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You obviously have no idea about what happened. Do some reading before posting something ridiculous like this. I agree that the high oil prices had a negative effect on everything which probably can't even be properly quantified but the current crisis has been caused by a systemic fault in...

Another pearl from Giuliani. Way to go, Rudy! Go fix the economy with big fat wallstreet bonuses... Gotta say it's one of the funniest and stupidest things I have heard from a politician! :D

Since you are talking about daytrading for a living transition I would say that one of the major prerequisites is the ability to detach from the meaning of money. Every trade comes with a risk and a set of trades can easily turn into a drawdown. Perception of risk may change significantly for...

Great post. I agree that we would see a gradual medium-term decrease in prices but nothing very big and a limited growth as we go forward. The tax would have a strong dampening effect on the markets. When I mentioned "revevenge mentality" I meant that a lot of people wish that the market...

Why does everyone here seem to think that there would be a market crash if the 1/4% crash tax got introduced? Daytraders and system traders that would be the most affected should have just about zero effect on the long-term price movement. Shouldn't we see some decline in the indecies but...

MEASTRO, There is clearly two differing camps with ideas how to fix the economy. People in the first camp believe in lowering taxes and letting the system fix itself. But what are these companies going to produce when there's no demand? No demand = no earnings = lay offs. Deadly spiral. The...

nysestocks, you didn't conclude this thread and I am still curious what did you mean by the obvious? Not a bad thread - some interesting thoughts here...

Some pretty pathetic posts here. The guy is making big bucks and ET members are immediatelly trying to prove to themselves that since they are not making the same there must be something wrong with the guy or that he will fail in the end. Wake up! The guy knows his stuff and is making great...

I agree with you, Angrycat. Government should only provide guarantees and supervise an orderly bankruptcy and closure of shops like City. No money should be given to them to try to revive them. It's money wasted and their new corporate jet plan clearly shows that even in crises of this...

Nysestocks has good points. Once you are betting some money you are in fact gambling with your money or are you? Like Bill Clinton in Lewinsky scandal once replied: "It depends how you define sexual intercourse." :D I say it depends how you define gambling. If you're betting your money...

It's astounding that it takes newspaper articles and public uproar for them to cancel such a dumbass plan. Their arrogance is unbelievable. Those execs should all be fired. I can't believe that government is paying these incompetents billions of dollars. I say it's money wasted because this...

Daal, you have some kind of wierd logic. The question IS NOT if THEY NEED A PLANE? The question is CAN THEY AFFORD A PLANE? If you're getting BILLIONS in help from the tax payers then you CLEARLY CAN'T AFFORD a private plane. Think about it. It's that simple.

Trading is not gambling but it can turn into it very easily.

You're just trying to avoid the stress & pain by changing your focus to something else that relaxes you and gives you pleasure.:) I don't think it's a problem unless you start paying more attention to the porn than to your trading (i.e. watching porn while you're holding open positions).

Some time ago I've read some research that compared the frequency of lying in order to reach a financial goal among graduating students. Basically the business students came out on top as the most willing to lie in order to get what they wanted. I don't remember who was second. These were...

Pabst, interesting argument but it only applies if markets are truly random which they are NOT. Thus, there is no reason why there could not be an long-term edge daytrading futures. And why should you even care where DOW closes?

Great article. I don't get it - what's the point of keeping these zombie institutions around. They made big mistakes and now it's time to close the shop. No financial gymnastics will bring them back to what they used to be. Perform some sort of orderly shutdown of the weak banks and let the...

I'm all in favor of the third approach mentioned in the article – separating banks one by one into good and bad banks. The long-term viability of the bad banks should be evaluated and the ones that are basically bankrupt or close to bankruptcy should be closed with government guaranteeing...

25k to trade (5k to risk per trade) and they are phoning in orders? When was this show made - the golden 80's? ;-) Sounds like it's meant to be just entertainment.

Haven't we learned just recently that S&P rating does not mean anything? That shop should be closed because they were the major contributor to the current financial crisis. They should have no business in rating anyone or anything anymore.