On the Defense of Parasitic Finance

Doug Henwood dhenwood at panix.com
Sat Jan 13 10:37:27 PST 2001


Max Sawicky wrote:


>DH:
>What alternative policies? I like Leo Panitch's idea of replacing the
>Community Reinvestment Act with a tax on all financial institutions,
>the proceeds used to endow nonprofit development institutions. But
>that's not just a financial innovation, that's replacing the logic of
>profit maximization with one of human need and democratic control of
>investment. . . .
>
>mbs: You want to write a poem to the demise of "profit."
>I want to get capital into under-capitalized
>communities, most likely through some kind of
>quota system.

Excuse me? I cited a real, practical, quasi-imaginable policy innovation, and you dismiss it as a "poem"? I can't even tell what you're proposing, yet you assure us it's more practical. Please elucidate.

Doug



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