Sarkozy's FTT Won't Cross the Atlantic

When Iowa senator Tom Harkin and Oregon representative Peter DeFazio, both Democrats, introduced the Wall Street Trading and Speculators Tax Act on Nov. 2 of last year, it hardy set the financial blogosphere aflame. The bill, currently sitting in the respective Senate and House committees, was considered dead on arrival.

It proposed to place a tax of three basis points on the purchase of most securities—a value small enough not to interfere with everyday financial transactions. Still, any tax