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U.S. Democratic presidential hopeful Bloomberg unveils plan to rein in Wall Street
Reuters ^ | February 18, 2020 | by Joseph Ax, Michelle Price

Posted on 02/18/2020 9:15:06 AM PST by Oldeconomybuyer

NEW YORK - U.S. Democratic presidential candidate Michael Bloomberg on Tuesday outlined a sweeping financial services policy proposal to rein in Wall Street trading, boost consumer protections, increase Americans’ access to banking services, and crack down on financial crime.

The left-leaning platform marks a striking turnaround for the former Republican New York mayor who made his $60 billion fortune in financial services and who in the past has criticized reforms introduced following the 2007-2009 financial crisis.

Among the most eye-catching proposals is a tax of 0.1% on transactions in stocks, bonds and payments on derivative contracts, bolstering the “Volcker Rule” ban on proprietary trading, and setting a trading speed limit - all of which take aim at Wall Street clients of Bloomberg Inc’s trading terminal.

The proposal also pledges to reinforce protections eroded by the Trump administration by boosting bank capital levels, toughening banks’ annual health checks, and restoring the Consumer Financial Protection Bureau’s rules curbing payday lending and ban on imposing mandatory arbitration on consumers.

While Bloomberg’s platform does not go as far as proposals backed by progressive rival presidential candidates Elizabeth Warren and Bernie Sanders, who have called for big banks to be broken up, it underscores how far the Democratic Party is moving to the left on financial and corporate policy issues.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Editorial; Government; News/Current Events; Politics/Elections; US: New York
KEYWORDS: bloomberg; china; election2020; littlemichael; minimike; oligarch; redchina; socialism; taxes; vallstreet
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1 posted on 02/18/2020 9:15:06 AM PST by Oldeconomybuyer
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To: Oldeconomybuyer

Access to banking services?

Would that include forcing PayPal and Visa to support gun companies and companies that support republicans?


2 posted on 02/18/2020 9:20:29 AM PST by Skywise
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To: Oldeconomybuyer

This guy is a narcissistic control freak and he will use the climate BS to ruin our lives.


3 posted on 02/18/2020 9:20:43 AM PST by gibsonguy
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To: Oldeconomybuyer

Completely outrageous. You sell a stock - you lose 0.1% of the total value, then you but a stock losing another 0.1% of the total value for 0.2% on each round-trip. Then you pay SEC taxes on each sale, and capital gains if you somehow make a profit. Frequent traders cannot sustain this level of taxation and will go away. That is enough to dry up market liquidity.


4 posted on 02/18/2020 9:21:07 AM PST by rigelkentaurus
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To: Oldeconomybuyer
Although I'd put it at about half that level, a Federal transaction tax on stock trades seems like a good idea to me, especially since a large percentage of the trades are machines trading with one another.

The real problem is, though, that they'd be raising it every time a new line of BS like the climate lie comes along for them to call a crisis that must be faced or we'll all die. So, reasonable in a nation where the government looks out for the average folks but unreasonable in a nation where the government looks out for the government.

JMHo

5 posted on 02/18/2020 9:22:05 AM PST by Rashputin (Jesus Christ doesn't evacuate His troops, He leads them to victory !!)
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To: Oldeconomybuyer

Notice they are all for regulating people making money totally out of existence but do NOTHING to stop crime and enemy attacks.


6 posted on 02/18/2020 9:24:10 AM PST by John O (God Save America (Please))
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To: Rashputin

Once a new transaction tax is adopted, it will never go away and only go up.

This is an effort to tax 401K and other stock-based retirement savings on responsible citizens/taxpayers.

JMHO


7 posted on 02/18/2020 9:29:41 AM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Oldeconomybuyer; bitt; little jeremiah; a little elbow grease; Steven W.; Disestablishmentarian
NEW YORK - U.S. Democratic presidential candidate Michael Bloomberg on Tuesday outlined a sweeping financial services policy proposal to rein in Wall Street trading, boost consumer protections, increase Americans’ access to banking services, and crack down on financial crime.

The left-leaning platform marks a striking turnaround for the former Republican New York mayor who made his $60 billion fortune in financial services and who in the past has criticized reforms introduced following the 2007-2009 financial cris

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in his own way, bloomberg is proving to be as much of a gaff machine as quid pro joe, hisself.

bloomer made his fortune off his disruptive financial market monitoring packaging.

it was revolutionary in that it had real time market quotes on stocks & bonds along with analytical tools and news feeds that were basically available to the mass markets.

prior to bloomberg’s innovation, only the top shelf investment banks had anywhere near the information technology of the “Bloomberg” capabilities

this is biting the hand that feeds you on steroids

8 posted on 02/18/2020 9:32:37 AM PST by thinden (How many Barr haters across America are being paid by Soros to attack Barr.)
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To: Rashputin

Never give the government a new avenue for taxation.


9 posted on 02/18/2020 9:33:15 AM PST by headstamp 2 (There's a stairway to heaven, but there's also a highway to hell.)
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To: Oldeconomybuyer

His software, magazine, all made from subscription/recurring revenue, that of a capitalist nature...one would think he would understand profit from capitalism. No, he made his $$$ from controlling things, payoffs, greased palms...I have watched Bloomberg TV, it is like BBC/NPR and is way leftist.

He really is a horrible human being.

The Left is so blind right now, I’d wager most of them don’t believe Bloomberg said the things he said, but rather that Trump made them up and it is a conspiracy, a la, how Clinton always says right wing conspiracy.


10 posted on 02/18/2020 9:33:59 AM PST by CincyRichieRich (Vote for President Trump in 2020 or end up equally miserable, no rights, and eating zoo animals)
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To: Oldeconomybuyer

All I see is little mikey saying I’ve got my $60 billion and I’m in control. If he feels guilty about that let him write a check.


11 posted on 02/18/2020 9:34:14 AM PST by Sequoyah101 (We are governed by the consent of the governed and we are fools for allowing it.)
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To: Oldeconomybuyer

Eff You guys. I’ve got mine!


12 posted on 02/18/2020 9:38:56 AM PST by Don Corleone (The truth the whole truth and nothing but the truth)
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To: Rashputin

No tax is a good tax at any level IMHO


13 posted on 02/18/2020 9:41:39 AM PST by Freedom56v2
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To: Sequoyah101

Yup. Classic “shut the door behind you so nobody else can get in” move on bloomturd’s part.


14 posted on 02/18/2020 9:42:12 AM PST by Sirius Lee (They are openly stating that they intend to murder us. Prep if you want to live.)
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To: Skywise

Mikey Mouse got his cheese.
He wants to make sure no one else can get any.....communist, control-freak, POS....always has been.


15 posted on 02/18/2020 9:42:31 AM PST by lgjhn23 (It's easy to be a liberal when one is dumber than a box of rocks...)
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To: Oldeconomybuyer

Once a new transaction tax is adopted, it will never go away and only go up.

This is an effort to tax 401K and other stock-based retirement savings on responsible citizens/taxpayers.

JMHO


Spot On!


16 posted on 02/18/2020 9:42:53 AM PST by Freedom56v2
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To: Freedom56v2

They don’t call him Doomberg for nuthin.

Hopefully tho this moronic idea will blow up in his face.


17 posted on 02/18/2020 10:10:41 AM PST by Gasshog (Democrats have done the impossible! They united the GOP behind President Trump.)
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To: Gasshog
rein in Wall Street

rain on Wall Street

18 posted on 02/18/2020 10:13:05 AM PST by windsorknot
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To: Oldeconomybuyer
Among the most eye-catching proposals is a tax of 0.1% on transactions in stocks, bonds and payments on derivative contracts,

The second this goes into effect all such trading will move off shore.

19 posted on 02/18/2020 10:16:31 AM PST by C19fan
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To: headstamp 2

“Never give the government a new avenue for taxation”

Uh yeah, even more so if they have the ability to use electronic methods. It is frightening what these libs come up with... notice its the ones with the money that do that...


20 posted on 02/18/2020 10:18:59 AM PST by Nuke From Orbit
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