TheVoiceOfJoyce

I 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.

• hevoiceofjoyce.me/2014/02/26/public-advocay-serious-about-deficits/
• http://thevoiceofjoyce.me/2014/06/04/public-advocacy-why-is-the-american-economy-supporting-inequality/
• If you want to advocate for a Resurrection of the Middle Class. Support this tax first and we’re on our way to Resurrection.
  Politics effects us and when it does, we have the opportunity to control the narrative.
• If you want to take action to the next level?  #TaxRisk!

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.

• http://thevoiceofjoyce.me/2014/05/22/public-advocacy-we-the-people-want-answers/
• http://thevoiceofjoyce.me/2014/05/09/public-advocacy-does-congress-represent-we-the-people-for-the-people/

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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.