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Sandy Falwell, who has worked in a neonatal intensive care unit for some 20 years, could tell plenty of stories about the impact of the Great Recession on the lives of her patients. One of the most painful: After a woman gave birth to a 2-pound baby, she told Falwell that she blamed herself for her baby’s premature birth. During her pregnancy she had been unable to afford insulin treatments for her diabetes—in part because she was taking care of her elderly parents.
Falwell is a member of National Nurses United, a union whose members come face-to-face with the fallout of the financial crisis every day. On Tuesday, they rallied on Wall Street with the message that “America has the wealth to end the despair and deprivation.”
Rose Ann DeMoro, the union’s executive director, explained: “There’s a financial transaction fee that we’re going to have Wall Street pay—they’ve paid it here in the past—it’s very American. These yo-yos who buy and sell and buy and sell our country should have to pay a tax on that.”
Such taxes place a small fee on each trade of stocks, derivatives, foreign exchange, and other financial instruments, with the goal of raising massive revenues for public needs while also discouraging reckless speculation.
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