According to the latest reactionary brainwash scheme turned corporate media narrative America has a “spending problem.” We spend too much on taking care of people (stop laughing rest of the developed world) and therefore we have to go on a severe diet of austerity to enrich Wall Street banksters restore fiscal sanity. Because if we do not rich people and their friends the global bond market will punish us with fire and brimstone – like vigilantes they will say “make my day” and years later relive their glory by cursing at an empty chair.

Oligarchs hate that financial transactions tax, and they have senior administration officials in high places to protect their wealth from any tax, no matter how small.

A mid-Twentieth Century economist who pioneered the study of market failures suggested taxing activities that have a larger individual benefit than the benefits to society. The Tobin Tax is an good example. Treasury Secretary Geithner is opposed. Naturally.

What is truly puzzling is how Timothy Geithner feels emboldened to reject policy that would have to be set by the legislative branch and not him.