It's Queens Magazine
One of the many reasons for the collapse of the financial system was the recklessness of trading and speculation by Wall Street firms using a massive robo-type process of the trading of millions of shares in a matter of seconds.
This is another example of how the little guy – in other words most of us - can't compete fairly with these investors for whom there is no great risk financially.
I am asking my fellow residents to contact Congressman Bob Turner to co-sponsor HR 3313, or the Wall Street Trading and Speculation Tax (a tax of .03 percent) on all stock transactions. The bill would cut down on the recklessness that hurt many small investors, and it would even raise some needed revenue.
To me this is not an a Republican or Democrat issue, it's about a system that is fair to everyone.
Sincerely,
Stewart J. Frimer
Forest HIlls
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