This is only a Preview!

You must Publish this diary to make this visible to the public,
or click 'Edit Diary' to make further changes first.

Posting a Diary Entry

Daily Kos welcomes blog articles from readers, known as diaries. The Intro section to a diary should be about three paragraphs long, and is required. The body section is optional, as is the poll, which can have 1 to 15 choices. Descriptive tags are also required to help others find your diary by subject; please don't use "cute" tags.

When you're ready, scroll down below the tags and click Save & Preview. You can edit your diary after it's published by clicking Edit Diary. Polls cannot be edited once they are published.

If this is your first time creating a Diary since the Ajax upgrade, before you enter any text below, please press Ctrl-F5 and then hold down the Shift Key and press your browser's Reload button to refresh its cache with the new script files.


  1. One diary daily maximum.
  2. Substantive diaries only. If you don't have at least three solid, original paragraphs, you should probably post a comment in an Open Thread.
  3. No repetitive diaries. Take a moment to ensure your topic hasn't been blogged (you can search for Stories and Diaries that already cover this topic), though fresh original analysis is always welcome.
  4. Use the "Body" textbox if your diary entry is longer than three paragraphs.
  5. Any images in your posts must be hosted by an approved image hosting service (one of: imageshack.us, photobucket.com, flickr.com, smugmug.com, allyoucanupload.com, picturetrail.com, mac.com, webshots.com, editgrid.com).
  6. Copying and pasting entire copyrighted works is prohibited. If you do quote something, keep it brief, always provide a link to the original source, and use the <blockquote> tags to clearly identify the quoted material. Violating this rule is grounds for immediate banning.
  7. Be civil. Do not "call out" other users by name in diary titles. Do not use profanity in diary titles. Don't write diaries whose main purpose is to deliberately inflame.
For the complete list of DailyKos diary guidelines, please click here.

Please begin with an informative title:

Republican drama queens are making ready to wax hysterical over the debt ceiling and the possibility of going over the so-called fiscal cliff looming at the end of this year if the two parties can’t reach a deal.

I’m inclined to agree with Paul Krugman who has donned the garb of the Tarot Fool dancing at the edge of the chasm and singing:

Just say no, and go over the cliff if necessary. ...
stand your ground, Mr. President,
and don’t give in to threats.
No deal is better than a bad deal.

You must enter an Intro for your Diary Entry between 300 and 1150 characters long (that's approximately 50-175 words without any html or formatting markup).

Wait! Don’t leap yet! There may be another way:

The Securities Turnover Excise Tax
Also known as the STET.


In the United States, the STET was used to fund the Spanish American War.

Re-instatement of the STET was briefly proposed in 1990, as a part of US deficit reduction measures.

John Maynard Keynes, in The General Theory of Employment, Interest, and Money suggested that an excise tax on transactions and trades would discourage speculation in the stock market.

In 1934, muckraking journalist and novelist Upton Sinclair ran for Governor of California on the End Poverty in California plan. The fourth plank of the plan called for repeal of the state's sales tax and imposition of "a tax on stock transfers at the rate of 4 cents per share."

The STET could be of service in many ways. It would, of course, be a source of revenue.

But, it would also serve to cool and moderate the volatility of the U.S. stock market. Assessing this pesky little tax would slow down algorithmic trades that occur in the millionth of a second, it would serve to moderate the imbalance between the monstrous gains of Wall Street as opposed to the monstrous depredation of Main Street.

Don't be afraid, Democrats. Overpower your cowardice. You know you can do it.

Extended (Optional)

Your Email has been sent.