Subscribers to the American Federation of Teachers activist emails received an email Friday from the union's president, Randi Weingarten, calling for a "21st-century Glass-Steagall Act." Here are a couple brief thoughts.
What does banking legislation have to do with a teachers' union, or even education in general? Not much. Weingarten didn't even attempt to make a connection between big banks and education. In theory, one could argue that actions by big banks contributed to the last recession, which hurt public education budgets. But Weingarten made no attempt to do so.
This is why many union members call for Right-to-Work legislation so they can leave their union. As unions get increasingly political, members often feel like their dues aren't going toward improving their wages and working conditions. Political efforts totally unrelated to work are just another example of this. Members who disagree with the political aims feel especially betrayed.
Has Weingarten ever heard of Dodd-Frank?
Weingarten laments that, "America's largest banks are even larger now than before the financial crisis. The nation's six largest banks, for example, issue more than two-thirds of all credit cards and hold more than 40 percent of all U.S. bank deposits."
But Weingarten never mentions the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in July 2010 under a Congress completely controlled by Democrats. The law added a flurry of financial regulation that was supposed to stop banks from becoming "too big to fail."
But, as Weingarten notes, banks are bigger now than ever. She just doesn't make the connection that financial regulations from 2010 are causing the problem and that more financial regulations will only make it worse.
For the full text of Weingarten's email, see below:
Jason Russell is a commentary writer for the Washington Examiner.
Randi Weingarten Email by Josh Axelrod on Scribd