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It was Maryland. And yes, it failed. http://articles.baltimoresun.com/2009-12-01/news/bal-ed.le.letters012dec01_1_millionaires-tax-sales-taxes-forum-topics http://www.washingtonpost.com/wp-dyn/content/article/2009/05/13/AR2009051303442.html

Unfortunately, it won't be presented that way- they'll say less "speculative" volume is good, and if the FTT was in place, the massive selling by the speculators wouldn't have happened. You'll only hear one side of the story, which is all the public wants to hear. Not good.

Why are we wasting time and energy arguing here? We should all be on the same page. Basically, if a FTT were to happen, there are two basic ways it could go down: 1- The big players get an exemption (just like the UK). If this happens, then obviously the revenue raised would be a fraction...

Sure he will, when they raise our taxes to pay for their unfunded pension liabilities....

I'm not talking about whether they deserve it or not, just that if they didn't receive the high salaries and bonuses, it would have a negative impact on the economy, just as not "wasting" money on luxury items would.

That's one of the fundamental flaws with our economy- over 2/3rds of it comes from consumer spending, and much of that is on "waste and luxury". It's one of the reasons why this "recovery" has been very slow, because people are actually starting to save a little more than before, although it's...

My advice would be to ignore Shortie, at least in this thread. He's just randomly pulling numbers out of thin air, when the reality is, he has no idea what he's talking about with regards to the situation. Complete and utter nonsense.

Yeah, these all seem like reasonable assumptions to me. Perfectly logical.... The insanity in this place never ceases to amaze me.

Actually, he's said nothing of the sort. What he's given is a dollar amount that he expects to average, and since you obviously don't know anything about prop trading or leverage, you backed out a percentage. His prop account has approx. $110K in it, but his firm extends him several times that...

ZS, it certainly makes sense to consider your audience. I was speaking more about replies to articles in the media, from celebrities, etc., not to the likes of the IMF. Obviously they should be better equipped to have a more technical discussion about things. No, the public doesn't have...

Sure, but the public won't care if it destroys us, as long as they think it will take down the big guys as well. We need to show them that this will not hurt the big guys nearly as much as it's being sold to them as doing. If they aren't buying that they will pass the fees on to us, we need...

Again, I think it's pretty much pointless to rant and rave about how this tax will effect us traders. As soon as they hear that, they tune out our message. The same goes for trying to argue (using math) that this tax isn't small, etc. They don't care if it puts us out of business, they...

We should be okay. From the article: "Fourteen commission members would have to agree on any deficit-reduction plan, a prospect that skeptics called a recipe for gridlock because action would depend on the support of at least two Republicans for a plan that is sure to include tax increases."

Yes, I know. Unfortunately, most people do not.

This was pretty much my point. I think it's better to take the approach that we are part of Main St., not Wall St. It may even make sense to go as far as saying we agree that Wall St. (GS, MS, etc.) should pay, but that this proposal would not lead to that. Most people have no concept of...

No, but that would give this one a run for it's money! :D

I know it's early, but I have a feeling this will get my vote for "Thread of the Year".

Kudos to everyone here trying to fight the good fight. This could obviously be the difference between trading for a living or not, so even if you think there is only a small chance of something passing, it's best to do everything we can to make sure it doesn't. That being said, I think our...

Do you have stats for how far beneath their highs stocks are?

Right again? It's easy to be right when your comment is as general as ``One of these days, even if the world is going to hell, we will have a tremendous run-up,'' said Biggs, 75. Of course we're going to have some big up days at some point. The article also points out how very wrong he...