Last week Congress passed a $1.1 Trillion Budget which guts Regulation of Derivative trades. Many on both sides of the aisle protested to no avail. David Vitter and Sherrod Brown proposed legislation to make Derivative trades less risky. This was voted down to the Country’s detriment.
However, I came up with a better idea in February, 2014 when I proposed a 3% tax on every $100.00 of Derivatives traded. ( that’s 3 cents per $100.00 traded. ) Why is this so important? Derivatives caused the Fiscal crisis of 2008 necessitating the bailout of the Banks at the expense of the taxpayers and the decimation of the Middle Class. Today, Banks and “Bank like entities”, which may be FDIC regulated, have no incentive to curtail these “risky” trades which are worth in excess of $2 Trillion in revenue to Bankers.
Using my simple tax or fee of 3 Cents per hundred, at $700 Trillion these Derivative trades would yield $1.068 Trillion in revenue for our Country. Think what a Trillion would purchase? Infrastructure, education, full employment. It doubles the amount America may spend to improve services to our citizens. We can finally re-develop our middle class! It is a win win. Since 3 Cents means that the Bankers get to keep $1.068 Trillion for themselves and the Country benefits equally.
How can I persuade you to LIKE this idea. How can I persuade you to actively support this idea? How can I persuade you to stand as one voice and demand that the Country share in this revenue? As an added bonus, if the Bankers have “skin in this game” , systemic risk will be reduced. A win win as stated.
Please watch my video and read the attached link for information on Derivatives. If there is one thing we can do for ourselves and our Country, it is insist that we get an equal share of the Banker’s profits. 3 cents for them and 3 cents for US. Politics effects US. Let’s make the system work for US. All the best. Joyce