Isn’t always good for the gander. When thousands of people were defaulting on mortgages they couldn’t afford, the financers’ attitude was that those people were the victims of their own poor financial judgement, decisions and planning. Now the same crowd, more or less, is up to its own eyeballs in financial free fall, but the same people, John and Jane Doe taxpayer who lost their home on the mortgage they couldn’t afford are now expected to bailout the Wall Street crowd because of Wall Street’s, well, poor financial judgement, decisions and planning. Join me in a big “D’oh!” if you’re scratching your head too.
I must admit that I, like Markos Moulitsas Zuniga, think Rep. Peter DeFazio (D-OR) is onto something with this idea:
a new government fee of .25 percent of every stock transaction to ensure that the government can recoup funds to pay for the aid that it provides to lenders. “If this is truly such a catastrophe, I don’t see how anybody can object to a one-quarter of one percent fee,” DeFazio said. Others who attended the session said that proposal seemed to be gaining little traction.
Senator Bernie Sander (I-VT) proposes (hat tip to kos, again):
a “five-year, 10 percent surtax on income over $1 million a year for couples and over $500,000 for single taxpayers,” which he says he would “yield more than $300 billion in revenue.”