Friday, September 02, 2011

More need for a Tobin tax

The New York Times says "...banks, hedge funds and venture capitalists are geared toward investing in financial instruments and software companies. In such endeavors, even modest investments can yield extraordinarily quick and large returns. Financing brick-and-mortar factories, by contrast, is expensive and painstaking and offers far less potential for speedy returns".

IMO: So more and more money in supposedly 'safe' banks will be wasted on "spin", "vapourware" and the like. They are turning the banks into CCC rateable garbage, like some say the PIIGS economies are already. Give us Glass-Steagal back, give us Tobin taxing.

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