets. In 2000, they held 25 percent. .............(more)
http://robertreich.org/post/109234867870