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

[listedguru]

Quote from TraDaToR:

Not so sure... In UK, Gordon Brown has no problem killing the city:

http://business.timesonline.co.uk/t...ectors/banking_and_finance/article6907688.ece

The guy made an unexpected trip to St Andrews to convince everybody to create a transaction tax...

The good thing is it said Britain won't act unless the rest of the international community (G20) does (that ain't happening). Didn't Germany come out against the tax after their election over there?

The piece also says "The tax could be levied on every share, derivative and currency transaction a bank carries out."

Oxfam welcomed Mr Brown's comments. Mark Lawson, Oxfam's senior policy adviser, said: "A tax on banks would be a major step towards clearing up the mess caused by their greed. The G20 has a responsibility to act. Money raised by a financial transaction tax on banks could make a massive difference to the lives of ordinary people."

Does this imply they just want to tax the evil banks?




-Guru

 

[listedguru]

Quote from TraDaToR:

Not so sure... In UK, Gordon Brown has no problem killing the city:

http://business.timesonline.co.uk/t...ectors/banking_and_finance/article6907688.ece

The guy made an unexpected trip to St Andrews to convince everybody to create a transaction tax...

This article puts a little different spin on Brown's comments. It mentions the other options (insurance fund, etc) and doesn't say Brown favors the Tobin tax...

http://www.mirror.co.uk/news/latest/2009/11/07/brown-in-call-for-global-contract-115875-21804577/

 

[listedguru]

Here is the WSJ's take on it:

http://online.wsj.com/article/SB125759369305735965.html?mod=googlenews_wsj

Mr. Brown said Britain would not adopt such a plan "unless others move with us together."

He also said the tax would have to be "non-distortinary to avoid damaging reductions in liquidity, inefficient allocation of capital and the temptation of avoidance."

He also said any tax must not undermine efforts to stabilize the financial system and that the contribution from the financial sector must be "fair" and "measured."

-Guru

 

[rsikit]

Remember, in almost every article that comes from overseas , they always interview that Max Lawson from OXFAM. They know they will get a positive response from him, he does not care about the banks he wants his hands on the money for the give to the poor aspect of a tax like this. Thats what Oxfam is about, so you will always see his comment, and he usually says a tax is the only way to punsih the banks. This is his website so try and contact this guy and tell him to find another way to make money! Any ways this is just an fyi in case you seee this assholes name keep popping up. He is from http://www.oxfam.org/

 

[TraDaToR]

Quote from listedguru:


Does this imply they just want to tax the evil banks?

I won't bet on that. Journalists are just unclear, like one time they say it's on currency, next time on securities, next time on every possible transaction. I think this time, it is the last solution and for everybody.

If it happens among all western leading countries, I will seriously "go all-in" in the financial stocks of countries that don't apply it and have a transparent, reliable market...Përhaps even taking a membership there. There will be some opportunities and a lot of ineffiencies for sure.

 

[listedguru]

Quote from TraDaToR:

I won't bet on that. Journalists are just unclear, like one time they say it's on currency, next time on securities, next time on every possible transaction. I think this time, it is the last solution and for everybody.

If it happens among all western leading countries, I will seriously "go all-in" in the financial stocks of countries that don't apply it and have a transparent, reliable market...Përhaps even taking a membership there. There will be some opportunities and a lot of ineffiencies for sure.

I think there is less than a 5% chance of this Tobin tax hapening. There is no way a country such as Switzerland would sign on.

It really sounds like the US is leaning more towards the insurance fund model where the banks pay directly into a fund (thats fine by me). I think this is what Geithner is pushing for as he recently said he's doesn't favor the tax...

-Guru

 

[TraDaToR]

Quote from listedguru:


He also said the tax would have to be "non-distortinary to avoid damaging reductions in liquidity
-Guru

What a moron...If it is applied everywhere on everybody, the reduction in liquidity will just be damaging everywhere. For sure, that's "non distortinary" to have highway spreads everywhere but that's not good for the economy.

 

[TraDaToR]

I hope Geithner didn't change mind after his meeting with Alistair Darling. He just said last time that he "hadn't seen proposals that made sense", that's all...

 

[jnorty]

I think its damm well time they tax the black boxes and quant boxes that have destroyed our mkts.the manual trader should be left alone

 

[listedguru]

Quote from TraDaToR:

I hope Geithner didn't change mind after his meeting with Alistair Darling. He just said last time that he "hadn't seen proposals that made sense", that's all...

It would be nice to see some quotes from Geithner regarding the tax after the Brown comments. There is still no way they would get int'l cooperation on this

-Guru