Tuesday, November 10, 2009

Obama Administration Continues to Back Wall Street Banksters 100%

There was a move afoot at the recently concluded G20 finance ministers meeting to slap a version of the so-called Tobin Tax on major financial institutions around the globe. This tax would be imposed on each and every financial transaction.

I normally do not support new taxes, but this tax was so small it would not be noticeable to individuals traders, but it would be noticeable to the big financial players who trade madly like Goldman Sachs.

British Prime Minister Gordon Brown advocated the tax on financial transactions to support inevitable future bank rescues. I agree with Mr. Brown's statement:

"It cannot be acceptable that the benefits of success in this sector are reaped by the few, but the costs of its failures are borne by all of us. There must be a better economic and social contract between financial institutions and the public based on trust and a just distribution of risks and rewards."

Many European nations, such as Germany and France, are in favor of such a tax. The emerging nations such as China and Brazil have no real objection to it.

But - you guessed it - the tax proposal was shot down by the United States. Treasury secretary Tim-the tax cheat-Geithner nearly had a hissy-fit as he voiced his strong opposition to the tax.

And once again, we see that US economic policies are run by Wall Street. Gawd forbid Tim, that a tax be imposed on Goldman and the boyz -- instead of executives getting a $50 million bonus, they may have to settle for a $49.9 million bonus. Poor babies!

This attitude of the United States toward any sort of meaningful financial reform continues to lower the status of the country daily in the eyes of the rest of the world.....

Just follow the dollar on its downward path into the abyss.....

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