SPEAKING OF TURDS...

John Cole notes that the MOTU are whining that the proposed bankster tax of $90 billion over 10 years will reduce lending by almost $1 trillion, assuming 10-1 leveraqe, and that will hurt the economy.

Well, we can use that argument in another area: bonuses.

Wall Street staff to get $145 bn for 2009
January 15, 2010 16:27 IST

Major US banks and securities firms are moving towards paying their employees a record sum of about $145 billion in compensation for 2009, despite facing public ire over exorbitant executive pay packets.

According to an analysis by The Wall Street Journal, employees at 38 top financial companies in the country can expect to 'earn nearly 18 per cent more than they did in 2008 and slightly more than in the record year of 2007.'

"This year major US banks and securities firms are poised to pay their employees a record amount in compensation and benefits about $145.85 billion," according to WSJ's analysis.

So, if they just reduced the bonuses to a mere $55 billion, the entire tax would be accounted for.