- Break up the "too big to fail" companies that are in reality monopolies, and mandate the separation of insurance companies, investment banks and commercial banks.
- Institute a one percent tax on all trades of stocks, bonds and derivatives to pay back all bailout money and pay down the deficit.
- Prohibit companies that received public money for bailouts to then lobby Congress (until they have paid back their debt).
- Eliminate the carried-interest tax break so that hedge fund gamblers pay the tax rate on earnings appropriate to their bracket as opposed to the flat 15% they normally pay.
Thursday, October 13, 2011
Some Great Ideas for Wall Street Reform
In a recent column in Rolling Stone, Matt Taibi offered some concrete proposals for reforming Wall Street that I think are worth merit. Incidentally, it seems to me lately that many Christians have become knee-jerk defenders of anything remotely labeled capitalism. There is no question the Bible supports personal property rights (Acts 5:3-4), and promotes the individual work ethic (Ephesians 4:28). But there is also no question that the Bible condemns stealing (Ephesians 4:28), as well as the abuse of the poor by the wealthy (James 5:1-6), and affirms the role of the civil government in punishing evildoers (Romans 13:3-7). With that in mind, here are my favorite reforms Taibi mentions: