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The financial sector produces a lot of wealth... and waste. Dean Baker explains why it's bloated and broken. Since the 1980s, the financial sector has been permitted to expand greatly, with deregulation and practically no taxes. This was all done in the hope of improving efficiency in the allocation of capital and the economy overall. But Dr. Baker shows that while the financial sector has grown, it has not fulfilled its promise - it has not improved productivity, it ties up and wastes a lot of resources, it produces periodic socially devastating crises and relies on government to bail out its poor decisions, it has generated vast individual fortunes at the top unjustified by its returns. What's the fix? Dr. Baker recommends a financial transaction tax (FTT) to curb its reckless growth,
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The financial sector produces a lot of wealth... and waste. Dean Baker explains why it's bloated and broken. Since the 1980s, the financial sector has been permitted to expand greatly, with deregulation and practically no taxes. This was all done in the hope of improving efficiency in the allocation of capital and the economy overall. But Dr. Baker shows that while the financial sector has grown, it has not fulfilled its promise - it has not improved productivity, it ties up and wastes a lot of resources, it produces periodic socially devastating crises and relies on government to bail out its poor decisions, it has generated vast individual fortunes at the top unjustified by its returns. What's the fix? Dr. Baker recommends a financial transaction tax (FTT) to curb its reckless growth,
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| The financial sector produces a lot of wealth... and waste. Dean Baker explains why it's bloated and broken. Since the 1980s, the financial sector has been permitted to expand greatly, with deregulation and practically no taxes. This was all done in the hope of improving efficiency in the allocation of capital and the economy overall. But Dr. Baker shows that while the financial sector has grown, it has not fulfilled its promise - it has not improved productivity, it ties up and wastes a lot of resources, it produces periodic socially devastating crises and relies on government to bail out its poor decisions, it has generated vast individual fortunes at the top unjustified by its returns. What's the fix? Dr. Baker recommends a financial transaction tax (FTT) to curb its reckless growth, improved competition in financial services, including government-provided retirement and bank accounts, better regulation of financial products, and ending the favorable tax treatment of hedge funds and private equity. Learn more at http://unf-ckamerica.com ☆ How to Unf★ck America ☆ This series is all about solutions. Over the last four decades, the US economy has done quite well for the top 1%, but it has been stagnant for most Americans. This was not an accident, nor the natural workings of the market and certainly not an inevitability. US policies have been deliberately structured since 1980 to redistribute income upwards. In other words, the system has been rigged. Dean Baker shows us how public policy can be deployed to #UnfckAmerica. Over six episodes, Baker illustrates how even minor changes in public policy can help change our trajectory dramatically. It just takes the political will to recognize that the current situation is not insurmountable, and that change is achievable. Credits: Dean Baker, Matthew Kulvicki, Nick Alpha, Gonçalo Fonseca, Kurt Semm |