AFL-CIO Demands Wall Street Stop Bankrupting America, Supports Financial Transaction Tax

http://www.laborradio.org/node/12775

Submitted by Doug Cunningham on January 19, 2010 - 4:54pm
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By Doug Cunningham

The AFL-CIO says in light of the record $145 billion in bonuses that big banks are paying their executives; President Obama's proposed financial services tax deserves support. The AFL-CIO is demanding that Wall Street stop bankrupting America and stop using workers as ATM's. The AFL-CIO supports a tax on securities transaction to curb potentially ruinous financial speculation of the kind that brought us to the edge of another depression. The Center for Economic and Policy Research says that Obama’s $90 billion financial transactions tax over ten years is a step in the right direction. But economist Den Baker says stronger action is needed – along the lines of a proposal by U.S. Rep. Peter Defazio and Senator Tom Harkin.. That plan would impose a $100 billion annual tax on big financial transactions.

This is the type of thing that will capitalize on the public's anger and win votes for the Dem's not to mention the good it will do for the American economy.