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  • Phil, I wanna talk specifically about her plans to tax high frequency trading. Tell us about this.

  • Well Pim, what we've seen from a lot of folks, particularly on the democratic side, it's kind of a broad, wide-ranging transaction tax.

  • What the Clinton campaign will be announcing today, according to officials I've spoken with, is a more targeted-version of that.

  • What they're gonna be targeting is excessive order cancellations, and the idea being that in high frequency trading,

  • what you're trying to do basically is get out in front and then cancel as a way to profit. So, where (does) this come from, in large part?

  • It's from Gary Gensler and his team inside the campaign, if you remember, Pim, Gary Gensler is the former CFTC chairman,

  • who took an interest in high frequency trading while he was there, and that's a key component of this plan.

  • Another issue to look at here, Pim, is the Volcker Rule. Obviously we all remember from the 2010 Dodd-Frank act, Hillary Clinton will be targeting hedge fund,

  • specifically how much banks can invest in them at this point, the level is 3%. She would eliminate that entirely.

  • That's the financial regulatory side of this proposal, then you have the enforcement side of the proposal,

  • but it's the regulation, I think, that will get most interest on the campaign trip.

  • So is this... you give something, you take something away at the same time for the industry?

  • I think what's interesting about this, Pim, is she doesn't go as far as her key opponents.

  • If you look at Bernie Sanders, if you look at Martin O'Malley, the former Maryland governor who're on the democratic side advocating for breaking up the banks,

  • or reimposing the Glass-Steagall, the separation between commercial and investment banking.

  • Hillary Clinton doesn't go that far, what her team's point is is this-- this is a more nuanced approach to it.

  • If you have a strong Volcker Rule, if you keep banks from holding their swap portfolios in subsidiaries that carry insured deposits,

  • that is more effective in today's banking sector than reimposing a Glass-Steagall,

  • but you've already seen Martin O'Malley come out and attack Clinton on this proposal saying it's not going far enough.

  • You'll see similar things going forward. The big question that Hillary Clinton has faced from the left has been: "Is she too close to Wall Street?"

  • "Is she a former New York senator, somebody who has aligned with her husband's administration,

  • too close to those who care about how Wall Street's doing?"

  • This plan is an attack on certain aspects of Wall Street, but the big question on the democratic side, Pim, would be: "Does it go far enough?"

  • Right, and of course we have the debate coming up next Wednesday in Las Vegas, the Democrat Debate.

  • Alright, so how about the debate in the house over who's gonna be the next leader?

  • Well that's moving on as we speak right now, there've been private meetings throughout the morning giving nominating speeches.

  • Paul Ryan, the well-liked and well-known chairman of the House Ways and Means Committee, giving the nominating speech for Kevin McCarthy,

  • the current majority leader who is widely expected to win that vote today.

  • The vote will start at noon Pim, in a close-door meeting.

  • It would be as old-school as it gets, paper ballot, lawmakers writing down the ballots would be numbered so there are no extra ballots there.

  • The expectation remains. Kevin McCarthy will become the next speaker of the House,

  • but why the vote matters today is there's a group of forty really hard-lined conservatives who've already stated they will not support Kevin McCarthy in this vote.

  • That won't hurt him today, but on October 29th, the full house will vote on the speaker.

  • Kevin McCarthy needs 280 votes, that's where those votes will matter, Pim.

Phil, I wanna talk specifically about her plans to tax high frequency trading. Tell us about this.

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ヒラリー・クリントン氏、厳しい新しいウォール街のルールを提案 (Hillary Clinton Proposes Tough, New Wall Street Rules)

  • 47 3
    Ray Du に公開 2021 年 01 月 14 日
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