THE BLOG

They Still Don't Get It--Wall Street May Sue Obama

05/25/2011 03:15 pm ET

They robbed Americans of their future. They cost perhaps a generation of hard-working people a decent pay check. And they left millions of people with empty 401(k)s, with some seniors being booted from their retirement homes because there was no money left. And, yet, they still don't get it--or maybe they truly don't care.

Wall Street is threatening to sue the president over his quite modest proposal to tax the banks who created the greatest economic crisis in the past 50 years:

Wall Street's main lobbying arm has hired a top Supreme Court litigator to study a possible legal battle against a bank tax proposed by the Obama administration, on the theory that it would be unconstitutional, according to three industry officials briefed on the matter.

The president's response has been:

Indeed, President Obama urged the financial lobby to stand down when he introduced the tax proposal last week: "Instead of sending a phalanx of lobbyists to fight this proposal or employing an army of lawyers and accountants to help evade the fee, I suggest you might want to consider simply meeting your responsibilities."

To underscore, the president's proposal was quite modest, amounting to a pittance and far from what I and others support--a much broader, permanent financial transactions tax to tamp down speculation and pay for the very society (roads, schools, transportation and communications systems) that Wall Street benefits from.

But, the greed is pervasive. Wall Street still doesn't get it.

Please join us at lunchtime on January 21st in front of Goldman Sachs to let the financial elites know that Americans will no longer sit quietly and allow un-American and unpatriotic behavior that bankrupts our country. Noon-2 pm--85 Broad St, Manhattan, New York (and if you can't come, spread the word)

Americans are living through the most difficult economic crisis in the last 50 years. One in five Americans does not have decent, full-time paying work.

Goldman Sachs' behavior is un-American and unpatriotic.

Come rally on behalf of America. Come rally to demand a new economic system which rewards all Americans, not just a few.

Bring your signs and banners.

INITIAL CONVENORS:

Progressive Democrats of America
Democrats.com
Democracy for America
Jonathan Tasini For U.S. Senate

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