Don't Cry for Wall Street-By PAUL KRUGMAN (Yes to a FAT Tax)

Don't Cry for Wall Street
New York Times
By PAUL KRUGMAN
April 23, 2010

...What's the matter with finance? Start with the fact that the modern financial industry generates huge profits and paychecks, yet delivers few tangible benefits...
...

...In his Thursday speech, by the way, Mr. Obama insisted -- twice -- that financial reform won't stifle innovation. Too bad.

And here's the thing: after taking a big hit in the immediate aftermath of the crisis, financial-industry profits are soaring again. It seems all too likely that the industry will soon go back to playing the same games that got us into this mess in the first place.

...An intriguing proposal is about to be unveiled from, of all places, the International Monetary Fund. In a leaked paper prepared for a meeting this weekend, the fund calls for a Financial Activity Tax -- yes, FAT -- levied on financial-industry profits and remuneration.

more:
http://www.nytimes.com/2010/04/23/opinion/23krugman.html?partner=rssnyt&emc=rss

End?

How misguided is this? It looks like another way to get money out of people trying desperately to create a retirement for themselves so they don't have to rely on the largess of a desperately indebted and overpromised government.

There is no winner that comes out of this.