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The problem with the 0.02% is - it seems considerable (as you can see on this reactions in the thread). But once they have the foot in the door...

I bet these 200 economic-theory-morons speculated in their past and lost much. To compensate for their failure they declare speculation as "evil" and that you have to go against it. Nobody who studied economy can be so dumb to sign such a letter. It has to be out of emotional reasons.

But as we know money isn't created out of nothing (ok, sure not true for the FED :D, but strictly for trading). For every winning $ there has to be a losing $. So, when no loser trades with GS, what can GS win?

Btw: Even in Germany, a quite "socialistic" country, when the socialist party came up with a tranny tax in their agenda before the elections in September, they got smashed by the voters and are now completely eliminated from the government as people realized this ain't no good.

Man, speculation has to be part of the system. You Americans live(d) beyound your means for a long time on the cost of the rest of the world by spreading inflation. The ultimate exaggeration came with the mortgage and subprime mess so that every one of you could live in houses you normally...

If you argument like that, then consequently we must have state-directed economy without private possibilities to invest capital and not a "small" tranny tax which still allows to speculate. You must be out of your mind if you wish that.

Oh yes, the evil speculation. You gotta be kidding me. Are you a trader? Without the smoothing effect of speculators oil would have been min. $300 in mid 08. The chart would have looked just like the thinly traded Silver's did in the early 80s. The move was purely an inflationary hedge...