Sen. Elizabeth Warren's bill would end trading in water futures
She and Rep. Ro Khanna aim to curtail bets that could worsen a western crisis.
It's selling hypothetical water that is not there and will never be there. It's a total scam that is going to bite drought-prone areas in the ass big time.
I'll try not get too distraught over the fate of people who live on Pueblo land and learned nothing from it
Never underestimate the ability of banking and finance to invent new financial products and then tell you how it's beneficial for everyone. (See financial crisis and derivatives for good example of this money making house of cards)
Thank goodness for polits like Warren, a regular target of repubs and wealthy individuals, greedy corps and crypto bros.
*As others pointed, like many other polits, Warren too should be called out for insider-trading. We need less cheerleading and greater accountability. Thank you folks for educating me on this.
Talking about a politician who insider-trades her way to tens of millions in gains each year.
The real fix here is to ban speculative trading on anything with either industrial or everyday use (like metals and real estate).
You are right, thank you for the education. Congressional stock trading should be banned. And Warren like any other polit should be called out on it as well.
I mean, futures have an effective place in capitalist societies; the onion market is rather volatile because onion futures are banned (for hilarious reasons, I might add). The volatility makes is more difficult to run a sustainable onion farming operation.
As for these water futures, while the concept does seem repulsive to me, I don’t really understand how they are responsible for anything here. If water futures were illegal, water suppliers would still be charging a huge markup today. Water companies sold undervalued futures years(?) ago, and they’re the only ones really losing out here. No skin off my back.
(I think that everything I just said is stupid btw. Don’t take this as a defense of the “system”.)
I dont think she deserves to be held up as high as you seem to want to, but I agree with the rest of what youre saying.
In Mexico there is a town run by Coca Cola and the people literally believe in what I think is Fanta. Everyone dies of diabetes and the undertaker sees what's going on, but it's part of the religion. Coca Cola owns the water in that town. I think it's a Vice report.
This sounds like a plot from fallout.
It's almost like Fallout is inspired by real life...
Brawndo's got what plants crave.
I am sure some Ivy League consultant or MBA was paid handsomely to exploit the illiteracy and/or faith of poor people.
What is even real anymore.
I'm angey about this but I definitely see the comedic value in it
Absolutely fucked that it's even a thing in the first place
How can water rights be purchased when most of the western states follow prior appropriation? If this introduces riparian laws to the western US that seems like a terrible idea, in addition to the terrible idea of trading in water futures.
basically all the water policy here is terrible ideas.
I am seeing more Warren in the news lately. Are they trying to make her an alternative to Biden?
She has been an important figure for decades. Biden's got Kamala Harris as VP, they don't need more than that.
Warren tried to fight a law in 2005 that made it more difficult for consumers to file bankruptcy. From 2006-2010 she worked as a member of the FDIC. Her career really started to take off after she was very vocal and harsh against bankers and financial institutions following the 2007-2008 financial crisis, which lead to reform, and later when she became the first female representative from Massachusetts sent to US Congress, she served as the chair for the Congressional Oversight Panel of the TARP. She then served as very first congressional advisor for the newly established Consumer Financial Protection Bureau. She repeatedly refused to run for President in 2016 despite strong support at the time.
So get used to hearing about her until the day she dies, so long as you follow US Politics.
No she's the next controlled opposition after Bernie dies. It's important to have a fake progressive in the Democratic party.
Reminder that she voted to block UNRWA aid and said "israel had the right to defend itself" for quite a while into the Genocide of Gaza.
fucking hope so. might even make me consider voting blue in local elections
If this bill fails we should all go long water and opt for physical delivery instead of cash settlement.
"Yes, seller of water futures, you have to deliver 800,000 cubic feet of water to my house. That's derivatives bruh!"
Seriously you have to talk to these finance bozos in the only language they understand- money. For some reason, "people need water (and housing etc.) to live" just doesn't get through to them.
I wont care about something she wants until she can no longer inside trade and manipulate stocks. No one is that good at the stock market. Just another greedy person who has more than they can ever spend stealing from her people.
I think you're confusing her with Nancy Pelosi.
Elizabeth Warren has introduced legislation to prevent members of Congress from trading stocks.
If Biden stepped down and Warren was on the ballot again I would definitely vote in this upcoming election.
You are the problem.
nope, they're right. I'd vote for Warren and I'd drop my prohibition against voting blue in any race. I don't love warren, but I think she has virtues, I'd be voting for something, and I could at least half hope that the things I'm voting against wouldn't happen if she won. plus she stands a much better chance of actually fucking winning; non-trumpers dont hate her.
I will not under any condition vote biden, and if the blues run him, a D by your name gets you the same treatment as an R in my book.
dangling us over a fascist cliff is not endearing behavior. I will not vote for a terrorist.
Fuck cunt she fucked over progressive for her career. Anything she claims to want to pass that even sounds progressive, either isn't really progressive or she knows it won't pass and she uses it as a prompt.
This cunt would vote against Healthcare for all if it had a chance to pass. Remember she "capitalist to her bones'
Sir, this is a Wendy's.
There are times I think I’m the lefty-ist person I know, then I see something like this.
I do think she’s not quite as lefty as her image from 8-10 years ago but she’s a far cry from Sinema. I like 60ish percent of the things Warren says and does, that’s a decent start.
Comrad, this is our Wendy’s
Jesus these THE THEMS AREN'T LEFT ENOUGH nazi troll bots are going to need so much counseling after the war.
This isn't going to be popular, but fuck her. She shat on our chance of change. I'm still going to vote for the current Dems because of obvious reasons, but I'm not going to like doing it.
Same Biden got my vote but only because the alternative is worse.
