Kristof: ‘Occupy Wall Street’ Needs Clear Goals

“The protest reminded me a bit of Tahrir Square in Cairo”
Opinion • Views: 34,828

Nicholas Kristof makes some good points about the “Occupy Wall Street” movement, especially on its lack of clearly stated goals: The Bankers and the Revolutionaries.

To address that lack, Kristof has some suggestions:

Impose a financial transactions tax. This would be a modest tax on financial trades, modeled on the suggestions of James Tobin, an American economist who won a Nobel Prize. The aim is in part to dampen speculative trading that creates dangerous volatility. Europe is moving toward a financial transactions tax, but the Obama administration is resisting — a reflection of its deference to Wall Street.

Close the “carried interest” and “founders’ stock” loopholes, which may be the most unconscionable tax breaks in America. They allow our wealthiest citizens to pay very low tax rates by pretending that their labor compensation is a capital gain.

Protect big banks from themselves. This means moving ahead with Basel III capital requirements and adopting the Volcker Rule to limit banks’ ability to engage in risky and speculative investments. Another sensible proposal, embraced by President Obama and a number of international experts, is the bank tax. This could be based on an institution’s size and leverage, so that bankers could pay for their cleanups — the finance equivalent of a pollution tax.

Jump to top

Create a PageThis is the LGF Pages posting bookmarklet. To use it, drag this button to your browser's bookmark bar, and title it 'LGF Pages' (or whatever you like). Then browse to a site you want to post, select some text on the page to use for a quote, click the bookmarklet, and the Pages posting window will appear with the title, text, and any embedded video or audio files already filled in, ready to go.
Or... you can just click this button to open the Pages posting window right away.
Last updated: 2021-06-05 2:51 pm PDT
LGF User's Guide RSS Feeds Tweet

Help support Little Green Footballs!

Subscribe now for ad-free access!Register and sign in to a free LGF account before subscribing, and your ad-free access will be automatically enabled.

Donate with
PayPal
Cash.app Shop at amazon
as an LGF Associate!
Recent PagesClick to refresh
Train Songs Five
A hollow voice says Vaccinate the world!
4 days, 20 hours ago
Views: 376 • Comments: 0 • Rating: 6
Tweets: 0 •
Train Songs Four
A hollow voice says Vaccinate the world!
4 days, 20 hours ago
Views: 385 • Comments: 0 • Rating: 4
Tweets: 0 •
Train Songs Three
A hollow voice says Vaccinate the world!
4 days, 21 hours ago
Views: 362 • Comments: 0 • Rating: 4
Tweets: 0 •
Snarky Puppy - Trinity (Extended Version) Snarky Puppy never lets you down, they always come out bright and enthusiastically high on the sounds. Snarky Puppy - Trinity (Extended Version)From Snarky Puppy's new album, Empire Central (September 2022, GroundUP Music)Stream/Buy: orcd.co Written by Mark LettieriArranged by ...
Thanos
1 week, 3 days ago
Views: 704 • Comments: 0 • Rating: 2
Tweets: 2 •