Mark Cuban is the kind of financial entrepreneur who gets swept into the evil 1% by anti-capitalist rhetoric. In truth he is an example of a business genius who shows how true innovation comes from those who buck the system (not unlike the example of the late Steve Jobs). Here are his recommendations to OWS:
The Great Lie of Wall Street…
Push to Make All Financial Institutions Partnerships…
Limit the Size of Student Loans to $2,000 per year…
Tax the Hell Out of Wall Street; Give it to Main Street
In a world of High Frequency Trading and black box trading that does nothing but create a platform for “financial hackers” to turn the market into their own proprietary financial playground, we need to figure out a way to revert the Stock and Bond Markets, and the derivative instruments created from these equities, back to their original purpose, a place to raise capital for growing business. Instead, today its a platform for financial engineers and hackers looking to exploit every and any opportunity. When 60pct or more of trades are from High Frequency/Algorithmic traders and the correlation for every market index rushes past .7, the market is no longer a market, its a platform.
The simplest way to change this is to place a very simple per share tax on every transaction. 10 cents a trade. Every share. Every option. Every Bond. Every currency transaction. Every trade.
I didn’t know this, but 40% of US profits in the last decade came from 10% of the the economy, the financial sector.
Did you know that both US senators from New York are Democrats?