The powerful AFL-CIO and democratic leaders are proposing a tax on stock transactions. Why is the AFL-CIO behind a tax on Wall Street?  Guess who the new NY Federal Reserve member is: Denis Hughes non other than head of the AFL-CIO. He’s replacing Stephen Friedman the director of Goldman Sachs. This stuff is better than an episode of Days Of Our Lives.

The AFL-CIO, one of the Democratic Party’s most powerful allies, would like to assess a small tax — about a tenth of a percent — on every stock transaction.

Small and medium-sized investors would hardly notice such a tax, but major trading firms, such as Goldman, which reported $3.44 billion in profits during the second quarter of 2009, may see this as a significant threat to their profits.