News Flash: Wall Street Still Loathed

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According to Bloomberg, virtually every person in America thinks big Wall Street bonuses should be either heavily taxed or banned outright:

More than 70 percent of Americans say big bonuses should be banned this year at Wall Street firms that took taxpayer bailouts, a Bloomberg National Poll shows. An additional one in six favors slapping a 50 percent tax on bonuses exceeding $400,000. Just 7 percent of U.S. adults say bonuses are an appropriate incentive reflecting Wall Street’s return to financial health.

….Seven of 10 Americans say it’s Wall Street’s turn to help bail out the government Treasury, supporting a tax on Wall Street profits as a way to reduce the $1.3 trillion deficit. By comparison, 43 percent favor a freeze on spending for items like education and medical research, 33 percent would cut farm subsidies, 25 percent back a new tax on gasoline, and 15 percent would reduce benefits in the Medicare health insurance program for the elderly.

This works out to 88% who want big bonuses taxed or banned and 70% who want Wall Street profits heavily taxed. President Obama, of course, has basically done everything he can to save them from this fate, restricting his actions to occasional verbal criticisms and support of a very modest financial reform bill. His reward for this act of loyalty to capitalism has been for the captains of industry to turn on him like rabid dogs, funnel millions of dollars to his opponents, and demand that he stop saying mean things about them. The result of all this mau mauing will be a meeting on Wednesday with top business leaders in order to “mend fences” and assure everyone that they’ll be treated with more respect in the future.

Ladies and gentlemen, your American democracy at work.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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