Congress Continues To Be Clueless...

...And the WSJ just goes along for the ride.

online.wsj.com/article/SB125512957855977163.html?mod=WSJ_hps_LEFTWhatsNews

The gist of the article is centered around Financial Transaction Taxes.

Financial Transactions Taxes due exist around the world in some countries most notably the UK and Brazil.

All you have to do is Google Search it.

The idea of a FTT was first floated in the early 70's by Nobel Laureate Economist James Tobin.

www.mmegi.bw/index.php?sid=6&aid=53&dir=2009/September/Monday14

If you continue to read the entire Journal article, it refers to such a tax as something that doesn't actually exist. Where in the world do these guys come from? Financial reporting makes the credit crisis look a Picasso Painting. They get an idea and do no due diligence or actual fact checking.

Whats worse is this direct quote from Representative Barney Frank, the head of the House Financial Services Committee, that the tax would be difficult to enforce if put in place "country by country."

There clearly is no problem with imposing an FTT country by country, although it would be desirable to have international cooperation in enforcement.

Even more ludicrous is the rest of Congress already trying to kill it because of the very word "Tax".

"A spokeswoman for Republican House leader John Boehner of Ohio criticized the idea. "How is killing more American jobs by stifling capital investment, further eroding families' savings and diverting much-needed investment out of the United States a good idea during a severe economic downturn?" said the spokeswoman, Antonia Ferrier".

The very words "tax" in the American Political Lexicon has negative connotations. They have no clue what a FFT is, yet the word tax is negative and its defintley going to hurt American families. Forget for the moment all of the other shenanigans that have been implemented by both parties to screw the very people they have elected them.

Not knowing the basic facts is unacceptable from our elected officials. How in the world do we expect the interests of our country to be protected, when our elected officials don't do their own fact checking?

/www.cepr.net/index.php/publications/reports/the-benefits-of-a-financial-transactions-tax