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Noah and the Ark
There is a better tax to reinvigorate government and the economy by replacing the ineffective obsolete voluntary income tax.
http://www.fff.org/freedom/0500a.asp
We studied the Nobel Laureate James Tobin Domestic Transaction Tax backed in 1989 by Nobel Laureate and Chairman of the Council of Economic Advisers Joseph Stiglitz and Presidential economic adviser and Harvard President Lawrence Summers. The exponentially increased volume of financial transactions and the available financial transaction technology, make a one mil (0.001) fully disclosed domestic transaction tax free from politics, productive and uniform.
http://www.new-rules.org/docs/tobintax/debatingthetobintax.pdf
http://www.globalpolicy.org/socecon/glotax/currtax/palley1.htm
Detailed current calculations of benefits were submitted to the current president and his economic advisers. Adding your voice and opinion gives further reason to implement the One Mil tax: http://change.gov/
Politics as usual are anything but economic
And then there were the special friends of Goldman who were first bailed out without ado because they were too big or important to fail.
On the other hand, 158 year-old primary government dealer Lehman Brothers, Goldman Sachs competitor, was not deemed to big to fail, nor were two other GS competitors.
Financial failures accelerated economic contraction in September 2008, with the first breaking of a buck and closing of money market funds which held defaulted LEH paper.
Recall Bear Stearns was bailed out by the JP Morgan takeover at $10 with $2 BS warrants for JPM on 17 March 2008, after trading at 171.52.
JP also swallowed up Washington Mutual assets, leaving WM shareholders wiped out. They raised $115 Billion in one day from 7 informed inside private investors without public investors knowing what was going on.
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