Forum Post: I Have THE Answer!
Posted 13 years ago on Oct. 19, 2011, 10:01 p.m. EST by KerryRawe
(47)
This content is user submitted and not an official statement
This is an epiphany I had when thinking about Wall Street and the constant disaster it has caused the world over.
We must abolish the stock market.
I know. This sounds insane on the first read. Think deeper. Bolder. LIke, anti-Herman Cain bolder. The stock markets are glorified casinos. They buy and sell based off of news stories and so many wild and varied factors that mathematicians have been hired just to attempt to "count cards" at the perverbial multi-monitored gaming tables.
If corporations want to invest, let them do so with their cash on hand. Interest rates and ROI could be regulated. States could offer competitive ROI interest rates to encourage investment. No trading on margin. No speculation. No extensive sale of debt - mainly because debt would be backed by tangible asset.
I am not joking. I am completely serious. The 99% could make this their one demand. Oust the one force that has elslaved us all, and has caused economic disaster at every turn of its existence. Look at the facts. Do not be deterred by denial in your pursuit of everlasting truth. This would single handedly level the playing field for each and every American. This would not only create jobs, it would keep them here. Corporations could get richer - loads richer - and not impact our society with the extinction level force that it wields now.
And for the skeptics - think. This is better than Glass-Steagall, as it eliminates nearly all investment tricks. Remember, Glass-Steagall was still in effect in the 70s, 80s... it was only the birth of Silicon Valley that saved us in the 90s. We must do better. We must bring about a responsible system of investment. If direct investment with a simplified ROI structure were in place, it would prevent speculation! It would end day trading! It would make market bubbles extinct!
And hey, 1%, get this - if you invest your money, you still get rich! You still make money! And, you do so knowing that you don't have Bernie Madoffs out there ready to destroy your portfolio in one fail swoop!
Wall Street is a casino. And is a weapon for the wicked. I am certain it can be done. I am confident it would work. WE would work. And work a lot more.
In my opinion, the heart of the issue is campaign finance reform. We need to have all political campaigns funded by the taxpayers from a separate fund. An amount would be designated say: 50 million dollars or 25 or whatever is a reasonable amount to actually travel and give speeches, and provide security for the candidates etc. And that NO OTHER MONEY be used, and that any contribution from ANY private donor big or small be made unlawful. THEN we can begin to recenter American Democracy around the electoral process and the actual WILL of the people. Right now, politicians tell their "constituents" what they want to hear and make all of the promises they need to make, and then, newly elected (or re-elected) arrive in Washington and are immediately cornered and overwhelmed by all of the special interests that actually funded their campaign, and these politicians no longer connect "doing the will of the people" with "being a successful politician." THAT is the straw that is stirring this corrupt drink right now. Our leaders no longer need to act in the interests of the people they serve. Moreover, it is actually political suicide for them to do so. THAT, I feel, is a good "starting point" for one of this beautiful and exhilarating movement's central demands. REFORM CAMPAIGN FINANCE now...
probably a very good idea, but hardly THE answer.
you got that right, here's my 3 cents:
Here's how we can easily Reform Wall Street: Take away their powers "once again." And a Million People March on The Hill will help get it done!
For example, "We are here Congress because we want to bring REINSTATE the Glass-Steagall Act of 1933 http://www.investopedia.com/articles/03/071603.asp#axzz1aPEc3wX which helped saved our country from the Great Depression by preventing investment companies, banks, and insurance companies from merging and becoming large brokerage firms; instead of just being Banks and Insurance companies--why can't we learn a history lesson here Congress? Btw, why did most of you vote for its final repeal in 1999? http://www.counterpunch.org/2008/09/19/shattering-the-glass-steagall-act
Think about where we are now, it all started in 1999 with the subprime loans Senator Phil Gramm was peaching on Senate floor. CNN's The Ten Most Responsible for Economy Collapse: http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
Furthermore, we also want you to CHANGE the Commodities Future Modernization Act of 2000 http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 BACK to where it was before 2000, which since has deregulated energy markets and consequently allowed for such scams as The Enron Loophole; whereas in the early 2000's Enron Corp. was charging 250 bucks plus for a kilowatt hour...They all when to jail for this. But, the Enron loophole is still not closed, for example, allowing speculators to resell barrels of oil over and over again before it reaches the gas station owner. It's basically, legal gambling at our expense. What were those lawmakers thinking then? What are you thinking now? Either do the right think, or you're part of the 1%."
Why are oil prices high? The Enron Loophole
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related
http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related
Rolling Stones Reporter: Truth about Goldman Sachs--how they have cornered the markets--basically, The Enron Loophole and the Repeal of Glass-Steagall Act in 1999. http://www.youtube.com/watch?v=waL5UxScgUw
Let's get focused and bring back Glass-Steagall Act of 1933, they got it right 1933, we don't need to REINVENT the wheel because bringing this Act back will create an even playing field once again....and let's finally Close the Enron Loophole, which allowed Enron to charge what they wanted for energy; they went to jail for this; but no one closed the loophole, why? Re-election Monies from the banks and oil companies! The writing is on the wall.
Re read the question.
"We must abolish the stock market."
And how do you propose to do that ?
And the second time.
Good luck with that. The 1% will kill you and cook you and eat you for breakfast first. You see, they OWN most of the tangible assets you mentioned. And I don't think they'll feel all that great about loaning those who destroyed the world any cash. SAVVY?
I'm tired of these hippies who majored in PreColombian Pottery at some liberal Arts College who are angry at me for my 3rd house in the hamptons. I worked hard social networking at the parities during business school in order to get my job on wall street. I should be able to wear my cufflinks proudly and take my helicopter to the Short Hills mall to buy clothes for my girlfriends. Don't be mad at me because you majored in something that is worthless to society and now you have to work at starbucks to pay off that stupid loan that I sold to you.