Quote from rsikit:
Congress and senate before they vote will hold debates on it and I am sure Geithner/Obama Administrations opposition to this will come into play but for the mean time, it doesnt have anywhere near the support it needs to pass if it were looked at within our government. Beides all the talk , the bill has not been looked at or under consideration after it has been sitting there for almost a year now. So this was definately a big blow to anyone talking about pushing through the tax. Where we still need to be cautiuos here at home for it, it definatley lost a lot of its legs thig weekend. Eespcially if the IMF comes up with a way to tax banks for this with out taxing retail or penison fund transactions as Geithner said in his TV interview , he wanted something that would not affect retail or pension, so thats why the levy against banks in some form of insurance fee might be something they are looking at. When the IMF reports back in April on this as one of there conclusions it will help. People like Defazio in congress will no longer be able to say we are not doing anything for those responsible for the crisis, instead of retail the institutions will be taxed or assed a fee and not on transactions. So besides having no merit already Defazio's bill will be even worse becuase we would have found a way to recoup money and protect for future crisis's with a fund. Either way , one step closer after this weekend which is a positive step