2016 Postmortem
Related: About this forumMartin O'Malley: Limit Risky, Speculative Trading on Wall Street
High-frequency trading creates volatility and unnecessary risk in financial markets, while
serving no productive purpose in the real economy. A small tax should be applied to
each sale and purchase of a financial instrument to limit this activityone that would be
nearly imperceptible to longer-term investors, but could dramatically cut down on highrisk,
speculative activity on Wall Street.
Governor OMalley will:
Implement a financial transaction tax. The tax will be well-designed not to soak
financial traders, but to fix bad incentives for speculation that comes at the cost of
real job-creating investment.
Move mining from the 10 page Wall Street Reform position paper O'Malley released today. The above is one tiny portion.
*read Martin O'Malley's 10-page plan*: http://martinomalley.com/wp-content/uploads/2015/07/OMalley-Wall-Street-Reform.pdf
Sheepshank
(12,504 posts)FSogol
(45,488 posts)That's one of the best things about him, imo.
kenfrequed
(7,865 posts)He definitely is thinking in Bernie's box. In fact a lot of his recent proposals are just policies that Sanders has already put forth or advocated.
askew
(1,464 posts)O'Malley's been credited with going further and having more progressive and more possible policy proposals on Wall Street/Banks, climate change and education reform.
kenfrequed
(7,865 posts)Cite me a source where O'Malley has gone after Wallstreet more than Bernie Sanders.
elleng
(130,964 posts)He's definitely NOT a follower, but experienced and original.
http://www.theatlantic.com/politics/archive/2015/05/talking-with-martin-omalley-reform-or-pitchforks/392633/
FSogol
(45,488 posts)O'Malleys goes way past that to address a myriad of education issues such as child care for returning students and holding for profit colleges accountable for their abuses. While both plans are decent, O'Malley's is much more detailed and comprehensive.
House of Roberts
(5,176 posts)Not only investigators but the prosecutors to insure accountability.
FSogol
(45,488 posts)I'll post those parts later when I have a chance.
His whole plan is here (and well worth the read):
*read Martin O'Malley's 10-page plan*: http://martinomalley.com/wp-content/uploads/2015/07/OMalley-Wall-Street-Reform.pdf
Erich Bloodaxe BSN
(14,733 posts)Make it so no stock can be bought and sold within some arbitrarily short period, maybe 5 minutes. The big guys still have tons of advantages, but that will help decrease volatility and help tilt the trading floor back towards human beings rather than automated trading programs.
House of Roberts
(5,176 posts)without something like the NSA datamining the telecoms. The SEC would have to be inside every trader's system, wouldn't they?
Andy823
(11,495 posts)Agschmid
(28,749 posts)raouldukelives
(5,178 posts)Anything that can be done to limit the damage Wall St investors and supporters do has already far passed critical proportions.
It's one thing to do all one can to ensure we never have representative democracy or live in an equal society. Profit from war crimes, denying health care, prisons, crushed 3rd world lives, subverting education and fulfilling the desires of the worlds wealthiest are a given.
But to include aiding and abetting in the denial of the coming climate holocaust for every form of life on our planet for a few more dollars? That elevates it all to the comically tragic in the most immense fashion.
I applaud anyone who works to give everyone a bit more time to save our natural world and to evolve and enlighten into beings of mutual empathy.
From a political perspective this looks good, but as a trader I get concerned when you discourage liquidity from entering the marketplace. However, the promise and illusion of things becoming more fair is never a bad thing!