More later, but I thought I'd archive this piece from the FT discussing a financial transaction tax. The overall issue is what regulatory changes should be made to the way the financial sector (this includes banks, financial services, insurance and real estate) operates to reduce the possibility of another financial crisis ( I'm not a politician so I'm not going to be so naive as say "so it NEVER happens again", as our Trsy secretary said back in March or April).
So far any significant changes have been dismissed. For example an attempt by the senate to put a 36% cap (might have been 32) on credit card interest rates. OH NO!!! That would restrict the FREEDOM of consumers to obtain credit. OK, starving them would also restrict their freedom. What's the difference? As Senator Durbin said, "Wall Street owns this place."
It's not just the predatory practices. But along with our expensive health care industry, something like 1/3rd of our economy (meaning our money) is used to pay these jokers. We can't afford it, and neither can our country.
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