Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsA New Plan for American Cities To Free Themselves of Wall Street’s Control
(In These Times) In August 2014, the Los Angeles City Council debated whether to call for the renegotiation of the citys financial deals. A report by the labor-community coalition Fix L.A. found that the city had spent more than twice as much on banking fees in fiscal year 2013 as it had on street services.
To try to balance its budget, Los Angeles had enacted hundreds of millions of dollars in cuts over the previous five years. City jobs had been slashed by 10 percent, flood control procedures had been cut back, crumbling sidewalks were not repaired and alleys were rarely cleared of debris. Sewer inspections ceased entirely; the number of sewer overflows doubled from 2008 to 2013.
The campaign slogan wrote itself: Invest in our streets, not Wall Street!
At the city council debate, Timothy Butcher, a worker with the Bureau of Street Services, got up and said, I dont know a whole lot about high finance. Im just a truck driver. But I do know, if I go to a bank and they give me a bad deal, I dont deal with that bank any more. And I dont understand why the city cant use the same kind of concept on some of these big banks, saying, Hey, help us out or, you know, were not going to deal with you any more.
The City Council approved the resolution unanimously.
It was a blow against both the austerity agenda and the iron grip of Wall Street on American cities. State and local governments in the United States rely on Wall Street firms to put together bond deals, manage their investments and provide financial services. For this, banks charge billions of dollars in fees each year. Public officials believe they have little choice but to cough up. When there are revenue shortfalls, cities typically impose austerity measures and cut essential community services, but Wall Street gets a free passpayments to banks are considered untouchable. ......................(more)
http://inthesetimes.com/article/18273/how-cities-can-beat-wall-street
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 584 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (18)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
A New Plan for American Cities To Free Themselves of Wall Street’s Control (Original Post)
marmar
Sep 2015
OP
tblue37
(65,343 posts)1. K&R for visibility. nt
raouldukelives
(5,178 posts)2. K&R One can only start making things better.
When one stops making things worse. For every action there is a reaction.
For a Wall St supporter, a meager dollar invested today is like butterfly wings creating a tempest on the other side of the world. One dollar in Walmart equaling multiple lashes across the backs of children in 3rd world countries to increase shareholder returns back home.