Crash Tax: Wall Street Reparations
By Leo W Gerard
International President, United Steel Workers
Beaver County Blue via HuffPost
Nov 14, 2011 – Wall Street waged war on the American economy and middle class with its reckless gambling.
It wasn’t Fannie Mae or Freddie Mac that crashed the economy. It wasn’t the federal government. It wasn’t hapless homeowners who were sold mortgages they couldn’t afford. It was Wall Street financiers that aggressively sought and bought mortgages to package and sell as derivatives, which the banks could wager on.
Americans bailed out Wall Street, handing it a Marshall Plan for reconstruction after its bad bets blew up the world economy. Now, three years later, happy days are here again for the Wall Street banksters. They’re hauling in big profits and paying outrageous bonuses. But the American middle class continues to suffer high unemployment, record foreclosures and rising poverty.
So it’s time for Wall Street to pay reparations. It’s time for a crash tax, a tiny sales tax on Wall Street transactions, the revenues from which would pay for Main Street restoration. It’s time for the 1 percent to repay the 99 percent, for Wall Street to share in the sacrifices necessitated by its rogue behavior.

Occupy Wall Street protesters take part in a demonstration at Times Square in New York. Photograph: Eduardo Munoz/Reuters
Tens of thousands of people take a part in a demonstration in Puerta del Sol square in Madrid on Saturday, part of the global movement against corporate greed. Photograph: Arturo Rodriguez/AP