The chief British financial regulator, Lord Turner, thinks it would be a good idea to tax bank profits more so as to reduce the size of the financial services sector.
Would that such words were ever uttered in Washington, DC by any or all of our vast army of regulators!
But that’s a song from Goingbackwardville, not a consituency with much clout these days.
In Movingforwardville we must retain, but not rein in, the comparative advantage of banks losing trillions on behalf of the US taxpayer. High paying jobs are at stake!!!
So, any chance of Tobin taxes on Wall Street?
Gorilla answers: “So long as the same regulators and their political overseers remain in charge of what Lord Turner called the efficient market train wreck, um, no”.
