Bank Tax: Geithner And U.K.'s Gordon Brown Face Off On Bank Transaction Tax At G20 Meeting

Times Online:

ST. ANDREWS, Scotland -- U.K. Prime Minister Gordon Brown and U.S. Treasury Secretary Timothy Geithner clashed over potential taxes on bank transactions at a weekend meeting here of finance policy makers from the Group of 20 leading economies.

At the gathering, G-20 finance ministers and central-bank chiefs discussed the fragility of the global economic recovery, agreed that stimulative efforts should continue and approved a timetable for agreeing on policies to help rebalance the global economy.

Read the whole story: Times Online

Comments

[Democratt]

This more than anything else is why I don't trust Obama anymore.

The moment it became clear he wasn't going to fight to actually clean up the financial industry is the moment it became clear that the hope and change rhetoric was just that, rhetoric. All he cares about is keeping corporate money in dem hands, he doesn't dare anger his corporate sponsors.

good articles 4 slow news day: http://financeopinionss.blogspot.com

the system needs to be overhauled cuz nothing seems to change .

[sdiaz]

why not?
i get taxed everytime I park and buy a soda

[shivasquest]

England is breaking up the big banks and our are getting bigger!!
We need a march on Washington!!
The teabaggers may be wrong but at least they get off the couch.
We need to show Washington we want MAIN STREET to be the priority NOT wall street!!
Sign up and show up!!
A NEW WAY FORWARD!!

Unemployment, Foreclosures, Homelessness. Wall St. has controlled politics for too long. The financial crisis, coupled with Congress' support of big banks' obscene credit card rates are hammering working America. Yet the economy is being put back together to operate in exactly the same way it did when it caused the crisis. Reduce the banks and the Fed down to size, and we might start seeing laws that work for the public. We demand structural changes to the financial sector because megabanks, bailouts, and the revolving door between Wall St. and DC have no place in a system that works in the public's interest.

It's time, join us to restore our economy. Then, go out, talk to friends - change hasn't come from the top.


www.anewwayforward.org · Cached page


When is it time to say ENOUGH!!

[joebhed]

I'm totally with you, as far as that goes.
But what is it that ANWF wants in response to this financial chicanery?
What we all need is a workable alternative to the system that we have that is producing these grotesque results.

The American Monetary Institute (www.monetary.org) has drafted proposed legislation that would make all these regulations and taxes unnecessary.
What it does is remove the privilege that the private bankers have to CREATE the nation's money as a DEBT, either through the commercial or investment banking side.
You need to PROPOSE something, anf not just OPPOSE something.

Check out what we have to say on the subject at economicstabilit dott org as well.

This is NOT an unsolvable problem.

The monied interest has controlled the economic and financial academic institutions throughout history. My concern is that some ou the ANWF leadership is stuck in that groove.
And, sorry to say, there is no real solution there.

So, don't tell me what you're against.
Besides regulations and taxes, tell me what you are FOR.
respectfully.

[StockMarkets]

stock market surging. Americans hurting

good articles; http://financeopinionss.blogspot.com

[givesflack]

The moral hazard that everything points to in The Too Big To Fail is that taxes on trades are
Too Small To Work. They only provide incentive for banks to grow uncontrollably beyond manageability.
I ask Blankfein, who's doing Gods work (which god?) If Capitalism is good for society, then why is it that they banks cannot contribute to it the way regular citizens do, through taxation. Then you either really believe in what you are capable of what you are doing or you need systematic risk , fraud, corruption to do do God handy work. Blankfein is no Robin Hood but a Robbing Hood. That is how Free Markets work, when they can act illegally freely , give nothing back to society freely and appeal to it when they want free money from it when it loses money freely. Thanks to Brown I believe the rest of the Western bankers have to follow through on this or lose the trust of citizens everywhere forever. Not that they ever were. Capitalism punishes everybody and socialism only punishes the wealthy, I think we need to out law Free Market policies because it punishes people and enslaves them.

[hopeforchangenow]

I saw an article this weekend, and I am sorry I cannot remember what website (maybe Truthslant) that stated a worker at Walmart with an income of 19,000 paid more taxes that Goldman Sachs. How does that make you feel? Personally, I would like to choke every ex-Goldman employee working in Washington DC.

[givesflack]

I have two eager hands and all the proof I need.

[hopeforchangenow]

I found the article. It is actually Truthout web site. http://www.truthout.org/110709C
Good reading.

[Hank007]

My very small business pays more money in taxes than either Goldman Sachs or Microsoft.

[goldman bankfein]

Taxes are bad for banks. They hinder us in doing God's work.

[artgurrl]

Anyone who follows Tim Geithner's lead on anything is going to lose and lose big. He's failed at everything he's done. The G-20 would be better off ignoring anything he says and to go in the opposite direction fast.

[jdw1981]

You're wrong. He's succeeded at making the extremely wealthy even wealthier, and they live in those other countries as well.

So I'm guessing they'll follow Timmy's lead, since he's one swlne who knows the way around the trough.

[sposton]

Does anyone still harbor any illusions as to who really rules? All American administrations are corrupt and controlled by the Big Money but Obama's must rank as one of the most corrupt in history. Wonderful rhetoric followed by utter subservience to kleptocracy.

[jdw1981]

Kleptocracy... Perfect word for what's happening. I keep saying Feudalism but that will probably just be the end result.

[joebhed]

If you read Silas Adams' book: The Legalized Crime of Banking (available online) and comprehend the Chicago Plan for Monetary Reform - you will realize the depth of the problem, and the very real path to a solution to this chicanery.
Fractional-reserve banking = global debt-peonage.
How does it feel?

Solution: The Money System Common.
Read about it at economicstability dott org.

[MadeandBakedintheUSA]

I think Tim and Gordon know what is going on

[spinns17]

tiny tim takeing care of his friend bankers again

[drkazmd65]

As a private citizen & taxpayer,... who makes a trade or two every month or so,... and who would have to pay such a tax on those transactions.

I can honestly say that having a to a transaction tax (either a flat fee or small percentage rate) for trades would probably NOT phase me one bit.

For those of 'us' who buy & generally hold for a while - it won't hurt our bottom line one bit.

I've said it before,... let me restate,... Scr#w the Bankers & day traders.

[goldman bankfein]

We are not concerned about private citizens and taxpayers. You are dealing with chump change. We want to make big money. We want to do God's work.

[iridium53]

obama, summers and geithner sure do seem to working hard on behalf of the big banks and executives of big companies, don't they?

Too bad that Obama's team can't seem to get interested in helping out the unemployed and the stagnant financials of the American middle-class.

[uglygnome]

You left out Rahm Emanuel

[LeeCalif]

Every American who makes a trade on the stock market has to pay a fee. Why not Bankers ?!

[LeeCalif]

Geithner - Standing up for the little guys - GoldmanSachs and all the other bankers.

Thanks, President Obama !

This is what will make you, a one-term Prez.

[isolow]

i agree - but I've also got odds on an "economic recovery" to hit just in time for the next presidential election cycle...

[isolow]

wow - imagine that - TImmy G defending the banks... shocking!