I think this approach is a good step along the way.
But I also think we need a permanent moratorium on IPOs. The stock market is a vehicle for the rich first and foremost, and it is an inherently anti democratic institution. It needs to die, and such a moratorium would lessen the chaos of it’s death.
We also need a ban on corporate mergers. The stock market at least has the pretense of helping the workers through retirement accounts, but the same cannot be said of mergers.
If you remove the stock market, you end up with over the counter or even worse total back room trading of company stock. That disadvantages small shareholders much more then big ones. So owning large companies will be totally exclusive to the super rich, making the situation even worse then it is today.
We need a ban of companies buying other companies. That takes care of mergers.
However the real problem is the lack of proper high taxes for the wealthy. That has to change, so the wealthy can loose their wealth more easily.
If you remove the stock market, you end up with over the counter or even worse total back room trading of company stock
The whole point is that there slowly becomes no such thing as company stock. A precursor step for this is a requirement for all new companies to be employee owned non profits/coops.
We need a ban of companies buying other companies. That takes care of mergers.
However the real problem is the lack of proper high taxes for the wealthy. That has to change, so the wealthy can loose their wealth more easily.
I think this approach is a good step along the way.
But I also think we need a permanent moratorium on IPOs. The stock market is a vehicle for the rich first and foremost, and it is an inherently anti democratic institution. It needs to die, and such a moratorium would lessen the chaos of it’s death.
We also need a ban on corporate mergers. The stock market at least has the pretense of helping the workers through retirement accounts, but the same cannot be said of mergers.
If you remove the stock market, you end up with over the counter or even worse total back room trading of company stock. That disadvantages small shareholders much more then big ones. So owning large companies will be totally exclusive to the super rich, making the situation even worse then it is today.
We need a ban of companies buying other companies. That takes care of mergers.
However the real problem is the lack of proper high taxes for the wealthy. That has to change, so the wealthy can loose their wealth more easily.
The whole point is that there slowly becomes no such thing as company stock. A precursor step for this is a requirement for all new companies to be employee owned non profits/coops.
We need all of the above.