In this thought-provoking clip of Market Mondays, hosts Rashad Bilal and Troy Millings are joined by special guest William Wagstaff to tackle an issue that often gets overlooked in discussions of police reform – the financial impact of police misconduct. They delve into how police brutality and misconduct aren't just social justice issues but significant financial burdens on taxpayers.Rashad Bilal opens the discussion by drawing a parallel between police accountability and professional insurance p...
In this thought-provoking clip of Market Mondays, hosts Rashad Bilal and Troy Millings are joined by special guest William Wagstaff to tackle an issue that often gets overlooked in discussions of police reform – the financial impact of police misconduct. They delve into how police brutality and misconduct aren't just social justice issues but significant financial burdens on taxpayers.
Rashad Bilal opens the discussion by drawing a parallel between police accountability and professional insurance policies, like errors and omissions insurance held by financial advisors, and medical malpractice insurance for doctors. He suggests that individual police officers should similarly be required to have insurance policies that can cover the damages resulting from their misconduct, thereby removing the financial burden from taxpayers.
William Wagstaff explains the current system where municipal budgets often have line items earmarked for settlements arising from police misconduct. He emphasizes that funds used to pay for these settlements come from taxpayers and could otherwise be directed towards essential community services like senior programs, youth initiatives, parks, and mental health services.
They highlight shocking statistics, such as 63% of local taxes typically going to school districts while the majority of people remain unaware of who sits on their local school boards. This lack of transparency extends to policing budgets, where significant taxpayer money is spent without public scrutiny or accountability.
Wagstaff argues for creating a financial disincentive for police misconduct by advocating for mandatory insurance policies for police officers. This can lead to savings for municipal governments, better quality policing, and the redirection of funds towards community needs. Using examples like New York City, where millions are spent on police misconduct settlements without resulting in systemic change, he makes a compelling case for financial reform to drive better policing practices.
Troy Millings and William Wagstaff then discuss the powerful influence of police unions such as the Police Benevolent Association (PBA), which often stand in solidarity whenever incidents occur, making systemic change difficult. To counter this, Wagstaff suggests improving transparency in policing and community relationships. He calls for local elections to become tools for accountability, where mayors and town supervisors hold the police accountable, and financial expenditures on policing are made public.
Wagstaff also emphasizes the importance of recruiting police officers from the communities they serve. He recounts cases like the trial of Kyle Rittenhouse, where the judge's bias was apparent. This, he argues, would be less likely if community members served as law enforcement officers, as they would view their interactions through a more empathetic lens.
Combating the historical trauma between communities of color and the police, Wagstaff likens the relationship-building process to that of someone dating a partner with past traumas. He underscores the importance of understanding and patience in repairing these relationships and the need for police officers to act not just out of self-interest but genuine care for the communities they serve.
In closing, Wagstaff proposes treating policing as a profession that requires high qualifications, education, and appropriate compensation. He argues that better-educated and qualified officers would improve the quality of policing and community relations. This episode of Market Mondays is a must-watch for anyone interested in the intersections of finance, policy, and social justice.
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