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Dem Congressman Calls For "Transaction Tax" On Stock Trades

While discussing the fiscal cliff on Current TV's "Viewpoint" tonight, Rep. Peter Welch (D-Vermont) told host Eliot Spitzer that he supports a tax on financial transactions that would be imposed when stocks are traded.

REP. WELCH: It is a good idea. This hypertrading -- that's about market speculation, it has nothing to do with liquidities in the market. It has nothing to do with making a market. You know, we need a strong financial sector, but we need one that is serviceable to a productive economy. We can't have a productive economy that is in service of Wall Street.

And the hypertrading is only bad for creating those markets and I think we should have a very small, fractional transaction tax that would then go and help pay for the bailout.

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