#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….

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  1. KingofthePaupers

    Jct: So help Dennis Kucinich’s Bill HR2990 to End the FED using Treasury Greenbacks like Lincoln. The silence from EndtheFEDers is deafening! Pauper Party of Ontario Occupy Toronto for Argentine Solution where unions were paid in small-denomination provincial bonds used for Hydro,Taxes, Medical, Licenses (HTML) which all others wanted. No layoffs, more jobs, 2001 broke, 2006 out of foreign debt. Kucinich’s Greenbacks too! EndtheFED with no alternative is silly. Dennis Kucinich has enable the giant leap for mankind, taking control of money back from private banks and putting it into the hands of people we can elect. This bill will save the country and I haven’t heard one other reputable money reformer supporting him. The Banking Systems Engineer endorses Kucinich Greenbacks to put America back to work.

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