On May 16, 2015, Steven Rosenfeld writes on AlterNet and Salon:
A new report written by scores of progressives economists has laid out an detailed agenda to dismantle, reverse and fix how the laws and policies governing the American economy are rigged to benefit the wealthiest individuals and largest corporation.
The report, “Rewriting The Rules Of The American Economy: An Agenda For Growth and Shared Prosperity,” has just been released by The Roosevelt Institute, where Sen.Elizabeth Warren and New York City Mayor Bill de Blasio joined its chief economist Joseph Stiglitz at its press conference.
“The American economy no longer works for most Americans… What is causing this dysfunction?” the report opens, then answering that question and making dozens of specific law and policy changes, listed below.
“Some point to technological change or globalization,” it said. “Some posit that government has shackled the free enterprise system and hobbled business. Some say that our economy is simply rewarding the risk takers and job creators who have earned the riches coming their way… None of these arguments gets it right.”
“Skyrocketing incomes for the 1 percent and stagnating wages for everyone else are not independent phenomena, but rather two symptoms of an impaired economy that rewards gaming the system more than it does hard work and investment,” it states. “The roots of this dysfunction lie deep in the rules and power dynamics that have prioritized corporate power and short-term gains at the expense of long-term innovation and growth. The outcomes shaped by these rules and power dynamics do not make the economy stronger; indeed, many make it weaker.”
What follows are 37 specific laws and policy changes to restore fairness and balance to the economy without undermining American capitalism.
Fix The Financial Sector
1. End “too big to fail” by imposing additional capital surcharges on systemically risky financial institutions and breaking up firms that cannot produce credible living wills.
2. Better regulate the shadow banking sector.
3. Bring greater transparency to all financial markets by requiring all alternative asset managers to publicly disclose holdings, returns, and fee structures.
