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financial transaction tax

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Years ago a lot FTT talk was anti-HFT in nature. Now it seems to be aimed a lot more at 'Wall Street' and the people perceived to have the money. I think their goal will be to tax and reign in the excess and not destroy the capital markets. Obviously even a tiny tax applied to everyone would cause many markets to grind to a halt, and liquidity in all other markets to dry up considerably. So if we assume they don't want that to occur, there has to be exceptions. Question is who would get those exceptions? Market makers? Swap Dealers/Banks? Pension Funds? ECPs? Still don't think it happens, and even if it does most of the trading goes off shore.

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