The US Financial System is Systemically Corrupt

Very few banks came out of the financial crisis looking good. But JPMorgan and Barclays were in that elite club. Their apparent rectitude raised the possibility — as JPMorgan CEO Jamie Dimon said over and over again — that what we’d had were a few bad banks, not a hopelessly corrupted financial system. Fast forward a couple of years, and JPMorgan and Barclays are not looking so good anymore. And the particular way in which they’re not looking so good points to the fact that we did, indeed, have a hopelessly corrupted financial system.

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The US Financial System Was and Still is Systemically Corrupt

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Poll Shows Public Wants an End to the Disasterous Bush Tax Cuts

The Pew Research Center reports that “By two-to-one (44% to 22%), the public says that raising taxes on incomes above $250,00o would help the economy rather than hurt it, while 24% say this would not make a difference. Moreover, an identical percentage (44%) says a tax increase on higher incomes would make the tax system more fair, while just 21% say it would make the system less fair.”

The public has it right. The Bush tax cuts for the 1 percent have been a disaster for the 99 percent. Those cuts have destroyed jobs and redistributed income from the 99 to the 1 percent.

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Charts Show Tax Cuts for the Rich Destroy Jobs

Pew Research Center–Poll Shows Public Sees Raising Taxes on the Rich Good for the Economy

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