Toward a High-Risk Bank Tax
A bank tax on high-risk financial trading is an idea worth implementing, says Michael Scott Moore at Miller-McCune. The tax would create a fund for if and when a bank needed a bailout.
A bank tax on high-risk financial trading is an idea worth implementing, says Michael Scott Moore at Miller-McCune. The tax would create a fund for if and when a bank needed a bailout. “A bank tax won’t cleanse the banking system, either in the U.S. or Europe, and it won’t cure the euro’s ills. But it would build a sensible buffer of money in case high-risk trading threatens the credit system again. The Swedes swear by it, and you’d think Americans angry about the massive Wall Street bailouts in early 2009 would have risen up by now to demand it. But Americans are a funny people.”
