Papantonio: How Wall Street Fuels Income Inequality

[GoLeft TV]

The following interview is from the May 5th episode of Ring of Fire on Free Speech TV. Nowhere in America is the income disparity between the haves and the have-nots more apparent than with hedge fund managers -- people who produce absolutely nothing of value for our economy. Mike Papantonio talks with author Les Leopold about why these wealthy bankers are able to make so much money while the average worker toils away for stale wages.

See more at Ring of Fire.

[Turbineguy]

1. Wall Street is a vacuum

that sucks wealth out of the economy. It's a net loss.

[Half-Century Man]

2. No longer a viable option.

Society (both national and global) can no longer support the parasitic life forms that are the super rich. In the same way a tapeworm can feed off a human body to the point of death, the super rich have feed off of the rest of us to the point where economy is in danger of imploding.
The statute of limitations is usually seven years. Go back and prosecute the law breakers. In cases where double jeopardy (due to inadequate government action) might apply; the government (Federal, State or an NGO) should sue via class action to recover monies lost to investors.
Legislate concealing wealth is punishable by 1 year incarcerated for every $100,000.00 hidden. Full disclosure of wealth held both foreign and domestically.
Legislate to remove personal incorporation as tax evasion.
Legislate that corporations cannot issue stock certificates for more than 2X their assessed value.
Legislate to criminalize stock options pricing.
Legislate a 5 million dollar salary cap nationally.
Legislate that punishments for financial crimes be commensurate with amounts involved. 1 year per increments of $100,00.00.
Review and undo deregulations of the financial industry.
Review and undo tax code modifications enacted in the last 100 years. Do this every century.