Taxing the Speculators

NYTimes.com: “This would be a bad thing if financial hyperactivity were productive. But after the debacle of the past two years, there’s broad agreement — I’m tempted to say, agreement on the part of almost everyone not on the financial industry’s payroll — with Mr. Turner’s assertion that a lot of what Wall Street and the City do is ‘socially useless.’ And a transactions tax could generate substantial revenue, helping alleviate fears about government deficits. What’s not to like?”