Reckless Wall Street gambling has collapsed the global economy. The American people helped the banks on the condition that they would free up credit for small businesses, modify mortgages, and help put America back to work. But they have not kept up their side of the bargain.
A small, 0.25% or less tax on stock market speculation would barely cause a dent in the profits of big banks - but would generate over $150 billion a year in the U.S. alone. That's $150 billion each year to fund global and domestic solutions to urgent issues like climate change.
Remind President Obama that banks have not kept up their side of the bargain - and urge him to support the Financial Speculation Tax, which will create real, lasting solutions to problems like climate change.
- President of the United States
After the financial crisis and the investment of hundreds of billions of dollars in bank bailouts, bonuses and profits are again rising rapidly. We believe it is time for international bankers to pay something back to society.
We call on you to support a tiny charge of 0.25% or less on each trade of stocks, derivatives, currency, and other financial assets to ensure that banks pay their fair share of the costs of recovery. We urge you to use the hundreds of billions of dollars that would be generated by a financial speculation tax to create jobs at home, and to invest in fighting global disease, poverty and climate change.
Thank you for your time and attention.
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