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What if we got rid of stocks? (lemmy.world)

submitted 3 days ago by bonus_crab@lemmy.world to c/asklemmy@lemmy.world

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Ive often seen individuals on the left talking about how billionares shouldnt exist etc., but when probed on how that could be accomplished the answer is usually just taxes or guillotines. I dont think either is great.

What if instead, corporations were made to be unable to be sold or owned. Initially theyre made to default to popular election for their board, and after that they can set up a charter or adopt a standard one, ratified by majority vote of their employees.

Bank collapse would probably follow, how could that be remedied? Maybe match the banks invalidated stocks with bonds?

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[–] d00phy@lemmy.world 4 points 2 days ago

Agreed. Like so many things, I think law enforcement can help rein in the stock market. If there were a way to move the SEC under maybe the Fed(?) and require full funding of the agency as the cost of doing business on any stock market in the US (with similar institutions in other countries). Probably a flawed idea, but I think the goal is sensible: remove the SEC from political ambitions and whims and make the market directly fund its regulatory adherence.

Also more people need to suffer severe prison sentences for financial shenanigans. We also need to go back to separate deposit and investment banks.