To: President Donald Trump, The United States House of Representatives, and The United States Senate
Should we not have Wall Street pay for our deficit
If Wall Street created the economic mess should we not be talking about re-instating a SETET (Security Exchange Transaction Excise Tax), so Wall Street firms do their fair share in reducing our deficit?
Why is this important?
The Flash Crash should be seen as a shot across our collective bow. High Speed Trading can go out of control within 10 minutes and 70% of our economy could evaporate, because of it. One of the more moderate suggestion is to place a SETEC on those and other trade transactions. If Wall Street created the economic mess should we not be talking about re-instating a SETET (Security Exchange Transaction Excise Tax) both on within company internal trades if money goes outside our boarders and external trades on all US exchanges. Which would be better for the market a bunch of new regulations to stop flash crashes caused by automated trading on the high speed system or a 1% to 6% SETET to make these high speed trades less lucrative and slowing the that traffic some. While producing income deficit reducing for the US Government. Shouldn't we turn to those who caused much of our deficit help pay down those deficits?