Archbishop of Canterbury Calls for New Tax on Bankers (On OWS: "The Alarm Bells are Ringing...")

[Hissyspit]

Source: Telegraph (UK)

Archbishop of Canterbury Rowan Williams calls for new tax on bankers

By Robert Winnett, Victoria Ward and Richard Alleyne10:17PM GMT 01 Nov 2011

Dr Rowan Williams said that the Church of England had a “proper interest in the ethics of the financial world” and warned that there had been “little visible change in banking practices” following the recession.

- snip -

Last night, the archbishop said the rows over the handling of the demonstration had risked “forgetting the substantive questions that prompted the protest”. “The protest at St Paul’s was seen by an unexpectedly large number of people as the expression of a widespread and deep exasperation with the financial establishment that shows no sign of diminishing,” Dr Williams said.

“There is still a powerful sense around – fair or not – of a whole society paying for the errors and irresponsibility of bankers; of impatience with a return to 'business as usual’ – represented by still-soaring bonuses and little visible change in banking practices.” He added: “The best outcome from the unhappy controversies at St Paul’s will be if the issues raised… can focus a concerted effort to move the debate on and effect credible change in the financial world.”

- snip -

He added: “The alarm bells are ringing all over the world. St Paul’s has now heard that call. Today’s decision means that the doors are most emphatically open to engage with matters concerning not only those encamped around the cathedral but millions of others in this country and around the globe.”

Read more: http://www.telegraph.co.uk/news/religion/8863794/Archbishop-of-Canterbury-Rowan-Williams-calls-for-new-tax-on-bankers.html

[Kingofalldems]

1. I like this guy.

[enki23]

2. In a cage match with Joey Ratz, I'm totally in this guy's corner.

.

[DonCoquixote]

3. He is right here

Though he is useless since he made the twit remark about how England should have two laws, so Sharia could be worked into law.

http://www.youtube.com/watch?v=G_zmXa_830M

[rpannier]

4. Like it but I do disagree with this little caveat

“There is still a powerful sense around – fair or not – of a whole society paying for the errors and irresponsibility of bankers; of impatience with a return to 'business as usual’

Trust me Reverend, it's fair

[defendandprotect]

5. How about ending tax free ride for religion? At least STOP subsidizing "faith-based" orgs!!!

[onehandle]

6. K&R Incorporated. nt

[Dutchmaster]

7. Tally-Ho!! Now where is the American religious establishment on this?

To busy hiding kiddie porn computers and doing meth with male "escorts" I imagine. Too bad, the overwhelming majority of American Christians are good and decent people who would rally behind OWS and help them if their leaders lead them.

[JDPriestly]

8. Many people hold to the amazingly stupid illusion that the people

who got under water or could not pay their loans somehow got into their predicaments all by themselves, and that those awful would-be homeowners, those imposters, are to blame.

But, pray tell, how does a person get a mortgage without the permission (or complicity) of a mortgage officer, or a loan officer or banker, someone who was supposed to be an expert, someone who was supposed to make sure that a person who got a mortgage really qualified for it. Remember that word, "qualified."

Bankers, mortgage lenders and loan officers are supposed to be professionals. They are supposed to review a borrower's paperwork, their income tax returns, their pay status. That's their responsibility.

If someone who is not qualified gets a loan for a house, it's the fault of the lending officer who OKs the loan. They are supposed to make sure all the paperwork is in order and that the person is "qualified" for the loan.

It is these unprofessional professionals who helped to cause the first level of the fraud that led to the derivative mess and then the bank failures. For shame on them.

[justabob]

9. exactly

But, pray tell, how does a person get a mortgage without the permission (or complicity) of a mortgage officer, or a loan officer or banker, someone who was supposed to be an expert, someone who was supposed to make sure that a person who got a mortgage really qualified for it. Remember that word, "qualified."

Bankers, mortgage lenders and loan officers are supposed to be professionals. They are supposed to review a borrower's paperwork, their income tax returns, their pay status. That's their responsibility.

If someone who is not qualified gets a loan for a house, it's the fault of the lending officer who OKs the loan. They are supposed to make sure all the paperwork is in order and that the person is "qualified" for the loan.

The banks could have, and should have said, "no" to buyers without the income, credit rating, down payment, whatever pieces of paper. It is their JOB for crying out loud.

[JDPriestly]

12. Exactly. They didn't do their jobs because they got good commissions

for not doing them and nothing for doing them. Also, they thought they could avoid risks with the stupid derivatives.

It did not take an economist to notice that housing prices were skyrocketing while wages were stagnant. That just does not work. If housing prices rise, people can only pay them when wages also rise to the same height. It's all a matter of equilibrium and balance.

The people who run banks and work on Wall Street are so far from ordinary Americans that they don't even know what is happening to wages on Main Street.

God bless Occupy Wall Street.

[Hotler]

16. Stop it! You are making to much sense...... eom.

[lonestarnot]

10. Ok so he hit on one issue. What does that make him? A genius? Thank you, bishop, now I'll raise

you a pawn. This is not a one issue program and cannot be thrown into one box so easily.

[TrollBuster9090]

11. I thought Britain already (wisely) put a windfall profits tax on bankers and traders?

Or, at least on WINDFALL BONUS'.

This was usually my answer to right wing stooges who kept saying "we CAN'T tax to poor billionaire Wall Street hedge fund managers! They'll just LEAVE, like JOHN GALT!>>>"

My answer would be "Leave for WHERE, exactly? Britain just put in a windfall bonus tax on their traders (London has the currency exchange, which is even bigger than Wall Street), Singapore just put in some new laws on the market, and besides, I can't imagine these Wall Street assholes moving to Singapore or Abu Dabi, where they can't buy booze, coke and hookers by the bushel, the way they've become accustomed to."

Huffington Post article on the tax.

http://www.huffingtonpost.com/2009/12/09/britain-unveils-whopping_n_383103.html

[No Elephants]

13. Why only bankers? Why not simply the wealthy? However, any new tax, without

better regulation, is likely simply to get passed on to the consumer--plus a little extra for their own pockets and for buying politicians, just like every other cost these bozos have to cover.

So, trying to make these clowns pay anything closer to their fair share is counterproductive, unless we can also make government do the job we've been paying government to do, despite lobbyist lagniappe.

Unless we get that, we may as just write three checks now for whatever we have left and send them to local, state and federal government, for gifting to themselves and the "job creators."

Seriously, if capitulation is our route, why drag it out anymore? And, if we do have another route, what the hell are we waiting for?

[muriel_volestrangler]

14. The 'tax on bankers' is a tax on financial transactions

The Telegraph's headline is rather misleading. If you look at the mentions of tax in the article, you find it is:

He urged David Cameron and George Osborne to drop their opposition to a European-wide tax on financial transactions, which is expected to be formally proposed by France and Germany at the G20 summit of world leaders starting tomorrow.
...
The central recommendation is for a financial transaction tax – known as the “Tobin tax” after the economist who developed the idea – levied on the sale of shares, bonds and foreign currency.
...
“The objections made by some who claim it would mean a substantial drop in employment and in the economy generally seem to rest on exaggerated and sharply challenged projections – and, more important, ignore the potential of such a tax to stabilise currency markets in a way to boost rather than damage the real economy.”

The issue of the Tobin tax is expected to be on the agenda at the G20 summit in Cannes, with European countries considering introducing the levy to help fund the single currency rescue package.

Mr Osborne, the Chancellor, has said that he would only support the introduction of the tax on a global basis, because financial trading would simply move from London to other markets such as New York and Singapore.

[Lorien]

15. This comes from Britain

different tax structures, different regulations.

[pampango]

17. Euronews: Archbishop backs ‘Robin Hood’ tax

http://www.euronews.net/2011/11/02/archbishop-backs-robin-hood-tax/

The Archbishop of Canterbury, Rowan Williams, has given his support to a multi-billion-pound, so-called ‘Robin Hood’ tax on financial transactions.

In an article in the British newspaper the Financial Times, he backed the “moral agenda” of those in the movement, and said that people see the protest “as the expression of a widespread and deep exasperation with the financial establishment.”

St Paul’s has now suspended its legal action against the camp, but the occupation had caused a leadership crisis in the Church with two senior figures stepping down. Some commentators saw the Archbishop’s statement as an attempt to appease the protesters and find a peaceful solution to the occupation.

Meanwhile the British prime minister ruled out any such ‘Robin Hood’ tax -also known as a Tobin tax – unless it is implemented world-wide.