This is just plain wrong

So, I’m playing with Windows Live on the new ‘puter, and I stumble across this headline (I had to scroll down my home page to see that there were news headlines already there…) about J.P. Morgan’s 1st quarter profits. I think they are obscene. I also think that this is just another instance of wealth being withdrawn from the greater economy for the benefit of a very few. Personally, I would like to see these profits taxed at…oh, say about a 95% marginal rate for all profit over 100 million per quarter. Unless, of course, the bank can document that it has lent this money out at sub-prime interest rates to small businesses and to individuals to refinance toxic mortgages. If Morgan can prove that it is reinvesting these huge profits back in the economy where they are needed, then more power to them. If, on the other hand, they are using these profits to pay hugely obscene bonuses to a very few, then I say tax the profits and the bonuses at confiscatory rates. Screw ‘em!!