Shawn Sebastian 🐺 Profile picture
Progressive Iowan, Senior Strategist Rural #GreenNewDeal with @PplsAction. Formerly Director of Fed Up, advocating full employment. Always @workingfamilies 🐺

Mar 9, 2018, 19 tweets

Just #10YearsAfter the financial crash and Wall St is pushing amnesia about what they did.

THREAD on why the @NewYorkFed is the most powerful position Trump doesn't control, and with the #BankLobbyistAct, could be a last line of defense against another crash.

The @NewYorkFed supervises and regulates the biggest banks in the world. It failed miserably in catching the meltdown. Why? The @NewYorkFed's own study said it was because they were too deferential to the banks. No one was willing to stand up to Wall St.…

Not standing up to Wall St isn't surprising. Every. Single. NY Fed President has been white and male and come from or gone to financial institutions.

Of the 143 bank examiners left the @NewYorkFed from 2011-2016, nearly half went to work in the financial industry.

The @NewYorkFed's failure had a massive impact on all of us. We lost 8.7 MILLION jobs. Unemployment was over 10% and almost 20% for Black workers. Millions were kicked out of their homes, millions more lost everything they saved, #10YearsAfter and those scars haven't healed.

#10YearsAfter and Wall St wants to repeat that history. They're pushing the #BankLobbyistAct AND they're trying to install ANOTHER @NewYorkFed President who is one of them: Someone who works for banks, hedge funds, private equity, or asset management.…

We can't afford another crash. We still haven't recovered from the last one.

They're trying to make us forget.

One way we can fight back is by telling our stories.

Tell the @NewYorkFed how the crash affected you.

The Fed says we are beyond full employment that this is as good as it gets.

Sound right to you?

Our report compares where we were before and #10YearsAfter the crash.

The data tells a different story. One that corroborates yours.

#10YearsAfter the banks got bigger and richer and we all got poorer.

Median wealth for everyone is lower than 10 years ago. Black median wealth went down 28% compared to 10 years ago.

They can't fool us.

This isn't as good as it gets.

It's not as good as 10 years ago.

#10YearsAfter the crash, more people who want full time work can't find the hours they need.

Wages have been flat.

More people live in poverty.

National household debt is the highest its ever been.

Racial disparities in wealth have gotten worse.

But the @federalreserve is saying this is as good as it gets and is raising rates.

And Wall St is saying we're all good and pushing the #BankLobbyistAct, saying they don't need to be regulated anymore.

The @NewYorkFed President must challenge both.…

That will take guts.

We need someone at the @NewYorkFed who will stand up for workers at the Fed and stand up to banks.

That means:

NO Bankers
NO Hedge Funds
NO Private Equity
NO Asset managers

We need someone with a record of choosing PEOPLE over WALL ST.


We have clearly told the @NewYorkFed what we want.

The @NewYorkFed invited Fed Up, advocacy groups, and labor to give input on the next President. We all said:

1) Aggressively pursues full employment
2) Not from Wall St / finance
3) POC and/or woman…

At that meeting, we delivered a letter to the @NewYorkFed demanding public input and someone who would stand up for workers of color. Signatories included:


Then @RepMaxineWaters sent a letter to the @NewYorkFed echoing our call for more public input and a Prez who was a real watchdog on Wall St. Signatories included:


And more!…

And now @SenWarren, @SenSherrodBrown and six other Banking Committee Dems told the @NewYorkFed that we need a more inclusive process. where OUR voices can be heard, not just Wall St.…

But they could ignore all of us. The process for selecting the next @NewYorkFed President is opaque. Wall St insiders have lines in, leak their candidates to the press, and we don't get a chance to weigh in.

That's why we have to do it ourselves.

#10YearsAfter the crash, Wall St is pushing amnesia.

We fight back with our stories.

Tell the @NewYorkFed YOUR story of how the crash affected YOU. Tell them that you need a Wall St. watchdog that isn't from Wall St.

And if you are in NYC, don't let Wall St get away with crashing the economy again. Make the @NewYorkFed hear you.

JOIN US at Wall St. We can stop this cycle. #10YearsAfter, we can't afford another crash. The @NewYorkFed is our last line of defense.…

I will say more, later, but if you're pissed off and angry that #10YearsAfter the worst job loss in our lifetimes, Wall St wants to do it all over again, you can do something!

You can join us at Wall St:…

You can share your story:

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