Paul Jay interviews Bob Pollin of the Political Economy Research Institute at UMASS Amherst, who urges the Occupy movement to demand strong speculation reform. Though Dodd-Frank was passed last year, it fails to address the fundamental problems that led to the financial crisis begun in 2008 and continuing today.
On October 18, the Commodity Futures Trading Commission (CFTC) voted 3-2 to “curb banks’ and investment funds’ ability to trade commodities, though the rules were watered down after lobbying by Wall Street,” reports Financial Times. But, advises Pollin, not only will the reforms not be mandated for two more years, the new rules allow exemptions – loopholes, so that banksters can continue to spike food prices for profit.
In another FT article, the original proposal planned to “ensure that market power is not concentrated in any one submarket. Banks said this was crazy.”