#OccupyWallStreet Calls For a Public Option in Banking
Michael Hudson speaks about the #OccupyWallStreet movement and why there is as call for a public bank option. This is not a full transcript of his speech but highlights key points that he makes:
The government is in the hands of a financial lobby.
The 99% are disgusted with politician’s being for sale to the highest lobbiest. We’re disgusted with debt overhead and we’re disgusted with administrators…. The system doesn’t work.
The #OccupyWallStreet movement doesn’t want to reduce this movement to a set of technocratic little fixes. They don’t want to be hijacked.
There is a demand to treat banks generally as a public utility. There should be a public option in banking…. There should be public infrastructure just like roads etc. We need a real public banking option.
Bank of America is a crime gang.
Citibank is a crime gang.
WellsFargo is a crime gang.
They should be put in jail.
Obama administration is backing a long term Republican and Democratic decriminalization of fraud. We used to throw these guys in jail….
Everyone [in the #OccupyWallStreet movement] agrees that Tim Geithner is a bank lobbiest and should not be in charge of the treasury. We have the US treasury run by a bank lobbiest, whose job is to give away free lunches to banks and say the government can give all the money it wants to the banks but it can’t give a penny to the workers, it can’t give a penny to increase jobs for workers.
That’s why the people are so angry…because the hypocrisy we’re having in Washington now rivals that in Greece and in Europe….