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Ever since the crash, I’ve been calling for a ban on Wall Street bonuses and for new taxes on the financial sector. Though I felt like I was hollering in the wind, apparently most Americans agree (if we can believe the polls cited above). I naively thought that during the crash the government would come done hard on Wall Street as it did during the 1930s. I was wrong. Instead we have institutionalized a festering problem that allows Wall Street to continue siphoning off the nation’s wealth. So we have to think about a more radical restructuring. I believe the only way to end financial socialism for elites is to turn the core of high finance into group of heavily regulated public utilities like power, water and electricity (not semi private entities like Fannie and Freddie before they were nationalized).
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