Zephyr Teachout, a Nation editorial board member, is an associate professor of law at Fordham University and the author of Break ’Em Up: Recovering Our Freedom From Big Ag, Big Tech, and Big Money.
Teachout was formerly a Visiting Professor of Law at Duke University and a lecturer at the University of Vermont. Teachout served as the Director of Internet Organizing for the 2004 Howard Dean presidential campaign. In 2009, she helped found the Antitrust League. Teachout was the first national director of the Sunlight Foundation, which promotes transparency and accountability in government. She volunteered at Occupy Wall Street, where she encouraged the movement to focus on the importance of decentralized power, citing the ideas of James Madison and worked to educate activists in corporate law and policy.
Two days ago I wrote about introducing a new kind of scale-based antitrust. Before exploring some other structural reforms, I want to encourage people to join a nationwide demonstration of support for some basic principles of structural change in the banking sector.
On Saturday, 60+ demonstrations will be held around the country, demanding structural change in the banking sector. The group organizing the demonstrations, a New Way Forward, started less than a month ago, but is already approaching 10,000 members. A New Way Forward embodies the logic of the most thoughtful economic thinkers in the country, translated into clear, direct language and action.
We/they support a Nationalize, Reorganize, Decentralize platform, pointing to Krugman on the need for temporary nationalization, Simon Johnson on the need for removing current leadership in the banking sector, and Mike Lux on the importance of creating a new, decentralized private market, with new banks run by new people. Any bank that's "too big to fail" means that it's too big to exist in a free market.