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FSogol

(45,488 posts)
Thu Jul 9, 2015, 12:58 PM Jul 2015

Martin O'Malley: Limit Risky, Speculative Trading on Wall Street

Implement a Financial Transaction Tax to Limit High-Frequency Trading
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 activity—one that would be
nearly imperceptible to longer-term investors, but could dramatically cut down on highrisk,
speculative activity on Wall Street.

Governor O’Malley 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

15 replies = new reply since forum marked as read
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Martin O'Malley: Limit Risky, Speculative Trading on Wall Street (Original Post) FSogol Jul 2015 OP
I like the way he thinks out of the box Sheepshank Jul 2015 #1
He clearly approaches problems from a "how do we solve this" mentality. FSogol Jul 2015 #2
Well... kenfrequed Jul 2015 #7
Not at all. askew Jul 2015 #10
Cite a source kenfrequed Jul 2015 #15
I don't think so. elleng Jul 2015 #11
Not really. Take their college tuititon plans. Sanders addresses tuition costs, but FSogol Jul 2015 #12
A Financial Transaction Tax should fund independent oversight of Wall Street. House of Roberts Jul 2015 #3
In other parts of his plan he promotes true independent oversight over Wall St and the Fed Reserve. FSogol Jul 2015 #4
A tax on every trade, and a minimum 'holding period' is what I'd like to see. Erich Bloodaxe BSN Jul 2015 #5
I wonder if it's possible to accurately monitor this type of trading, House of Roberts Jul 2015 #6
Sounds pretty good to me. nt Andy823 Jul 2015 #8
Kick. Agschmid Jul 2015 #9
Kick. Good stuff. raouldukelives Jul 2015 #13
ehh... MBplayer Jul 2015 #14

FSogol

(45,488 posts)
2. He clearly approaches problems from a "how do we solve this" mentality.
Thu Jul 9, 2015, 01:04 PM
Jul 2015

That's one of the best things about him, imo.

kenfrequed

(7,865 posts)
7. Well...
Thu Jul 9, 2015, 03:26 PM
Jul 2015

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)
10. Not at all.
Fri Jul 10, 2015, 11:59 PM
Jul 2015

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.

FSogol

(45,488 posts)
12. Not really. Take their college tuititon plans. Sanders addresses tuition costs, but
Sat Jul 11, 2015, 07:07 AM
Jul 2015

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)
3. A Financial Transaction Tax should fund independent oversight of Wall Street.
Thu Jul 9, 2015, 01:04 PM
Jul 2015

Not only investigators but the prosecutors to insure accountability.

FSogol

(45,488 posts)
4. In other parts of his plan he promotes true independent oversight over Wall St and the Fed Reserve.
Thu Jul 9, 2015, 01:06 PM
Jul 2015

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)
5. A tax on every trade, and a minimum 'holding period' is what I'd like to see.
Thu Jul 9, 2015, 01:19 PM
Jul 2015

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)
6. I wonder if it's possible to accurately monitor this type of trading,
Thu Jul 9, 2015, 01:51 PM
Jul 2015

without something like the NSA datamining the telecoms. The SEC would have to be inside every trader's system, wouldn't they?

raouldukelives

(5,178 posts)
13. Kick. Good stuff.
Sat Jul 11, 2015, 08:44 AM
Jul 2015

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.

MBplayer

(73 posts)
14. ehh...
Sat Jul 11, 2015, 10:42 AM
Jul 2015

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!

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