Wall Street is threatening to sue the president over his quite modest proposal to tax the banks who created the greatest economic crisis in the past 50 years:

Wall Street’s main lobbying arm has hired a top Supreme Court litigator to study a possible legal battle against a bank tax proposed by the Obama administration, on the theory that it would be unconstitutional, according to three industry officials briefed on the matter.

The president's response has been:

Indeed, President Obama urged the financial lobby to stand down when he introduced the tax proposal last week: "Instead of sending a phalanx of lobbyists to fight this proposal or employing an army of lawyers and accountants to help evade the fee, I suggest you might want to consider simply meeting your responsibilities."

To underscore, the president's proposal was quite modest, amounting to a pittance and far from what I and others support--a much broader, permanent financial transactions taxto tamp down speculation and pay for the very society (roads, schools, transportation and communications systems) that Wall Street benefits from.

But, the greed is pervasive. Wall Street still doesn't get it.

Please join us at lunchtime on January 21st in front of Goldman Sachs to let the financial elites know that Americans will no longer sit quietly and allow un-American and unpatriotic behavior that bankrupts our country.

UPDATE 9:47 EASTERN: I am shocked, shocked, shocked...apparently, there are still people not on Facebook!!! Apologies...so, here are the deets for the rally in front of Goldman: