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

[FightTheFuture]

Seeking Alpha, NY 4 hours ago
February 02, 2009

...And coming down the pike there will be a financial transaction tax, perhaps 0.25% or more...

...None of the financial media seem to be commenting about this, but there are already whispers about it in the administration. Day trade while you can, because I bet you that as soon as this is brought before Comrade Obama he'll say yes we can...

http://seekingalpha.com/article/117836-what-s-so-bold-and-swift-about-the-stimulus-package

 

[listedguru]

Quote from FightTheFuture:

Seeking Alpha, NY 4 hours ago
February 02, 2009

...And coming down the pike there will be a financial transaction tax, perhaps 0.25% or more...

...None of the financial media seem to be commenting about this, but there are already whispers about it in the administration. Day trade while you can, because I bet you that as soon as this is brought before Comrade Obama he'll say yes we can...

http://seekingalpha.com/article/117836-what-s-so-bold-and-swift-about-the-stimulus-package

Where are these whispers about the tranny tax in the administration? Outside of Defazio and a few others no one is talking about it. Larry Summers isn't going to let this happen. This would do much more harm than good and those 'in the know' know it

-Guru

 

[libertad]

Very personal with Summers....

Transaction tax would spell the end of ....

DE Shaw....

Shaw is his personal/family "nest egg"...

......................................................

And/if implemented....

Trading will continue....

And one must adapt....
.......................................................

There will always be a % of the marketplace that has to "take on"
and then "allocate"....
..................................................

Bottom line....

Which has the capability of paying Summers more ?

Shaw or Government ?

Or another "Shaw-like" business "afterwards" ?

Or will he ever want "more money" ?

 

[Anaconda]

Quote from listedguru:

Where are these whispers about the tranny tax in the administration? Outside of Defazio and a few others no one is talking about it. Larry Summers isn't going to let this happen. This would do much more harm than good and those 'in the know' know it

-Guru

You're very mistaken and mislead.

The daytrader community is not the center of the universe.

 

[listedguru]

Quote from Anaconda:

You're very mistaken and mislead.

The daytrader community is not the center of the universe.

Actually this has nothing to do with the daytrading community. It's so much more than that but I will leave it at that

-Guru

 

[Trader666]

You need remedial 5th grade English.

Quote from Anaconda:

You're very mistaken and mislead.

The daytrader community is not the center of the universe.

 

[listedguru]

Here is a good paper explaining why a transaction (Tobin Tax) is a bad idea... Scroll down towards the bottom of the paper authored by an NYU Finance Professor...

http://www.voxeu.org/index.php?q=node/2566

-Guru

 

[zdreg]

You need remedial 5th grade English.

Quote from Anaconda:

You're very mistaken and mislead.

The daytrader community is not the center of the universe.
_________________________
very likely it was a mental slip to leave out the word you before mislead.

daytrader is an obvious typo.

his message is the truth even if many ET traders sitting in their trailers can not bear to hear it.

 

[Anaconda]

Quote from listedguru:

Actually this has nothing to do with the daytrading community. It's so much more than that but I will leave it at that

-Guru

Actually, this tax won't affect any large fund/institution or Wall Street firm, they will be exempt. It won't affect any hedge fund that has real lobbying power for the same reason.

It won't affect you average investor, contrary to your belief. It will affect the multi-day & beyond swing trader, but nowhere to the point where he/she would care that much (they also get the benefit of less daytraders). They don't matter much anyway anymore, the US public has been tapped out.

You guys are going on for two weeks or so about something that was established from the day this thread was started. It's a fact that this transaction tax will not perform on its "official" purposes. There is no need to search out for research studies on the UK stamp duty to know that. It is common sense. That is why the tax is being put into place, for its actual effects.

The fact that some of you are still posting crap about how stupid the regulators are & finding supporting evidence for something so obvious only illustrates why daytraders have been shit on for years with regulations. You are steps behind what is going on. Oh, and you have zero lobbying power. You're too busy fighting each other in trading and bashing each other with your P&Ls to actually realize that you are a big target for more than one reason.

 

[TraDaToR]

And the brokerage industry?

When I first started to trade, I was totally illiterate but figured out that paying such tax in my country(" l'impot de bourse", pretty much like the one intended, removed by Sarkozy the first year he became president ) wasn't a good idea , so I directly created an account in the US...

Half of my french buddies trades the US Markets and the other half MATIF or EUREX, Their accounts would be gone in a minute... Even weak hands can figure out that they can't make money with such a tax and brokerage firms need weak hands. Brokers will sure be hurt.

And then what , your machiavelic manipulative wall street firms will get exemptions and run the same activities without weak hands from all over the world throwing them money... Not the brighest calculation on the long term.