Re: Drawing a Line

[Doug Henwood]

James Devine wrote:

>In a somewhat muddled op-ed article in today's L.A. TIMES, Perotoid Populist
>Kevin Phillips had an interesting suggestion: that any bail-outs of "elite"
>financial institutions be paid for by a tax on financial transactions,
>rather than out of general revenues. He called this "privatizing."

Except that these international bailouts, unlike the S&L resuce, don't cost
U.S. taxpayers anything. The Treasury made a profit on the Mexico bailout,
and the Bretton Woods institutions are also profit-makers.

Doug