This is a very timely suggestion, given that student debt loan interest rate ($1.1 trillion by one count) is due to double from 3.4% to 6.8% on July 1. Congress went home without dealing with this dramatically worsening situation. Below the article, a great RT interview about hedge funds with Les Leopold (from four months ago). For example: Did you know that in a single hour one hedge fund manager makes two million dollars, which is what an average American family makes in 47 years?
Higher education used to be free for millions of Americans. A transaction tax on the financial houses would make it free again.
June 24, 2013 |
by Les Leopold
Anyone with a heartbeat knows that Wall Street took down the economy, killed millions of jobs and hasn’t had to pay a penny for the damage it caused. In fact we are paying them for crashing the economy in the form of trillions in bailouts and low interest loans.
Well, maybe it’s time for Wall Street to contribute, rather than siphoning off our wealth. How about a sales tax on all transfers of stocks, bonds, and derivatives in order to fund tuition-free higher education?