The Voice of Joyce : want Trillions to spend now? #TAXRISK

2cb02eeec022aaa6acf4eaae43f1cd69-1Photo on 7-19-15 at 10.08 AMI listened to Barney Frank defend DODD Frank today and I’m outraged.  He rails against derivatives now, but where was he during the Fannie and Freddie debacle?  ( For insight into the Fannie and Freddie collapse, read Gretchen Morgenson’s excellent book, “Reckless Endangerment”.)    He’s counseling Hilliary Clinton. That’s funny, she has teams of Economists counseling her, not to mention, Robert Rubin.

  • Bill Clinton is partially  responsible for the fiscal collapse of 2008. How?  He overturned Glass Steagall in order to accommodate Sandy Weill’s ambitions at Citibank, establishing the foundation for ” Too big too fail”.
  • Next, Bill Clinton, established policy, on behalf of Robert Rubin, allowing Derivatives to thrive in an unfettered regulatory environment.

When Warren BUFFETT called Derivatives , “Weapons of Mass Destruction”  he was correct. They destroyed trillions of dollars in middle class wealth. We know, the Middle Class hasn’t recovered yet. Barney Frank and Hilary Clinton are being disingenuous when they debate solutions for our Fiscal Reform dilemma, they are advocating a program that can never be implemented. Nor is it intended to be implemented. Mary Jo White is dragging her feet on implementation. Law submitted to the SEC for review has languished for months without a reply.  I know , I published, a proposed Broker/Fiduciary Regulation this year!  The attorney was amazed that he had not even received an acknowledgement for his submission!

Why do we need sensible legislation?  Greenspan said it best, he never believed Bankers would cheat and create the Fiscal crisis of 2008.   How do we know that the Banks still aren’t cheating? That’s the reason for ” good ” understandable laws.
We have experts on Fiscal Reform, I’ve become one of them.    I’ve come up with an original idea to curtail derivative risk. Charge 3 cents for every $100.00 traded in fast micro trades and derivatives and the industry will become less risky.  I proposed this simple tax in 2014.  Joseph Stiglitz concurred,  it could work.  In February 2014, derivatives totaled $360 Trillion . By November  2014, derivatives totaled $760 Trillion , by February of this year Derivatives totaled $1,100 Trillion. Should we be worried? You bet.

  • Should we be implementing this tax as fast as we can? Yes! The benefits are two fold:
  • First, a curtailment of risk, but more important, my 3 cent tax  for every $100.00 bundled trade, would net the country in excess of $1 Trillion in revenue.  That was February 2014.
  • Now, at 3 times that amount today,   we should gross far more.  We could use the money to improve our schools, our infra structure, create jobs that would, in effect, Resurrect the Middle Class.
  • Who would be effected?  Only the hedge funds involved in the “same old  risky trades”.
  • What happens if we don’t curtail this risk to our Country and the Globe, we risk another Fiscal meltdown.  With no Middle Class to bail out the Banks, who would be responsible and accountable?

Please read the articles I’ve written.  If we approved this simple tax, we wouldn’t need to worry about the pace of other reforms or regulations.   I’ve done the math , I don’t believe we have to cry for the Hedge funds, they’ll make an equal profit.  Please,  check out my Blogs and decide for yourselves.

Then,  support Elizabeth Warren and John McCain’s  Bill , ” Glass Steagall ” for the 21 st Century.

Consider implementing Sherrod Brown and David Vitter’s  bill on Derivatives.

.
If none of these suggestions appeal to you, consider  a class action suit against the use of Algorithms in the market place.  Why, Algorithms ?   They are opaque  and create an unfair advantage  . They too should be made transparent and regulated or we, meaning, the American People should ask David Boies’  to sue  all  Hedge Funds and “others” using Algorithms for Insider trading.  Algorithms create the marketplace and have an  unfair advantage over human trades! (For fun, read “The Fear Index “by Robert Harris, recommended by the Wall Street Journal.)

  • You read it here ! I said it first!

Your turn, my dear followers, to act on our behalf and put money, not our money, back into the Federal system with Responsible, Accountable oversight.


2 thoughts on “The Voice of Joyce : want Trillions to spend now? #TAXRISK

  1. I read “Reckless Endangerment”. Frank has to share in the blame for the failure of Fannie and Freddie. Near the end of the book, he seemed to come to his senses, but even that could be questionable. Chad

    Sent from my iPad

    >

    1. I agree! Barnie Frank was part of the Problem. DODD FRANK cant’t be implemented. Until we have sensible regulation we will have risk and inequality? Did you like my suggestion to tax derivatives 3cents/ $100? Grosses over $1Trillion when $360 Trillion Traded! Thanks for commenting
      I appreciate your support. Joyce

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s