John Wolfe

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John Wolfe on the Issues

On Banking


As President, John Wolfe will use the anti-trust laws to reduce the size of megabanks before their speculative ventures collapse the economy once again. There is no reason, for example, that Bank of America should have 53 Trillion Dollars in credit default swaps and other derivatives on its books. We bailed out that bank, but we continue to underwrite with taxpayer guarantees the casino capitalism it practices.


As President, John Wolfe would reinstate the 1933 Glass-Stegall Act, which forbade federally insured banks from engaging in such dangerous practices. John Wolfe would strike a clear line of demarcation between traditional banking practices and the grossly dangerous speculative schemes engaged in by the Megabanks. Their shenanigans must be separate from traditional commercial banking. Changing the laws to effect this separation will relieve taxpayers from the consequences of future meltdowns in our financial system.


On A Wall Street Tax


We need to have a Wall Street tax on derivative transactions. Have you ever thought about why we in the South have to pay 6 or 7% tax on food while Wall Streeters bet on the market without having to pay a transaction tax? Bank of America, for instance, has 53 Trillion Dollars of credit default swaps on it’s book. Taxed at just 1% (split by buyer and seller), the Bank of America derivatives alone could yield 530 Billion Dollars to the US Treasury. We rescued these pirates of casino capitalism, so it is time for them to ante up and pay for the damage they have done to the economy.     



On an Alternative Federal Reserve-


John Wolfe believes that One Trillion Dollars, only 1/13 of what was given to our major banks as a bailout, should go for an Alternative Federal Reserve. This Alternative Federal Reserve would be set up to serve community banks, small businesses, and individuals who currently are paying a multi-fold in interest rates to the larger banks for borrowed money.


Our current Federal Reserve is basically in existence to help the 6 top banks: JP Morgan, Chase, Bank of America, Wells Fargo, Citibank, and Morgan Stanley. These banks make up 64% of the total financial market and get their money from the Federal Reserve directly at a rate of about 1/3 of 1%.


The irony is that the megabanks have a larger share of the market than they had before the near meltdown of 2008-2009. And their political influence grows in proportion to their dangerous incompetency, as failed Wall Street bankers such as Immelt, Lew, Daley, and Wolf lurk just feet from Obama’s Oval Office. As they gin up his Wall Street campaign funds, Obama connives at the danger of casino capitalism, which may soon create an even bigger crisis than the one out of which we are now barely creeping.


How can we teach our children that America is a meritocracy when we do so richly reward such dangerous and institutionalized failure?


On Health Care


Healthcare is a human right. The profit system has no incentive to provide it (47,000 US citizens die every year because they're just too poor to get well.)Expanding Medicare to all is the right thing to do. With a single claim form, a single tax, and patient choice, we can cut the healthcare costs of small business, save lives, and reduce the costs of US exports.


By failing to control costs, Obamacare does just the opposite. It throws money at Big Pharma and the healthcare bureaucracies, whose executives make well into 8 figures. Our premiums must cover this extravagance, some of which will find its way into Obama's campaign coffers. No wonder Pfizer and Aetna pushed so hard for Obamacare; their stock jumped 20% once Congress passed it.


Medicare for all will save lives and promote economic growth. That's a winning combination for all Americans!


On Social Security


Social Security is a self-funding program that has provided security to hundreds of millions of Americans for over a century. Now, Wall Streeters want to dismantle it, thought the program currently has a surplus of over 2 Trillion Dollars.


Social Security payroll taxes are loaned to the government through the same means that Japanese and Chinese creditors loan us money. These loans purchase government bonds, on which the US Government never defaults. The retired, the disabled, widows, and minor dependents receive money that represent the principal and the interest on the taxes that we invested in the bonds over which the Social Security Administration is the trustee.


Medicare works the same way. Though called “entitlements”, these programs just pay the people back what they invested, plus a moderate amount of interest. Since the surpluses are kept “on budget”, they reduce the deficit thus assuring the lower interest rates that keep borrowing costs down.


What other government programs can claim to do this?




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