Nbadan
12-05-2012, 10:18 PM
Economics 101....game/
Eliot Spitzer: Tax the Traders! It Would Solve Economic Crisis and Stop Reckless Activity
Slate / By Eliot Spitzer
Eliot Spitzer: Tax the Traders! It Would Solve Economic Crisis and Stop Reckless Activity
A tax on financial transactions will give us gobs of revenue.
December 4, 2012 |
Both the White House and House Republicans, publicly at least, are digging in their heels deeper and deeper in the so-called negotiations over what we call, alternately, the fiscal cliff, the fiscal slope, the austerity bomb, or the cable-talk-show topic of last resort.
Whatever logic either side pretends to have is irrelevant to the other side, because each is speaking a different political language and indeed a different economic language.
I agree with the White House on the substance of the debate, and I think the administration’s hand gets stronger over time . But as anyone who has been through negotiations will tell you, sometimes you just need a new idea to change the dynamic.
This one is not so new; it has been around for a long time, supported by a wide range of economists, including Nobel laureate James Tobin, as well as advocates, including Ralph Nader in the Washington Post this weekend, and elected officials: a tax on financial transactions. It will give us gobs of revenue. It will fall on a sector that has generated enormous and unwarranted profits for a very few, who at the same time have benefited from huge bailouts and regulatory help and largely escaped any responsibility for their central role in creating the financial cataclysm that we are still struggling with. ...................(more)
The complete piece is at: http://www.alternet.org/economy/eliot-spitzer-tax-traders-it-would-solve-economic-crisis-and-stop-reckless-activity
This simple transaction tax could help two of our most pressing problems: lack of revenue and runaway algorithmic trading that now accounts for some ~40 % of all stock market transactions. These transactions aren't really investments, the stocks aren't held for long at all (seconds in many cases), so they serve no useful purpose and are in fact a very destructive force.
It's an obvious fix that is receiving very little consideration, I wonder why? No doubt it has a lot to do with lobbyists and campaign financing.
I don't care who Spitzer slept with...make this man the Attorney General....now!
Eliot Spitzer: Tax the Traders! It Would Solve Economic Crisis and Stop Reckless Activity
Slate / By Eliot Spitzer
Eliot Spitzer: Tax the Traders! It Would Solve Economic Crisis and Stop Reckless Activity
A tax on financial transactions will give us gobs of revenue.
December 4, 2012 |
Both the White House and House Republicans, publicly at least, are digging in their heels deeper and deeper in the so-called negotiations over what we call, alternately, the fiscal cliff, the fiscal slope, the austerity bomb, or the cable-talk-show topic of last resort.
Whatever logic either side pretends to have is irrelevant to the other side, because each is speaking a different political language and indeed a different economic language.
I agree with the White House on the substance of the debate, and I think the administration’s hand gets stronger over time . But as anyone who has been through negotiations will tell you, sometimes you just need a new idea to change the dynamic.
This one is not so new; it has been around for a long time, supported by a wide range of economists, including Nobel laureate James Tobin, as well as advocates, including Ralph Nader in the Washington Post this weekend, and elected officials: a tax on financial transactions. It will give us gobs of revenue. It will fall on a sector that has generated enormous and unwarranted profits for a very few, who at the same time have benefited from huge bailouts and regulatory help and largely escaped any responsibility for their central role in creating the financial cataclysm that we are still struggling with. ...................(more)
The complete piece is at: http://www.alternet.org/economy/eliot-spitzer-tax-traders-it-would-solve-economic-crisis-and-stop-reckless-activity
This simple transaction tax could help two of our most pressing problems: lack of revenue and runaway algorithmic trading that now accounts for some ~40 % of all stock market transactions. These transactions aren't really investments, the stocks aren't held for long at all (seconds in many cases), so they serve no useful purpose and are in fact a very destructive force.
It's an obvious fix that is receiving very little consideration, I wonder why? No doubt it has a lot to do with lobbyists and campaign financing.
I don't care who Spitzer slept with...make this man the Attorney General....now!