The public is very angry. There is every good reason to be. For decades wages have been stagnant and pressures have been rising. It has been a long, long time since 40 hours of work would pay for anything like a secure middle class existence. For years we have been told that national health care, vacations, world class public education, first world infrastructure, public transit, environmental sustainability, and worker retraining are silly and best left to our champion firms to solve following the profit motive. There have been some great successes. There have been many, many painful failures. Thus, the public is very angry and in no mood to assist firms in dire straights. These firms did not deliver all that folks wanted, yearned, hope and trusted that they would. Thus, public opinion casts down and rages against yesteryear’s stars.
The challenge for any progressive, thinker, activist, policy maker is to redirect the pooling anger into meaningful change that elevates and equalizes. That requires movement beyond angry venting and destructive impulse. This is the difference between a riot and movement. We need banks. We need banks that allocate capital in responsible ways toward those projects and communities that will employ vital capital in ways consistent with economic growth and repayment. We need manufacturing. We need auto firms that employ resources efficiently, innovate consistently and help move people and goods in the safest, most sustainable and cost effective manner.
“We need banks.” Dull, maybe, but true.