7 October 2011 — The Bullet • Socialist Project E-Bulletin No. 552
“Blood-suckers of Wall Street”

O No, wait! You’re supposed to arrest the bankers!
When he ran for president in 1948, Harry Truman complained of the “blood-suckers of Wall Street,” an unkind characterization of the upstanding bankers and financiers who manage America’s money so brilliantly. Over sixty years later we now find a large number of Americans out on the Streets of Finance repeating Harry’s commentary, rather less politely. Why choose the titans of finance on Wall Street to trash?
Might it be because in addition to committing the crime of the century by causing the Great Financial Crisis (we have almost ninety years to go, so they have ample opportunity to do even worse), they are, as Harry pointed out, social and economic vampires. A few simple and easily accessible, yet largely unnoticed, statistics demonstrate the blood-sucking. In 1950 the U.S. finance and insurance business generated (i.e., siphoned off) 2.4 per cent of national product, rather slim and meager pickings. After reaching three per cent in 1953, the titans of finance required fifteen years to achieve four per cent (1968), and another thirteen to hit five (1981).
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