Two U.S. lawmakers will introduce measures to impose a transaction tax on financial firms that resembles a proposal released by the European Union. Senator Tom Harkin, an Iowa Democrat, and Representative Peter DeFazio, an Oregon Democrat, will introduce the bills tomorrow in their respective chambers. The bills will give the United States an increased role in the international debate over a transaction tax, which is likely to be discussed at the Group of 20 summit this week in Cannes, France. – Yahoo
Dominant Social Theme: There is a limit! These greedy thugs on Wall Street need to be taxed to an inch of their lives. And if we get taxed the same way, well, darn it, it'll be worth it. If OUR transactions are taxed, OK, we'll take it. If we have to keep records of everything we purchase, OK, we'll do it. If we get thrown in jail because we're not keeping records right, well that's OK, too, as long as some of these Wall Street types go to jail. We'll gladly live in a totalitarian society so long as we can punish these Wall Street evildoers!
Free-Market Analysis: If there is any single thing that shows Occupy Wall Street is a controlled opposition, the idea that its ideas resonate within weeks with the US Congress and the larger global power structure should at least give one pause.
OWS has called for a moratorium on student college loans. Now President Barack Obama is moving a bill through Congress to give students relief. OWS has called for mortgage relief and that's on its way, too. OWS has called for a transaction tax on Wall Street trades, and now THAT bill is being moved in Congress.
Watching OWS-types, the mainstream media and the political classes (under the control of Money Power) perform their elaborate dance is sort of amusing, or it would be if the consequences weren't so dire. Let's examine for a moment what a transaction will entail.