The AFL-CIO and the global union movement have been demanding that Wall Street pay for creating the global economic meltdown, in part through a financial speculation tax. Other nations like the United Kingdom already have a similar tax; and France, Germany and other European Union leaders are pushing the United States to enact it; and the idea will be on the agenda at the G-20 summit in Ontario next week.
Some economists say that along with generating job creation funds, the tax would help reduce the complicated, risky financial practices and products such as derivatives, short-term investment strategies and other speculation that fueled the economy’s crash. continue reading

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