The big business media is focusing all eyes on Wall Street, Goldman Sachs and the question of financial regulatory reform. An economic recovery has been declared and now attention is being shifted to a supposedly “titanic” battle shaping up between the bankers and the Obama administration over reforming the financial system.

Workers, communities, students and youth should truly be concerned with financial reform, but not the kind that is being dished out in Washington. The kind of reform workers need is a radical reform in the distribution of wealth in this country.

A people’s financial reform would take the trillions of dollars given to the banks and redirect those funds to create jobs for the 30 million workers who need them. It would redirect to cover the needs of the people all the ill-gotten gains of Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America and Citigroup, who got the lion’s share of the $10 trillion doled out by Washington in welfare for the rich.

For example, Secretary of Education Arne Duncan just announced that between 100,000 and 300,000 teachers’ jobs are in danger because of a $144 billion shortfall in state education budgets for the 2010-2011 school year.

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