A Les Leopold opinion piece in Huffpo argues we need a special 10% annual wealth tax on people who have a networth in excess of $500 million and that we need to nationalize the 19 largest banks.  Hmmm… regarding the wealth tax: what about non-persons? – that is, what about for-profit and not-for-profit corporations (including labor unions and the AARP) with book values in excess of 500 million? Why should only wealthy individuals have to pay the wealth tax when these wealthy organizations manipulate Congress and society to their will as much or more so than the individuals?

And regarding nationalizing the big 19 banks:  it will never happen because the federal government will have to admit to the scam it has been running over the last year.  To take the big banks over and force them to break up – that is to force them to hand (say) two-thirds of their deposit liabilities over to smaller banks also requires opening up the value of the assets that these deposits have financed to public scrutiny.  Then the massive yet-unrecognized losses on those assets would have to be recognized and paid by the taxpayer in one big event.  So nationalization as suggested will never be chosen by the government.  However, YOU can force them to make the choice they will not otherwise make – that is downsize the big banks and recognize the losses! Simply take your deposits out of the big banks and move them to your small local banks.  It’s that simple. The government will have no choice but to take over the big banks and sell the banks’ bad assets for what they can get for them.   Now that’s voting with your feet!