victory for traders??

was the Obama bank tax today a temporary victory for us traders?

Obama: Tax banks to recover remaining cost of public's big bailout; `We want our money back'

Initially, it was said the traders tax was to punish Wall Street for their f*&K ups, and we said no, its punishing us...this new tax hits the target.

this new tax hits the target.

sort of .... GS et al pay themselves a bonus pool of 47% of revenues - before any expenses and taxes - revenues, not p[rofits. GS in the last 3 year per yahoo, shareholders got only about 8% of revenues by contrast and the shareholders are the owners who put up the risk capital and are supposed to be rewarded- this will just make banks pay less to shareholders and cut back employment, but they will still give out 50% of revunues as bonuses, and then salaries out of regular cost of admin and sales.

the only tax that gets back at the culprits, who are a verysmall number of people who work at these banks, not the banks themselves, and which would also provide a deterent to greed that caused this mess, is a progressive income tax like we had in the 60s and 70s, with a top tax of 90% over 5-8 million and 70% over 2-5 million, and a removal of all the complex tax cheating clauses which got us in trouble back in the 70s.

and while they are at it, they should ban everyone of these top dogs from working in banking, and prosecute them for fraud - but these are the last things the pols want -after all they live off the large and tasty crumbs from these guys.