Tavakoli on a windfall profits tax

Stacy Summary:   I agree; but first we should remove all subsidies and cheap funding to the Friends of Timmy.  Then, we should take back what is ours.  And then, we should tar and feather them.  Or should that come before the windfall profits tax?

During World War II, we imposed an excess profits tax. We should impose a 95% excess profits tax—or windfall profits tax—on certain financial institutions (including Goldman Sachs) enriching themselves with ongoing low-cost Fed funding and debt guarantees.

23 comments on “Tavakoli on a windfall profits tax
  1. frances snoot says:

    Who is we?

  2. frances snoot says:

    The part I’m considering is the part that reads:
    WE should impose a 95% excess profits tax…

    And I’m asking who we is? Any takers?

  3. mike says:

    Sell the Bonds Short the stock run the company to the ground the American way

  4. stacyherbert says:

    @frances snoot – I read ‘we’ as we the people of MaxKeiser.com . . . I’m all for that . . .

  5. Richard@lattitude30N says:

    @Satcy: I am reminded of the scene from Aviator where the character Howard Hughes is before Congress and states that he is responsible for the loss of tax money and the non delivery of certain fighters/planes for the Air Force, during WWII…but he accounts for a small portion of the losses….and further states he has always incurred losses and mostly his own money…furthermore, he will leave the country if he fails to have the Hercules ( Spruce Goose ) lift off…so fast forward to present time….and instead of physically leaving..the robber barons have an entire digital money system that transfers faster than man can travel…and is located offshore…so the threat that H. Hughes attempted to convey upon Congress has been made real…in amounts that might even boggle the mind of the late multi-millionaire H.Hughes..

  6. Danny says:

    How does this differ from a Tobin tax?

  7. WL says:

    Wow,

    Gold is money…

    CME accepts gold as collateral for exchange trade

    “NEW YORK, Oct 19 (Reuters) – CME Group Inc (CME.O), the world’s top derivatives exchange operator, began accepting physical gold as collateral for all trading products, marking the first time an exchange has allowed gold bullion to be used for margin requirements.”

    http://www.reuters.com/article/europeanCurrencyNews/idUSN1947457020091019

  8. frances snoot says:

    @Stacy:
    Goody. Can we put the gruesome four in chains? You know: Paulson, Bernanke, Cox, and Bush?

  9. buddhabob says:

    Without a mass challenge to the power base of corruption in Washington this is incredibly naive. First you need a mass movement, then it needs to get marginalized in the whore press,then it needs to be feared, then and only then do you get your change.

    Hopey McChange is on the other side. He and his buddy Rahm will be guaging who is up and who is down much like a couple of judges at a Cannes Film Festival. When it becomes apparent to Hopey that he should finally jump in and lead, at the very end he will coat tail the operation.

  10. Viriathus says:

    If by we you mean Americans, forget it. I’ve never seen or even read about such a pack of feckless, spineless cowards and dupes. They make the citizens of the late Roman Empire look dynamic.

    It’s up to the developing world now. At least they understand who the real enemy is.

  11. Rian Orr says:

    @ Danny

    To my knowledge the tobin tax was a proposed tax on currency speculation trades, it was set at a miniscule level but the volumn of trade meant it would probably collect a lot of money.

    I personally think it is a bad joke. If the activity is fundamentally damaging to society then taxing an anti social activity is in fact condoning it. We don’t say tax paedophiles and give the revenue to childrens charities. We say stop or we will arrest try and if guilty incarcerate.

    Why not do this with the bankers/speculators.

  12. Canada/JK says:

    If the big hero Mr. Buffett hadn’t been bailed out by honest, decent US taxpayers, to the tune of billions of dollars, in a number of his holdings – Wells Fargo, GE Capital, GS to name a few – he would be bankrupt.

    What a sick joke that he is hailed as the ‘Oracle of Omaha’.
    He makes me puke.

  13. frances snoot says:

    @Canada/JK:
    YES!

  14. Daniel S says:

    Under the category of WTF?!

    Adam Storch, who previously worked “in a unit at Goldman Sachs that reviewed contracts and transactions for signs of fraud” (their Business Intelligence Unit) has been hired as the Chief Operating Officer/Managing Executive of the SEC’s enforcement division.

    http://www.huffingtonpost.com/2009/10/16/adam-storch-sec-hires-exg_n_323526.html

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a6ItnK32Cl6Y

  15. Zach OBrien says:

    We should just hang anyone profiting at our expense. Why let a thief run away with 5% of what he stole?

  16. Canada/JK says:

    US taxpayers’ contributions (transfer of wealth) to the ‘Oracle of Omaha’:

    http://blogs.reuters.com/rolfe-winkler/files/2009/08/buffett-bailout2.jpg

  17. Local public owned groups, credit unions and banks put the lid there. Goldman Sachs, all those mega-monsters allowed to grow over the last hundred years or so without accountability (except by other crooks) should be tarred and feathered (pity the hens) and jailed! Here’s an idea by Ellen Brown:

    http://www.yesmagazine.org/new-economy/reviving-the-local-economy-with-publicly-owned-banks

  18. Dustin says:

    this on first read seems like a good thing, so whats the catch merve

    http://news.bbc.co.uk/1/hi/business/8317200.stm

  19. Andre says:

    Why anyone would want to allow gunvernments to impose taxes on anything is beyond me. These excess profits exist because of the immoral central banking system, creating fiat money through the fractional reserve system, enabled by governmental force.

    The application of force against an individual without his consent is immoral.

    Taxes, subsidies, cheap funding should be removed, as should government as a concept. Go to http://www.mises.org and http://www.lewrockwell.com to find out more. Or, in case you can read Dutch, go to http://www.vrijspreker.nl

  20. Dante says:

    A Goldman Sachs International adviser defended compensation in the finance industry as his company plans a near-record year for pay, saying the spending will help boost the economy.

    “We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” Brian Griffiths, who was a special adviser to former British Prime Minister Margaret Thatcher, said yesterday at a panel discussion hosted by St. Paul’s Cathedral in London. The panel’s discussion topic was, “What is the price of morality in the marketplace?”

    Goldman Sachs’s Griffiths Says Pay ‘Inequality’ Helps Everyone

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a8upOpH5Q3Tw

    Some Goldman main lobby music to read article with:

    http://www.youtube.com/watch?v=n2qA2fXMJ9Y&feature=related

  21. MAX KEISER for president of the USA.

  22. just george says:

    asking a corrupt government to please impose a tax on the banksters who own them is a bit like asking a rabid dog to please not bite you.

    that money isnt coming back without a revolution. only when the power structure changes, and the banksters no longer own the biggest gun in the land, will they be compelled to do anything different.

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