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May 9, 2014

Fix Markets and Constitution

"Last year, those 25 hedge fund managers made more than twice as much as all the kindergarten teachers in America combined." Now That's Rich, New York Times, May 8, 2014.

So much for education.

Concentrated wealth leads to concentrated power over lawmakers and regulators and this is a significant portion of the problem. The wealth of the 1% allows them to control our politicians by making it extremely expensive to run a political campaign and more reliant on the super wealthy.

Until the constitution is updated to step back from the proposition of one dollar one vote things will continue to get worse. Judge Scalia pointed out in a recent C-Span interview that under a perfect storm it would only take 2% of the nations population to block an amendment to the constitution. http://lstrn.us/R6K4M2

We can and should impose serious tax increases on these super wealthy citizens. This would be a short term solution until we get the constitution amended and until anti-trust laws are enforced to allow markets to once again be out from the control of those who are manipulating them to their financial advantage.

We need not give up on a free market system. We need to take more and better steps to assure their freedom. Here is a short 9 minute video clip of retired Justice Stevens regarding amending the constitution.

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