Dean Baker: Anniversary Present for Wall Street Banks: A Financial Speculation Tax

A tax on financial transactions will reign in banks and other financial institutions, and may prevent another crisis.

As we mark the fifth anniversary of the Wall Street bailouts, it is clear that little has changed in the way they do business. They are still engaging in the same sorts of market manipulation and tax gaming as they did before the crisis. 
 
The weak conditions on the bailout money had no lasting effect in areas like executive compensation. The industry itself is more concentrated than ever as the big banks used the crisis to merge with other banks, making them even bigger. And the Dodd-Frank reforms have been watered down to the extent that many are now pointless.