Episode 61 – Taxing Wall Street, Going for the Gold

Glenn and Jeff engage in a healthy debate about the value of Britain’s new plan to levy a one-time 50% tax on bankers’ bonuses. Glenn argues that this unprecedented move is better solved by first changing the regulations surrounding the financial industry. Jeff argues that these bankers wouldn’t have bonuses without taxpayer money, and that taxpayers deserve a fair share of the bonus income for the year in which Wall St. profited so handsomely from the government bailouts. Glenn and Jeff strongly agree on the need for banks to start acting like banks again, providing credit to small businesses and entrepreneurs, which can be done by restoring Glass-Steagal — a little known law whose repeal had an enormous impact on the financial crisis. Glenn also explains why some radio personalities are strongly advocating investments in gold, and Jeff takes on Glenn Beck for  backing these investments while not revealing his unethical relationship with advertisers pushing investments in…gold! Always entertaining and informative, it’s PoliTalk, your weekly political podcast.

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