Rush Holt: Wall Street

These days, most stock trades aren’t made by human beings. They’re made by supercomputers that flip stocks in fractions of a second, helping bankers get rich quick. And every dollar the computers win is a dollar you lose. Even worse, high-speed trading is destabilizing our financial system. It helped cause the “flash crash” that once destroyed a trillion dollars of wealth in minutes. 

So let’s fix the problem. Let’s create a small speculation tax: a fraction of a penny on every share of stock bought or sold. Those of us who invest for the long term will never notice the cost. But from Wall Street speculators, we’ll raise hundreds of billions of dollars – money that we can invest in our roads, bridges, schools, energy research, our social safety net, and more. Most Democrats are afraid to support a transaction tax. But the computers on Wall Street are beating the rest of us up – so I say, let’s fight back.

-Rush Holt

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