"Here’s the deal: New York City currently deposits billions of public dollars in the big Wall Street banks. These bankers make millions off these deposits and high fees, while providing little benefit to the City… Our money should be put to use in our communities." —Stephan Edel, New York Working Families
The rally came days after the Trump administration announced it would roll back the Volcker Rule, which since 2014 has prohibited banks from using their accounts to conduct risky, speculative trading, in an effort to avoid another financial meltdown like the one that threw the country into a recession in 2008.
“With the Trump Administration and Congress handing out massive corporate tax breaks, rolling back federal financial reform, and gutting the Consumer Financial Protection Bureau, Wall Street is heading straight for another crisis,” said Deyanira Del Rio, Co-Director of New Economy Project. “A public bank will allow New York City to deposit our public money with a bank that belongs to New Yorkers.”
The crowd also heard from a Brooklyn resident whose rent has doubled in recent years and who spoke about the exorbitant fees New Yorkers pay to big banks every year, a student who spoke out against predatory loan practices and Wall Street’s investment of billions of dollars in fossil fuels that accelerate and worsen the climate crisis, and a social justice activist who told the crowd of JPMorgan Chase’s support for private prisons.
Wall Street isn’t “heading straight for another crisis” — they are looking for the big payday from which
they got bailed out by US Taxpayers last time. This is all fakery – play-acting. These “crashes and booms”
which capitalism have always brought are the way the Elite make money. You can’t make serious $$$ or WINDFALLS from stable markets, nor a stable economy.
Try to borrow $1,000 from a bank …
Then take a look at how much they’re giving you when you give them $1,000.
Just as an aside –
We had something very odd happen with a LLBEAN/VISA card where LLBEAN
took the liberty to inform us that our card will now be changed to LLBEAN/
MASTERCARD … cause it’s allegedly better. For whom?