There’s a real-world consequence to keeping unnecessary financial innovation in place, argues Brad Miller, former congressman now a senior fellow at the Center for American Progress. “The yawning inequality of income and wealth is not because the middle class isn’t working hard enough or because the richest fraction of a percent is making an enormous contribution,” he told Salon. “Much of the reason is what economists call ‘rent seeking,’ or extracting money without doing anything useful, mostly in the financial sector. It’s a wonder the economy has the strength to get out of bed in the morning.”
Brad is cut from the same sturdy cloth as Elizabeth Warren. Glad to see he still has a platform for his progressive voice.