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2016 Postmortem
Showing Original Post only (View all)Robert Reich: Why Is Everyone Ignoring One of Sanders' Most Important Proposals? [View all]
http://www.alternet.org/economy/robert-reich-why-everyone-ignoring-one-sanders-most-important-proposalsBernie's idea to tax financial speculation is right on the money, and not even radical. What gives?
Why is there so little discussion about one of Bernie Sanderss most important proposals to tax financial speculation?
Buying and selling stocks and bonds in order to beat others who are buying and selling stocks and bonds is a giant zero-sum game that wastes countless resources, uses up the talents of some of the nations best and brightest, and subjects financial market to unnecessary risk.
High-speed traders who employ advanced technologies in order to get information a millisecond before other traders get it dont make financial markets more efficient. They make them more vulnerable to debacles like the Flash Crash of May 2010.
Wall Street Insiders who trade on confidential information unavailable to small investors dont improve the productivity of financial markets. They just rig the game for themselves.
Bankers who trade in ever more complex derivatives making bets on bets dont add real value. They only make the system more vulnerable to big losses, as occurred in the financial crisis of 2008.
(snip)
So why is it only Bernie Sanders whos calling for a financial transactions tax?
(snip)
So why is it only Bernie Sanders whos calling for a financial transactions tax? Why arent politicians of all stripes supporting it? And why isnt it a major issue in the 2016 election?
Because a financial transactions tax directly threatens a major source of Wall Streets revenue. And, if you hadnt noticed, the Street uses a portion of its vast revenues to gain political clout.
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Robert Reich: Why Is Everyone Ignoring One of Sanders' Most Important Proposals? [View all]
Ferd Berfel
Apr 2016
OP
I don't doubt he's made a proposal, but the OP is wondering why it isn't bigger news
Sheepshank
Apr 2016
#25
She is a spokes person, intimately and aggressively involved with the campaign....
Sheepshank
Apr 2016
#29
All you have to do is read their sig line to know they are not the least bit interested
cui bono
Apr 2016
#42
It's not a "Wall Street" tax, and it will affect plenty of middle class people. That's big.
CrowCityDem
Apr 2016
#20
Hardly. The tax is meant to hit the heavy traders and the brokerages who have a fast track
cui bono
Apr 2016
#44
I know. There are some bitter people who see him getting in the way of her coronation.
CTyankee
Apr 2016
#27
I think this tax -- which generally I support -- is not just on speculation. It would be on
Hoyt
Apr 2016
#10
Depends on what you mean by "opposed." :) There are a lot of ways to increase taxes on wealthy
Hoyt
Apr 2016
#51
I think it's because everyone's focusing on the "free stuff" he's going to use it for
DebDoo
Apr 2016
#11
I might be able to understand it...if their confort zone was actually comfortable
DebDoo
Apr 2016
#18