For starters, we should put in place a modern version of Glass-Steagall and separate plain-vanilla banking like checking accounts and savings accounts from crazy risk-taking on Wall Street. This doesn't have to be partisan. My first cosponsor for a twenty-first-century Glass-Steagall bill was the Republicans' 2008 presidential nominee, Senator John McCain. In 2016, Donald Trump campaigned on this idea, and, at his insistence, adopting Galss-Steagall was added to the Republican platform. But the Republican leadership has refused to move any such legislation and now President Trump has put in place an economic team that is headed in the opposite direction.
Here's another idea: The SEC should hire a leader who doesn't work for Wall Street.
Oh, and here's a good one: when CEOs break the law, they ought to go to jail, just like anyone else.
Trump isn't alone in his stubborn belief in trickle-down economics. Senate Majority Leader Mitch McConnell has said pretty much the same thing, and Speaker of the House Paul Ryan has also chimed in, calling tax cuts for rich people the `secret sauce" that will help poor and middle class families. Evidently, all the current Republican leaders were issued the same songbook.
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The above quotations are from This Fight Is Our Fight The Battle to Save America's Middle Class by Elizabeth Warren. Click here for other excerpts from This Fight Is Our Fight The Battle to Save America's Middle Class by Elizabeth Warren. Click here for other excerpts by Donald Trump. Click here for a profile of Donald Trump.
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