Obama's Bank Tax

Felix Salmon weighs in on the financial story of the day:

Overall, any harm done by this tax will be minimal, while the benefit is likely to reach a good $100 billion or so. I call that a no-brainer.

Chait sizes up the politics:

As policy, the tax helps to level the playing field between large and small financial institutions, reducing the benefit of being "too big to fail." (It doesn't go nearly far enough, but it does advance the cause.) As politics, it puts the administration back on the opposite side of the Wall Street bad guys. And it exposes the Republicans, who have indulged in a lot of anti-Wall Street rhetoric that they've had no intention of backing up with any policy substance.

Catherine Rampell rounds up more reactions.