The issue of whether we should tax trades to help pay for the bank bailout reflects as much as the anything the changed attitude toward Wall Street. We'll see how deep the anger runs; it just might pass into law. Recall that it would levy a 0.25 percent tax on financial transactions and raise approximately $150 billion a year, according to supporters, led by Rep. Peter DeFazio. Who titled the bill the "Let Wall Street Pay for Wall Street's Bailout Act of 2009."

This may all prove to be a publicity stunt. But Wall Street is already getting worked up. They claim the tax will harm market-makers, push trading to other countries and slash trading volume--which would delay any hopes of a market rebound. Many market making firms say they've been harmed enough by decimalization and the like. Such a tax would not be unprecedented, notes Traders. Still, it will be vigorously opposed.

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