One angry old man against the world
Retiring SEC Attorney Proposes a Market That Puts the Public Interest First
I am not sure what the particular solutions might be, but I think an historically large number of people might agree that the government no longer has their best interests at heart.
The public interest has been sold to the special interests and their ideologues.
I cannot think of any other reason why the government supports that obscene tax loophole of carried interest that so heavily subsidizes the financialization of the real economy.
I cannot think of any other reason why the government continually refuses, on principle and as a matter of policy, to prosecute the individuals responsible for monumental financial crimes and abuses of the public trust, handing out wrist slap fines to the wealthy perpetrators and campaign contributors who are engaged in a serial white collar crime spree.
And I cannot think of any other reason why so many state governments would deny medical coverage to the most vulnerable of their own people by refusing the offer of Medicaid expansion on principle. What principle? That people who are not as fortunate as others should suffer and die, even when adequate medical treatment is available and has been shown to work even better in other countries?
It is an historic feat of propaganda, that the American people think themselves to be the finest people on earth, the paragon of civilization, bringing freedom to the oppressed in Iraq, Afghanistan, Syria, Libya, and the Ukraine from their presence in over seven hundred foreign military bases. while their own infrastructure and living standards crumble at home, and their own people become increasingly alienated from a self-serving power structure that governs by and for itself.
Asking Capitalism to Cure Capitalist Woes:
The US Exchange, a Market for the Rest of Us
By James A. Kidney
High-speed trading, synthetic credit derivatives and other risky Wall Street products are described as refinements of our capitalist system — or lamented as the inevitable product of emerging technology. But the system benefits traders more than real capitalists – those who seek investors on the basis of the merit of their products and services to customers.
The response to the many problems posed by these new technologies, products and delivery systems is predictable: New statutes and rules, inevitably chewed into mush by politicians and lobbyists, and long delays in implementation by regulators. By the time these new rules are in place, Wall Street has found ways to circumvent them, requiring a new cycle of debate, lobbying and minimally effective rule-making in response to the next resulting crisis.
One possible solution seems to have been overlooked: Bringing capitalism to the capital markets. It is not that the trading markets have lacked opportunistic capitalists. Entire new trading platforms have been created to supplement or replace the traditional New York Stock Exchange, the NASDAQ and the old American Stock Exchange. Certainly, many new trading products have been invented. But few of these developments address any real need except trading itself.
Let me post an example, simple and naïve as it may be, of how capitalism genuinely could improve the market beyond meeting the needs of traders themselves. The notion can at least be the start of something. But first, some background…
Read the entire article here.