There's a pattern here. Whenever the push for taxing Wall Street speculation starts to build some serious steam, the Obama administration dusts off their proposal for a big bank fee. This fee idea was is a good one. The problem: Obama officials have presented the big bank fee as an alternative to a financial transaction tax.
Timothy Geithner's new book about the financial crisis, Stress Test, is basically an argument that the Wall Street bailout succeeded. That's hardly surprising, given that Geithner was in charge of the bailout when Treasury Secretary, and so has an inherit interest in telling the public it succeeded.