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

sheda said:
They have heft when in agreement with the plans, but as we witnessed last September when the legality was question, it was "non binding" "irrelevant" and "wrong".

This cancer will just not go away.
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it will not go away. remember it will not go because goldman and its ilk will sell you out as soon as they get an exemption from the ftt, as they are with the similarly situated stamp tax in the UK
 
Keep an eye out. The taxation talk is starting to creep in again. Even putting it on just HFT (however that will be defined) is no good as it will spread to everyone over time.

Respond via twitter & email to those who bring it up to express our point of view, as well as the comment section in online articles.
 
seasideheights said:
Will flash trades now lead to a financial transaction tax?

http://thehill.com/blogs/on-the-mon.../202722-will-flash-trades-lead-to-a-financial

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I knew Democratic politicians would start pushing the FTT again fresh on the heels of this HFT book. There has been a pretty obviously coordinated media blitz regarding HFT recently. The mainstream media acts in a very coordinated way with the Dems to advance progressive politics.

Fortunately the Republicans hold the house and will through at least 2016. With them having control of the House, there is no serious threat.
 
TraDaToR said:
http://www.bloomberg.com/news/2014-...is-book-try-to-catch-up-to-flash-traders.html
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"The measure isn’t likely to move forward in the Republican-led House, where no votes have been scheduled on the issue, said Representative Peter DeFazio, a Democrat who offered separate legislation. And none of the bills introduced in the past year have picked up a single Republican cosponsor."

Guggenheim Securities LLC analyst Jaret Seiberg said there’s no political will for a transaction tax.

Also this blurb from Politico this morning:

HOW LONG WITH THE "LEWIS" EFFECT LAST? - Thorn Run Partner's Jason Rosenstock in a note going out this a.m. "For an industry that prides itself on speed, this past week saw a high intensity backlash for high frequency traders that began with sensationalized revelations intended to sell books and concluded with news of a DOJ investigation ... Similar to the furor surrounding the AIG bonuses in the shadow of their federal bailout, it is likely that Congress, as a whole, will quickly turn its attention elsewhere, especially once Michael Lewis' book tour is over ...

"[T]he likelihood of legislative remedies such as Congressman DeFazio's transaction tax gaining momentum are small. However, it is likely that a few members, both in the House and the Senate will remain engaged on this issue and they will continue to pressure the Department of Justice, the SEC, and the CFTC to focus their resources on policing the issue"
 
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