The German magazine Spiegel says Wall Street banksters committed a monumental insider bank robbery

The real problem is that conservatives define America's social safety net as a job, which begs the question, what happens when the U.S. economy stops growing jobs? Where is America's social safety net then? It isn't just that America given its lack of a social safety net needs jobs more desperately than other developed nations with strong social safety nets. The few jobs that are available provide no benefits; in fact they don't even provide a living wage. So how is a middle class American supposed to keep up on his payments for a $300,000 house and that new pickup truck? Will America ever be able to grow non-service sector jobs that provide benefits and a living wage again in enough volume to support the American middle class? If not, what then? Do we all become independent contractors who have to provide our own pensions, medical, unemployment insurance contributions? At which point, we see this isn't just another economic downturn. This is a permanent paradigm shift, wherein the assumption of risk is shifted from the employer to the employee.

As such isn't it time that America adopts a European style social safety net or are we just going to continue to grin and bear it while we wish Wall Street Happy New Year?

PS: This action diary asks you to write your member of Congress today and request that Congress hold immediate hearings on the excesses of Wall Street. To that end, please email this diary to as many people as possible to help us get the word out before a second Wall Street crash hits America, because this time we've been warned. This time, the European mainstream media has warned us.

Thank you!