Wall Street missing from the deficit commission chairs' report

[deminks]

http://www.dailykos.com/storyonly/2010/11/11/919787/-Wall-Street-missing-from-the-deficit-commission-chairs-report

The catfood commission chairs' released yesterday was notable for the amount of spending cuts versus revenue increases it called for, about a 70-30 discrepancy. Dean Baker notes a glaring ommission on the revenue side: Wall Street.

The deficit report put out by the commission's co-chairs, Alan Simpson and Erskine Bowles, had one striking omission. It does not includes plans for a Wall Street speculation tax or any other tax on the financial industry.

This omission is striking because the co-chairs made a big point of saying that they looked everywhere to save money and/or raise revenue. As Senator Simpson said: "We have harpooned every whale in the ocean - and some minnows." Wall Street is one whale that appears to have dodged the harpoon.

There's more:

In this context, it is worth noting that one of the co-chairs, Erskine Bowles, is literally on Wall Street's payroll. He earned $335,000 last year for his role as a member of Morgan Stanley's (one of the bailed out banks) board of directors. Morgan Stanley would likely see a large hit to its profits from a financial speculation tax.

(end snip)

So, is the catfood commission really concerned about deficits? Or their own insatiable gambling habit?

[fascisthunter]

1. but-but-but

[TransitJohn]

2. Financial transaction tax on the computer trading would be a windfall. n/t

n/t

[HCE SuiGeneris]

3. K & R

[cutlassmama]

4. K & R

[Scuba]

5. I'm shocked.

[chill_wind]

6. K & R. n/t

[spanone]

7. k&r GODAMMIT