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

Quote from wallstreetkids:

The gov't doesn't have any money.

all the money is from tax payers GET THAT THROUGH YOUR THICK HEADS!!!
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don't waste your time. there are a bunch of posters who have their heads in the sand who accuse people of negativism if you don't agree with them.
these people are reading into every press comment as if these comments have come down from mt. sinai. watch obama as he pushes his health agenda. he postpones his trip to asia in order to socialize 1/6 of the american economy .

the transaction tax will be child's play for him. the US is broke. goldman etc, in spite of what u think is not on your side. this tax looks like it is incredible easy revenue raiser for a desperate government..

the best u can do is write your congressman with examples that this tax will not be a panacea as a revenue gainer for the gov't.
even so in the anti wall street mood sweeping the country it likely will pass
 
Quote from zdreg:


even so in the anti wall street mood sweeping the country it likely will pass
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Possible, since 90% of Americans don't understand how it all works.

my quotes are showing a spread of FU$%ED X FU$%ED
 
Quote from TraDaToR:

http://europe.getsomenews.com/2010/03/12/nicolas-sarkozy-and-gordon-brown-hail-entente-formidable/

I don't know if they are really talking about the Tobin tax. Sarko said in french newspapers :" I will make sure a worldwide transaction tax will happen soon".Does he know about the US, the IMF postion on it?...
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Brown really hypes a global banking levy in the above piece. He mentions a report due out in a couple of weeks (he's got to be referring to the IMF report) and surely he can't be talking about a Tobin Tax anymore. I think it was a Financial Times yesterday that basically said he's backing off that position. So I guess both he and Sarkozy are referring to a global banking levy and not a Tobin Tax anymore?

-Guru
 
Quote from listedguru:

Brown really hypes a global banking levy in the above piece. He mentions a report due out in a couple of weeks (he's got to be referring to the IMF report) and surely he can't be talking about a Tobin Tax anymore. I think it was a Financial Times yesterday that basically said he's backing off that position. So I guess both he and Sarkozy are referring to a global banking levy and not a Tobin Tax anymore?

-Guru
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Here's a little more on Brown and Sarzozy's meeting:

Brown and Sarkozy 'united' on bank levy:

http://www.ft.com/cms/s/0/3a0116b0-2de5-11df-a971-00144feabdc0.html

Gordon Brown on Friday said France and Britain were united on the need for a global bank levy after warm talks in Downing Street with Nicolas Sarkozy, French president.

Although there is still no agreement on exactly how the banks would be charged for their “role in society”, Mr Brown said: “We find ourselves in harmony on the way forward on this.”


-Guru
 
What he said in Le Monde really made me think he was talking about the Tobin tax. I can understand that journalists, NGO, public blogs can't make the difference between a "transaction tax" and a tax on liabilities for example but at a presidential level, it's unforgiveable.
 
Quote from zdreg:

don't waste your time. there are a bunch of posters who have their heads in the sand who accuse people of negativism if you don't agree with them.
these people are reading into every press comment as if these comments have come down from mt. sinai. watch obama as he pushes his health agenda. he postpones his trip to asia in order to socialize 1/6 of the american economy .

the transaction tax will be child's play for him. the US is broke. goldman etc, in spite of what u think is not on your side. this tax looks like it is incredible easy revenue raiser for a desperate government..

the best u can do is write your congressman with examples that this tax will not be a panacea as a revenue gainer for the gov't.
even so in the anti wall street mood sweeping the country it likely will pass
More...

It's not a negative attitude, but a defeatist one.

It would be one thing if you took a wait and see approach. But you take the FTT as an inevitable given. Even though there are many things which point in the exact opposite direction.

The US doesn't have a lead in all that many things. Finance is one of them. The US is not going to shoot its economic dominance in the... head. If all of Europe goes for the FTT, US won't or if they did institute one, it would be significantly lower than Europe's in order to attract all the more of their business. And low enough to fend off Asian competition.
 
Unions Map 'Make Wall Street Pay' Blitz on Goldman:

http://www.bloomberg.com/bb/n/aJ0EPIHow8BY

At the “Make Wall Street Pay” rallies, which the AFL-CIO announced today, union members will push for a transaction tax on securities trading to help pay for the $900 billion they want the government to spend on creating new jobs. That’s 60 times the $15 billion approved by the Senate last month. The House of Representatives last week passed an $18 billion measure.

Treasury Secretary Timothy F. Geithner has said he opposes the transaction tax, though Trumka says it has support in the White House. He declined to say who the backers are.

The U.S. Chamber of Commerce, the nation’s largest business lobbying groups, opposes the tax, which it says would hurt more than Wall Street bankers. “It’s really a nest-egg tax, a mutual-fund tax,” Charles Jones, an economics professor at Columbia Business School in New York, said on a Chamber of Commerce conference call with reporters today to discuss opposition to the measure.

LOL - so the unions want the govt to spend $900 billion on jobs bills? Are they nuts? I mean the stimulus worked out so well. I find it interesting that Trumpka says the FTT has support in the White House. It must be someboby low on the totempole I would think. It's also curious he declined to say who the backers are (more than 1 I guess)?

-Guru
 
Quote from PatternRec:

It's not a negative attitude, but a defeatist one.

It would be one thing if you took a wait and see approach. But you take the FTT as an inevitable given. Even though there are many things which point in the exact opposite direction.

The US doesn't have a lead in all that many things. Finance is one of them. The US is not going to shoot its economic dominance in the... head. If all of Europe goes for the FTT, US won't or if they did institute one, it would be significantly lower than Europe's in order to attract all the more of their business. And low enough to fend off Asian competition.
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even at .001 of the the value of the transaction would wipe out active day traders in the US.
your entire supposition from above is just plain wrong. politicians shoot the country in the foot all the time.
if u were familiar with the rate of transaction turnover by active traders you would not make the above remarks
 
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