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

Quote from ZeroSigma:

It would be well-timed if you sent that FT article/letter also to some of the British economists who published previously in the FT - their science funding has just been cut by 130 million GPB *more* than the 'promised' 180, so Brown is very unpopular in the academe as we speak... those 2-year 'compressed' university courses seem to be such as great idea: I'd love to see Brown's brain operated by one the fast-tracked surgeons!

Can you help me fighting the Wikipedia vigilanties..? The Wiki article (as most tax-related) is very biased in favor of the big Gov't:

"Debate

Opinions are divided between those who applaud [..] Tobin tax [..] and those who claim that the tax would also [..].

'Applaud' v. 'claim'? How unbiased is that?

As a thought for rsikit, the discussion we are having here could be less repetitive, if the first page of this thread referred to the Wikipedia entry on the Tobin tax (Debate section):

http://en.wikipedia.org/wiki/Tobin_tax#Debate

Anyway, my selective choice of literature survived surprisingly long, considering I put it bravely in the initial section (now it can be found in 'Arguments opposing'), which just 'happens' to be in reverse alphabetical order (*after* those supporting)... most tax-related Wiki articles seem to be generally patrolled by some sort of taxmen.

I hesitate to speculate who removed my 'good faith, but unreferenced' edits from the 'Psychopath' entry within hours (!) But we can learn from it one lesson: the entries have to be 'rock solid', i.e. with at least one reference (links to published newspaper article are fine, links to blogs will be removed). And all unreferenced stuff will be removed by the wiki patrol, that's guaranteed - but our thread here has plenty of 'publication quality' stuff... anyway, it's just a thought - Christmas boredom is coming you see... ;)

http://en.wikipedia.org/wiki/Tobin_tax#Debate
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That is a really lop sided Wiki article, almost as if Brown, Sarkozy and Paul Krugman the loonie Economist scripted it themselves.

I have amended the Debate section to strengthen the claim against the tax:-

... constrain the effectiveness of the global economic system, increase price volatility, widen bid-ask spreads for end users such as investors, savers and hedgers, and destroy liquidity...

'destroy' sounds a little better than 'dry up' liquidity, don't you think?
 
Quote from wolfxxx:

i am a trader outside the US. the almost only thing we admire of the US is the efficiency of your markets. All this shit started out in the least efficient of markets, ie housing and over the counter markets, and half of the problem later on was related with the problems of a sensible mark to market, so i would think the US would say if only those markets were as efficient as our listed trades it wouldve been great, but no, let's screw up the efficient stuff now?! wow, i am watching with interest and pretty sure we will not partake in that madness, i can see though that i will have to switch off my US an UK trading pretty soon. oh well, i guess there are a lot of great smaller markets, but it's sad too see such a great country destroy itself by such irrational actions.
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An old friend in Hungry is learning to learn the ASX - it doesn't make sense to learn to play the USA market with this tax hanging over it. This means less commissions/fees for US brokerage and exchanges.

What a way to create jobs!
 
Quote from benwm:

I added this paper to the Wikipedia 'Opposers' section. First time I've contributed to Wikipedia and nothing to be afraid of. I encourage others to do the same...

For all I know Lanne,Markku and Vesala,Timo are a couple of grad students!

Judging from the unbalanced Wikipedia description (SO FAR) we are down 14-3 after the 1st quarter. Come on traders!!
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Good idea, I added an IMF paper

Quote from gkishot:

TARP makes profit of at least $16 bln so far, Treasury says

http://www.marketwatch.com/story/tarp-profit-at-least-16-bln-so-far-treasury-2009-12-23

Why is this TT bill even relevant?
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I think thats why they went from the "lets get wall street to pay for the bailout" to "it can pay for future bail outs" to "make them pay for climate change"
 
http://www.ft.com/cms/s/0/06a8cade-ecc6-11de-8070-00144feab49a.html

UK PM Brown's key Labour party person is saying Brown is playing the populist rant card too much and he is alienating middle England enough to lose the election. Hopefully Brown will wise up and not trash UK leadership in financial services which is tied to the hip with the US - and drop the transaction tax idea.

Another front. read a ny magazine cover story on Obama losing his mantle. Important writer started the article labeling DeFazio the great populist leader and in a deragatory thorn in the side of Obama way.

From iPhone
 
Quote from drukes1234:

If we comment we're not in essence signing the petition, are we?
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Thats a good question. I'm not going to comment on it but thought it was worth reading.

-Guru
 
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