1/4% Tax on all stock trades pushed in NY Times today

you won't be able to make money shorting either. man this is lynch mob on wall street or revenge fo the crashing the market.


Quote from Wayne Gibbous:

OMG

I shudder every time this shit comes up. It would totally shut us down. Every damn one of us...
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Quote from forsalenyc:

I read few comments.......are these people actually in favor of this? this thing will kill us
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They are the typical white trash that are in massive debt and think "rich people" should pay more to bail out their poor decisions. They believe everything they are told and can't comprehend basic concepts.

Unfortunately, this is the majority of Americans.
 
Quote from Landis82:

its hard to see that this kind of legislation would ever make it up for a VOTE, let alone one that passes.
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Mark your calendars boys!

01/13/2009

Regarding a Securities Transaction Tax (STT) of some sort, still unknown.

Landis82 says the item won't make it to a vote, and if it does, it won't pass.

obama-lama says implementation of STT/STT-like "fee" by the SEC, CFTC, or other oversight agency, whether currently in place or yet to be organized also qualifies, during the calendar year 2009. How's that for understanding the process, you jack-ass Landis?

obama-lama
 
traders or volume in wall street or majority of it is speculation there are no shares or even gold or oil traded. only like 5% of volume is actual shares, forex, or commodity. all almost 95% speculation volume.

it would be like taxing a poker game or tax on bets.

Quote from DmanX:

Why do traders have to pay for something they didn't create?

What created the housing bubble?

1. Lax lending standards.
2. "Innovative" loans.
3. Securitization of mortgages that transfer most of the risk to the investor.
4. Zero down loans.

That in turn created price inflation across the board.

Traders make money via volatility. They speculate. They have no vested interest in continued price appreciation which is what a bubble is, albeit parabolically. Investors have a vested interest in it as they almost exclusively make money on the buy side of things by buying and holding.

If you want to stop bubbles, you engage in proactive regulation. Meaning, sit down and assess the risk of some new fangled financial activity and act expeditiously to moderate it. But instead what happened is that the so called regulators turned a blind eye and/or encouraged it.
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a transaction tax looks very good on the surface for a country desperate to raise taxes. it also has a populist appeal for a country that is becoming a socialist country.

don't believe this dribble about the dilution of the tax in the UK.
a whole new instrument called cfd was created because of the stamp tax in the UK.
the financial industry loves it because the profits are immense for the industry.however, the public loses.
 
I'm torn. I really don't know which is more horrifying. The transaction tax or the responses of the people who have posted comments to the NYT in FAVOR of it. Does ANYBODY know how our system is supposed to work anymore? For the love of GOD...please bring Economics back to the high school classroom!
 
Quote from obama-lama:

Mark your calendars boys!

01/13/2009

Regarding a Securities Transaction Tax (STT) of some sort, still unknown.

Landis82 says the item won't make it to a vote, and if it does, it won't pass.

obama-lama says implementation of STT/STT-like "fee" by the SEC, CFTC, or other oversight agency, whether currently in place or yet to be organized also qualifies, during the calendar year 2009. How's that for understanding the process, you jack-ass Landis?

obama-lama
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Your unreferenced talk is cheap.

Want to put some MONEY where your mouth is and place a bet about the implementation of a STT/STT-like "fee" that becomes LAW in 2009?

I will.
 
Quote from Landis82:

Given the fact that Hillary Clinton is now in Obama's cabinet, and Mayor Bloomberg has been an open supporter of the President elect, along with the likes of Chuck Schumer who incidentally sits on the Senate Finance Committee and the Senate Banking Committee, its hard to see that this kind of legislation would ever make it up for a VOTE, let alone one that passes.

You would have the entire MIDWEST against such a vote, along with a very powerful lobby of New Englanders.
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I agree, this is a worst case scenario that is unlikely to come true as stated in the article. Keep it mind it also says "UP TO 0.25%"

But that would actually tax it at "up to 0.5%" since both sides might have to pay it. Which is way too high. so is 0.25%
 
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