The Tax That Could Save America From Wall Street
“It’s a simple tweak that would reign in an out-of-control financial sector, stimulate jobs, generate billions of revenue, and possibly prevent another heart-wrenching crisis. Nobel Prize-winning economists like Joseph Stiglitz and Paul Krugman want it. Billionaires like Warren Buffett and Bill Gates want it. Polls show the majority of Americans want it. Even the Pope wants it.
We’re talking about a financial transaction tax (FTT) — a tiny tax of, say, less than half a percent: maybe 3 cents per $100 — on Wall Street trading. It’s simple, more than fair, widely supported by the public, and long overdue.” (source)
*Also, shorting stocks must be made illegal. There is no betting that a company is going to fail. The stock market should be extremely simple. If you want to invest in a company and purchase some of its stock and help it grow then that’s what you do. That’s all the stock market should consist of. And regular banks cannot be allowed to participate on the stock market at all, as indeed they weren’t before the Glass Steagall Act was gutted. All financial regulations need to be so clear and simply stated that a fourth grade child could read them and understand them.