How Wall Street Drives Up Gas Prices -- Ripping Us Off and Killing Jobs
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This effort, while laudable, doesn’t go nearly far enough. The best way to check speculation may be through a financial transaction tax that makes it less profitable to speculate in commodity markets. A relatively small tax on all financial transactions would likely reduce the number of bogus speculators. That’s the only message they understand. Enforcement of weak rules matters little to those who spend all their waking hours playing and dreaming up new financial casino games. The only way forward is to take away their chips.
Unfortunately, the Obama administration opposes any and all financial taxes for fear they will upset financial markets. Well, this market is already upset by financial greed and corruption. Hopefully, the administration will learn before it's too late that the American people are sick and tired of being fleeced by Wall Street.
In the meantime, next time you fill up your tank, remind yourself that something like $10 to $25 is going right from your pocket to Wall Street. Maybe that will get us to join the fight for a financial transaction tax. It’s long overdue.
Les Leopold is the author of The Looting of America: How Wall Street's Game of Fantasy Finance destroyed our Jobs, Pensions and Prosperity, and What We Can Do About It , Chelsea Green Publishing, June 2009.