5th anniversary of "flash crash" should be celebrated with a financial speculation tax, says Baker

Campaign for American Progress

5th anniversary of "flash crash" should be celebrated with a financial speculation tax, says Dean Baker:

"...traders now siphon off more than $200 billion (1.3 percent of GDP) a year from the productive economy ... A financial transactions tax, effectively a modest sales tax applied to trades, would drastically reduce the amount of short-term trading while raising a huge amount of revenue."

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