Medicine for Wall Street: A Financial Transactions Tax
By Dean Baker
- September 16, 2008, 8:24AM
In the best "kick em, when they're down" spirit of American politics, now is a great time to be pushing a financial transactions tax. The greed and incompetence of the Wall Street crowd has thrown the economy into a recession in which hundreds of thousands have already lost their job, millions are losing their homes, and tens of millions of losing their life's savings as their home equity vanishes before their eyes.
In the fallout, some of the big Wall Street firms are going down too, Lehman and Merrill Lynch yesterday, maybe AIG today. Of course Freddie and Fannie sank last week. But even with the collapse of these financial giants we still have a badly bloated financial sector that preys on the rest of the economy.
We should seize on this moment in which the public is rightly outraged by the greed and stupidity of these financial wizards to drive a stake into the heart of Wall Street. With a financial transactions tax we can bring this financial behemoth down to size
once and for all.
.......We have a historic opportunity to correct one of the major distortions to the U.S. economy if we move now. There is no way to reverse the growth in inequality over the last three decades without attacking the elite Wall Street crowd. Those folks who back away from this task simply are not serious about addressing inequality. They have our money. It's that simple.
Wednesday, September 24, 2008
Posted by jpeg at 9:41 AM
Thom Hartmann gets it right again.... reimpose stock trade transaction fee....could be split between buyer and seller or many options.....let's make it less like a casino and more like an investment tool.....