Quote:


"[Senator Bernie] Sanders is proposing a five-year surtax of 10 percent on single Americans making more than $500,000 a year, or couples making $1 million annually, to help pay for the bailout. Sanders said such a tax would yield $300 billion.



Nonsense. $300,000,000,000? Just how many people does he think there are making over a half million a year?

And I can tell you exactly how many there would be if he got his way: 0. They would simple choose to defer realizing incoming for a few years.

Quote:


Sanders also wants much tighter regulation of Wall Street, as well as the dismantling of huge corporations that are "too big to fail."

“If a company is too big to fail, it is too big to exist,” Sanders said."



More credible people have said essentially the same thing, but the hard part nobody talks about is deciding how big is too big.

It's never been obvious before: nobody imagined Bear-Stearns was too big until a few days before they failed. Moreover, forcing them to be too small gives you a competitive disadvantage internationally. It's easy and safe to break up the GSEs but nobody pretends to know jusy how big too big is for an investment bank.

And we're certainly going to have to have regulation of capital ratios and such on Wall Street. The Smart Money has proven emphatically to the tune off $700B that it isn't so smart after all.
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"If they can't picture me with a knife, forcing them to strip in an alley, I don't want any part of it. It's humiliating." - windsock