Micheal Bloomberg prepares his first time in a Democratic primary debate.
As the next Democratic primary debate held in Las Vegas draws nearer, the former mayor of New York City, Micheal Bloomberg, has unveiled a plan that he says will curb Wall Street excess and restore and strengthen key safeguards for consumers while putting the financial system to work solving America’s most pressing challenges.
“The financial system isn’t working the way it should for most Americans,” said Mike Bloomberg through his website. “ The stock market is at an all-time high, but almost all of the gains are going to a small number of people, and our economy is still vulnerable to another shock like the 2008 financial crisis that devastated families and communities all over the country. President Obama made important progress strengthening our financial system and protecting consumers – but President Trump has spent the last three years gutting those safeguards, while giving a huge tax cut to the wealthiest people. As president, I will toughen the Volcker rule, protect Americans from predatory and discriminatory practices – and harness the power of the financial system to spread opportunity and drive economic growth in every community.”
“Given how profoundly the 2008 crisis undermined faith in the establishment…authorities everywhere should be doing all in their power to fix the flaws it revealed,” the plan also states, which reflects the scars left by the financial crisis on voters, according to Morning Brew.
His proposals to rein in on Wall Street also includes reversing many of the Trump administration’s banking deregulation, strengthening the Consumer Financial Protection Bureau, and phasing in a financial transaction tax of 0.1% for every stock or bond traded, which have already started raising some eyebrows, according to CBS News, given he advocated against aggressive new regulations that targeted the financial sector back in 2010. At the time, he was serving as New York’s mayor as the U.S. economy was regaining its footing following the financial meltdown of 2008. Adding financial regulations, he wrote in a 2010 letter, would be “punitive” and hurt economic growth.
A social media milestone
In recent weeks, the media tycoon has thrown hundreds of millions of dollars behind an ad campaign designed to make social media influencers back him in the hope of reaching younger voters and position himself as a viable, moderate candidate who can beat Trump.
After this unique meme tactic, has forced Instagram and parent company Facebook to change how it allows politicians to handle branded content. Previously, Facebook had prohibited sponsored posts out of fear that those practices could be considered campaign contributions by the social media giant.