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Sen. Elizabeth Warren's bill would end trading in water futures
(www.motherjones.com)
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this post was submitted on 19 Apr 2024
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Never underestimate the ability of banking and finance to invent new financial products and then tell you how it's beneficial for everyone. (See financial crisis and derivatives for good example of this money making house of cards)
Thank goodness for polits like Warren, a regular target of repubs and wealthy individuals, greedy corps and crypto bros.
*As others pointed, like many other polits, Warren too should be called out for insider-trading. We need less cheerleading and greater accountability. Thank you folks for educating me on this.
Talking about a politician who insider-trades her way to tens of millions in gains each year.
The real fix here is to ban speculative trading on anything with either industrial or everyday use (like metals and real estate).
You are right, thank you for the education. Congressional stock trading should be banned. And Warren like any other polit should be called out on it as well.
I mean, futures have an effective place in capitalist societies; the onion market is rather volatile because onion futures are banned (for hilarious reasons, I might add). The volatility makes is more difficult to run a sustainable onion farming operation.
As for these water futures, while the concept does seem repulsive to me, I don’t really understand how they are responsible for anything here. If water futures were illegal, water suppliers would still be charging a huge markup today. Water companies sold undervalued futures years(?) ago, and they’re the only ones really losing out here. No skin off my back.
(I think that everything I just said is stupid btw. Don’t take this as a defense of the “system”.)
I dont think she deserves to be held up as high as you seem to want to, but I agree with the rest of what youre saying.
No, you are right not to put any polit on a pedestal, it should be a boring job where everyone is working for the people. Net, net her advocacy for consumers has been positive and ruffled the feathers of big business. Doing something right.
eh, I think her rep is overblown, but she's insecure and responsive enough to not be a complete monster.